Rushil Decor Limited (NSE: RUSHIL) Q3 2026 Earnings Call dated Jan. 29, 2026
Corporate Participants:
Rushil Thakkar — Executive Director
Hiren Padhya — Chief Financial Officer
Analysts:
Karan Bhatelia — Analyst
Rushil Thakkar — Analyst
Yash Sonthalia — Analyst
Souvik Mohanty — Analyst
Karan K. Bhatia — Analyst
Deep Gandhi — Analyst
Sanchita Sood — Analyst
Gunit Singh Narang — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q3FY26 earnings conference call of Rusheel 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 Star then zero on your touchstone phone. I now hand the conference over to Mr. Karan Patelia from Asian Market Securities. Thank you and over to you sir.
Karan Bhatelia — Analyst
Thanks Adeyo. On behalf of Asian Market securities we welcome you all to Rushil Tech for third quarter and ninth month FY26 investor one call. From the management side we have Mr. Rushil Thakkar, Executive Director and Mr. Hirin Bai, 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.
Rushil Thakkar — Executive Director
Thank you. Good afternoon ladies and gentlemen. Welcome to Rushil Decor Limited earnings conference call for the third quarter and nine months ended 31 December 2025. Thank you for joining us. I am joined by our CFO, Mr. Hiren Padia. 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 third quarter of financial year 26 experienced seasonally softer demand due to the festive period. Mason 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 geographics and favorable product mix. Blended realization increased by 16% year over year while export realization grew by 24% year over year 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 two, 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, Poland, Cameroon, Denmark etc. Our participation in international Exhibition and focused customer engagement continues to build visibility and steady inquiry. Pipeline Our Jungle Laminate portfolio is positioned under three distinct brands, Weir Clads for exterior facades, Weir Topaz for interior applications such as kitchen tops and countertops and Wheel Wall for the interior partitions including toilet cubicles.
The clear positioning along with an expanding design and finish 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 celebrated approach. Capacity utilization stood around 79%.
Value added.
Rushil Thakkar — Executive Director
MDF products continued to gain traction and now accounts for 43% of volumes and 54% of values for the nine month period. We remain on track to achieve 50% value added 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 footprints 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 CFO Mr.
Irene Padia to take you through the financial performance in detail. Thank you.
Hiren Padhya — Chief Financial Officer
Good afternoon everyone and thank you Mr. Rashid. A warm welcome to all participants joining us today. I’ll now take you through Financial Operational performance of Rushil Decor Ltd. For the third part quarter and nine months ended FY. The quarter saw stable operation across both MDF and laminate business with capacities running at optimum level. MDF was 79% while lending a operated at over 90. The first season led to relatively soft overall growth but realizations across both business continued to improve. Pre consolidated financials Revenue from operations for Q3FY26 was rupees 2,106 billion reflecting a growth of 2.3% year on year.
Gross profit for the 1011 the margin of 46%. Gross profit margin improved to previous quarter as there was some moderation in the but just above the normalized levels. EBITDA for this quarter was rupees 231 million with a margin of 10.7% whereas the tax for the quarter was 52 million which is 2.4% for the nine months ended effect. Revenue from operations was rupees 6313, a decline of 5.4% year on year reflecting the operational disruptions in the first quarter. Gross profit was rupees 2815 million with a margin of 44.6%. EBITDA for the period was 434 million with a margin of 6.9%.
While the company reported a marginal loss at PBT and PAT level. If operations could be normalized, we expect better performance in the remaining part of the year. Now moving to segmental performance starting with the MBA business. MBA revenue in Q3FY26 was 1,486 million. The domestic market continued to perform well with India revenue growing 29.4% year on year supported by higher volumes, a 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% year on year supported by better pricing discipline.
MDF EBITDA first quarter was rupees 174 million with a margin of 11.7% for the nine month period. MDF revenue was rupees 4423 million with EBITDA of rupees 284 million and a margin of 6.4%. Blended utilization for the period improved by 7.2% year on year. Value added products contributed 43% by quantity and 54% by value in nine months FY26 and we remain on track to reach 50% graduated mix by end of the financial year. In terms of quantity coming to the Laminix segment performance during the quarter was encouraging. Laminex revenue in Q3FY26 grew by 20.4% year on year and 6.9% sequentially to Rupees5.85 million.
Domestic revenues recorded a strong 55.6% year on year growth in Q3 whereas export revenue increased by 6.8%. Lanier’s EBITDA for the quarter was 57 million with a margin of 9.8%. Blended realization increased by 16% year on year driven by higher export prices and shift towards premium offerings. For the nine month period, Laminate’s revenue was $1,577 billion up 8% year on year while EBITDA was 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 25th reflecting a comfortable leverage position. To summarize, operation during the quarter remains stable with a healthy capacity utilization improving Realizations and a higher share of webizape from 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.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. To ask questions, please press star and 1. The first question is from Guneet Singh from Counter Cyclical Portfolio Management. Please go ahead.
Gunit Singh Narang
Hi sir. Thank you for this opportunity. So I want to understand what is the new potential from the Jumbo Phase 1 expansion that we have done and what were. What was the revenue contribution from Jumbo in the current quarter and Ebitda margins.
Rushil Thakkar
As I think 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 6 crore in terms of value. Now coming to the profitability though this quarter has couple of sizes and thicknesses. So I think this 6 crore value I think analysis may not be relevant because the capacity utilization is not up to the mark. So it is in the range of 20 to 25%. So I would suggest that the next quarter would be the relevant quarter for this analysis.
But Overall figures are 6.27 crore 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 Rochel we can add something so talking about the margins here. So 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 Narang
Okay, so what is the value potential from phase one jumbo? It’s running at 25% utilization this quarter. So is it about 25 crore per quarter at full utilization?
Rushil Thakkar
Actually see if we see the production processes. So the 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 reach 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% in the utilization point of view. Now talking about the revenue point of the site, somewhere around, if we see that the potential on the both the phases have somewhere around 200 crores of potential to be taken across on the production capacity of 60% on their average side.
Gunit Singh Narang
All right, so currently we just have phase one which has commencement.
Rushil Thakkar
We started both the phases. So in my opening remark only I told that we have started the commencement of production in phase two 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. Okay, and at 60% utilization, what kind of margins can we realistically do?
Rushil Thakkar
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 of percent. You are asking EBITDA margins, I am talking about bitter margins.
Gunit Singh Narang
So my basic question is that, I mean at what kind of utilization do we break even in this and at what utilization will we reach our optimal margins of 14 to 60%?
Rushil Thakkar
This is all a specified product. So when we talk about the break even it highly depends on what kind of orders we are seeking. If we seek the the Claire’s order or if we seek the toilet cubicles order the gate one, they’re around at 35 to 40% of the capacity.
Gunit Singh Narang
All right, sir, got it. And answer for the MDF segment the margins have gone down from 15% to about 10, 11%. So is it because of competitors coming up with newer MDF capacity? Is that one of the reasons? And also for the price of resins, I mean have they been on an upward trend? And what is the outlook for margin in MDF going forward?
Rushil Thakkar
The first answer is yes, the raisin prices were up in the quarter, but we are seeing a downtrend in the raisin started coming and we had normalized the resin price what we had soon. So that margin. But 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 focus. We want to have product share more than the dominant local MDF. So this squad targeting 50% of our value so that the we have can be improved on the going ahead side.
Gunit Singh Narang
All right, so. So is there some internal targets that we have for top line growth and in terms of margins for next year? FY27.
Rushil Thakkar
In terms of next year overall I mean this financial year considering the fact of first quarter affected by fire and second quarter was largely affected by this, I mean chemical prices. The overall turnover which we are expecting for this financial year around 9 to 900 crore and Jumbo project will be in place and will have we have at least 60, 65% capacity utilization. The next financial year turnover should exceed 1000 crore that is for sure. And in terms of margins I think overall margins we are targeting in the range of 10 to 11% at least.
Karan Bhatelia
Thank you very much. Join Bhagt.
Rushil Thakkar
Thank you.
operator
Thank you. Before we take the next question, a reminder to participants that you may press Star and one to join the question queue. The next question is from Yash Sontalia from Edelweiss. Please go ahead. Hi.
Yash Sonthalia
Hi team. Thank you for taking my question. I hope I’m audible.
operator
Yeah, you’re loud and clear.
Yash Sonthalia
Thanks. 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?
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 disciplines 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 need to do 50% of the quantity in value addition so that our realizations have a better side and we get the better EBITA margins in the bottom line as well as there are no 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 a order war going on and a pricing war going on. Understood.
Yash Sonthalia
And sir, for the quarter, how has timbered timber prices went for you? Like it has increased, decrease or been stable?
Rushil Thakkar
It has been stable. We have been successfully, very much successful in maintaining our timber prices. And yes, this quarter also we are seeing the same stable timber prices. Any declines quarter on quarter. Like if I remember it right, we were expecting new crops and Some declines from Q3 of FY26. Any.
Hiren Padhya
Yeah, we were expecting a slight of a 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 the farm as it was required to. So currently for this quarter also we are, we are thinking about the same stable price of wood what we are getting. Got it. Okay.
Yash Sonthalia
And also like earlier we used to 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
Yeah, demand has now improved and if we compare that 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 am really confident about it. And going ahead on the real estate side, yes, there was a green flag for 27 and we are expecting the same for the, for the India’s growth story. What has been driving the real estate like you know, and Commonwealth Games has already passed in Ahmedabad.
So we see a positive take towards that trend and we expect a good amount of inquiries and orders turning for that.
Yash Sonthalia
Very clear sir, thank you for answering my questions. Thank you.
operator
Thank you. Thank you. Participants who wish to ask questions, please press star. And one next question is from Sovik Mohanty from Nuama. Please go ahead.
Souvik Mohanty
Hello. Hi sir, thank you for the opportunity. I had a couple of questions, the first one being 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 remark you alluded to the fact that it is in line with our policy. Could you just speak a little bit about that? So first of all, when we talk about NDF exports, yes, we had some dip on the exports because we are very clear with the strategy that the expected realization what we get, if we don’t get, then we seek for a new market and we have successfully started developing other markets so that the dependency on the guys 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.
Rushil Thakkar
Yeah, 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 laboratory and all the test has been passed according to the requirements. So yes, we’ll be expecting a good orders in this quarter. Overall. I think I would like to add some finance side as we inform in the opening remark. Also last export obligations already completed before one year and then small obligation which was there in terms of new projects already completed within two months.
So we are not obliged to go for export unless there is a good order and good margins. So and secondly, if you consider the domestic realization is comparatively better. So whenever we are strategizing our allocation for export and domestic, we generally keep in mind this particular two aspects. Okay, I think that makes sense. The other part, if we’ve not compromised on our export realization, where did our realization spot? I can’t seem to understand that part. Your voice was not clear. Can you repeat the question please? Asking is not compromised on our export realizations? Why should we I mean added our blended realizations? No, no, no.
I think my point if you compare in terms of domestic versus export if you compare last maybe six, seven quarters. So broadly it is lower generally. So generally whenever we decide for exports this particular aspect also. So basically when we talk about the lower margins in exports there are two different. 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. 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 then clear this amount of CBM are still what we are looking at for the semizing the production get the best operating margins from the production. We decide strategically to export that product and that is what the strategy. So it’s if you could just speak a little bit in terms of domestic demand has been improving. However, the realization is slightly lower quarter and quarter. Is there anything that we need to watch out for? As I said in the earlier question. First was the reason prices what were affect. And now we are expecting to do to get the normalized in this quarter.
Another thing was as I 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 player 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 situation. That is the ideal way of looking at the situation because of which the realization has been affected. Thank you. Thank you so much.
operator
Thank you. To ask questions please press star. And one next question is from Guneet Singh. From countercyclic to pms. Please go ahead sir.
Gunit Singh Narang
So taking from your earlier answer. So you mentioned there’s a huge over capacity in domestic MDF market which has caused the realizations to drop. Sir, is it the same situation in plywood also? Plywood? I am not really very sure. Because we decided to have a subsidiary company and we started some fund allocation better here. But now there may be some. What I would say we are now diluting that company into an associate company rather than subsidiary like the subsidiary company. But plywood market. I would say yes. There has been always a fight between a branded players and unbranded players.
So the point is that the capacity in plywood has always remained on the higher side. But there has been a brand pull in the plywood sector which MDF sector yet no one has created.
Rushil Thakkar
Okay, so basically green panel etc they don’t have any differentiation or for that matter even Rusheal Visa vis the unorganized sector. Sorry, I didn’t get you. Sir. I am 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 reshield decor etc. They don’t command any pricing premium over the unorganized sector.
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 the plywood is. If you see our HDF margins are way more better than other unorganized players. Like in plywood you see the Marine, marine 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 a. The value added 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 at going on. So I understood your point. But I am 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? So is it because of the starting raw material? I understand that in plywood the timber is required and in MDF the.
The. The byproduct or the. No, no, no, no. See plywood is basically if you see the plywood is a majorly B2C products, right? It’s not a B2B product. Plywood with OEM use plywood wherever it is required. Like their usage of plywood may be just 15% of their 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. Backdrop. So it’s all about the dominance of the market.
Calculation how I drive my tools, If I drive my tools, let’s say in India mdx then it is giving me a longer run. At the same point of time when we go for plywood it is not an engineered board, it’s a fleet board. Plywood is an engineered board. MDF is an engineer board. Sorry. So that plays a vital role. So there is altogether a different way of looking at both the plywood industry and MDF industry.
operator
Thank you. The next question is from Deep Gandhi from I thought portfolio management. Please go ahead.
Deep Gandhi
Yeah, hi sir. Am I audible?
Rushil Thakkar
Yeah, loud and clear sir.
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 to run rate to start at around 2530, 40 crores. So what happened in this quarter that the numbers were much below what we had guided in the last quarter.
Rushil Thakkar
Yeah. So as I told that there are too much of R and 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 on the seaf point or like sea forwarding side because of which our containers were bit delayed and the repeated orders were started which were expected are now started coming in so that was the only reason as we were 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.
Sir, do you mean to indicate that.
Deep Gandhi
This 2530 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 2530 crores and then growth will be from Q1. How should we think of this?
Rushil Thakkar
So this quarter we have like our expectation for Q4 is somewhere around 20 to 25 crores. And substantially what we are targeting in next year is somewhere around 30 to 35 crores per quarter. But this quarter is going to be between 20 to 25 crores what we are looking at.
Deep Gandhi
Okay, sure. 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 14/4 high. So if you can you know highlight the reason for the significant increase in realizations.
Rushil Thakkar
So there are two called the product mix. The products make the product mix 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 terms in exports.
Deep Gandhi
Sure. So jumbo was only 10% of the revenue. So within the non Jumbo can you highlight which product are you alluding to which has resulted in this significant increase in realization?
Rushil Thakkar
Yeah. So we did a couple of good orders in which were high value orders. Then we did some good orders in Roman. We did some good orders in Far East. In typically when we see in Far east we do like in some good couple of orders in Malay in Indonesia we have this is all realization products. What I’m talking about from where the realization actually drew the uptick for the realization was a key drive. Sure.
Deep Gandhi
And was this like one of kind of orders which happened in Sage 2 or do you expect this kind of orders to continue in the entire next year Also.
Rushil Thakkar
As we are rightly focusing on laminate I would this margins is a target what we would love to achieve and we will be focusing on such kind of orders and the orders some orders were such like it was a project order. But anyways the countries, all the countries are developing and we are expecting few more good project orders for our debt market which uses a good realization in terms of per sheet Realization. So yes we are expecting some good orders from Kosovo, Poland and Cameroon as well. Sure.
Deep Gandhi
Last question on the MDS 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 is the. I mean this is still very price. What is the price was still continuing. In the market going id 1 in Q4 how is this ends?
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 bar and we don’t see any price uptick over there. Okay. Okay thank you sir.
Deep Gandhi
That is it from my side.
operator
Thank you. The next question is from Karan Battalia from amsec. Please go ahead. Hi, good afternoon.
Karan Bhatelia
Am I audible? Yeah, yeah hi sir, just wanted to understand the capacity expansion at the industry level in over next two years now we’ve exceeded 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.
Rushil Thakkar
India level I think there are four 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 right. So 3200 PBM and nine 60,000 cubic meters a year.
Rushil Thakkar
Right Sir Correct to assume that the competitive intensity is from the larger brands going ahead While if you see last five years good part of competition was from small unbranded regional players you know 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 full SKU base unlike the competition which we saw in the last five years.
Karan K. Bhatia
So currently all plants which are coming are all a 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 and the price pressure because currents are to capture the market.
Rushil Thakkar
Sorry, I can’t hear you properly.
Karan Bhatelia
Yeah so first technique basically what what we have got the news of is likely from both organization and with the larger capacities. So. Correct. Correct to assume that industry level capacity will cross 6 million no cbm by fy28.
Rushil Thakkar
Yeah right. Which is a 15% kegr. Which is a 15%kegr. Yeah okay. Okay thank you that’s interpine.
operator
Thank you. The next question is from Sanchita Sood from Robocab. Please go ahead.
Sanchita Sood
Hi. Thank you for the opportunity. 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 SY27 and SY28? I had given guidance for the current financial year. In terms of revenue it should be around 900 crore and margin would be around 8 to 9%. In terms of EBITDA, I’m talking overall Russell Decor as a whole. And same figures for the next financial year, that is FY27. The revenue should be more than thousand crore and margin should be in the range of 10 to 11%.
28. I had not given. I don’t think it. I mean it is too early to give any guidance on FY28. All right, that’s all from my end. Thank you, sir.
operator
Thank you. 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 rushing decoration. 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 relation team at transguit Partners. Thank you. Thank you once again.
operator
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.