RUSHILNSEQ4 FY26June 03, 2026

Rushil Decor Limited

4,109words
51turns
7analyst exchanges
3executives
Management on call
Rushil Thakkar
MANAGING DIRECTOR
Hiren Padhya
CHIEF FINANCIAL OFFICER
Karan Bhatelia
ASIAN MARKET SECURITIES
Key numbers — 40 extracted
INR 8,622 million
the Jumbo Laminate business. On a consolidated basis, revenue from operations for the FY26 was INR 8,622 million, while EBITDA was INR 801 million with an EBITDA margin of 9.3%. For quarter 4 financial year 2
INR 801 million
consolidated basis, revenue from operations for the FY26 was INR 8,622 million, while EBITDA was INR 801 million with an EBITDA margin of 9.3%. For quarter 4 financial year 2026, revenue from operation was INR
9.3%
ons for the FY26 was INR 8,622 million, while EBITDA was INR 801 million with an EBITDA margin of 9.3%. For quarter 4 financial year 2026, revenue from operation was INR 2,309 million and EBITDA was I
INR 2,309 million
lion with an EBITDA margin of 9.3%. For quarter 4 financial year 2026, revenue from operation was INR 2,309 million and EBITDA was INR 286 million with an EBITDA margin of 12.4%, reflecting improvement in our oper
INR 286 million
%. For quarter 4 financial year 2026, revenue from operation was INR 2,309 million and EBITDA was INR 286 million with an EBITDA margin of 12.4%, reflecting improvement in our operating margins compared to the
12.4%
enue from operation was INR 2,309 million and EBITDA was INR 286 million with an EBITDA margin of 12.4%, reflecting improvement in our operating margins compared to the previous quarter. The Laminate
6.1%
emained on our key focus area during the year. Revenue from the Laminate segment was increased by 6.1% year-over-year to INR 2,111 million during the FY 2026, supported by strong growth in domestic ma
INR 2,111 million
s area during the year. Revenue from the Laminate segment was increased by 6.1% year-over-year to INR 2,111 million during the FY 2026, supported by strong growth in domestic market. Domestic market revenue grew b
21%
uring the FY 2026, supported by strong growth in domestic market. Domestic market revenue grew by 21% year-over-year. Additionally, export realization increased by 13.7% year-over-year, reflecting a
13.7%
Domestic market revenue grew by 21% year-over-year. Additionally, export realization increased by 13.7% year-over-year, reflecting a better product mix and higher contribution from the premium products
INR 6,091 million
ilization following the disruption in the first quarter. The MDF business reported the revenue of INR 6,091 million during FY2026. Domestic MDF revenue increased by 12.5% year- over-year, supported by the demand ac
12.5%
siness reported the revenue of INR 6,091 million during FY2026. Domestic MDF revenue increased by 12.5% year- over-year, supported by the demand across the retail and OEM channels. Capacity utilization
Guidance — 20 items
Karan Bhatelia
opening
“A very warm afternoon, and welcome all to Rushil Decor's Fourth Quarter FY26 Earnings Conference Call hosted by Asian Market Securities.”
Rushil Thakkar
opening
“On a consolidated basis, revenue from operations for the FY26 was INR 8,622 million, while EBITDA was INR 801 million with an EBITDA margin of 9.3%.”
Rushil Thakkar
opening
“While we narrowly missed our target, we remain confident of increasing the contribution of value-added products further, and our target 50% of MDF volumes and 60% of MDF revenues from the value-added products in this FY 2026-27.”
Hiren Padhya
opening
“Starting with the consolidated financial performance, revenue from operations for Q4 FY26 was INR 2,309 million, reflecting a growth of 6.6% sequentially and remaining largely stable on a year-on-year basis.”
Hiren Padhya
opening
“For FY26, revenue from operations was 8,622 million.”
Hiren Padhya
opening
“MDF revenue for Q4 FY26 was INR 1,668 million, domestic MDF business performed strongly during the quarter with India revenue increasing by 37.3% year-on-year.”
Hiren Padhya
opening
“For FY26, MDF revenue was INR 6,091 million, while EBITDA was INR 601 million with an EBITDA percentage of 9.9%.”
Hiren Padhya
opening
“Laminate revenue for Q4 FY26 was INR 534 million.”
Hiren Padhya
opening
“Laminates EBITDA for Q4 FY26 was INR 41 million with a margin in terms of percentage 7.7.”
Hiren Padhya
opening
“For FY26, Laminate revenue increased by 6.1% year-on-year to INR 2,111 million.”
Risks & concerns — 5 flagged
These measures are aimed at partially offsetting the cost pressure while maintaining the competitiveness across our product portfolios.
— Rushil Thakkar
The year-on-year decline in profitability largely reflects the impact of production loss during the first quarter and lower export contribution in the MDF business during the year.
— Hiren Padhya
Q1 is basically going really on the safer side because our export markets for MDF has already been under pressure because of the geopolitical situation in the Middle East.
— Rushil Thakkar
But here, there's an impact of euro forex fluctuation that has also impacted by around INR 9 crores.
— Hiren Padhya
And the only challenge we see over here is about the MDF capacity, where our dependency on the Middle East was more, and we have started diverting and opening a new countries over there as well.
— Rushil Thakkar
Q&A — 7 exchanges
Q
Yes. I was asking as of Q1 FY27, as of today, what would our capacity utilization look like across all of our plants or segments?
Rushil Thakkar
Q1 is basically going really on the safer side because our export markets for MDF has already been under pressure because of the geopolitical situation in the Middle East. And just to cover up them, we have already started our sales to different countries for MDF exports also. And we have also started catering the domestic market very aggressively to make sure that the capacity utilization is always up. Talking about the Jumbo Laminate facility, one of the facility, we had a major upgradation of the machineries in the first month of April, which we have successfully completed and the productio
Q
Sir, my question was first on the Jumbo Laminates. If I see the capacity in 2 phases, we are getting around 28 lakhs sheets per annum. And if you consider this against the normal Laminates, which we were selling, that was around 30 lakhs sheets per annum last year with realization of around INR 700 per sheet. So, question was, what will be the realizations of this Jumbo Laminates? And what could be the potential revenue we can generate at optimum utilization out of this 28 lakh sheets per annum capacity?
Rushil Thakkar
Okay. So generally, the difference between Jumbo Laminates and the normal Laminates is really vast. For Jumbo Laminate business, the thickness range starts from 2.1 millimeters and goes up to 18 to 19 millimeters, whereas the traditional Laminate business, what we do starts from 0.6 millimeters and goes up to 1.9 millimeters. So, there is a vast difference in the product itself and the realization can be expected somewhere around INR 4,000 for averaging out the capacity and the utilization may go up to 85% maximum at this level. Okay. So, if I have to hypothetically work out the potential reve
Q
Firstly, I want to understand the current demand supply scenario on the MDF side. Are we seeing overcapacity situation improving? Has there any capacity gone offline in the unorganized sector?
Rushil Thakkar
So current demand supply MDF as an industry has a CAGR of somewhere around 15% to 18% a year. So, we assume that any capacity coming up to 650 to 800 cubic meters a year can be absorbed into the market. But in the current scenario, we can see that there are 3 plants coming in this financial year. So obviously, there is going to be an oversupply in the market as it is going currently. And talking about the plants going off in the unorganized sector, I'm really not aware about it. I'm sorry to say, but I'm really not aware about it. All right, sir. And secondly, just wanted some clarification on
Q
Sir, my question is on the MDF business. At peak utilization, say, 90% to 95%, is it fair to say that we should do around INR 750 crores to INR 800 crores revenue?
Hiren Padhya
Yes. I think if we achieve this value-added proportion, which is as of now in terms of quantity, it is 43%. And value-wise, it is around 53% to 54%, which we wanted to go up to 50% in terms of quantity and 60% in terms of value. If we achieve then, we can definitely achieve this turnover, maybe even a little more than that.
Q
Sir, on whatever numbers you have shared on the Jumbo Laminates, it seems that we can go up to potential revenue of, I think, INR 900 crores plus, but this will come in phased manner. So, my question was, in this fiscal year, particularly what kind of volume are we targeting on the Jumbo business in terms of volumes and in terms of revenue? And what could be the EBITDA margins in this business as compared to the traditional Laminate business that we have been doing till now?
Rushil Thakkar
First of all, the calculation is a bit on the other side because, when we talk about 28 lakh sheets, that does not mean because these calculations are always done on the capacity utilization for 1 millimeter. And on the peak, like our maximum output is on the 6 millimeters and 8 millimeters. So, the capacity will be slightly on the lower side because of the higher thickness is getting production over there, right? And maximum thickness is, as I told you earlier also, in the normal traditional business, our thickness starts from 0.6 millimeters and goes up to 1.9 millimeters. While in the Jumbo
Q
Thank you all for taking the time to join us today and for your continued interest in Rushil Decor. As we continue to navigate opportunities ahead, we remain committed to achieving our strategic objectives and delivering the consistent value to our stakeholders. For any further questions, please reach out to our Investor Relations team at Churchgate Partners. Thank you once again.
Management
Q
1. This transcript has been edited for readability and does not purport to be a verbatim record of the proceedings. 2. Figures have been rounded off for convenience and ease of reference. 3. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Rushil Decor Limited.
Management
Speaking time
Rushil Thakkar
18
Rusmik Oza
11
Moderator
8
Hiren Padhya
4
Sanchita Sood
4
Love Gupta
3
Karan Bhatelia
1
Amit Mehendale
1
Notes
1
Opening remarks
Karan Bhatelia
Thank you, sir. A very warm afternoon, and welcome all to Rushil Decor's Fourth Quarter FY26 Earnings Conference Call hosted by Asian Market Securities. From the management side, we have Mr. Rushil Thakkar, Managing Director; Mr. Hiren bhai, CFO. I now hand over the call to Rushil bhai for his opening remarks, post which we can open the floor for Q&A. Thank you, and over to you, Rushil bhai.
Rushil Thakkar
Thank you, Karan bhai. Good afternoon, ladies and gentlemen. Welcome to Rushil Decor Limited's Earnings Conference Call for the fourth quarter and financial year ended 31st March 2026. I would like to thank everyone for joining us today. I am joined by our CFO, Mr. Hiren Padhya. The investor presentation has been shared with the stock exchanges, and I hope you have an opportunity to review it. Let me begin by sharing an overview of our performance and the operating environment during the financial year 2026. Financial year 2026 was a challenging year for the company. The year started with the fire incident at our Andhra Pradesh MDF facility, which resulted in temporary disruption in production during the first quarter. This was followed by an elevated resin and raw material prices, global trade uncertainties and logistical disruption across the several export markets. Towards the end of the year, geopolitical development in the Middle East further impacted the shipping routes and expor
Hiren Padhya
Good afternoon, everyone, and thank you, Mr. Rushil. A warm welcome to all participants joining us today. I will now take you through the financial performance for the fourth quarter and financial year ended 31st March 2026. Starting with the consolidated financial performance, revenue from operations for Q4 FY26 was INR 2,309 million, reflecting a growth of 6.6% sequentially and remaining largely stable on a year-on-year basis. Gross profit for the quarter was INR 1,109 million with a gross margin of 48%. EBITDA was INR 286 million, up 20.2% sequentially and 18.6% year-on-year, with EBITDA margin improving to 12.4%. Profit before tax was INR 159 million with a margin of 6.9%, while profit after tax was INR 101 million with a margin of 4.4%. For FY26, revenue from operations was 8,622 million. Gross profit was INR 3,924 million with a gross margin in terms of percentage is 45.5%. EBITDA was INR 801 million with an EBITDA percentage of 9.3%, while profit before tax was INR 201 million a
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