Rushil Decor FY2026: Margins under pressure as jumbo laminates scale up

FY2026 consolidated revenue from operations was Rs 8,622.4 million, adjusted EBITDA was Rs 800.7 million (9.3% margin), and PAT was Rs 63.8 million (0.7% margin).

Q4 FY2026 consolidated revenue was Rs 2,309.0 million, adjusted EBITDA was Rs 285.7 million (12.4% margin), and PAT was Rs 101.2 million (4.4% margin).

In Q4 FY2026, MDF boards were 72% of revenue and laminates 23% (other 5%). In FY2026, MDF boards revenue was Rs 6,091 million and laminates revenue was Rs 2,111 million (other 5% of total revenue).

The jumbo laminates platform at Gandhinagar has total stated capacity of 2,800,000 sheets per annum (1mm basis). The company stated commercial production for both phases commenced in December 2025.

Management stated that price increases became effective from 1 April 2026, with about 15% hike in MDF and about 10% in laminates.

The presentation states a target for value-added MDF products of 60% of MDF revenue and 50% of MDF volumes in FY2027.

The capital structure slide shows net debt to equity improving from 0.53x in Mar-24 to 0.39x in Mar-26, with net debt at Rs 2,544 million in Mar-26.