MDF Blended Realisation up 4.5% Y-o-Y in Q1 FY26, Laminates Blended Realisation up 5.0% Y-o-Y in Q1 FY26

Ahmedabad, 12^th August 2025 : Rushil Decor Limited (“Rushil Decor” or the “Company”) (BSE:
533470 | NSE: RUSHIL), one of the leading suppliers of eco-friendly sustainable
MDF Boards, Laminates and Plywood, has announced its unaudited consolidated
financial results for the quarter ending 30^th June 2025.

 

Financial Performance for Q1FY26:

Rs. Million

*Q1 FY26 EBITDA Without Forex Loss was Rs. 35 Mn;
Margin of 2.0%

 

Division Revenue:

Rs. Million

 

 

Division Sales Volume:

 

 

Business and operational Highlights for Q1 FY2026:

• Net
  Debt to Shareholder Equity at 0.4x

• Consolidated
  Basic EPS of Q1 FY2026 is Rs. (0.49) and Diluted EPS is Rs. (0.49)

• Added
  90 retail distributors

• MDF
  Boards:

• Reported EBITDA of Rs. (73) million with an EBITDA margin of
  (5.9)%.

• Price realization for per CBM in export and India are Rs.
  21,476 and Rs. 24,238

• Capacity utilization at 58% 

• Laminates:

• Reported EBITDA of Rs. 45 million with an EBITDA margin of
  10.2%.

• Price realization for per sheet in export and India are Rs.
  719 and Rs. 545

• Capacity utilization at 83%

 

 

 

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

“During the first quarter of FY2026, Rushil Decor
reported consolidated Revenue from Operations of Rs. 1,792 million. The
quarterly performance was impacted by an unfortunate fire incident at the
Andhra Pradesh MDF manufacturing facility on 9th April. I am relieved to report
that there were no fatalities or injuries. Importantly, the fire occurred
outside the main manufacturing premise and did not cause any damage to the core
machinery or any inventory.

 

Production was temporarily disrupted, resulting in a
negative impact on our financial results, and resumed on 14th May. The earlier
announced estimate of Rs. 7 crore relates to material damage at the site. The
Company has adequate insurance coverage in place, which includes both material
damage and loss of profit, and is already in the process of filing the
insurance claim related to the incident.

 

The MDF business reported revenue of Rs. 1,242 million
in Q1 FY2026 as compared to Rs 1,692 million in Q1 FY2025. Although the loss of
production over the 43 days shut down period which also includes 8 days of
planned annual maintenance shutdown, resulted in reduced revenues and volume,
the MDF business rapidly normalized. While total volumes were down, blended
realizations improved by 4.5% YoY, driven by pricing discipline and product
mix.  

 

The Laminates business reported revenue of Rs. 445
million in Q1 FY2026 as compared to Rs. 471 million in Q1 FY2025. The decline
was primarily due to lower export volumes, which were down 16.9% YoY. However,
blended realizations improved by 5.0% YoY, with export market realizations
rising 5.7% YoY and Indian market realisation increasing 7.3% YoY, driven by
selective price adjustments and a favourable product mix.

 

During the quarter, commercial production commenced
under Phase 1 of the Jumbo Laminates facility in Gandhinagar, Gujarat, with an
annual installed capacity of 1.2 million sheets (if considered as 1 mm sheet of
single side decorative Laminate). However, dispatches were deferred as the
Company was in the process of securing mandatory certifications required for
exports to key international markets such as Europe. With the certifications
now in place and the machinery aligned to the targeted product mix, the Company
is on track to begin dispatches from Q2 FY2026. Building on this momentum, we
are focused on starting phase 2 the Project which will add another 1.6 million
sheets of capacity by Q3 FY26. 

 

On the funding side, the Company received Rs. 930.4
million out of the total Rs. 1,226.6 million through the preferential
allotment. A portion of warrants was forfeited due to non-conversion by some
allottees for very particular reasons. However, this has not affected the
progress of the Jumbo Laminates phase 2 expansion plan. 

 

As part of long-standing commitment to sustainability,
Rushil Decor has successfully planted 24 million saplings across Andhra
Pradesh, including in Anakapalli, Visakhapatnam, Vizianagaram and East Godavari
districts. This initiative supports environmental preservation while empowering
small and marginal farmers through agroforestry integration, technical
assistance and subsidy-backed eucalyptus plantation programs. 

 

Looking ahead, while Q1 FY2026 was impacted by a
one-off event, we expect Q2 FY2026 to reflect significantly improved
performance compared with the same quarter in the prior year. This improvement
will be driven by higher capacity utilization at the Andhra Pradesh MDF plant,
along with increased contribution from value-added products, increased
profitability in the PVC business and full quarter of revenue from jumbo
laminates Phase 1. We remain focused on disciplined execution, improving
operational efficiency and enhancing long-term value for all stakeholders.”

 

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 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 4,675 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

 

Abhishek Dakoria / Jatin
Babani

+91 22 6169 5988

rushil@churchgatepartners.com