Rushil Decor Posts Record Q2 Revenue of Rs 295.3 Crore

Rushil Decor Limited posted its highest-ever quarterly revenue of Rs 295.3 crore in Q2 FY27, up 25.3% year on year and 29% sequentially, as stronger MDF capacity utilisation and rapid growth in laminates lifted performance. Net profit rose 96.6% year on year to Rs 10.1 crore for the quarter ended September 30, 2026.

How did Rushil Decor perform in Q2 FY27?

Rushil Decor reported record consolidated revenue from operations of Rs 295.3 crore for Q2 FY27. The result compared with Rs 235.7 crore in Q2 FY26, based on the reported year-on-year growth of 25.3%, and marked a 29% increase from the preceding quarter.

Operating performance also improved. EBITDA increased 24.5% year on year to Rs 28.0 crore, while the EBITDA margin stood at 9.5%. Profit before tax was Rs 10.6 crore and profit after tax reached Rs 10.1 crore, with a PAT margin of 3.4%.

For the first half of FY27, revenue from operations rose 26.4% year on year to Rs 524.3 crore. H1 EBITDA more than doubled to Rs 46.2 crore from Rs 20.3 crore in H1 FY26, and the EBITDA margin improved to 8.8% from 4.9%. H1 profit after tax was Rs 12.1 crore.

Which businesses drove the record quarterly revenue?

MDF and laminates both contributed to the higher quarterly revenue, with the laminate business posting the faster growth rate. MDF revenue rose 15.8% year on year to a record Rs 196.2 crore, supported by stronger domestic demand and higher capacity utilisation.

Management said improved operating stability and capacity utilisation had supported the MDF business over the past few quarters. It also identified strong domestic demand as a factor behind the segment's Q2 performance. India MDF revenue increased 41% year on year, although the company did not disclose the absolute domestic MDF revenue figure in the call material.

The laminate segment reported revenue of Rs 88.4 crore, its highest-ever quarterly level, up 61.7% year on year. The company attributed the increase to higher domestic and export sales, along with a rising contribution from jumbo laminates.

Laminate EBITDA more than doubled to Rs 8.5 crore. Its EBITDA margin improved to 9.6% from 7.7% in Q2 FY26, indicating that the revenue increase was accompanied by better segment profitability.

How did India and export laminate sales compare?

India laminates generated higher revenue growth and sharply higher realisations, while export laminates delivered most of the volume expansion. Domestic laminate revenue rose 82.1% year on year to Rs 40.4 crore, compared with a 47.7% increase in export revenue to Rs 48.0 crore.

Domestic sales volume rose 5.6% to 388,029 sheets. India realisation increased 72.4% year on year to Rs 1,042 per sheet. Export volume increased 56.8% to 656,363 sheets, but export realisation declined 5.8% to Rs 731 per sheet.

Total laminate volume increased 32.8% to about 10.4 lakh sheets. Blended realisation increased 21.7% to Rs 847 per sheet. Management linked the blended realisation improvement to product mix and the greater contribution of premium laminate products.

What did management say about costs, demand and capital spending?

Management said laminate realisations can vary widely because the product portfolio includes many varieties with materially different price points. CFO Hiren Padhya said the realisation in a particular period depends on the products sold during that period, providing context for the difference between domestic and export pricing.

On imports, management said it was not seeing significant laminate imports into India at present because freight costs were high. This observation was made during the question-and-answer session and relates to the competitive environment described on the call.

The company does not expect specific additional capital expenditure beyond normal operational spending during FY27. Padhya said normal operational capital expenditure would be in the range of Rs 15 crore to Rs 20 crore and would be funded entirely through internal accruals.

Rushil Decor held its earnings conference call on November 4, 2026, following the announcement of Q2 FY27 results on November 3. The company subsequently made the call recording available on its website under a disclosure made to the NSE and BSE under SEBI listing regulations.

Conclusion

The Q2 FY27 numbers show that Rushil Decor's record revenue was supported by growth in both core segments, with laminates providing the strongest increase in revenue and margin. MDF remained the larger revenue contributor, while domestic laminate realisations and the contribution from jumbo laminates strengthened the segment's operating performance.

Investors will watch whether MDF utilisation and domestic demand remain supportive, and whether the laminate mix continues to sustain blended realisations. The company has indicated operational capital expenditure of Rs 15 crore to Rs 20 crore for FY27, funded from internal accruals, with no specific additional capital expenditure planned.