Rushil Decor swings to profit YoY in Q1FY27 as laminate revival offsets soft margins
revenue +27.82% · margins expanding
₹229 Cr
+27.82% YoY
₹1.98 Cr
0.86%
+8.7pp YoY
₹0.07
Rushil Decor's consolidated Q1FY27 (quarter ended June 30, 2026) revenue from operations rose 27.8% YoY to ₹229.00 Cr from ₹179.16 Cr, and the company swung to a consolidated net profit of ₹1.98 Cr against a loss of ₹14.07 Cr in the year-ago quarter — a clean YoY turnaround with no exceptional items on either side. Sequentially, though, revenue was flat (down 0.8% from ₹230.90 Cr in Q4FY26) while PAT fell 80.4% from ₹10.12 Cr — a sharp step-down after a strong March quarter; for a construction-linked building-materials business, a softer June quarter is a plausible seasonal pattern, though the size of the profit drop stands out. Basic consolidated EPS was ₹0.07 versus ₹(0.49) YoY and ₹0.34 QoQ.
Q1 FY-2027 vs prior quarters
Margins improved YoY but compressed QoQ: OPM (EBITDA margin) came in near 8.0%, up from -1.2% a year ago but down from 11.5% in Q4FY26; NPM was 0.86% versus -7.83% YoY and 4.31% QoQ. That ~8% OPM trails both the 10-12% MDF/Laminate segment EBITDA target management flagged on the Q4FY26 call and a 13-14% FY27 company-level EBITDA margin goal found in a web search of recent coverage, so profitability is running below plan even as topline recovers. Segment growth was broad-based YoY — Laminates up 66.6% to ₹74.17 Cr (tied to the Gujarat laminate unit resuming operations in June 2026), MDF up 17.1% to ₹150.60 Cr, PVC up 13.4% to ₹9.75 Cr — but the sequential margin hit is concentrated in MDF, whose segment PBIT fell 65.5% QoQ to ₹5.98 Cr from ₹17.32 Cr even as its revenue eased only 13.0% QoQ, pointing to a cost or pricing squeeze in that business this quarter. No formal Street consensus estimates could be found for this thinly-covered small-cap, so vsStreet is marked unknown, and no management press release accompanied this filing. Separately, the Board re-appointed Rushil K. Thakkar as Managing Director for a further three years and approved M/s. Parikh & Majmudar as incoming statutory auditor after Pankaj R. Shah & Associates declined a second term — procedural items unrelated to the quarter's operating performance.
The stock went into the print at ₹17.9, up 11.2% over the past month of trading.
Management expects to achieve increased capacity utilization across businesses, targeting 90% for MDF and Laminates. A key focus is scaling up the Jumbo Laminate business and increasing the share of value-added products to 50% of MDF volumes and 60% of MDF revenues in FY27. The company aims for targeted EBITDA margins
— This quarter: missed
W1
OPM recovery path toward management's 13-14% FY27 EBITDA margin target (currently ~8.0%, was 11.5% in Q4FY26)
W2
MDF segment PBIT recovery after a 65.5% QoQ fall to ₹5.98 Cr, and progress toward the 50% value-added MDF volume / 60% revenue mix flagged for FY27
W3
Shareholder approval of Parikh & Majmudar as statutory auditor and Rushil K. Thakkar's MD re-appointment (effective Aug 13, 2026) at the 32nd AGM
Figures reported in ₹ Million, converted to ₹ Crore. No exceptional items either period. Consolidated PBT includes a ₹0.13 Cr share of loss from an associate (Rushil Modala Ply, a subsidiary until Nov-2025, now an associate); no NCI this quarter as the only subsidiary is a wholly-owned PTE entity. Both statements clean and legible.
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