Rushil Decor Q3 FY26 Results: Revenue ₹216.5 Crore, Laminates Surge 20.4%
Rushil Decor reported Q3 FY26 consolidated revenue of ₹216.5 crore, up 2.3% YoY. EBITDA was ₹23.1 crore and PAT was ₹5.2 crore. Laminates revenue surged 20.4% YoY to ₹58.5 crore, driven by strong domestic demand and exports. MDF revenue was ₹148.6 crore, with value-added products showing growth. Net Debt to Equity improved to 0.41x.
The results show mixed performance with growth in key segments like laminates, but a decline in overall consolidated revenue and PAT compared to the previous year. The positive outlook on value-added products and debt reduction is a mitigating factor.
The company reported year-on-year revenue growth in its Laminates segment and domestic MDF segment, alongside an improvement in its Net Debt to Equity ratio. The expansion of jumbo laminates in international markets and focus on value-added MDF products are positive indicators.
Rushil Decor Limited (RDL) has released its unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. The company presented an investor presentation detailing these results and other highlights.
For the third quarter of FY2026, Rushil Decor reported consolidated Revenue from Operations of ₹216.5 crore (₹2,165 million), a 2.3% year-on-year growth. EBITDA stood at ₹23.1 crore (₹231 million) with a margin of 10.7%, and Profit After Tax (PAT) was ₹5.2 crore (₹52 million) with a margin of 2.4%. The nine-month period (9MFY26) saw Revenue from Operations reach ₹631.3 crore (₹6,313 million).
The Laminates business was a significant growth driver, with revenue increasing by 20.4% year-on-year to ₹58.5 crore (₹585 million). Domestic laminate revenues grew by 55.6% year-on-year, supported by higher volumes and improved realisations. Export revenue increased by 6.8% year-on-year, with a notable 24.0% rise in export realisations, driven by higher-value offerings and greater acceptance of jumbo-size laminates. Capacity utilization in the Laminates division remained above 93%.
The MDF business reported total revenue of ₹148.6 crore (₹1,486 million), with domestic MDF revenues growing 29.4% year-on-year, supported by strong volume growth in India. Export volumes declined, aligning with the company's calibrated approach towards international MDF markets. Blended realisations improved by 8.3% year-on-year, reflecting a better product mix and pricing discipline. Value-added MDF continued to gain share, accounting for 43% of MDF volumes and 54% of MDF value during the nine-month period, with the company on track to achieve its target of 50% value-added MDF by volume by the end of FY2026.
The company highlighted its strategic focus on scaling the Laminates business, particularly in the jumbo segment, expanding its export footprint, and strengthening design-led offerings. In the MDF segment, the emphasis is on increasing the share of value-added products, optimizing capacity utilization, and improving realisations. Rushil Decor's Net Debt to Equity ratio improved to 0.41x in 9M FY26 from 1.10x in FY23.
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