Rushil Decor Limited — Call Transcript 2026

Feb 4, 2026

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RDL/092/2025-26 Date: 04.02.2026

To, To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Towers, Bandra – Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400 051 Mumbai- 400 001 NSE EQUITY SYMBOL: RUSHIL SCRIP CODE: 533470

ISIN: INE573K01025

Dear Sir / Madam,

Subject: Transcript of the conference call for Unaudited Standalone and Consolidated Financial Results for the Quarter ended 31[st] December, 2025

With reference to our earlier intimation No. RDL/085/2025-26 dated January 12, 2026 and in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the transcript of the conference call with Investors and analysts held on Thursday, January 29, 2026 in respect of the Unaudited Standalone and Consolidated Financial Results for the Quarter ended 31[st] December, 2025.

The same will also be available on the website of the Company at www.rushil.com.

This is for your information and record.

Thanking you,

Yours faithfully,

For Rushil Decor Limited

MODI Digitally signed by MODI HASMUKH HASMUKH KANUBHAI Date: 2026.02.04 KANUBHAI 21:36:03 +05'30' ____ Hasmukh K. Modi Company Secretary

Encl.: a/a

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“Rushil Decor Limited

Q3 FY26 Earnings Conference Call”

January 29, 2026

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– – MANAGEMENT: MR. RUSHIL THAKKAR MANAGING DIRECTOR RUSHIL DECOR LIMITED – – MR. HIREN PADHYA CHIEF FINANCIAL OFFICER RUSHIL DECOR LIMITED

– MODERATOR: MR. KARAN BHATELIA ASIAN MARKET SECURITIES

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Moderator:

Ladies and gentlemen, good day, and welcome to the Q3 FY26 Earnings Conference Call of Rushil Decor hosted by Asian Market Securities Private Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing ‘*’ then ‘0’ on your touchtone phone.

I now hand the conference over to Mr. Karan Bhatelia from Asian Market Securities. Thank you, and over to you, sir.

Karan Bhatelia:

Rushil Thakkar:

Thanks, Rayo. On behalf of Asian Market Securities, we welcome you all to Rushil Decor Q3 and 9M FY26 Investor Con Call. From the management side, we have Mr. Rushil Thakkar, Managing Director; and Mr. Hiren bhai, CFO. I would like to call Rushil bhai for his opening remarks, post which we shall begin the queue for question and answer. Over to you, Rushil bhai. Thank you.

Good afternoon, ladies and gentlemen. Welcome to Rushil Decor Limited Earnings Conference Call for the third quarter and 9 months ended 31st December 2025. Thank you for joining us. I am joined by our CFO, Mr. Hiren Padhya. The Investor Presentation has been shared with the stock exchanges, and we trust you have reviewed it.

Let me begin with a brief overview of the operating environment and our performances. The Q3 FY26 experienced seasonally softer demand due to the festive period. Resin prices eased marginally during the quarter, but remained above the normalized level, resulting in some cost pressure. Against this backdrop, our focus remained on improving product mix, strengthening distribution and scaling up our laminates and Jumbo Laminates business.

The Laminate business was the key growth driver during the quarter. Revenues and realization improved both year-over-year and quarter-over-quarter, supported by a higher contribution from the premium products and a stronger domestic presence. Capacity utilization remained strong at over 93%.

Domestic Laminate volumes recorded a healthy growth, while export improved substantially driven by the better demand from the selected geographies and favourable product mix. Branded realizations increased by 16% year-over-year, while export realization grew by 24% year-overyear, reflecting a higher share of value-added and differentiated products.

The Jumbo Laminate business reached an important milestone with the commencement of commercial production under the Phase 2, making the fully planned capacity operational. We are now supplying to the key international markets, including Russia, Portugal, Slovakia, Israel and Romania.

We have completed our export obligation and are witnessing repeated orders from the multiple customers. We are also expanding into the new export markets such as Uzbekistan, Kosovo, Poland, Cameroon, Denmark, etc. Our participation in international exhibition and focused customer engagement continues to build visibility and steady inquiry pipeline.

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Our Jumbo Laminates portfolio is positioned under 3 distinct brands: VIR KLADS for exterior facades, VIR TOPAZ for interior applications such as kitchen tops and countertops and VIR VAULT for the interior partitions, including toilet cubicles. The clear positioning along with an expanding design and finished portfolio is helping us address a wider range of customer requirements globally. The PVC segment continued to show encouraging traction.

During the quarter, we added 11 new direct distributors and over 26 retailers and dealers, further strengthening our distribution network. Turning to the MDF business. Domestic demand remained stable, supported by the steady housing and furniture activity. Volumes grew both year-over-year substantially and blended realization improved due to the better mix and pricing discipline.

Export volume remained lower in line with our calibrated approach. Capacity utilization stood around 79%. Value-added MDF products continue to gain traction and now accounts for 43% of volumes and 54% of values for the 9-month period. We remain on track to achieve 50% valueadded contribution by volume by the end of this financial year.

To conclude, our priorities remain clear, scaling up the Laminate and Jumbo Laminate business, strengthening our international footprint and increasing the share of value-added products in MDF. With the Jumbo Laminate facility now fully operational and a growing export pipeline, we believe the company is well-positioned to drive the sustained growth in our coming quarters.

I will now hand over the call to our CFO, Mr. Hiren Padhya to take you through the financial performance in detail. Thank you.

Hiren Padhya:

Good afternoon, everyone, and thank you, Mr. Rushil. A warm welcome to all participants joining us today. I'll now take you through financials and operational performance of Rushil Decor Limited for Q3 and 9M FY26.

The quarter saw stable operation both MDF and Laminate business with capacities running at optimum level. MDF capacity utilization was 79%, while laminate operated at over 90%. The festive season led to relatively soft overall growth, but realizations across both business continued to improve. Consolidated financials, revenue from operations for Q3 FY26 was INR 2,165 million, reflecting a growth of 2.3% year-on-year.

Gross profit for the quarter was INR 1,011 million, with a margin of 46.7%. The gross profit margin improved compared to the previous quarter as there was some moderation in the resin prices, but remained above the normalized levels. EBITDA for this quarter was INR 231 million with a margin of 10.7%, whereas Profit After Tax for the quarter was 52 million, with a margin of 2.4%.

For the 9M FY26, revenue from operations was INR 6,313 million, a decline of 5.4% year-onyear, reflecting the operational disruptions in the first quarter. Gross profit was INR 2,815 million with a margin of 44.6%. EBITDA for the period was INR 434 million with a margin of 6.9%, while the company reported a marginal loss at PBT and PAT level. With operations fully normalized, we expect a better performance in the remaining part of the year.

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Now moving to segmental performance, starting with the MDF business. MDF revenue in Q3 FY26 was INR 1,486 million. The domestic market continued to perform well with India revenue growing 29.4% year-on-year, supported by higher volumes, wider dealer network and improved realizations. Export revenues, however, declined due to lower volumes, although export realization remained strong. Blended realization for the quarter increased by 8.3% yearon-year, supported by better pricing discipline. MDF EBITDA for the quarter was INR 174 million with a margin of 11.7%.

For the 9 months period, MDF revenue was INR 4,423 million with EBITDA of INR 284 million and a margin of 6.4%. Blended realization for the period improved by 7.2% year-on-year. Valueadded products contributed 43% by quantity and 54% by value in 9 months FY26. And we remain on track to reach 50% value-added mix by end of the financial year in terms of quantity.

Coming to the Laminates segment, performance during the quarter was encouraging. Laminates revenue in Q3 FY'26 grew by 20.4% year-on-year and 6.9% sequentially to INR 585 million. Domestic revenues recorded a strong 55.6% year-on-year growth in Q3, whereas export revenue increased by 6.8%.

Laminates EBITDA for the quarter was INR 57 million with a margin of 9.8%. Blended realization increased by 16% year-on-year, driven by high export prices and shift towards premium offerings. For the 9-month period, Laminates revenue was INR 1,577 million, up 8% year-on-year, while EBITDA was INR 145 million with a margin of 9.2%.

From a balance sheet perspective, our net-debt-to-equity ratio was 0.41 as of December 2025, reflecting a comfortable leverage position. To summarize, operation during the quarter remained stable with a healthy capacity utilization, improving realizations and a higher share of valueadded products. With a strong product mix and an expanding distribution network, we remain focused on improving profitability and growth in the coming quarters. Thank you for your attention. That concludes my remarks. We would now like to open the floor for questions and answers.

Moderator:

Gunit Singh:

Hiren Padhya:

Thank you very much. We will now begin the question-and-answer session. The first question is from Gunit Singh from Countercyclical Portfolio Management. Please go ahead.

Thank you for this opportunity. So I want to understand what is the revenue potential from the Jumbo Phase 1 expansion that we have done? And what was the revenue contribution from Jumbo in the current quarter and EBITDA margins?

As already informed in the opening remarks, for the current quarter, the Jumbo operations has already started, but the revenue-wise, it is not so high. In terms of value, it is, for this particular quarter it is around INR 6 crores in terms of value. Now coming to the profitability, though this quarter has a couple of sizes and thicknesses. So, in view of INR 6 crores revenue, I think analysis may not be relevant because the capacity utilization is not up to the mark. It is in the range of 20% to 25%.

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So I would suggest that the next quarter would be the relevant quarter for this analysis. But overall figures are INR 6.27 crores for this particular quarter. And for coming quarters, yes, all the other setup in terms of marketing and everything is done, all certifications are in place. And we are just hoping for the best in terms of capacity utilization on one side and the actual dispatch during this last quarter of this financial year. I think Rushil bhai can add something.

Rushil Thakkar: So talking about the margins, yes, as we have rightly guided in the further investor calls, our margins for the Jumbo Laminate will be somewhere around 14% to 16%. And blended, if you see the laminate as a whole somewhere it will be on the average of 12% to 14%.

Gunit Singh: Okay. So what is the revenue potential from Phase 1 Jumbo? It's running at 25% utilization in this quarter. So is it about INR 25 crores per quarter that's for utilization?

Rushil Thakkar: Actually, see, if we see the production processes, so once the plant is in line with all the certification and once, we have everything in hand, so first year is something which the experiments with the global market goes on. So once that market acceptance, the quality is done, then we get the round of orders on the repetition. So currently, what our phase is going on is that we have been serving some markets with the first order where the container will reach on time, they will evaluate the quality and then the repeated orders will start flowing in.

So that is the first phase which is going on. And we talk about the utilization for the next financial year, it would be in the somewhere of the average of 60% to 65% is the utilization point of view. Now talking about the revenue point of the side, somewhere around if we see that the potential on both the phases have somewhere around INR 200 crores of potential to be taken across on the production capacity of 60% on an average side.

Gunit Singh: Sir, currently, we just have Phase 1, which has commenced.

Rushil Thakkar: We started both the phases. So in my opening remarks only, I told that we have started the commencement of production in Phase 2 also. So next year is going to be a very important year for us in terms of laminate and to drive the show in that way.

Gunit Singh: Okay. And at 60% utilization, what kind of margins can we realistically do?

Rushil Thakkar: See, to be really on the conservative side, as I have rightly said and I have guided in your earlier question also that the margins, what we are expecting is in between 14% to 16%. You are asking, EBITDA margins, I'm talking about.

Gunit Singh: So my basic question is that, I mean, at what kind of utilization do we breakeven in this? And at what utilization will we reach our optimal margins of 14% to 16%?

Rushil Thakkar: This is all a specified product. So when we talk about the breakeven, it highly depends on what kind of orders we are seeking. If we seek the KLADS order or if we seek the toilet cubicles order, the breakeven around 35% to 40% of the capacity.

Gunit Singh: Got it. And sir, for the MDF segment, the margins have gone down from 15% to about 10%, 11%. So is it because of our competitors coming up with new MDF capacity? Is that one of the

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reasons? And also for the price of resins, I mean, have there been an upward trend? And what is the outlook for margin in MDF going forward?

Rushil Thakkar:

The first answer is, yes, the resin prices were up in the quarter, but we are seeing a downturn in the resin started coming and we are expecting normalized resin price what we had soon. So that margin, now talking about the competition, yes, the competition currently is on very high scale, typically on the normal MDF. That is why we have been always focused on Value Added. We want to have Value Added Product share more than the local MDF. So this quarter, we are targeting 50% of our value add so that we can be improved on the going ahead side.

Gunit Singh: All right, sir. So is there some internal targets that we have for top line growth in terms of margins for next year, FY27?

Hiren Padhya:

See in terms of next year, overall, I mean, this financial year, considering the facts of first quarter affected by fire and second quarter was largely affected by chemical prices, overall turnover which we are expecting for this financial year is around INR 900 crores. And Jumbo project will be in place and will have at least 60%, 65% capacity utilization. The next financial year turnover should exceed INR 1,000 crores, that is for sure. And in terms of margins, overall margins, we are targeting in the range of 10% to 11% at least.

Moderator:

The next question is from Yash Sonthaliya from Edelweiss.

Yash Sonthaliya: So my question are regarding MDF, like you already alluded a lot of points, but I really wanted to understand better on like you said the industry is having some price discipline. So are we seeing lesser discounts or some offers taken back by the companies, which they were giving earlier to the distributors or things are at stable places, no price hikes at least taken right now for?

Rushil Thakkar:

So we are talking about our pricing discipline. We are not talking about the industry as a whole pricing discipline. First of all, I'll be making it very clear. And when we talk about our pricing discipline, that means that the prices what we are getting are on the stable phases, and we'll be able to achieve this kind of a realization for upcoming quarters. So when we talk about the realization of plain MDF versus the value-added MDF, yes, we seek to do 50% of the quantity in value addition so that our realizations have a better side and we get the better EBITDA margins in the bottom line as well.

As there are no scope everyone is fighting the price war and the game is still on because of the capacity and CAGR what we have. The India has got a round CAGR about 15% to 20% of MDF industry. But because of too many players jumping in at the same time and too many plants starting at the same time, there is a big kind of order war going on and a pricing war going on.

Yash Sonthaliya:

Understood. And sir, for the quarter, how has timber prices went for you, like it has increased, decreased or been stable?

Rushil Thakkar:

It has been stable. We have been very much successful in maintaining our timber prices. And yes, this quarter also, we are seeing the same stable timber prices.

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Yash Sonthaliya: Any declines quarter-on-quarter, like if I remember it right, we were expecting new crops and some declines from Q3 of FY26. Rushil Thakkar: We were expecting a slight dip on the RM side, wood side, but still it has not happened because of the global warming, you see the rains have been extended. So still the wood which has to come out of the farm has not come out of the farm as it was required to. So currently, for this quarter also, we are thinking about the same stable price of wood what we are getting. Yash Sonthaliya: Got it. And also, like earlier, we were hoping for good real estate cycle for MDF going in FY27. So are we seeing any green shoots over there, the demand from the real estate side? Rushil Thakkar: Yes. Demand has now improved. And if we compare the Diwali month, which we had October month, which really affected the demand very highly. But now we see a good demand opening up and the order books with us are also filled in a very good manner so that I'm really confident about it. And going ahead on the real estate side, yes, there was a green flag for FY27, and we are expecting the same for the India's growth story, what has been driving the real estate. Like you know, the Commonwealth Games has already passed in Ahmedabad. So we see a positive tick towards that trend, and we expect a good amount of inquiries and orders turning for that. Yash Sonthaliya: Thank you for answering my questions. Rushil Thakkar: Thank you. Moderator: Next question is from Souvik Mohanty from Nuvama. Souvik Mohanty: I had a couple of questions. The first one thing, can you talk a little bit more about the exports and why there has been a fall in our export numbers, specifically volumes? I think in the opening remarks you alluded to the fact that it is in line with our policy. Could you just speak a little bit about that? Rushil Thakkar: So first of all, when we talk about MDF exports, yes, we had some dip on the exports because we are very clear with the strategy but the expected realization, what we get if we don't get, and then we seek for a new market. And we have successfully started developing other markets so that the dependency on the Gulf market where it is a price-conscious market, we focus on the lesser side. So yes, in this quarter, we are expecting a good amount of export from the MDF as well. Yes, it took a bit for us to start developing a new market. But now, yes, we are through it and our product has been successfully passed in all the laboratories and all the tests have been passed according to their requirements. So yes, we'll be expecting a good orders in this quarter.

Hiren Padhya: Over and above, I would like to add from finance side. See, as we informed in the opening remark also, last obligations already completed before 1 year and then small obligation, which was there in terms of new projects already completed within 2 months. So we are not obliged to go for export unless there is a good order and good margin. And secondly, if you consider the

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domestic realization is comparatively better. So whenever we have strategized our allocation for export and domestic, we generally keep in mind this particular 2 aspects.

Souvik Mohanty: What I was asking is if we have not compromised on our export realization why should we added our blended realization?

Hiren Padhya:

No, no. I think my point is if you compare realization in terms of domestic versus export for last maybe 6, 7 quarters, so broadly, it is lower compared with export realisation. So generally, whenever we decide for exports, we look at this particular aspect also.

Rushil Thakkar: So basically, when we talk about the lower margins in exports, there are two different things. One, we maximize the export because we don't have that domestic pricing pressure to compete with. So our excess capacity whatsoever for the month, we figure out that this is going to be the scenario. That is what we what we choose right?

So our blended margin that we keep motivating about selling more of the material into the domestic rather than exporting. But once we have seen that this amount of CBM are still what we are looking at for the maximizing the production to get the best operating margins, we decide strategically to export that product, and that is what the strategy is.

Souvik Mohanty: Understood. Sir, if you could just speak a little bit in terms of domestic demand has been improving. However, the realization is slightly lower quarter-on-quarter. Is there anything that we need to watch out for?

Rushil Thakkar: As I answered in the earlier question, first was the resin prices, what were affected and now we are expecting to get the normalized in this quarter. Another thing was, as I told earlier also that there is too much of capacity into the market in one point of time. Generally, 800 cubic meters in a year is what Indian market can accept according to the CAGR.

But at the same point of time, too many unorganized players and organized player came into the market with too much of capacity. That's where the pricing pressure started, and that's where the heavy competition started. That is the ideal way of looking at the situation because of which the realization has been affected.

Moderator: Next question is from Gunit Singh from Counter Cyclical PMS.

Gunit Singh: Sir, taking from your earlier answer, you mentioned that there's a huge overcapacity in domestic MDF market, which has caused the realizations to drop. Sir, is it the same situation in plywood also?

Rushil Thakkar:

Plywood, I'm not really very sure because we decided to have a subsidiary company and we started some fund allocation that earlier. But now there may be some, what I would say, we are now diluting that company into an associate company rather than like the subsidiary company. But plywood market, I would say, yes, there has been always a fight between the branded players and unbranded players. So the point is that the capacity in plywood has always remained on the

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higher side, but there has been a brand pool in the plywood sector, which MDF sector yet no one has created.

Gunit Singh: Okay. So basically, Green Panel,etc, they don't have any differentiation or for that matter, even Rushil vis-à-vis the unorganized sector?

Rushil Thakkar: Sorry, I didn't get you.

Gunit Singh:

Sir, I'm saying that in plywood, like Century Ply is a brand and they can command some premium over the unorganized sector. So in the case of MDF, Green panel and Rushil Decor, etc, they don't command any pricing premium over the unorganized sector?

Rushil Thakkar: We get the premium. We don't say we don't get the premium, but the premium percentage what in plywood, the brands get in what in MDF gets is a vast difference, because MDF nowadays for the OEMs is treated as a commodity. Still if you see our HDF margins are way far better than other unorganized players. Like in plywood, you see the Marino ply or ISO 710 plywood has a better margins than normal ISO 303 plywood, right? So that is the same situation.

That is why all the organized players are majorly focusing on value addition because the unorganized player does not have that kind of a technology to prepare such kind of the valueadded products, and that's where the pricing war is. The MDF has got too much of pricing war. At the same point of time, value-added product does not have that pricing pressure going on.

Gunit Singh: So I understood your point, but I'm not able to understand, sir, but why is it that in MDF, the brand pool is not there, which is there in the case of plywood? Is it because of the starting raw material, I understand that in plywood, the timber is required and in MDF, the byproduct or the?

Rushil Thakkar: No, no. If you see the plywood is majorly B2C product, right? It's not a B2B product. OEM use plywood wherever it is required, like their usage of plywood may be just 15% of the total requirement. And at the same point of time, 70% is the requirement of MDF. So MDF is more driven by the furniture segment and other segments where there is a directly application is going to be through B2B, not B2C.

If you are putting MDF in your home, if it come in furniture, it will come ready but for the door you will buy 1 or 2 sheets. When plywood is used for your backdrop unit, for example TV backdrop or bed. If a carpenter is doing furniture, then the plywood will dominate. So it's all about the dominance of the market.

MDF will not be sold through the dealer. More plywood would be sold through the dealer. The OEMs will sell MDF, plywood will not be sold. In the MDF the machining cost is less compared to plywood. So for the OEM, it is a part of calculation as to how I drive my tools? If I drive my tools, let's say, in MDF, then it is giving me a longer run. I don’t have to re-sharpening so early.

At the same point of time, when we go for plywood, it is not an engineered wood, it's a fleece wood. MDF is an engineered board. So that plays a vital role. So there is altogether a different way of looking at both the plywood industry and MDF industry.

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Moderator: The next question is from Deep Gandhi from ithought Portfolio Management.

Deep Gandhi: Firstly, on the Jumbo Laminate side, I mean if I remember last quarter, Q2, we were expecting Q3 onwards the utilization to be 30% to 40%, and we were also expecting our exports run rate to start at around INR 25 crores, INR 30 crores, INR 40 crores. So what happened in this quarter that the numbers were much below what we had guided in the last quarter?

Rushil Thakkar: Yes. So as I told that there are too much of R&D required for Jumbo Laminate. And we were expecting that our first containers will reach somewhere in Q2, and we will be expecting some good volumes in Q3. But as you know, there are too much of conjunction going on the sea point or like sea forwarding side because of which our containers were a bit delayed.

And the repeated orders were started, which were expected are now started coming in. So that was the only reason. As we are all set and we have everything in hand, and our Q4 and the upcoming financial year is expected to be a really good year for our Jumbo Laminate business.

Deep Gandhi: Sir, do you mean to indicate that this INR 25 crores, INR 30 crores, which was expected in Q3 will now happen in Q4 and then there will be additional growth in Q4, whatever you are expecting or I mean it will get delayed further and only, say, Q4 onwards. I mean, you'll get INR 25 crores, INR 30 crores and then growth will be from Q1. How should we think of this?

Rushil Thakkar: So this quarter, like our expectation for Q4 is somewhere around INR 20 crores to INR 25 crores. And substantially, what we are targeting in next year is somewhere around INR 30 crores to INR 35 crores per quarter. But this quarter is going to be between INR 20 crores to INR 25 crores what we are looking at.

Deep Gandhi: Okay. And sir, secondly, again, on the laminate side. So despite the Jumbo Laminates contribution much lower than what we had expected, our realization this quarter are at almost 14 quarters high. So if you can highlight the reason for the significant increase in realization?

Rushil Thakkar: So there are two types of the product mix. The product mix has given us good margins in the regular laminate business. And another thing is though we did a small amount of exports in Jumbo, but it was a high-margin business, which has given us a good impact in in terms of exports.

Deep Gandhi: Sure. So Jumbo was only 10% of the revenue. So within the non-Jumbo, can you highlight which products are you alluding to, which has resulted in significant increase in realization?

Rushil Thakkar: Yes. So we did a couple of good orders which were high-value orders. Then we did some good orders in Romania. We did some good orders in Far East. And typically, when we see in Far East, we do some couple of orders in Malaysia, Indonesia. These are all realization products what I'm talking about from where the realization actually drew the uptick for the realization was a key driver.

Deep Gandhi: Sure. And was this like one-off kind of orders which happened in H2 or do you expect this kind of orders to continue in the entire next financial year also?

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Rushil Thakkar:	See I would say as we are rightly focusing on laminate, margins is a target what we would love
	to achieve. And we will be focusing on such kind of orders and some orders were such like it
	was a project order. But anyways, all the countries are developing, and we are expecting a few
	more good project orders for that market, which gives us a good realization in terms of per sheet.
	So yes, we are expecting some good orders from Uzbekistan Kosovo, Poland and Cameroon as
	well.
Deep Gandhi:	Sure. And sir, last question on the MDF side. So I mean we are in Q4 now. So are you seeing
	any kind of pricing discipline, any slight also increase in pricing by the industry or I mean, still
	very, price will still continue in the market going ahead even in Q4? How is the sense?
Rushil Thakkar:	See, we can only improve the realization by doing a value addition. As the realization for
	commodity MDF is still on the price war, and we don't see any price uptick over there.
Moderator:	The next question is from Karan Bhatelia from AMSEC.
Karan Bhatelia:	Sir, just wanted to understand the capacity expansion at the industry level over the next 2 years.
	Now we've exited FY26 with industry installed capacity of 4.5 million CBM. So what kind of
	addition we see here on till FY28 for both listed and non-listed entities at a PAN-India level?
Rushil Thakkar:	I think there are 4 plants coming from both listed and unlisted. And those are going to be a bigger
	capacity plant. So I think let's take an average of 800 cubic meters a day so that's what we have
	heard in the market that this is what is coming. I think we are cutting 200 CBMs a day and I get
	60,000 cubic meters a year.
Karan Bhatelia:	Right. Sir, correct to assume that the competitive intensity is from the larger brands going ahead.
	While if you see last 5 years, a good part of competition was from small unbranded regional
	players based in Yamuna Nagar. So you think the industry players can have a tough time,
	especially on the pricing front given the fact that many of these capex are large in size, and they
	will come with full SKU base unlike the competition which we saw in the last 5 years?
Rushil Thakkar:	So currently, all plants which are coming are all the big capacity plants out of which two or three
	players are going to enter into the market with the first time. So again, that is going to be the
	situation in lower price pressure because plants are attempting to capture the market.
Karan Bhatelia:	Sorry, I can't hear you properly.
Rushil Thakkar:	Yes. So first step is the capacity what we have got the news of is, likely from both organised and
	unorganized side and with the larger capacities.
Karan Bhatelia:	So, correct to assume that industry level capacity will cross 6 million CBM by FY28?
Rushil Thakkar:	Yes.
Karan Bhatelia:	Which is a 15% CAGR.
Rushil Thakkar:	Yes.

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Rushil Décor Limited January 29, 2026

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Moderator: The next question is from Sanchita Sood from RoboCapital. Sanchita Sood: Just one question from my end. I actually missed out on the numbers you mentioned earlier. Could you please repeat the revenue and margin guidance for FY27 and FY28? Hiren Padhya: I've given guidance for the current financial year in terms of revenue; it should be around INR 900 crores. And margin would be around 8% to 9% in terms of EBITDA. I'm talking overall Rushil Decor as a whole. And same figures for the next financial year, that is FY27, the revenue should be more than INR 1,000 crores, and margin should be in the range of 10% to 11%. FY28 I have not given. I mean, it is too early to give any guidance on FY28. Moderator: We'll take that as the last question. I would now like to hand the conference back to the management team for any closing comments. Rushil Thakkar: Thank you all for taking the time to join us today and for your continued interest in Rushil Decor. As we continue to navigate opportunities ahead, we remain committed for achieving our strategic objectives and deliver consistent value to our stakeholders. For any other further questions, please reach out to our Investor Relations team at Churchgate Partners. Thank you. Thank you once again.

Moderator: Thank you very much. On behalf of Asian Market Securities, that concludes the conference. Thank you for joining us. Ladies and gentlemen, you may now disconnect your lines. Notes: 1. This transcript has been edited for readability and does not purport to be a verbatim record of the proceedings. 2. Figures have been rounded off for convenience and ease of reference. 3. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Rushil Decor Limited.

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