Rushil Decor Q4 FY26: EBITDA Up 18.6% to ₹286 Mn, Revenue Flat YoY
Rushil Decor reported Q4 FY26 consolidated revenue of ₹2,309 million, up 0.1% YoY, with EBITDA surging 18.6% to ₹286 million. For FY26, revenue was ₹8,622 million (down 4.0% YoY) and EBITDA was ₹801 million (down 22.6% YoY). The company implemented price hikes of ~15% for MDF and ~10% for Laminates effective April 1, 2026. A concall is scheduled for June 3, 2026.
The results show mixed performance with a strong EBITDA improvement in Q4 but a decline in full-year revenue and profit. The planned price increases and focus on future growth could positively impact the stock, but the overall year-on-year decrease warrants a medium impact assessment.
While Q4 showed improved EBITDA, the full-year results indicate a decline in revenue and profit compared to the previous year, reflecting challenges faced by the company. The positive outlook and recent price hikes are balanced by the overall year-on-year performance.
Rushil Decor Limited (RDL) announced its audited standalone and consolidated financial results for the fourth quarter and full year ended March 31, 2026. The company reported a consolidated revenue from operations of ₹2,309 million for Q4 FY26, a marginal increase of 0.1% compared to ₹2,307 million in Q4 FY25. EBITDA for the quarter saw a significant rise of 18.6% to ₹286 million, up from ₹241 million in the same period last year, with an improved EBITDA margin of 12.4% compared to 10.4% in Q4 FY25.
For the full fiscal year 2026, consolidated revenue stood at ₹8,622 million, a decrease of 4.0% from ₹8,979 million in FY25. The full-year EBITDA was ₹801 million, down 22.6% from ₹1,034 million in FY25, with an EBITDA margin of 9.3% compared to 11.5% in FY25. Profit After Tax (PAT) for FY26 was ₹64 million, a substantial decrease from ₹479 million in FY25.
The Laminates division reported revenue of ₹534 million in Q4 FY26, a slight increase of 0.8% year-on-year, with EBITDA at ₹41 million and a margin of 7.7%. For the full year, Laminates revenue grew by 6.1% to ₹2,111 million. The MDF Boards division recorded revenue of ₹1,668 million in Q4 FY26, a decrease of 1.2% year-on-year, with EBITDA at ₹233 million and a margin of 14.0%. Full-year MDF revenue was ₹6,091 million, down 8.2% year-on-year.
Mr. Rushil Thakkar, Managing Director, commented that FY2026 was challenging due to external disruptions, including a fire incident, elevated resin prices, and volatile raw material costs. Despite these, the company focused on operational stability and strengthening its product portfolio. The Laminates business saw growth, particularly with the ramp-up of the Jumbo Laminates facility, and increased export presence. The MDF business adopted a calibrated approach to exports due to global uncertainties but saw domestic revenue growth. The company also expanded its domestic distribution network. Effective April 1, 2026, price increases of approximately 15% in MDF and 10% in Laminates were implemented to counter inflationary pressures. The company plans to focus on improving capacity utilization, scaling the Jumbo Laminates business, increasing value-added products, and cost optimization.
A conference call to discuss the Q4 and FY26 results is scheduled for Wednesday, June 3, 2026, at 4:00 PM IST.
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