Rushil Decor Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Rushil Decor Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Rushil Decor reported Q1 FY27 consolidated revenue growth of 27.8% year-over-year to around INR 2,920 million (per the MD) or INR 2,290 million (per the CFO), with EBITDA of INR 182 million at a 7.9% margin and PAT of INR 20 million. The laminate business grew 65.3% year-over-year driven by domestic and export demand, while the MDF business grew 17.2% following a planned annual maintenance shutdown in April. Management discussed elevated chemical and freight costs, disruption to shipping routes from the West Asia conflict, and plans to increase capacity utilization in Jumbo laminates and value-added MDF products.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated revenue from operations: INR 2,920 million (Q1 FY27)
p. 3
“On a consolidated basis, revenue from operations increased to 27.8% year-over-year to INR 2,920 million in Q1 FY27.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
EBITDA: INR 182 million (Q1 FY27)
p. 3
“EBITDA was INR182 million with an EBITDA margin of 7.9%, while profit after tax was INR 20 million.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
Laminate business revenue: INR 736 million (Q1 FY27)
p. 3
“Revenue increased 65.3% year-over-year to INR 736 million.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
Laminate blended realization: INR 836 per sheet (Q1 FY27)
p. 3
“Blended realization also improved by 29.3% year-over-year to INR 836 per sheet, supported by an improved product mix.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
Jumbo laminate revenue: INR 110 million (Q1 FY27)
p. 3
“Revenue was INR 110 million, representing a 25% substantial increase, while the total sales volume increased to 20.4% subsequently to approximately 1.13 lakh sheets.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
Jumbo laminate EBITDA margin: 20.6% (Q1 FY27)
p. 3
“The business reported EBITDA of INR 23 million, translating into an EBITDA margin of 20.6%, in line with the management expectation.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
MDF business revenue: INR 1,456 million (Q1 FY27)
p. 4
“Revenue increased to 17.2% year-over-year to INR 1,456 million.”
Rushil Thakkar, page 4 of the filed PDF · View the filing
MDF EBITDA margin: 8.4% (Q1 FY27)
p. 4
“The EBITDA was INR 123 million with a margin of 8.4%.”
Rushil Thakkar, page 4 of the filed PDF · View the filing
MDF capacity utilization: 66% (Q1 FY27)
p. 5
“Following the resumption of operations after the planned annual maintenance shutdown, production gradually normalized with MDF capacity utilization at 66% during Q1 FY27.”
Hiren Padhya, page 5 of the filed PDF · View the filing
India MDF realization: INR 27,736 per CBM (Q1 FY27)
p. 5
“India sales volume increased by 16.1% to 52,162 CBM, while India realization improved by 14.4% year-on-year to INR 27,736 per CBM.”
Hiren Padhya, page 5 of the filed PDF · View the filing
Total debt including working capital: INR 260 crores
p. 7
“As of now, if you see the debt, including working capital is around INR 260 crores.”
Hiren Padhya, page 7 of the filed PDF · View the filing
Jumbo laminate capacity utilization: 29% (Q1 FY27)
p. 7
“So currently, our utilization is 29%, just to correct you because this has a different product mix.”
Rushil Thakkar, page 7 of the filed PDF · View the filing
Jumbo laminate capex: INR 90 crores
p. 12
“Did a capex of somewhere around INR 90 crores.”
Rushil Thakkar, page 12 of the filed PDF · View the filing
MDF export volume: 255 CBM (Q1 FY27)
p. 10
“No, not a big volume somewhere around 255 CBM export.”
Rushil Thakkar, page 10 of the filed PDF · View the filing
MDF export run rate: 3,200 CBM (July)
p. 11
“It was 4,000 to 5000 CBM. The run rate for the last year was. And currently, if we just talk about July, we have somewhere around 3,200 CBM.”
Rushil Thakkar, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Debt-free status — debt-free · Q2 FY29
stated firmly by Hiren Padhya
p. 7
“So considering the schedule which we have been given by the banks and the financial institutions, approximately Q2 FY29, we will be able to clear our debt.”
Hiren Padhya, page 7 of the filed PDF · View the filing
Capex plan for the year — INR 5 crores to INR 10 crores maintenance capex · FY27
stated firmly by Hiren Padhya
p. 7
“And as mentioned in the speech also, for this particular financial year, we are not planning for any additional capex, except a small operational capex to the extent of INR 5 crores to INR 10 crores.”
Hiren Padhya, page 7 of the filed PDF · View the filing
Jumbo laminate capacity utilization — 55% to 60% · this year
stated as an aspiration by Rushil Thakkar
p. 7
“So this way, we consider our capacity utilization is 29% and aspiration of utilizing this year is somewhere around 55% to 60%.”
Rushil Thakkar, page 7 of the filed PDF · View the filing
Jumbo laminate revenue potential — INR 75 crores · this year
stated as an aspiration by Rushil Thakkar
p. 7
“Again, I would like to say here that this year, our aspiration, again, is to take it to somewhere around 60% of utilization, which will take us to somewhere around INR 75 crores.”
Rushil Thakkar, page 7 of the filed PDF · View the filing
Jumbo laminate revenue potential at full capacity — INR 140 crores
stated as an aspiration by Rushil Thakkar
p. 7
“And going ahead, if we utilize the capacity at somewhere around 90%, the potential revenue we can generate from this press would be somewhere around INR 140 crores.”
Rushil Thakkar, page 7 of the filed PDF · View the filing
MDF capacity utilization for full year — FY27
stated as an aspiration by Rushil Thakkar
p. 8
“It will go up.”
Rushil Thakkar, page 8 of the filed PDF · View the filing
Consolidated EBITDA margin — 10% to 12% · 1 or 2 quarters
stated as an aspiration by Rushil Thakkar
p. 8
“If you ask me about, again, aspiration, I want to go this quarter. But realistically, yes, we may take 1 or 2 quarters more to reach up to that level.”
Rushil Thakkar, page 8 of the filed PDF · View the filing
Jumbo laminate utilization ramp-up — 70%, 75% · next year
stated as an aspiration by Rushil Thakkar
p. 9
“We have already cracked many of the countries where the Jumbo laminates have been sailing as one of the biggest products.”
Rushil Thakkar, page 9 of the filed PDF · View the filing
Laminate margins outlook — more than 10% · Q2 and rest of year
stated conditionally by Hiren Padhya
p. 9
“And if we include the jumbo part, I think our margin should be more than 10%, at least as a combined laminate segment. So it will further improve provided there is no uncertainty in terms of chemical pricing and war.”
Hiren Padhya, page 9 of the filed PDF · View the filing
MDF value addition target — 50% quantity-wise, 60% value-wise
stated firmly by Hiren Padhya
p. 12
“Now internally, we have a target of MDF per se to achieve the, I mean, quantity-wise target of 50% and value-wise 60% in terms of products.”
Hiren Padhya, page 12 of the filed PDF · View the filing
Laminate revenue — INR 250 crores
stated as an aspiration by Hiren Padhya
p. 12
“However, in case of laminates, normal turnover is around INR 200 crores for the existing laminates. So that can go up to INR 250 crores definitely.”
Hiren Padhya, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said MDF industry is growing at 20% CAGR which can absorb significant new capacity, and that recent price hikes were acceptable and sustainable.
Answered by Rushil Thakkar
Asked by Rushabh Sharedalal: What is the industry supply-demand dynamic and how will MDF pricing play out given new capacity coming online?
p. 6
“So yes, going ahead, we see the good amount of competition in domestic market. And yes, we have taken some hike, which was acceptable to the market and the raw material prices have been included in that.”
Rushil Thakkar, page 6 of the filed PDF · View the filing
Management confirmed debt reduction plans with no major capex, expecting debt-free status around FY29.
Answered by Hiren Padhya
Asked by Ankit Gulgulia: Will the company steadily reduce its debt-to-equity ratio?
p. 7
“So practically, In FY29 will be debt-free company.”
Hiren Padhya, page 7 of the filed PDF · View the filing
Management attributed this to the planned annual maintenance shutdown taken every April.
Answered by Rushil Thakkar
Asked by Rusmik Oza: Why did MDF utilization fall from 83% in Q4 to 66% in Q1?
p. 8
“So every year in the month of April, we take kind of a planned shutdown for every plant so that we are ready for other days to work with full capacity. That is the only reason we see.”
Rushil Thakkar, page 8 of the filed PDF · View the filing
Management cited high Gulf region exposure, chemical cost hits from prior supply commitments, and a plant shutdown for boiler consolidation.
Answered by Rushil Thakkar
Asked by Rusmik Oza: Why did laminate margins excluding Jumbo fall to 5% from 10% last year?
p. 8
“So because of this thing only these are the 2 main impacts, the margins were hit in the older laminate business.”
Rushil Thakkar, page 8 of the filed PDF · View the filing
Management pointed to the planned shutdown, chemical pricing volatility, and West Asia disruption affecting exports.
Answered by Rushil Thakkar
Asked by Resha Mehta: Why was MDF volume growth flat despite a weak year-ago base from a fire?
p. 10
“So there is no specific reason because our volumes, which we have delivered is on the line because as we had taken a shutdown, which was planned. Another thing was chemical pricing and third was situation in West Asia because we are dependent on exports in Gulf as well.”
Rushil Thakkar, page 10 of the filed PDF · View the filing
Management said the full 15% hike is being maintained without discounts.
Answered by Rushil Thakkar
Asked by Resha Mehta: Is the 15% MDF price hike still being fully sustained, or are discounts being passed on?
p. 11
“No. So currently, the 15% hike is what we are sustaining at. And we are not passing any kind of discounts or anything.”
Rushil Thakkar, page 11 of the filed PDF · View the filing
Management said wood pricing was flat while resin prices rose substantially, around 35-40%.
Answered by Rushil Thakkar
Asked by Vicky Waghwani: What has happened to resin and wood pricing quarter-on-quarter?
p. 11
“Wood pricing has remained flat this quarter, but the resin prices have gone substantially high like somewhere around close to 35% to 40%.”
Rushil Thakkar, page 11 of the filed PDF · View the filing
Risks flagged
Elevated chemical and other raw material prices
p. 4
“Chemical and other raw material price remained elevated, while freight costs were significantly higher and the shipping routes continue to face disruption arising from ongoing conflict in West Asia.”
Rushil Thakkar, page 4 of the filed PDF · View the filing
Container shortage and high freight rates affecting MDF exports
p. 10
“No. Actually, we had the orders in hand, but because of the container shortage across the globe, we were not able to find the containers at the right price because of which the export volume was a bit on the lower side.”
Rushil Thakkar, page 10 of the filed PDF · View the filing
Volatile resin pricing due to war situation
p. 9
“Third, the war situation has also affected. So I think all these 3 aspects has affected the whole quarter.”
Hiren Padhya, page 9 of the filed PDF · View the filing
High freight component affecting export competitiveness
p. 11
“No. Export is still on the lower side because of the freight component, very high currently.”
Rushil Thakkar, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.