Rushil Decor laminates EBITDA doubled as Q2 revenue rose 62%

Rushil Decor Limited’s laminates business, including jumbo laminates, raised Q2 FY2027 revenue 61.7% year on year to Rs 88.4 crore and EBITDA 102.0% to Rs 8.5 crore, as sales volume increased 32.8% and blended realisation rose 21.7% to Rs 847 per normalised sheet.

Why did Rushil Decor laminates revenue rise in Q2 FY2027?

Rushil Decor’s laminates revenue rose because volume and blended realisation both increased in Q2 FY2027. Revenue reached Rs 88.4 crore, compared with Rs 54.7 crore in Q2 FY2026 and Rs 73.6 crore in Q1 FY2027. Total sales volume increased to 10,44,392 sheets from 7,86,158 sheets a year earlier, while blended realisation rose to Rs 847 per sheet from Rs 696.

The presentation normalises sales volume and realisation to 1.0 millimetre equivalent laminate-sheet thickness for comparability. This measure indicates that the 61.7% year-on-year revenue rise combined a 32.8% volume increase with a 21.7% gain in blended realisation. Sequentially, revenue increased 20.1%, volume grew 18.6% and blended realisation rose 1.3% from Rs 836 per sheet in Q1 FY2027.

The H1 FY2027 outcome showed the same broad direction, though profitability did not match the quarterly margin expansion. Laminates revenue rose 63.3% year on year to Rs 162 crore, sales volume increased 30.5% to 19,24,711 sheets and blended realisation gained 25.1% to Rs 842 per sheet. EBITDA rose 56.6% to Rs 13.7 crore, while the H1 margin declined to 8.4% from 8.8% in H1 FY2026.

How did India and export laminates sales differ for Rushil Decor?

Rushil Decor’s India business recorded the larger increase in revenue and realisation, whereas exports contributed more of the volume growth in Q2 FY2027. India revenue rose 82.1% year on year to Rs 40.4 crore, while export revenue increased 47.7% to Rs 48 crore. India sales volume grew 5.6% to 3,88,029 sheets, compared with a 56.8% increase in export volume to 6,56,363 sheets.

India realisation rose 72.4% year on year to Rs 1,042 per sheet from Rs 604, and was 26.3% above Rs 825 in Q1 FY2027. Export realisation declined 5.8% year on year to Rs 731 per sheet from Rs 776 and fell 13.2% sequentially from Rs 842. The reported blended realisation increase therefore occurred alongside a materially higher India realisation and a decline in export realisation.

The H1 FY2027 split retained that distinction. India revenue increased 73.2% to Rs 65.5 crore and India volume rose 5.8% to 6,92,546 sheets, while export revenue grew 57.2% to Rs 96.5 crore and export volume increased 50.2% to 12,32,165 sheets. India realisation rose 63.7% to Rs 946 per sheet in H1, whereas export realisation increased 4.7% to Rs 783 per sheet.

What was jumbo laminates’ contribution to Rushil Decor’s quarter?

Rushil Decor’s jumbo laminates business reported Rs 21.7 crore of Q2 FY2027 revenue, up 97.3% from Rs 11 crore in Q1 FY2027. Jumbo sales volume increased 216.9% sequentially to 3,59,446 normalised sheets, including a 258.7% rise in India volume to 35,321 sheets and a 212.9% increase in export volume to 3,24,125 sheets.

Jumbo EBITDA increased 86.5% sequentially to Rs 4.2 crore, but its reported EBITDA margin declined to 19.4% from 20.6% in Q1 FY2027. Its blended realisation fell 37.8% to Rs 603 per sheet from Rs 969. India realisation declined 47.3% to Rs 482 per sheet, while export realisation decreased 36.7% to Rs 616 per sheet.

The jumbo data is disclosed only as a sequential comparison, rather than against Q2 FY2026. It nevertheless shows that jumbo volume and revenue increased rapidly from Q1 FY2027 even as its realisation reduced. Jumbo revenue represented Rs 21.7 crore of the laminates segment’s Rs 88.4 crore Q2 FY2027 revenue, while jumbo EBITDA was Rs 4.2 crore of segment EBITDA of Rs 8.5 crore.

How did Rushil Decor’s laminate profitability and utilisation change?

Rushil Decor’s reported laminates EBITDA rose to Rs 8.5 crore in Q2 FY2027 from Rs 4.2 crore in Q2 FY2026 and Rs 5.2 crore in Q1 FY2027. The EBITDA margin increased to 9.6%, compared with 7.7% a year earlier and 7.0% in the preceding quarter. The margin increase was 1.9 percentage points year on year and 2.6 percentage points sequentially.

Rushil Decor also reports adjusted EBITDA, which excludes foreign-exchange gain or loss. A Rs 50 lakh foreign-exchange gain was reported in Q2 FY2027, compared with a Rs 20 lakh gain in Q2 FY2026 and a Rs 40 lakh gain in Q1 FY2027. Adjusted EBITDA was Rs 8 crore, up 101.0% year on year and 65.7% sequentially, with an adjusted margin of 9.0%.

Combined laminates capacity utilisation was 63% in Q2 FY2027, compared with 72% in Q2 FY2026 and 62% in Q1 FY2027. The Q2 figure includes jumbo laminates, according to the presentation. Normal laminates capacity utilisation was 80%, while jumbo laminates utilisation was 41%, showing that the combined rate reflected lower utilisation at the jumbo operation.

The laminates performance also differed from the company’s other Q2 segments. Medium-density fibreboard, or MDF, generated Rs 196.2 crore of revenue and Rs 19.4 crore of EBITDA, with a 9.9% margin, while PVC generated Rs 10.3 crore of revenue and Rs 20 lakh of EBITDA, with a 2.4% margin. Consolidated revenue increased 25.3% to Rs 295.3 crore and consolidated EBITDA rose 24.5% to Rs 28 crore.

Conclusion

Rushil Decor’s Q2 FY2027 laminates result combined a 32.8% gain in normalised sales volume with a 21.7% increase in blended realisation, producing 61.7% revenue growth and 102.0% EBITDA growth. India supplied the larger uplift in realisation, while exports supplied the larger increase in sheets sold. The segment’s 9.6% EBITDA margin exceeded both the 7.7% recorded in Q2 FY2026 and the 7.0% reported in Q1 FY2027.

The disclosed operating measure to watch is capacity utilisation, particularly the 41% level for jumbo laminates compared with 80% for normal laminates in Q2 FY2027. Jumbo volume rose 216.9% sequentially, but its blended realisation declined 37.8% to Rs 603 per sheet. Future segment performance will depend on how these disclosed volume, realisation and utilisation trends develop.