Rushil Decor Q2FY27: consolidated PAT +97% YoY to ₹10.1 Cr, margins expand to 9.6%

Rushil Decor's consolidated revenue rose 25.3% YoY to ₹295.33 Cr (₹235.65 Cr a year ago) and 29.0% QoQ (₹229.00 Cr in Q1 FY27), with consolidated PAT up 96.6% YoY to ₹10.09 Cr (₹5.13 Cr) and 408.7% QoQ off a weak ₹1.98 Cr base. Standalone PAT of ₹10.22 Cr (EPS ₹0.35) tracked within 1.3% of consolidated (EPS ₹0.34), so the two bases tell the same story this quarter; consolidated is the primary read. Neither this quarter nor the year-ago quarter carried exceptional items, so the growth is unadjusted. NPM expanded to 3.42% from 2.18% YoY and 0.87% QoQ, and OPM (EBITDA margin) rose to roughly 9.56% versus 9.54% YoY and 8.01% QoQ — closing in on, but still short of, the 10-12% EBITDA margin target management flagged on the Q1 FY27 call, where the timeline was already pushed out 1-2 quarters. The lift was concentrated in Laminates & allied products: segment revenue grew 59.5% YoY to ₹89.75 Cr and segment profit more than doubled to ₹7.12 Cr (from ₹2.79 Cr, +155% YoY), directionally consistent with the jumbo-laminate capacity ramp management described, though the filing does not break out jumbo-specific volumes separately. MDF, the larger segment, grew revenue 15.8% YoY to ₹202.32 Cr but segment profit was almost flat (+2.7% YoY to ₹12.05 Cr) — this quarter's margin improvement sits mostly in Laminates, not MDF. No Q2 FY27-specific brokerage estimate turned up in a search, so vsStreet is unknown; the only recent analyst reference found was a full-year FY27 PAT growth projection of roughly 15-20% (Univest), a full-year number this single quarter's +96.6% YoY already runs well ahead of — not a clean quarterly beat/miss comparison. No company press release accompanied this filing, so there is no management framing to cross-check against the numbers. The quarter's other corporate actions — Rushil Thakkar's re-appointment as MD for three years and the AGM's approval of FY26 accounts, both on September 28, 2026 — are continuity signals rather than numbers-moving events. Funding the growth, standalone trade receivables rose ₹65.46 Cr and short-term borrowings ₹30.09 Cr in H1, while long-term borrowings were cut by only ₹11.31 Cr — running below the half-year pace implied by the ₹55 Cr/year debt-repayment guidance from the last call. The print runs well ahead of the bearish-to-cautious tone management struck on the Q1 FY27 concall. What it sets up for next quarter: whether the OPM gap to the 10-12% target keeps closing, whether the Laminates margin gain holds as volumes scale rather than reflecting the easy Q1 FY27 base (NPM then was just 0.87%), and whether long-term debt repayment accelerates toward the stated pace.