Rushil Decor posts record Q2 revenue as profit rises 96.6%

Rushil Decor Limited posted record consolidated revenue of Rs 295.3 crore in Q2 FY27, up 25.3% year on year, while profit after tax rose 96.6% to Rs 10.1 crore, as record MDF and laminate sales, higher MDF utilisation and Jumbo Laminates growth lifted performance.

How did Rushil Decor's Q2 FY27 earnings change?

Rushil Decor increased Q2 FY27 revenue by 25.3% year on year and 29.0% quarter on quarter to Rs 295.3 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 24.5% to Rs 28 crore. Gross profit was Rs 117.8 crore, profit before tax was Rs 10.6 crore and profit after tax (PAT) was Rs 10.1 crore, producing EBITDA and PAT margins of 9.5% and 3.4%, respectively.

The 96.6% increase in PAT outpaced the revenue increase, although the call did not provide a detailed reconciliation of items below EBITDA. Management attributed the improvement to higher revenue across businesses, higher capacity utilisation in medium-density fibreboard (MDF), and a growing contribution from laminates, particularly Jumbo Laminates. It described the Rs 295.3 crore Q2 FY27 revenue as the company’s highest quarterly revenue.

For H1 FY27, Rushil Decor reported revenue of Rs 524.3 crore, up 26.4% year on year. The chief financial officer reported H1 EBITDA of Rs 45.2 crore, compared with Rs 20.3 crore in H1 FY26, lifting the EBITDA margin to 8.8% from 4.9%. H1 PAT was Rs 12.1 crore, equal to a 2.3% margin.

Which businesses drove Rushil Decor's record quarterly revenue?

Rushil Decor’s MDF and laminate businesses each reported their highest quarterly revenue in Q2 FY27, with MDF generating Rs 196.2 crore and laminates contributing Rs 88.4 crore. MDF remained the larger segment, but laminate revenue grew 61.7% year on year, faster than the 15.8% increase in MDF revenue.

Laminate EBITDA more than doubled to Rs 8.5 crore from Rs 4.2 crore in Q2 FY26, and its EBITDA margin rose to 9.6% from 7.7%. Sales volume increased 32.8% year on year to about 10.4 lakh sheets, while blended realisation increased 21.7% to Rs 847 per sheet. India laminate revenue rose 82.1% to Rs 40.4 crore and export revenue grew 47.7% to Rs 48 crore.

MDF EBITDA increased 6.0% year on year to Rs 19.4 crore, with a 9.9% margin. In H1 FY27, MDF revenue rose 16.4% to Rs 341.8 crore and EBITDA reached Rs 31.7 crore, compared with Rs 11 crore in H1 FY26. Laminate revenue for H1 FY27 rose 63.3% to Rs 162.2 crore, while EBITDA increased 56.6% to Rs 13.7 crore.

How fast is Rushil Decor's Jumbo Laminates business growing?

Rushil Decor’s Jumbo Laminates revenue increased 97.3% sequentially to Rs 21.7 crore in Q2 FY27, while EBITDA rose 86.5% to Rs 4.2 crore. The portfolio reported a 19.4% EBITDA margin and reached 41% capacity utilisation during the quarter.

Jumbo Laminates sales volume more than tripled sequentially in Q2 FY27. Management said investments in product development, certification, customer approvals and international-market expansion were beginning to translate into higher sales and earnings. Its stated priorities are expanding the customer base and increasing utilisation from the 41% reached in Q2.

The Rs 21.7 crore Jumbo Laminates revenue represented about one-quarter of the laminate segment’s Rs 88.4 crore Q2 FY27 revenue. In the question-and-answer session, management said that, depending on product mix, revenue at 80% to 85% Jumbo Laminates utilisation could be Rs 80 crore or more than Rs 100 crore. Management also said it was striving to reach 80% to 85% utilisation by March.

What changed in Rushil Decor's MDF operations and financial position?

Rushil Decor prioritised domestic MDF sales in Q2 FY27, with India MDF revenue increasing 41% year on year while the company made no MDF exports. Management cited global trade uncertainty and elevated freight costs, while identifying retail and original equipment manufacturer demand as support for domestic sales.

MDF capacity utilisation rose to 87% in Q2 FY27 from 66% in the previous quarter, enabling record segment revenue of Rs 196.2 crore without export sales. Value-added products accounted for 44% of MDF volumes and 55% of MDF revenue in H1 FY27. Management is targeting 50% of MDF volume and 60% of MDF revenue from value-added products during FY27.

Rushil Decor added eight direct distributors and 27 dealers during Q2 FY27 to expand domestic reach. Net debt stood at Rs 271.5 crore on September 30, 2026, compared with Rs 254.6 crore on March 31, 2026, and the net debt-to-equity ratio was 0.41 versus 0.39. Inventory days fell to 146 from 195 in FY26, while receivable days declined to 78 from 81 and payable days reduced to 157 from 189.

Conclusion

Rushil Decor’s Q2 FY27 result paired record revenue of Rs 295.3 crore with PAT of Rs 10.1 crore, supported by two record segment outcomes. MDF revenue reached Rs 196.2 crore as utilisation rose to 87%, while laminates generated Rs 88.4 crore and Jumbo Laminates added Rs 21.7 crore of revenue at 41% utilisation.

The next operating markers are management’s FY27 target for value-added MDF products to reach 50% of volume and 60% of revenue, and its aim to lift Jumbo Laminates utilisation to 80% to 85% by March. Management also said FY27 capital expenditure would be limited to normal operational spending of up to Rs 20 crore, funded from internal accruals, while any fresh growth capital decision remains under review.