MDF Blended Realisation up 7.7% Y-o-Y in Q2 FY26, Laminates Blended Realisation up 4.0% Y-o-Y in Q2 FY26

Rs. Million

Q2 FY26 EBITDA Without Forex Loss was Rs. 242 Mn; Margin of 10.3%

Division Revenue:

Rs. Million

Division Sales Volume:

Business and operational Highlights for Q2 FY2026:

• Net Debt to Shareholder Equity at 0.42x
• Consolidated Basic EPS of Q2 FY2026 is Rs. 0.19 and Diluted EPS is Rs. 0.19
• Added 10 direct distributors and over 40 retailer / dealers
• Received new orders for Jumbo Laminates from countries like, Russia, UAE, Isreal, Qatar, Saudi Arabia and Slovakia
• MDF Boards:
• Reported EBITDA of Rs. 183 million with an EBITDA margin of 10.8%.
• Price realization for per CBM in export and India are Rs. 23,076 and Rs. 26,372
• Capacity utilization at 79% 

• Laminates:
• Reported EBITDA of Rs. 42 million with an EBITDA margin of 7.7%.
• Price realization for per sheet in export and India are Rs. 776 and Rs. 604
• Capacity utilization at 90%

Commenting on the performance Mr. Rushil Thakkar, Managing Director said:

“The second quarter of FY2026 marked a period of recovery and steady operational performance for Rushil Decor, as operations at the Andhra Pradesh MDF facility returned to full normalcy following the one-off disruption earlier in the year. Consolidated Revenue from Operations was Rs. 2,356 million in Q2 FY2026, a 2.3% increase year-on-year. For H1 FY2026, Revenue from operation was Rs. 4,148 million. 

The MDF division continued to be the key revenue driver, contributing Rs. 1,695 million in Q2 FY2026. Domestic MDF sales increased by 5.2% year-on-year, supported by steady demand across retail and OEM. Export revenue nearly doubled sequentially as shipments resumed post-normalization of plant operations. The overall impact of lower volumes was partly offset by improved realizations with blended realizations improving by 7.7% year-on-year, driven by better product mix and price stability. Additionally in Q2 FY2026, the share of value-added products was 45% by volume and 56% by value, underscoring the Company’s focus on quality and customer-oriented offerings.

Operationally, the MDF plant achieved capacity utilization of 79% during the quarter, reflecting near full recovery from the April fire incident. With operations now fully stabilized, we are now focused on optimizing production efficiency and improving cost structure amid external challenges such as elevated resin prices and global trade-related issues impacting input costs.

The Laminates division recorded revenue of Rs. 547 million in Q2 FY2026, an increase of 8.9% year-on-year. Growth was led by stronger demand in the domestic market, where revenue increased 8.8% year-on-year and volumes grew 12.8%. Export performance remained healthy, supported by higher realizations across key geographies. The division capacity utilization increased to above 90%, supported by the initial contribution from the Jumbo Laminates facility at Gandhinagar. 

Commercial dispatches from the Phase 1 Jumbo Laminates unit commenced during the quarter, and the products have started contributing to the topline. The Company has also initiated trial production of Phase 2 of the project. This expanded capacity will strengthen Rushil Decor’s position in the premium laminate segment and cater to growing global demand for jumbo-size sheets.

During the quarter, the Company added 10 new direct distributors and over 40 retailers and dealers, further expanding its network. Continued participation in international exhibitions and customer engagements has helped widen the export base and enhance brand visibility in overseas markets.

Sustainability remains an integral part of the Company’s operations. Under its agroforestry program, Rushil Decor has successfully planted over 24 million saplings across Andhra Pradesh, ensuring a consistent and sustainable raw material supply chain while supporting local farming communities. The Company is also planning the installation of solar rooftop systems across its manufacturing facilities to reduce energy costs and enhance environmental efficiency. Furthermore, The Company also received Rs. 114 million as incentives from the Government of Andhra Pradesh under the Industrial Development Policy 2015–20, which includes power subsidy and stamp duty reimbursement. 

Looking ahead, Rushil Decor remains focused on improving capacity utilization, enhancing product mix and driving margin recovery. The stabilization of MDF operations, expansion of laminates capacity under the Jumbo Project and steady export traction are expected to contribute to improved profitability in the second half of FY2026.”

About Rushil Decor

Founded in 1993, Rushil Decor Limited is a prominent Indian manufacturer in the wood panel industry, specializing in MDF boards, laminates, and recently expanding into plywood through a joint venture. The company offers a diverse range of over 1,200 designs under six distinct brands, serving applications in residential and commercial furniture, wall paneling, and architectural moldings. Its products are marketed under the well-recognized "VIR" brand. Rushil Decor operates six manufacturing facilities across India, strategically located near agroforestry zones in Gujarat, Karnataka and Andhra Pradesh, supporting sustainable production with over 140 million trees planted to date. The company ranks third in the Indian MDF market and is one of the largest organized manufacturers in this segment. It maintains a robust distribution network with over 700 distributors and 4,700 retailers, and exports to more than 57 countries. Key investment highlights include strong financial growth, increasing focus on value-added products, expanding export reach and significant capacity additions, including a new jumbo-size laminate facility targeting global markets. 

For more details, please visit: www.rushil.com

Hiren Padhya

Chief Financial Officer

hiren.padhya@rushil.com 

Churchgate

Investor Relations

Abhishek Dakoria / Akshay Hirani

+91 22 6169 5988

rushil@churchgatepartners.com