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Rushil Decor Q2 FY27 results: net profit up 96.7% to ₹10.09 crore, revenue up 25.3%
Rushil Decor Limited reported consolidated revenue of ₹295.33 crore in Q2 FY27, up 25.3% from the year-ago quarter, while EBITDA rose to ₹28.22 crore and profit after tax to ₹10.09 crore. The September 2026 quarter also improved sequentially from Q1 FY27, with revenue up 29.0%, EBITDA up 54.0% and profit after tax up 409.6%.
Key points
- Consolidated revenue was ₹295.33 crore in Q2 FY27, up 25.3% from ₹235.65 crore in Q2 FY26.
- EBITDA was ₹28.22 crore, up 25.5% year on year, while the EBITDA margin was 9.6% against 9.5%.
- Profit after tax was ₹10.09 crore, up 96.7% from ₹5.13 crore, and basic EPS was ₹0.34 against ₹0.19.
- Against Q1 FY27, revenue rose 29.0%, EBITDA rose 54.0%, profit after tax rose 409.6% and the EBITDA margin improved by 1.6 percentage points.
- In H1 FY27, revenue was ₹524.33 crore, up 26.4%, while profit after tax was ₹12.07 crore against a net loss of ₹8.94 crore.
How did Rushil Decor perform in Q2 FY27?
Rushil Decor reported consolidated revenue of ₹295.33 crore for Q2 FY27, compared with ₹235.65 crore in Q2 FY26 and ₹229 crore in Q1 FY27. EBITDA was ₹28.22 crore, up from ₹22.49 crore a year earlier and ₹18.33 crore in the previous quarter, while the margin was 9.6% against 9.5% and 8.0%.
Profit before tax was ₹10.81 crore, compared with ₹7.53 crore in Q2 FY26 and ₹2.64 crore in Q1 FY27. Net profit was ₹10.09 crore, up 96.7% from ₹5.13 crore and 409.6% from ₹1.98 crore; basic EPS was ₹0.34 against ₹0.19 and ₹0.07, respectively.
The board approved unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, along with the statutory auditor’s limited review report. On the standalone basis, Q2 FY27 revenue was ₹294.98 crore and profit after tax was ₹10.22 crore, compared with ₹5.97 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 295.33 | 229 | 235.65 | +25.3% | +29.0% |
| Other income | 0.05 | 0.94 | 0.63 | −92.1% | −94.7% |
| Total expenses | 284.57 | 227.30 | 228.75 | +24.4% | +25.2% |
| EBITDA | 28.22 | 18.33 | 22.49 | +25.5% | +54.0% |
| EBITDA margin | 9.6% | 8.0% | 9.5% | +0.1 pp | +1.6 pp |
| Profit before tax | 10.81 | 2.64 | 7.53 | +43.6% | +309.5% |
| Tax | 0.51 | 0.52 | 2.40 | −78.8% | −1.9% |
| Net profit | 10.09 | 1.98 | 5.13 | +96.7% | +409.6% |
| EPS (₹) | 0.34 | 0.07 | 0.19 | +78.9% | +385.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Rushil Decor's costs and profit?
Total expenses increased by ₹55.82 crore from Q2 FY26, reaching ₹284.57 crore, as cost of materials rose by ₹27.32 crore and other expenses rose by ₹8.53 crore. Finance costs increased by ₹1.45 crore and depreciation by ₹0.41 crore, while employee cost fell by ₹2.35 crore. Other income was lower by ₹0.58 crore.
The quarter had no exceptional item. Tax expense was ₹0.51 crore, down ₹1.89 crore from Q2 FY26, while profit before tax rose by ₹3.28 crore and net profit rose by ₹4.96 crore. Against Q1 FY27, total expenses rose by ₹57.27 crore and tax was lower by ₹0.01 crore.
The filing did not state a separate reason for the year-on-year movement in individual cost lines. Management said the higher sales, improved operational performance and increasing contribution from the Laminates business supported the quarter’s performance.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 160.71 | 133.39 | +27.32 | +20.5% |
| Employee cost | 17.71 | 20.06 | −2.35 | −11.7% |
| Finance costs | 8.49 | 7.04 | +1.45 | +20.6% |
| Depreciation | 8.97 | 8.56 | +0.41 | +4.8% |
| Other expenses | 71.86 | 63.33 | +8.53 | +13.5% |
| Total expenses | 284.57 | 228.75 | +55.82 | +24.4% |
| Other income | 0.05 | 0.63 | −0.58 | −92.1% |
| Tax | 0.51 | 2.40 | −1.89 | −78.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹524.33 crore, up 26.4% from ₹414.81 crore in H1 FY26. Total income rose 26.3% to ₹525.32 crore from ₹415.88 crore.
Profit before tax moved to ₹13.44 crore from a loss of ₹11.0 crore in H1 FY26. Net profit was ₹12.07 crore against a net loss of ₹8.94 crore, while EPS was ₹0.41 compared with a loss of ₹0.31 per share.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 524.33 | 414.81 | +26.4% |
| Profit before tax | 13.44 | −11 | turned to profit |
| Net profit | 12.07 | −8.94 | turned to profit |
| EPS (₹) | 0.41 | −0.31 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹1,347.7 crore, compared with ₹1,291.34 crore at 31 March 2026. Total equity rose to ₹661.89 crore from ₹650.87 crore, while borrowings increased to ₹278.82 crore from ₹259.88 crore. Cash stood at ₹1.37 crore against ₹0.45 crore.
Trade receivables were ₹257.07 crore at the end of September, compared with ₹195.44 crore at March, and trade payables were ₹280.68 crore against ₹266.45 crore. Inventories were reported at ₹244.23 crore, while the previous balance sheet date showed no reported inventory figure. In H1 FY27, operating cash flow was ₹14.57 crore, compared with ₹28.37 crore a year earlier.
Investing cash flow was negative ₹14.28 crore, compared with negative ₹35.57 crore in H1 FY26, while financing cash flow was ₹0.62 crore against ₹6.96 crore. Capital expenditure was ₹14.34 crore in H1 FY27, compared with ₹33.87 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,348 | 1,291 |
| Total equity | 661.89 | 650.87 |
| Borrowings | 278.82 | 259.88 |
| Cash and equivalents | 1.37 | 0.45 |
| Inventories | 244.23 | 0 |
| Trade receivables | 257.07 | 195.44 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 14.57 | 28.37 |
| Cash from investing | −14.28 | −35.57 |
| Cash from financing | 0.62 | 6.96 |
| Capital expenditure | 14.34 | 33.87 |
Source: Company's results filing (XBRL).
How has Rushil Decor done over the last 8 quarters?
Revenue increased year on year in each of the last five quarters. Across the reported series, revenue was highest at ₹295.33 crore in Q2 FY27 and lowest at ₹179.16 crore in Q1 FY26; the latest quarter moved up from ₹229.0 crore in Q1 FY27.
Profit after tax reached its highest point at ₹12.61 crore in Q4 FY25 and its lowest point at a loss of ₹14.07 crore in Q1 FY26. In the latest quarter, profit after tax was ₹10.09 crore, compared with ₹1.98 crore in Q1 FY27.
The EBITDA margin peaked at 12.9% in Q3 FY25 and bottomed at negative 1.2% in Q1 FY26. It stood at 9.6% in Q2 FY27, up from 8.0% in the previous quarter and 9.5% in Q2 FY26.
Which businesses drove the quarter?
Laminates and allied products recorded revenue of ₹89.75 crore, up 59.5% from ₹56.26 crore in the year-ago quarter. EBIT was ₹7.12 crore, compared with ₹2.79 crore, and the segment’s EBIT margin was 7.9%.
Medium Density Fiber Board reported revenue of ₹202.32 crore, up 15.8% from ₹174.73 crore, with EBIT of ₹12.05 crore against ₹11.73 crore. Its EBIT margin was 6.0%. Polyvinyl Chloride Board revenue was ₹10.36 crore, up 14.6% from ₹9.04 crore, while EBIT was a loss of ₹0.09 crore against EBIT of ₹0.41 crore; the EBIT margin was negative 0.9%.
Plywood reported no revenue or EBIT in Q2 FY27, compared with revenue of ₹2.4 crore and an EBIT loss of ₹0.37 crore in Q2 FY26. No year-on-year growth rate was given for the segment.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Laminates & allied products | 89.75 | +59.5% | 7.12 | 7.9% |
| Medium Density Fiber Board | 202.32 | +15.8% | 12.05 | 6.0% |
| Polyvinayl Chloride Board | 10.36 | +14.6% | −0.09 | -0.9% |
| Plywood | 0 | 0 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the second quarter and half year ended 30 September 2026 on 3 November 2026, together with the statutory auditor’s limited review report. The board meeting began at 3:00 PM and concluded at 4:50 PM.
In a separate filing on 3 November 2026, the company said BSE had imposed a fine of Rs. 2,000/- for a roughly one-day delay in filing the shareholding pattern disclosure for the quarter ended 30 June 2026. The company said the disclosure had been filed on NSE on 7 July 2026 and on BSE on 22 July 2026, and that its request for a waiver remained pending. The board advised management to prevent similar delays.
What did Rushil Decor's management say?
Management said MDF capacity utilisation rose to 87% from 66% and expects 80–85% across FY27. It targets value-added products at 50% of MDF volumes and 60% of MDF revenue during FY27, with execution in the second half, and reiterated a 12–14% EBITDA-margin commitment for the laminate business as a whole.
Management said no MDF exports were conducted during the quarter because it prioritised the domestic market amid global trade uncertainty and elevated freight costs. It flagged raw-material inflation, freight costs and competitive price pressure as risks, and provided no FY28 revenue or EBITDA guidance.
The Chief Financial Officer said inventory days fell to 146 from 195 in FY26, receivable days improved to 78 from 81, and payable days fell to 157 from 180. The Managing Director said the company was making progress towards the FY27 targets of 50% of MDF volumes and 60% of MDF revenue from value-added products.
How did Rushil Decor shares react?
After the filing, Rushil Decor’s shares were down 1.4% after five minutes, then up 4.1% after 15 minutes and 6.1% after 30 minutes. The reaction-day close was 15.3% above the previous close of ₹15.60, and by the next day’s close the stock was up 25.8% from that pre-results close.
Earlier reaction-day moves were mixed: Rushil Decor fell 5.2% on 8 August 2026, 2.9% on 29 May 2026 and 5.0% on 28 January 2026, while it rose 3.5% on 14 May 2025 and 4.0% on 26 October 2024.
| After the filing | Stock | Plywood Boards/ Laminates median |
|---|---|---|
| 5 minutes | −1.4% | |
| 15 minutes | +4.1% | |
| 30 minutes | +6.1% | |
| Reaction day | +15.3% | +1.0% |
| Next day | +25.8% | +1.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 8 August 2026 | −5.2% |
| 29 May 2026 | −2.9% |
| 28 January 2026 | −5.0% |
| 8 November 2025 | −1.4% |
| 11 August 2025 | −5.5% |
| 14 May 2025 | +3.5% |
| 28 January 2025 | −2.5% |
| 26 October 2024 | +4.0% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Rushil Decor's revenue in Q2 FY27?
Revenue from operations was ₹295.33 crore, up 25.3% from ₹235.65 crore in Q2 FY26 (consolidated).
Did Rushil Decor make a profit in Q2 FY27?
Yes. Net profit was ₹10.09 crore, against a net profit of ₹5.13 crore in Q2 FY26.
What was Rushil Decor's EPS in Q2 FY27?
Basic earnings per share were ₹0.34, against ₹0.19 in Q2 FY26.
How did Rushil Decor shares react to the Q2 FY27 results?
On the reaction day the stock moved +15.3% from the previous close; the median Plywood Boards/ Laminates stock moved +1.0%.
When did Rushil Decor announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Unaudited Quarterly Financial Results For The 2Nd Quarter And Half Year Ended On 30Th September, 2026 (BSE, 10 October 2026) · PDF
- Board Meeting Outcome for Submission Of Unaudited Quarterly Financial Results For The Quarter Ended 30Th September, 2026 (BSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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