Rushil Decor Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Rushil Decor Ltd filed with BSE on 09 Jun 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 consolidated FY26 revenue of INR 8,622 million with EBITDA of INR 801 million and a 9.3% EBITDA margin, while Q4 FY26 revenue was INR 2,309 million with EBITDA of INR 286 million at a 12.4% margin. Management attributed the year's weaker profitability to a fire-related production loss at the Andhra Pradesh MDF facility in Q1, elevated resin and raw material costs, and export disruptions from Middle East geopolitical developments. The company also detailed progress on its Jumbo Laminate business, MDF capacity utilization, price increases effective April 2026, and expansion of its distribution network.
Numbers mentioned
Revenue from operations: INR 8,622 million (FY26)
p. 3
“On a consolidated basis, revenue from operations for the FY26 was INR 8,622 million, while EBITDA was INR 801 million with an EBITDA margin of 9.3%.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
EBITDA margin: 9.3% (FY26)
p. 3
“On a consolidated basis, revenue from operations for the FY26 was INR 8,622 million, while EBITDA was INR 801 million with an EBITDA margin of 9.3%.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
Revenue from operations: INR 2,309 million (Q4 FY26)
p. 3
“For quarter 4 financial year 2026, revenue from operation was INR 2,309 million and EBITDA was INR 286 million with an EBITDA margin of 12.4%, reflecting improvement in our operating margins compared to the previous quarter.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
Laminate segment revenue: INR 2,111 million (FY26)
p. 3
“Revenue from the Laminate segment was increased by 6.1% year-over-year to INR 2,111 million during the FY 2026, supported by strong growth in domestic market.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
Domestic Laminate market revenue growth: 21% (FY26)
p. 3
“Domestic market revenue grew by 21% year-over-year.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
MDF business revenue: INR 6,091 million (FY26)
p. 4
“The MDF business reported the revenue of INR 6,091 million during FY2026.”
Rushil Thakkar, page 4 of the filed PDF · View the filing
Domestic MDF revenue growth: 12.5% (FY26)
p. 4
“Domestic MDF revenue increased by 12.5% yearover-year, supported by the demand across the retail and OEM channels.”
Rushil Thakkar, page 4 of the filed PDF · View the filing
MDF capacity utilization: 83% in quarter, 75% for year (FY26)
p. 4
“Capacity utilization improved to 83% during the quarter for financial year 2026 and averaged 75% for the full year.”
Rushil Thakkar, page 4 of the filed PDF · View the filing
Value-added MDF product contribution: 42% of volumes and 54% of value (FY26)
p. 4
“Value-added products contributed 42% of the volumes and 54% of the value during the financial year 2026.”
Rushil Thakkar, page 4 of the filed PDF · View the filing
MDF price increase: 15% (effective 1 April 2026)
p. 4
“We have increased by 15% in our MDF business and 10% in our Laminate business.”
Rushil Thakkar, page 4 of the filed PDF · View the filing
Gross profit: INR 1,109 million, 48% margin (Q4 FY26)
p. 5
“Gross profit for the quarter was INR 1,109 million with a gross margin of 48%.”
Hiren Padhya, page 5 of the filed PDF · View the filing
EBITDA: INR 286 million, up 20.2% sequentially and 18.6% YoY (Q4 FY26)
p. 5
“EBITDA was INR 286 million, up 20.2% sequentially and 18.6% year-on-year, with EBITDA margin improving to 12.4%.”
Hiren Padhya, page 5 of the filed PDF · View the filing
Profit after tax: INR 101 million, 4.4% margin (Q4 FY26)
p. 5
“Profit before tax was INR 159 million with a margin of 6.9%, while profit after tax was INR 101 million with a margin of 4.4%.”
Hiren Padhya, page 5 of the filed PDF · View the filing
MDF revenue: INR 1,668 million (Q4 FY26)
p. 5
“MDF revenue for Q4 FY26 was INR 1,668 million, domestic MDF business performed strongly during the quarter with India revenue increasing by 37.3% year-on-year.”
Hiren Padhya, page 5 of the filed PDF · View the filing
MDF EBITDA margin: 14% (Q4 FY26)
p. 5
“MDF EBITDA for the quarter was INR 233 million with an EBITDA margin of 14%.”
Hiren Padhya, page 5 of the filed PDF · View the filing
Laminate revenue: INR 534 million (Q4 FY26)
p. 5
“Laminate revenue for Q4 FY26 was INR 534 million.”
Hiren Padhya, page 5 of the filed PDF · View the filing
Net debt: INR 2,544 million (as on 31 March 2026)
p. 6
“the company maintained a comfortable financial position with net debt as on 31st March 2026 was INR 2,544 million with a net debt to equity improving to 0.39 as of 31st March 2026 compared to 0.41 as the end of March 2025.”
Hiren Padhya, page 6 of the filed PDF · View the filing
Net debt: INR 254 crores (as on March 2026)
p. 7
“So, in short, from INR 262 crores net debt, now we are at INR 254 crores.”
Hiren Padhya, page 7 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.
Value-added MDF product contribution — 50% of MDF volumes and 60% of MDF revenues · FY2026-27
stated firmly by Rushil Thakkar
p. 4
“we remain confident of increasing the contribution of value-added products further, and our target 50% of MDF volumes and 60% of MDF revenues from the value-added products in this FY 2026-27.”
Rushil Thakkar, page 4 of the filed PDF · View the filing
Operational utilization — 90% · across the year
stated as an aspiration by Rushil Thakkar
p. 6
“third will be the operational utilization, which we are targeting to go up to 90% across the year.”
Rushil Thakkar, page 6 of the filed PDF · View the filing
Net debt repayment — around INR 50 crores · next financial year
stated firmly by Hiren Padhya
p. 7
“on a yearly basis, we are already having a scheduled repayment, which would be around INR 50 crores for the next financial year.”
Hiren Padhya, page 7 of the filed PDF · View the filing
New debt — no new debt · during the year
stated firmly by Hiren Padhya
p. 7
“And so far, as new loan is concerned, I don't think we will be planning for any new debt during the year.”
Hiren Padhya, page 7 of the filed PDF · View the filing
MDF EBITDA margin — 10% to 12% · FY27
stated as an aspiration by Rushil Thakkar
p. 8
“If you see our performance this year, we are targeting a margin of 10% to 12%.”
Rushil Thakkar, page 8 of the filed PDF · View the filing
Jumbo Laminate utilization — 60% to 65% this year, 85% next year · FY27 and following year
stated as an aspiration by Rushil Thakkar
p. 9
“So, you can say that we are closely targeting this year somewhere around utilization of 60% to 65%. Next year, we would like to utilize up to 85%.”
Rushil Thakkar, page 9 of the filed PDF · View the filing
Laminate business EBITDA margin — 10% to 12%
stated as an aspiration by Rushil Thakkar
p. 9
“But on an average, if we see the business as a whole of Laminate, our target is to go to the range of 10% to 12%.”
Rushil Thakkar, page 9 of the filed PDF · View the filing
Overall utilization achievement — 85% utilization plus · FY27
stated firmly by Rushil Thakkar
p. 9
“Yes, we are very clear about it, and we have our market set up in such a manner, and we don't see that we won't be able to achieve our utilization.”
Rushil Thakkar, page 9 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 exports face pressure from Middle East geopolitical issues but domestic push and Jumbo Laminate machinery upgrade should keep utilization at Q4 levels.
Answered by Rushil Thakkar
Asked by Sanchita Sood: What will capacity utilization look like across plants/segments in Q1 FY27?
p. 6
“It will be on the range of Q4 itself.”
Rushil Thakkar, page 6 of the filed PDF · View the filing
Management declined specific guidance, instead outlining four priorities: value addition, Jumbo Laminate growth, utilization, and cost optimization.
Answered by Rushil Thakkar
Asked by Sanchita Sood: What revenue/EBITDA guidance can be given for FY27 and FY28?
p. 6
“This will be the four key guidances’, which I would like to give you.”
Rushil Thakkar, page 6 of the filed PDF · View the filing
CFO detailed net debt reduction from INR 262 crores to INR 254 crores and expected further reduction via scheduled repayment, with no new debt planned.
Answered by Hiren Padhya
Asked by Sanchita Sood: What is current net debt and outlook for FY27/FY28?
p. 6
“So overall, there's a decrease of INR 8 crores.”
Hiren Padhya, page 6 of the filed PDF · View the filing
Management estimated realization around INR 4,000 per sheet with utilization up to 85%.
Answered by Rushil Thakkar
Asked by Rusmik Oza: What will be the realization and potential revenue from Jumbo Laminates at optimum utilization?
p. 7
“the realization can be expected somewhere around INR 4,000 for averaging out the capacity and the utilization may go up to 85% maximum at this level.”
Rushil Thakkar, page 7 of the filed PDF · View the filing
Management clarified the hike merely offsets higher chemical costs, not additional margin.
Answered by Rushil Thakkar
Asked by Rusmik Oza: Is the MDF price hike meant to offset costs or boost margins?
p. 7
“No, it is just to mitigate the cost which has been occurring because of the chemical price shooting up.”
Rushil Thakkar, page 7 of the filed PDF · View the filing
Management said current margin is around 8% and targeted 10-12% as value-added mix improves.
Answered by Rushil Thakkar
Asked by Rusmik Oza: What is the realistic MDF EBITDA margin for FY27?
p. 8
“So, if you consider the current scenario, the EBITDA margin is somewhere around 8%.”
Rushil Thakkar, page 8 of the filed PDF · View the filing
Management said industry CAGR is 15-18% but new plants coming online this year will create oversupply.
Answered by Rushil Thakkar
Asked by Love Gupta: What is the current demand-supply scenario in MDF and is overcapacity easing?
p. 8
“So obviously, there is going to be an oversupply in the market as it is going currently.”
Rushil Thakkar, page 8 of the filed PDF · View the filing
Management said resin costs rose about 40% due to geopolitical disruption.
Answered by Rushil Thakkar
Asked by Love Gupta: What cost increase has been seen on formaldehyde/resin?
p. 8
“So, we see a 40% cost of resin overall has gone up.”
Rushil Thakkar, page 8 of the filed PDF · View the filing
CFO said achieving the targeted value-added product proportion could reach or exceed that turnover.
Answered by Hiren Padhya
Asked by Amit Mehendale: At peak MDF utilization of 90-95%, can revenue reach INR 750-800 crores?
p. 8
“If we achieve then, we can definitely achieve this turnover, maybe even a little more than that.”
Hiren Padhya, page 8 of the filed PDF · View the filing
Management said capacity calculations depend heavily on product mix and thickness, cautioning against a simple INR 900 crore estimate.
Answered by Rushil Thakkar
Asked by Rusmik Oza: What volume and EBITDA margin is targeted for Jumbo Laminates this fiscal year versus traditional Laminate business?
p. 9
“So, we cannot say that getting INR 900 crores just from this capacity.”
Rushil Thakkar, page 9 of the filed PDF · View the filing
Management said the company was not significantly affected by US tariffs and is diversifying MDF export markets away from Middle East dependency.
Answered by Rushil Thakkar
Asked by Rusmik Oza: How does management see the export market for FY27 given tariffs and geopolitical challenges?
p. 10
“the only challenge we see over here is about the MDF capacity, where our dependency on the Middle East was more, and we have started diverting and opening a new countries over there as well.”
Rushil Thakkar, page 10 of the filed PDF · View the filing
CFO said the Laminate percentage will rise and MDF percentage will correspondingly reduce, though exact figures are uncertain.
Answered by Hiren Padhya
Asked by Rusmik Oza: What will be the mix of Laminates versus MDF once Jumbo Laminate capacity is fully utilized?
p. 10
“Now once we start this Jumbo Laminates, so it will definitely, improve the Laminate percentages but how much, I think it is too early to say, but it will definitely increase that percentage.”
Hiren Padhya, page 10 of the filed PDF · View the filing
Risks flagged
Fire incident at Andhra Pradesh MDF facility disrupted production in Q1
p. 3
“The year started with the fire incident at our Andhra Pradesh MDF facility, which resulted in temporary disruption in production during the first quarter.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
Elevated resin and raw material prices
p. 3
“This was followed by an elevated resin and raw material prices, global trade uncertainties and logistical disruption across the several export markets.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
Geopolitical developments in the Middle East affecting shipping and exports
p. 3
“Towards the end of the year, geopolitical development in the Middle East further impacted the shipping routes and export movements, creating an additional challenges for the business.”
Rushil Thakkar, page 3 of the filed PDF · View the filing
Lower export contribution in MDF business affecting profitability
p. 5
“The year-on-year decline in profitability largely reflects the impact of production loss during the first quarter and lower export contribution in the MDF business during the year.”
Hiren Padhya, page 5 of the filed PDF · View the filing
Potential industry oversupply from new MDF capacity coming online
p. 8
“But in the current scenario, we can see that there are 3 plants coming in this financial year.”
Rushil Thakkar, page 8 of the filed PDF · View the filing
Chemical/resin cost increases of around 40% due to geopolitical disturbance
p. 8
“So, we, as a group has seen a chemical hike of 40% after the war started, geopolitical situation disturbance has started.”
Rushil Thakkar, page 8 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.