Rushil Decor Q2 FY27 Results (NSE: RUSHIL)

4 Nov 2026 · Analysis by Alpha Inflection

Signal: Steady quarter

The read

The trajectory is shifting toward laminates: Q2FY27 revenue accelerated 25.3% YoY to ₹2,953 million, led by laminate revenue growth of 61.7% and jumbo laminate revenue growth of 97.3% sequentially, while EBITDA margin recovered to 9.5% from 7.9% QoQ but stayed flat YoY because gross margin compressed 500bps to 39.9%.

P&L walk

Consolidated revenue rose to ₹2,953 million, +25.3% YoY and +29.0% QoQ, led by laminates; gross margin compressed 500bps YoY to 39.9%, EBITDA grew 24.5% to ₹280 million with margin flat at 9.5%, and PAT rose 96.6% to ₹101 million.

Segments

Laminates are the main momentum driver: revenue rose 61.7% YoY to ₹884 million and EBITDA rose 102.0% YoY to ₹85 million, while MDF revenue grew 15.8% to ₹1,962 million but MDF EBITDA grew only 6.0% to ₹194 million; PVC remained small at ₹103 million revenue and ₹2 million EBITDA.

Key positives

• Revenue reached a record ₹2,953 million, growing 25.3% YoY and 29.0% QoQ.
• Laminate revenue increased 61.7% YoY to ₹884 million, with volume up 32.8% and blended realisation up 21.7% YoY to ₹847 per sheet.
• Jumbo Laminates revenue rose 97.3% sequentially to ₹217 million and EBITDA rose 86.5% QoQ to ₹42 million, with a 19.4% margin.
• MDF capacity utilisation improved to 87% from 66% in the previous quarter, while India MDF revenue grew 41.0% YoY.
• H1FY27 revenue grew 26.4% YoY to ₹5,243 million and EBITDA more than doubled 127.4% YoY to ₹462 million.

Key concerns

• Gross margin compressed 500bps YoY to 39.9%, while gross profit grew 11.3% versus revenue growth of 25.3%; the filing does not disclose the cause.
• MDF EBITDA grew only 6.0% YoY to ₹194 million despite MDF revenue growth of 15.8%, indicating weaker operating conversion in the larger division.
• Consolidated EBITDA margin was only 9.5%, unchanged YoY, despite revenue growth of 25.3%.

View original filing

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