Rushil Decor Ltd Q4 FY26 Earnings Analysis

- FY26 revenue guidance: around INR 900 crores with EBITDA margin of 8%-9% (Hiren Padhya). - FY27 revenue expected to exceed INR 1,000 crores with EBITDA margin targeting 10%-11% (Hiren Padhya). - No specific guidance provided yet for FY28; considered too early (Hiren Padhya). - Jumbo Laminates expected to reach 60%-65% capacity utilization in FY27, with potential revenue around INR 200 crores at this utilization level. - MDF segment aims to increase value-added product share to 50% by volume by the end of FY26, improving realizations and margins. - Domestic demand improving, with positive real estate sector outlook supporting growth. - Expansion plans include entering new export markets like Uzbekistan, Kosovo, Poland, Cameroon, Denmark. - Expect increased capacity utilization and stable to improved realizations leading to steady volume and sales growth.

- FY26 revenue guidance: ~INR 900 crores with EBITDA margin 8%-9% (overall Rushil Decor) - FY27 revenue expected to exceed INR 1,000 crores with EBITDA margin improving to 10%-11% - FY28 guidance not provided yet, considered too early for estimates - Jumbo Laminate business utilization expected to reach 60%-65% in FY27, targeting EBITDA margins of 14%-16% at that utilization level - MDF margins under pressure due to industry capacity expansion and price competition but expected improvement through value-added product mix - Overall focus on premium, value-added products, exports, and market expansion anticipated to drive margin and profit growth - Industry MDF capacity expected to grow, potentially increasing competitive intensity, but Rushil Decor targets sustainable growth through quality and market diversification

- Rushil Décor started production in Phase 2 of the Jumbo Laminate project, indicating ongoing capital investment in expanding laminate capacity. - The Jumbo Laminate facility is expected to have significant revenue potential (~INR 200 crores at 60% utilization). - Management mentioned no specific detailed guidance or estimates on capex for FY28, suggesting it is early to provide such guidance. - Industry-wide, 4 new large MDF plants are expected by FY28 with an average capacity of 800 CBM/day each, indicating significant sectoral capacity expansion. - Company is focusing on scaling up laminate and jumbo laminate businesses and increasing value-added product share, implying strategic investments in product development and capacity enhancement. - No new subsidiary investments; the plywood subsidiary is being diluted into an associate company, indicating a strategic shift rather than fresh capex. Overall, focus remains on expanding existing laminate capacities and product lines while monitoring industry capacity growth.

- There is no mention of any current or planned fundraising through debt or equity in the transcript. - The company highlights that previous export obligations have been completed, and there is no obligation to export unless there are good orders and margins (Page 7). - The net-debt-to-equity ratio as of December 2025 is comfortable at 0.41, indicating a stable leverage position (Page 5). - No specific guidance or announcement related to fresh fundraising via debt or equity is provided during the call or in management comments. - Focus remains on scaling operations, improving margins, and capacity utilization rather than capital raising.

- The company’s order book is filled very well, reflecting improved demand. - Positive demand pickup noted post-October (Diwali month), with healthy real estate inquiries expected for FY27. - Anticipating good project orders from emerging markets such as Uzbekistan, Kosovo, Poland, and Cameroon. - Strong pipeline supported by repeated orders for Jumbo Laminates and expanding export markets. - Strategic focus on value-added products driving increased order quality and realization. - Overall, the company is confident about a robust order book for the near future, aiding revenue growth and margin improvement.