Analysts/Institutional Investor Meet/Con. Call Updates

RDL/058/2026-27 Date: 07.11.2026 To, To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Towers, Bandra – Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400051 Mumbai - 400001 NSE EQUITY SYMBOL: RUSHIL SCRIP CODE: 533470 ISIN: INE573K01025 Subject: Transcript of the conference call for Unaudited Standalone and Consolidated Financial Results for the Quarter ended 30th September, 2026 With reference to our earlier intimation No. RDL/057/2026-27 dated November 04, 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 Wednesday, November 04, 2026 in respect of the Unaudited Standalone and Consolidated Financial Results for the Quarter and Half Year ended Septembers 30, 2026. 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 Hasmukh K. Modi Company Secretary Encl.: a/a “Rushil Decor Limited Q2 FY27 Earnings Conference Call” November 04, 2026 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 PRIVATE LIMITED Page 1 of 14 Rushil Décor Limited November 04, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Rushil Decor Q2 FY27 Earnings Conference Call, 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Karan Bhatelia from Asian Market Securities Private Limited. Thank you and over to you, sir. Karan Bhatelia: Thank you, Palak. On behalf of Asian Market Securities, we welcome all of you to the Rushil Decor Q2 and H1 FY27 investor concall. From the management side, we have Mr. Rushil Thakkar, Managing Director, and Mr. Hiren Padhya, CFO. Now, I would like to hand this call to Mr. Rushil Thakkar for his opening remarks, post which we shall open the floor for Q&A. Thank you and over to you, sir. Rushil Thakkar: Good afternoon, ladies and gentlemen. Welcome to Rushil Decor Limited earnings conference call for the second quarter and half year ended 30th September 2026. I would like to thank everyone for joining us today. I am joined by our CFO, Mr. Hiren Padhya. The earnings presentation has been shared with the stock exchange, and I hope you had an opportunity to review it. Let me begin by sharing an overview of our performance and the operating environment during the quarter. I am pleased to share that Rushil Decor achieved its highest ever quarterly revenue during the Q2 FY27, reflecting improved business performance across our businesses. The quarter was particularly encouraging for our laminate business, supported by increasing contribution from Jumbo Laminates, while the MDF business benefited from strong domestic demand and higher capacity utilization. The improvement reflects the progress made over the past few quarters in stabilizing operations, improving capacity utilization, and expanding our product portfolio. Coming to our consolidated financial performance, revenue from operations increased by 25.3% YoY to Rs. 2,953 million in Q2 FY27. EBITDA increased by 24.5% to Rs. 280 million with an EBITDA margin of 9.5%, while profit after tax increased by 96.6% YoY to Rs. 101 million. For the H1 FY27, revenue from operations increased by 26.4% YoY to Rs. 5,243 million, while EBITDA reached Rs. 462 million with an EBITDA margin of 8.8%. Coming to the laminate business, it continued to be an important growth driver during this quarter. The business achieved its highest ever quarterly revenue of Rs. 884 million in Q2 FY27, representing a growth of 61.7% YoY, supported by higher domestic and export sales, and an increasing contribution from Jumbo Laminates. EBITDA more than doubled to Rs. 85 million, with an EBITDA margin of 9.6% compared to 7.7% in Q2 FY26. On the realization front, blended realization increased by 21.7% YoY to Rs. Page 2 of 14 Rushil Décor Limited November 04, 2026 847 per sheet, reflecting an improved product mix and higher contribution from premium laminate products. The improvement in both revenue and profitability is encouraging and reflects the progress made in strengthening our presence across domestic and international markets. The Jumbo Laminates business in particular has gained significant momentum during the quarter. Revenue increased by 97.3% sequentially to Rs. 217 million, while EBITDA grew by 86.5% to Rs. 42 million, with an EBITDA margin of 19.4%. Total sales volumes more than tripled sequentially, while capacity utilization reached 41% in Q2 FY27, reflecting the gradual scale-up of operations. We have invested considerable efforts in product development, certification, customer approvals, and expanding our presence across international markets. We are now beginning to see these efforts translate into higher sales and improved earnings contribution. Going forward, our focus remains on expanding our customer base, increasing capacity utilization, and building on the progress achieved in the Jumbo Laminates business. Turning to the MDF business, I am pleased to share that the segment also achieved its highest ever quarterly revenue of Rs. 1,962 million in Q2 FY27, representing a 15.8% YoY increase. EBITDA increased by 6% YoY to Rs. 194 million. The performance was primarily supported by strong domestic demand across the retail and OEM channels, with India MDF revenue increasing by 41% YoY. During the quarter, we continued to adopt a calibrated approach towards exports amid global trade uncertainties and elevated freight costs. Accordingly, we did not undertake any MDF exports during the quarter and continued to prioritize the domestic market. Despite the absence of export sales, the business achieved record quarterly revenue supported by higher domestic sales and improved capacity utilization. MDF capacity utilization increased to 87% from 66% in previous quarter, reflecting a significant improvement in operating levels. We also remain focused on increasing the contribution from value-added MDF products during the H1 FY27. Value-added products contributed 44% of MDF volumes and 55% of MDF revenues. We are making progress towards our target of achieving 50% of MDF volumes and 60% of MDF revenues from value-added products during FY27. Increasing the contribution from these products remains an important priority as we work towards improving the product mix and profitability of the MDF business. Furthermore, during the quarter, we continued to strengthen our domestic distribution network by adding 8 new direct distributors and 27 dealers. Expanding our distribution presence remains important for improving product availability and increasing our reach across the domestic market. Looking ahead, our focus for the remaining of FY27 remains on sustaining the improvement in business performance, particularly in the laminate and Jumbo Laminates businesses. We are encouraged by the progress achieved in Jumbo Laminates, where efforts made towards product Page 3 of 14 Rushil Décor Limited November 04, 2026 development and market expansion are now translating into higher sales and improved profitability. In the MDF business, we will continue to focus on maintaining higher-capacity utilization, strengthening our domestic market presence, and increasing contribution from value-added products. Alongside these initiatives, we remain focused on improving our overall product mix and man [Showing first 8,000 characters — download PDF for full document]