MDF Blended Realisation up 7.7% Y-o-Y in Q2 FY26, Laminates Blended Realisation up 4.0% Y-o-Y in Q2 FY26

Value Added MDF contributed 45% by Quantity and 56%
by Value in Q2 FY26

Ahmedabad, 10^th November 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 September 2025.

Financial Performance for Q2 and H1 FY26:

Rs. Million

Q2 FY26

Q2 FY25

Y-o-Y

Q1 FY26

Q-o-Q

H1 FY26

H1 FY25

Y-o-Y

Revenue from Operations

2,356

2,304

2.30%

1,792

31.50%

4,148

4,555

(8.9%)

Gross Profit

1,059

1,115

(5%)

744

42.30%

1,803

2,137

(15.6%)

Gross Margin%

44.90%

48.40%

41.50%

43.50%

46.90%

EBITDA

225

296

(24.1%)

(22)

203

553

(63.3%)

EBITDA Margin%

9.50%

12.90%

(1.2%)

4.90%

12.10%

PBT

154

(51.1%)

(185)

(110)

320

PBT Margin%

3.20%

6.70%

(10.3%)

(2.7%)

7.00%

PAT

114

(55.%)

(141)

(89)

238

PAT Margin%

2.20%

4.90%

(7.9%)

(2.2%)

5.20%

Q2 FY26 EBITDA Without Forex Loss was Rs. 242 Mn;
Margin of 10.3%

Division Revenue:

Rs. Million

Q2 FY26

Q2 FY25

Y-o-Y

Q1 FY26

Q-o-Q

H1 FY26

H1 FY25

Y-o-Y

MDF Boards

1,695

1,717

(1.3%)

1,242

36.40%

2,938

3,409

(13.8%)

Laminates

547

503

8.90%

445

22.90%

992

974

1.90%

Other

114

35.70%

104

9.60%

218

172

26.70%

Total

2,356

2,304

2.30%

1,792

31.50%

4,148

4,555

(8.9%)

Division Sales Volume:

Q2 FY26

Q2 FY25

Y-o-Y

Q1 FY26

Q-o-Q

H1 FY26

H1 FY25

Y-o-Y

MDF Boards (CBM)

63,505

72,013

(11.80%)

52,074

22.00%

1,15,579

1,46,092

(20.9%)

Laminates (Sheet)

7,86,158

7,51,670

4.60%

6,88,457

14.20%

14,74,615

15,16,352

(2.8%)

Business and operational Highlights for Q2 FY2026:

Net
Debt to Shareholder Equity at 0.42x
Consolidated
Basic EPS of Q2 FY2026 is Rs. 0.19 and Diluted EPS is Rs. 0.19
Added
10 direct distributors and over 40 retailer / dealers
Received
new orders for Jumbo Laminates from countries like, Russia, UAE, Isreal,
Qatar, Saudi Arabia and Slovakia
MDF
Boards:

Reported EBITDA of Rs. 183 million with an EBITDA margin of
10.8%.
Price realization for per CBM in export and India are Rs.
23,076 and Rs. 26,372
Capacity utilization at 79%

Laminates:

Reported EBITDA of Rs. 42 million with an EBITDA margin of
7.7%.
Price realization for per sheet in export and India are Rs.
776 and Rs. 604
Capacity utilization at 90%

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

“The second quarter of FY2026 marked a period of
recovery and steady operational performance for Rushil Decor, as operations at
the Andhra Pradesh MDF facility returned to full normalcy following the one-off
disruption earlier in the year. Consolidated Revenue from Operations was Rs.
2,356 million in Q2 FY2026, a 2.3% increase year-on-year. For H1 FY2026,
Revenue from operation was Rs. 4,148 million.

The MDF division continued to be the key revenue
driver, contributing Rs. 1,695 million in Q2 FY2026. Domestic MDF sales
increased by 5.2% year-on-year, supported by steady demand across retail and
OEM. Export revenue nearly doubled sequentially as shipments resumed
post-normalization of plant operations. The overall impact of lower volumes was
partly offset by improved realizations with blended realizations improving by
7.7% year-on-year, driven by better product mix and price stability.
Additionally in Q2 FY2026, the share of value-added products was 45% by volume
and 56% by value, underscoring the Company’s focus on quality and customer-oriented
offerings.

Operationally, the MDF plant achieved capacity
utilization of 79% during the quarter, reflecting near full recovery from the
April fire incident. With operations now fully stabilized, we are now focused
on optimizing production efficiency and improving cost structure amid external
challenges such as elevated resin prices and global trade-related issues
impacting input costs.

The Laminates division recorded revenue of Rs. 547
million in Q2 FY2026, an increase of 8.9% year-on-year. Growth was led by
stronger demand in the domestic market, where revenue increased 8.8%
year-on-year and volumes grew 12.8%. Export performance remained healthy,
supported by higher realizations across key geographies. The division capacity
utilization increased to above 90%, supported by the initial contribution from
the Jumbo Laminates facility at Gandhinagar.

Commercial dispatches from the Phase 1 Jumbo Laminates
unit commenced during the quarter, and the products have started contributing
to the topline. The Company has also initiated trial production of Phase 2 of
the project. This expanded capacity will strengthen Rushil Decor’s position in
the premium laminate segment and cater to growing global demand for jumbo-size
sheets.

During the quarter, the Company added 10 new direct
distributors and over 40 retailers and dealers, further expanding its network.
Continued participation in international exhibitions and customer engagements
has helped widen the export base and enhance brand visibility in overseas
markets.

Sustainability remains an integral part of the
Company’s operations. Under its agroforestry program, Rushil Decor has
successfully planted over 24 million saplings across Andhra Pradesh, ensuring a
consistent and sustainable raw material supply chain while supporting local
farming communities. The Company is also planning the installation of solar
rooftop systems across its manufacturing facilities to reduce energy costs and
enhance environmental efficiency. Furthermore, The Company also received Rs.
114 million as incentives from the Government of Andhra Pradesh under the
Industrial Development Policy 2015–20, which includes power subsidy and stamp
duty reimbursement.

Looking ahead, Rushil Decor remains focused on
improving capacity utilization, enhancing product mix and driving margin
recovery. The stabilization of MDF operations, expansion of laminates capacity
under the Jumbo Project and steady export traction are expected to contribute
to improved profitability in the second half of FY2026.”

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 Gujarat,
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 4,700 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.