RUSHIL Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹216 Cr
verified against source
Revenue YoY
2.3%
reported change
EBITDA
₹23.1 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Rushil Decor reported stable Q3 FY26 with revenue of Rs 216 crore growing 2.3% YoY, as seasonal softness was offset by improved realizations. EBITDA margin recovered to 10.7% from earlier quarters impacted by resin price volatility. Laminate segment drove growth at 20.4% YoY to Rs 585 crore with strong domestic (+55.6%) and export (+6.8%) performance, while MDF revenue of Rs 1486 crore grew 29.4% in domestic but faced export decline. The jumbo laminate Phase 2 commenced commercial production, though Q3 contribution was modest (~Rs 6 crore) at 20-25% utilization due to shipping delays delaying repeated orders. FY27 guidance of Rs 1,000+ crore with 10-11% EBITDA margin reflects management confidence. Key risk: Industry MDF capacity projected to rise 33% to 6 million CBM by FY28, intensifying price competition in commodity MDF where management sees no near-term price recovery. Value-added mix (targeting 50% of MDF volumes) remains the margin defense strategy.
Colored figures show movement against the previous available record.
Guidance to track
- Full year revenue expected to reach Rs 900 crore despite Q1 operational disruptions from fire incident and Q2 resin price volatility, with operations now normalized.
- Next financial year revenue should exceed Rs 1,000 crore driven by full operationalization of jumbo laminate capacity at 60-65% utilization and scaling export pipeline.
- Company targeting overall EBITDA margins in the range of 10-11% for FY27, up from expected 8-9% in FY26, supported by improved product mix and jumbo laminate ramp-up.
- Target EBITDA margins for jumbo laminate business are in the 14-16% range at steady-state utilization, with break-even at 35-40% capacity utilization.
Risks flagged
- Industry MDF capacity projected to rise 33% to 6 million CBM by FY28 from new large-scale plants by listed and unlisted players. Management sees no price uptick in commodity MDF, with pricing war continuing. This threatens realization recovery despite volume growth.
- Q3 jumbo revenue of Rs 6 crore was significantly below analyst expectations of Rs 25-30 crore due to shipping delays. Management targets Rs 20-25 crore in Q4, but repeat orders and market acceptance remain to be proven.
- MDF export volumes declined due to strategic shift away from price-conscious Gulf markets. Company is developing new markets (Russia, Portugal, Slovakia, Israel, Romania) but faces laboratory certifications and customer acceptance timelines before repeated orders flow.
- Resin prices moderated in Q3 but remain above normalized levels, creating ongoing cost pressure. Management expects normalization but timing is uncertain given global commodity dynamics.
Key quotes
- We are expecting the next financial year is somewhere of average of 60% to 65% utilization point of view. Now talking about the revenue point of the site somewhere around 200 crores of potential to be taken across on the production capacity of 60% on the average side.
- The competition currently is on very high scale typically on the normal MDF. This is why we want to have product share more than the domestic MDF so this targeting 50% of our value addition so that the margins can be improved on the going ahead.
- All plants which are coming are all the big capacity plants out of which two or three players are going to enter into the market with the first time. Again that is going to be the situation and the price pressure because of entering to capture the market.
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