Earnings Call Transcript - XNSE:RUSHIL 2026-11-04

Operator

Ladies and gentlemen, good day and welcome to the Ruchil 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Karin Bhatalia from Asian Market Securities Private Limited. Thank you and over to you, sir.

Karin Bhatalia, Head of Investor Relations

Thank you, Padak. On behalf of Asian Market Securities, we welcome all to the Rusal Decor Q2 and First-Up F527 Investor Phone Call. From the management side, we have Mr. Rufil Decker, Managing Director, Angerian Kai, CFO. I would like to hand this call to Rufil Decker for his opening remarks, post which we shall open the floor for Q&A. Thank you, and over to you, sir. Thank you, Parandai.

Rufil Decker, Other

Good afternoon, ladies and gentlemen. Welcome to Rufil Decker Limited, earning conference call for the second quarter and half years ended, 30th September 2026. I would like to thank you, everyone, for joining us today. I am joined by our CFO, Mr. Hiran Padia. The earning presentation has been shared with the stock exchange, and I hope you have 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 Roshield Accord achieved its highest-ever quarterly revenue during the quarter to financial year 2027, reflecting improved business performance across our businesses, the quarter particularly encouraging for our laminate business supported by increasing contributions from Jumbo Laminate, whilst MDF business benefited from strong domestic demand and higher capacity utilization. The improvement reflects the progress made over the past few quarters in stabilizing the operation, improving capacity utilization, and expanding our portfolio. Coming to our consolidated financial performance, revenue from operation increased by 25.3% year-over-year through Rs. 2953 million in quarter to financial year 2027. EBITDA increased by 24.5% to Rs. 280 million with an EBITDA margin of 9.5%, while profit after tax increased by 96.6% year-over-year to INR 101 million. Thank you. Thank you, everyone, and welcome to Jumbo Lemon Edge. On the realization front, blended realization increased by 21.7% year-over-year to Rs.847 cost-sheet, reflecting an improved product mix and higher contribution from the premium laminate products. The improvement in both revenue and profitability is encouraging and reflects the progress made in sponsoring our process across Domestic and international market. The Jumbo Laminate business in particularly has gained significant momentum during the quarter. Revenue increased by 97.3% subsequently to Rs. 217 million, while EBITDA grew by 86.5% to Rs. 42 million, with an EBITDA margin of 19.4%. Thank you, everyone. More than tripled subsequently, while capacity utilization reached to 41% in quarter to financial year 27, reflecting the gradual scale of the operations. We have invested considerable efforts in the product development, certification, customer approvals, and expanding our presence across the international market. For now, we will see the efforts translate into the higher sales and improve earning contribution. Going forward, our focus remains on expanding our customer base, increasing capacity utilization, and building on the progress achieved in the Jumbo Laminate business. Turning to the MDF business, I am pleased to share that the segment also achieved its highest ever quarterly revenue of Rs. 1962 million in quarter to financial year 2027, representing a 15.8% year-over-year increase, EBITDA increased by 6% year-over-year to Rs. 194 million. The performance was primarily supported by the domestic demand across the retail and OEM channels, with India MDF revenue increased by 41% year-over-year. During the quarter, we continued to adopt a Deliberated approach towards the export aimed at global trade uncertainties and elevated trade costs. Accordingly, we did not undertake any MDF exports during the quarter and continue to prioritize the domestic market. Despite the excess of the export sales, the business achieved the record quarterly revenue supported by the higher domestic sales 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 course half of financial year 2027. Value-added products contributed 44% of MDF volumes and 55% of the revenues during the H1 financial year 2027. We are making the progress towards our target of achieving 50% of MDF volumes and 60% of MDF revenues from value-added products during the year financial year 2027. Increasing the contribution from these products remains an important priority as we work towards improving the product mix and profitability of the end-year 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, improvement from improving product availability and increasing our reach across the domestic market. Looking ahead, our focus for the remaining of financial year 2027 remains on sustaining the improvement in business performance, particularly in the laminate and jumbo laminate business. We are encouraged by the progress achieved in Jumbo Lake-Leminics, where the efforts were made towards the product development and market expansion are now translating into the higher sales and improved profitability. In the MDF business, we will continue to focus maintaining the higher capacity utilization, strengthening the domestic market presence, and increasing contribution from the value-added products. Alongside this initiative, we remain focused on improving our overall product mix and managing operating costs across the businesses. We believe the progress made during the first half of financial year 2027 provides a good foundation to build. That concludes my remarks. I would now like to hand over our call over to Mr. Hiran Badia, who will take you through the financial performance in great details.

Hiran Padia, CFO

Good afternoon, everybody. Thank you, Mr. Roshan. Abham, welcome to all participants joining us today. I will now take you through the financials and operational performance of Roshan Deco Relicade for the second quarter and first half of FY27. Starting with the consolidated financial performance revenue from operations for Q2 to FI27. Increased by 25.3% year-over-year and 29% quarter-over-quarter to I can tell rupees 2,953 million gross profit for quarter was rupees 1,138 million with a gross profit margin of 39.9%. EBITDA increased by 24.5% year-over-year to Rs. 280 million with an EBITDA margin of 9.5%. Profit before tax was Rs. 106 million while profit after tax increased by 96.6% year-over-year to Rs. 101 million with a fat margin of 3.4%. For the first half of FI27, revenue from operations increased by 26.4% year-over-year to Rs. 5243 million. Gross profit was Rs. 2070 million with a margin of 39.5%. Is it a more than double to Rs.462 million from Rs. 203 million in H1 F526, with a data margin improving to 8.8% from 4.9%. Profit after tax was Rs. 121 million, with a margin of 2.3%. The improvement in financial performance was supported by higher revenue across businesses, Better capacity utilization in MDF and increasing contribution from the laminate. Business, particularly Jumbo Laminates. Moving to segmental performance starting with MBA basis. MBA revenue for Q2F27 increased by 15.8%. Thank you very much. The growth was driven by domestic MDF business, with India revenue increasing by 41% year-over-year. Despite the absence of export sales, capacity utilization improved to 87% compared to 66% in the previous quarter. From a profitability perspective, MDF EBITDA increased by 6% year-over-year. to Rs.194 million with an EBITDA margin of 9.9%. For H1 FI27, MBF revenue increased by 16.4% year-over-year to Rs.3418 million, while EBITDA increased to Rs.317 million compared to Rs.110 million in H1 FI26. With Sibita margin improving to 9.3% from 3.7%. Moving to the line-end business, the segment reported again its highest ever quarterly revenue of $884 million in Q2 F527, representing a growth of 61.7% year-over-year. India Luminate's revenue increased by 82.1% year-over-year to Rs. 404 million, while export revenue grew by 47.7% to Rs. 480 million. Total price volume increased by 32.8% year-over-year to approximately 10.4 lakhs sheet. Lended utilization improved by 21.7% year-over-year to Rs.847 per sheet, supported by an improved product mix. Laminate EBITDA more than doubled to Rs.85 million compared to Rs.42 million in Q2 F26, with EBITDA margin improving to 9.6% from 7.7%. Dumbo Luminate portfolio continues to scale up during the quarter. Revenue increased by 97.3% sequentially to Rs. 217 million, supported by higher sales volume, which more than tripled compared to the previous quarter. EBITDA increased to Rs.42 million from Rs.23 million in Q1F27, with an EBITDA margin of 19.4%. Capacity collaboration in Jumbo Laminate business reached to 41% during the quarter. For the first half of FI27, Laminate revenue increased by 63.3% year-over-year to Rs. 1622 million, while EBITDA increased to 56.6% to Rs. 137 million, with an EBITDA margin of 8.4%. Blended erigations improved by 25.1% year-over-year, reflecting the increasing contribution from higher-value products. Coming to the BBC business, revenue for Q2FR27 increased by 14.3% year-over-year to Rs.103 million. Space Volumes increased by 11.8% while Blended Realization improved by 2.3% year-over-year. Ikrita for the quarter was Rs. 2 million with a margin of 2.4%. For H1, FI27, PTC revenue increased by 13.7% year-over-year to Rs. 200 million while Ibitda was Rs. 10 million with a margin of 5.1%. Moving to the balance sheet, net weight as of 30th September 2026 was Rs. 2715,000,000 compared to Rs. 2543,000,000 as of 31st March 2026. The net weight equity ratio was 0.41 compared to 0.39 at the end of March 2026. On the working capital front, company made progress in improving working capital efficiency during H1 FY27. Inventory days reduced to 146 from 195 in FY26, while receivable days improved to 78 from 81, receivable days also reduced to 157 from 189 during the same period. This improvement reflects our focus on better inventory management. faster connection and optimizing working capital requirements. Going forward, we remain focused on improving cash flow regeneration and strengthening our overall financial position. Thank you for your attention. That concludes my remarks. I would now like to open the floor for questions and answers.

Operator

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please press star and 1 on their touch-tone 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Aditya Agarwal from Old Bridge Mutual Fund. Please proceed with your question.

Aditya Agarwal, Analyst — Old Bridge Mutual Fund

Thanks for the opportunity and congratulations on a good set of numbers. My first question is in the MDS segment, wanted to get some sense on the realization part, like what's driving the degrowth on a Q1, Q&Y basis, because I guess we had a healthy mix of value as products, and this year we also took a 15% price. So if we can get some picture around it, that would be helpful.

Rufil Decker, Other

So, first of all, the realization for the half yearly was somewhere around 26,600 rupees for the half year, and it has, like, from the last year on the same half yearly, it has improved because, you know, the last year in the month of April, there was an unfortunate incident of fire happened to our plant in Andhra Pradesh Unit. Thank you. We are having a good market demand from domestic players as well. So, yes, the export opportunities were looking really low at this point of time because of the ongoing situation in the western part of the world. So, because of this, our full focus and the complete focus was on optimizing the capacity and in the best possible manner domestically. So, that's what we have done in the year.

Aditya Agarwal, Analyst — Old Bridge Mutual Fund

Okay, so that is the picture on the first half. Like in the quarter, sir, we are, since we have not done any exports, in the quarter, our domestic realizations are down 7% Q on Q. Why that fall has come up? Is it like mix at play or something else?

Rufil Decker, Other

So, the current raw material scenario is also really very skeptical, like the chemical prices have been very volatile, and there has been also a price pressure under the competition for 5 to 10%. These were the two major reasons for a lower realization than quarter to quarter.

Aditya Agarwal, Analyst — Old Bridge Mutual Fund

Okay. My second question is on volumes. So, we have done very healthy volumes of 76,000 CBM. That's really outpacing the industry growth rate. So, what are the factors driving it? And just wanted to get sense on the sustainability of these volumes for the full year. Like, what kind of volumes are we targeting for the full year in MDS? And what's driving this at the current moment?

Rufil Decker, Other

Yeah, so I read a... So we'll be utilizing the capacity somewhere around 80% to 85% across the year, and with the same pace and yes, the result what we have from this time is really achievable and maintainable from our side. We will be trying to improve our... Value addition part, like as we say that we want to reach to 50% in volume and 60% in revenue, that's what our target would be for upcoming H2.

Aditya Agarwal, Analyst — Old Bridge Mutual Fund

Okay, and one last question, sir. What should be the full-year CAPEX for FY27?

Hiran Padia, CFO

Okay, so far as CAPEX is concerned, internally, it is very clear from the management that there is no specific additional CAPEX for the whole year except the normal operational CAPEX. So what should be that amount, more or less? Amount can be in the range of 15 to 20 crores in May. Which will be from internal upload only.

Aditya Agarwal, Analyst — Old Bridge Mutual Fund

Okay, so ideally in H2, 5 crores of more extra cash output in terms of KPIX will come, because we have already done 14 crores in H1, right? Hmm. Right. Okay. Thank you, sir.

Operator

Ladies and gentlemen, to ask a question, please press star and one now. The next question is from the line of Rusmik Oza from Nine Rays Equi Research, LLP. Please proceed with your question.

Rusmik Oza, Analyst — Nine Rays Equi Research

Thanks for the opportunity. I had a question on the jumbo laminate business, sir. Now, since we've reached around 41% utilization, and we've done around 21 crores, roughly around 22 crores in Q2 with 20% EBITDA margin. So, wanting to understand if we've reached full utilization, can this be a 80 to 100 crore revenue with 20% plus EBITDA margin?

Hiran Padia, CFO

Okay, see, this particular business has a, I mean, product mix has a very much, I mean, so many varieties, and the product realization can be very high also and very low also. So, in both the cases, now it depends upon the product which we are dealing with in this respective period. So, considering similar to the last two parts of the business, I think you can extrapolate the figure and the overall turnover. If you reach 80-85% capacity, then it can be 80 crore also, it can be 100 plus also. So, it is possible.

Rusmik Oza, Analyst — Nine Rays Equi Research

Okay, okay. And so, at this low utilization also, we are making around average 20% EBITDA margin in the first half. So, is there a scope to see better margins if you are running the plant at 80% utilization?

Rufil Decker, Other

Currently, there can be some betterment on the operation side, like valuable cost. As the margin is always said to be the average business, Laminate as a business as a whole has a margin of 12 to 14% as a whole. And we will make sure that we achieve those numbers what we are committing of 12 to 14% margin for lending business as a whole.

Rusmik Oza, Analyst — Nine Rays Equi Research

Okay, okay, okay. Because the blended margins actually are roughly around 9.5% I think right now, if I'm not wrong.

Rufil Decker, Other

Yeah, the pressure is just because of the raw material pricing and the global shipping scenario, what is happening. The freight charges, which we were supposed to be at $800, $900, are to be up to $8,000. So, that is the main reason of this kind of variable charges. Because we, in Jumbo Laminate, it's always about the contractual business for upcoming quarters.

Rusmik Oza, Analyst — Nine Rays Equi Research

Okay. Okay. Okay. Thanks, sir. Sir, my next question was on the realisation. If I look at the blended realisation, you know, they moved up substantially in the laminate business from 696 to 847 per sheet. But if I look at the breakup, there's a major jump of 72% in the India laminate business, whereas in case of jumbo laminate, the realisations have gone down. So how do you read it, sir? And how do you see this blended realisation going forward?

Rufil Decker, Other

So again, as Mr. Heeran, I told that everything depends on the product mix, what product mix we have made. So when we talk about just the regular business, the realization is somewhere around 616 rupees for the quarter, where the manufacturing has been done for 3,000, like 24,000 sheets, and that all is a different product variety. Like, some are the solution kind of businesses. Some businesses are made on the quarterly, like realization, quarterly contract basis, and some businesses are on the normal interior grade compact businesses. And all the thickness varies from 2mm to 25mm, so it is very difficult to assume that what kind of... The orders we're going to be having in other part of the financial year, while as the other way, if we look at that all the shipments of Jumbo are majorly on the FOB basis, while when we talk about the regular laminate business, the 60 to 65% export is done on CIF basis. That also plays a major component when it comes to logistics. So, because of one more reason, logistic is also one of the part of the reason where the realization looks a bit on the lower side for Jambolainet, but it is at par, I would say, if we convert it into the CIF.

Rusmik Oza, Analyst — Nine Rays Equi Research

Okay, okay. That's helpful, sir. Sir, and how long will it take in terms of number of quarters to... Move this utilization from 41% to the optimum utilization of 80-85%.

Rufil Decker, Other

We are striving for it, so maybe I would say March we will be at level of utilizing somewhere around 80-85%. Okay.

Rusmik Oza, Analyst — Nine Rays Equi Research

And the related question was, suppose you had that 88% utilization in Jumbo Laminate by end of this fiscal year, you're already running at full utilization in the Laminate business, and now the MDF utilization levels have also moved up to 76%. So is the company or the management looking at some fresh capex in either the MDF or the Jumbo Laminate business going forward for growth coming in for 28, FI 28 and FI 29?

Rufil Decker, Other

So as of now, we'll take this quarter to review everything, and after which we would like to come to a conclusion. There are a few other things internally getting discussed over. So we'll make an announcement once it is internally decided.

Rusmik Oza, Analyst — Nine Rays Equi Research

Okay, okay, okay. And the last question was related to MDF, sir. You know, the exports volumes have actually just completely, you know, gone down, whereas the domestic businesses picked up a lot. So, how do we see this MDF business going forward? Will it be more domestic driven or do you expect some revival in the export market by way of realizations or demand? And because the penetration level of MDS is still very low in the country, opportunity is huge, but how do you look at this business? Because we have not expanded capacity for quite a long time, whereas other peers have regularly looked at increasing capacity on the MDS side.

Rufil Decker, Other

To answer this question, before the strategy was very different, that we were not entering into the pricing kind of a scenario, we were not having that much pricing pressure because of the exports. So now it is completely into the domestic, so we are having good work done in domestic markets as well, and we are also taking some pricing pressure because of this. And another thing of this volume is because the first quarter last year was on the fire. And it is a calibrated approach. See, once the pressure over the western part of the globe is lower, or maybe the freight prices get normalized, then we can see an opportunity of exporting the NDF again. But by that time, it will be all domestically focused and will be... Expanding our markets in terms of OEMs, distributors, and dealers.

Rusmik Oza, Analyst — Nine Rays Equi Research

Okay. And the last question was, as the threat of anti-dumping or dumping or imports from China on the MTIF side, now is it passed or do you see still some pressure on imports from China on the MTIF side?

Rufil Decker, Other

I think there is no much pressure of import in China, from China, because China has never been a threat in India. The threat countries have always been Malaysia, Vietnam, Thailand, and Indonesia. But as of now, we don't see much imports coming to India because of the high threat. And also the BIS is in place now, so we are also covered by the BIS standards, which we have to accept.

Rusmik Oza, Analyst — Nine Rays Equi Research

Okay, okay. Thanks, sir. I'll come back in with you. Thank you so much, sir. Thank you, sir.

Operator

The next question is from the line of Dhruvind Doshi from NV Alpha. Please proceed with your question.

Dhruvind Doshi, Analyst — NVAlpha

Yeah, thank you, sir. Thanks for the opportunity. Sir, I just wanted to check with you on the non-jumbo laminate business. So we did some back-of-the-hand calculation. The EBITDA margins are coming up to around 6-6.5%, say which earlier we've done around 9-10% also. So, is it that, sir, the main reason for this is the lower exports and, you know, the raw materials spike that has happened in the last couple of quarters? So, any flavor on that? And where do you see that normalizing to? Do we see that coming back to 10 odd percent?

Rufil Decker, Other

Yeah, so, the, this, the, the. Reddita margin standing at around 7% is just because the higher raw material pricing. And at the same point of time, the price hike in Laminate has just happened in the month of October, maybe I would say after 10th of October, because of which the price hike has been taken in bottle 3. And also I would say the EBITDA margin is standing for the Laminate as a whole at 10%. So including Jumbo if we consider it is standing at a 10% margin. And talking about the raw material pricing, again, it is difficult to save any situations to normalize. Currently, we are accepting this as a new normal and moving ahead in terms of half-year as a whole.

Dhruvind Doshi, Analyst — NVAlpha

Got it, sir. Sir, and just to, you know, continue with, say, an earlier participant's question. So, I guess by the end of Q4 of this year, we'll more or less reach to a near optimum capacity utilization in a laminate segment, say, maybe jumbo and non-jumbo both. So, do we have any capacity plans, expansion plans, you know, pose that for FY28 and FY29? Are we considering anything internally? And, you know, what sort of incremental capex would it be? Would it be a brownfield expansion only to start with?

Rufil Decker, Other

As of now, we are still under the review and management is yet to decide what kind of capex is it, a greenfield or brownfield capex to be done, but maybe by end of this quarter, once we have a good utilization number with Jumbo laminates and the regular laminates, we would come up with something or maybe we would have some kind of announcement on the later part of the quarter.

Dhruvind Doshi, Analyst — NVAlpha

Got it. So, great. So, just one last bit. Any guidance for the full year for EBITDA from Laminate and MDF?

Hiran Padia, CFO

See, I think you can see for the last quarter one and two, I mean, it has been improving, and I can only say that this will definitely further improve over the period of next two quarters.

Operator

Thank you, sir. The next question is from the line of Madhur Rathi from Counter-Cyclical Investments. Please proceed with your question.

Madhur Rathi, Analyst — Counter-Cyclical Investments

Sir, thank you for the opportunity. Sir, I wanted to understand, do we sell our MDA cutter discount to our competitors because our realizations have always been lower than everyone in the industry?

Rufil Decker, Other

Sir, can you repeat the question because we didn't hear it loud and clear? Yes, sir, I'll do that.

Madhur Rathi, Analyst — Counter-Cyclical Investments

Sir, do we sell our MDF at a discount to our competitors because our realizations have always been lower than the other listed players in this industry?

Rufil Decker, Other

I don't see that because it's always a balance of trade and OEMs, and you can check our bottom line as well if this has been the part of giving an additional discount or something has happened. We are just saying that we are maintaining our market share and now focusing aggressively on domestic.

Madhur Rathi, Analyst — Counter-Cyclical Investments

Sir, so, is our OEM business larger for Roshid Lekor versus any other competitor? Is that so for the realization of volatility?

Rufil Decker, Other

Our overall capacity utilization, maybe 40% is going to OEM market and 60% is going to trade and retail market. I don't know about the other companies, what are their mix?

Madhur Rathi, Analyst — Counter-Cyclical Investments

No, sir, that answers my question. So, as Roshil is already a strong player in the OEM market, sir, how do we see this BIS on furniture impacting us, and how should we look at this business going forward?

Rufil Decker, Other

So BIS has given us one kind of a positive impact, first of all, from the threat of imports which were happening now, that is, one side is safe for us. Once the BIS is done in the furniture industry, that will give us a boost for sure, but the bigger thing is the vision what our Prime Minister carries is making India made for the world, and that is going to be One of the biggest part which India will carry to the upcoming economy, like upcoming boosting of the economy, because furniture is one of the biggest markets for China, which India is now getting an opportunity to replace China with. And it is good that for consumers also, it would be all an organized company, in such an organized way, the company, the furniture. The companies would run.

Madhur Rathi, Analyst — Counter-Cyclical Investments

Sir, so, two things on this, sir. So, one is because of freight rates, as you mentioned, that imports of MDF have reduced. So, sir, are we able to pass on pricing to these customers? And, sir, how is the uptake by the customers in the furniture segment post both the import reduction in imports as well as the BISO? Are these guys talking up more or how is that if you can help us understand on the demand front?

Rufil Decker, Other

So, first of all, in our, like, from Malaysia, Vietnam, and Thailand, out of, I would say, 52 companies only, two has the biggest. So that are the only two, three companies who are allowed to import their products in India. But due to current logistic costs, that is also not possible. Another point is India has now got the capacity that can sell the Indian market as for the care what India needs. So, there is better service opportunities for other distributors and OEMs to get an Indian product because if you see that if you have to import something, you have to give a minimum market requirement, there are minimum MOQs from the product in terms of containers, you need to have a larger warehouses, there are too much of operating expenses. That is, that all cost goes down when it comes to an Indian company, you have a local manufacturer, you have a trust over the brand. So, I would say, in any case, in current scenario, if the freight normalization happens, still the market would be with the Indian players. Got it. And so, on the pricing front, sorry? On the pricing front, there is a good competition, healthy competition going between the domestic manufacturers. So, it's going to be, I think, this one more quarter is going to be the pressure, and it will be more on the stable side rather. And there are also some raw material price hikes in the terms of chemical because of the ongoing war in the West. But our focus would be remained always to have a more value addition business, which we are committed to.

Madhur Rathi, Analyst — Counter-Cyclical Investments

Got it. So just one final question from mine. Sir, how should we look at our capital allocation in terms of CAPEX going forward? Will it be more towards a laminate business or will it be more towards a MDF business, if you can help us understand? Thank you so much.

Hiran Padia, CFO

See, again, the question is, I mean, the question which environment will discuss and maybe discuss at board level also, but yes, I think considering the way we are moving ahead with limited segment as well, so I think it's a question of maybe whenever we decide for the, I mean, CapEx. So, at that time only, we will finalize the presentation. But we are just hoping for the laminate segment to become bigger than or equal to the MBS segment in the next couple of years.

Madhur Rathi, Analyst — Counter-Cyclical Investments

Got it, sir. Thank you so much and all the best.

Operator

Thank you, sir. Ladies and gentlemen, to ask a question, please press star and one now. The next question is from the line of Kriti Tripathi from NVS Brokerage. Please proceed with your question.

Kriti Tripathi, Analyst — NVS Brokerage

Hello, sir. Congratulations on deleting the strong set of numbers in H1. So, with healthy performance across both MDF and laminates, do you expect to sustain or surpass this performance in H2? And if you can quantify, thank you.

Hiran Padia, CFO

As I think already informed in the earlier question, The way we are just, I mean, performing in the first and second quarter, we are very much hopeful that the next two quarters will do better.

Kriti Tripathi, Analyst — NVS Brokerage

Okay, sir. Any revenue guidance for current year?

Hiran Padia, CFO

I think the way we are placed as of H1, we can definitely extrapolate the number, but it will be better than this. That is for sure.

Operator

Okay, sir. Thank you. Thank you, ma'am. The next question is from the line of Dhruvind Doshi from NV Alpha. Please proceed with your question.

Dhruvind Doshi, Analyst — NVAlpha

Yeah, hi, thanks for the opportunity again. Sir, my question is a little bit on the qualitative side, on the jumbo laminate. Sir, could you tell me, you know, how are we able to penetrate the markets for jumbo laminates? How are we able to get the clients? To what geographies are we getting the orders from? And, you know, how is our competitiveness versus other exporters from India and globally as well? So that would be great.

Rufil Decker, Other

So, first of all, we have been really struggling over the last one and a half years just because of the investors which were committed towards investing some funds. Which didn't really went on time and because of which we struggled a lot in this business and starting up our first board. But now the journey has been taken of this one and a half year for getting our products certified in certain markets, getting the approvals for certain markets, then getting a few of the raw materials which are really challenging for us to bring in in India. So, that has taken a good... Sweet amount of time for us to develop the specified products. But yes, now we are aggressively focusing the market. We have all certificates in line. We have too many kind of... Different kind of applications which has been tested. Just for an example, there is the exterior FOSA tested at, I would say, 80 degrees temperature for the heat and 2400 hours of constant testing that has been passed, which is one of the finest class in Europe, which has to be required if you want to get an export to Europe. The same way we have also done the Australian Fire Retirement Test, we have passed that. So that all certificates are something which are really taking six to eight months of time for getting such certifications. So now every certificate is in place and we are open globally to export. We are also doing the specialized product like making the kitchen tops, table tops, then for the exterior barbecue grills as well. So we are exploring the different market and we would say we are positioning ourselves as a end-to-end solution maker rather just a factory being supplier of a panel or HPL booth. So that is where we are positioned, that is the edge where we are getting the orders from.

Dhruvind Doshi, Analyst — NVAlpha

And what geographies would that be, focused geographies?

Rufil Decker, Other

Yeah, we have started focusing on Europe. First of all, that is one of the bigger markets for Jumbo Lemonade. We have started focusing on Russia, and we are doing a good amount of business from Russia, from few parts of Europe, and we have got our exact prime focus as well on some of our Southeastern markets, which are really, really lucrative on the terms of Jumbo Lemonade, and where we have also very good amount of setup for our regular Lemonade business, Where we are expanding the product portfolio as well. So that is how we are strategically playing. Before Jumbo, our export was somewhere around 54 countries or 52 countries. Now we have expanded to 63 countries. So that's how we are growing. And the dream is by H2, we should at least add seven more countries in our portfolio.

Dhruvind Doshi, Analyst — NVAlpha

Okay, so, got it. So, one of the peers, you know, who's scaled up so much in export market, they've piggybacked on for doing white labeling for one of the largest laminate players globally. Do we have, and clearly the margins in laminate, the jumbo laminate business is significantly higher. So, do we have plans to, you know, scale that up via doing some white labeling also?

Rufil Decker, Other

As of now, we are collaborating with the general partners over there, and we are doing it by our own, as of now, that we don't get ourselves there as of now that we get some opportunity and we would, yes, if we have some opportunity, then we would be doing that contractual production as well. Thank you very much. We are doing it by ourselves, and we do supply to a few of the bigger stores in America as well, so we don't see that we should have that kind of joint venture at this level. If we have a surplus capacity, then we are going ahead, then we may think of it. As of now, we are doing it by our own brand with the hand-on-hand partnership with the specialized customer over there.

Dhruvind Doshi, Analyst — NVAlpha

Got it, sir. Sir, just one last question. You did mention that a lot of the Jumbo Laminate revenue is contractual based. That's why we are able to maintain the margins despite cost pressures also. So, given the guidance or full year guidance for Jumbo of 80 to 100 crores, do we have the contract visibility for the next couple of quarters to do that kind of or to reach that kind of target?

Rufil Decker, Other

So, we have already signed a few of the upcoming businesses for quarter three and quarter four as well. So, we see a good amount of Jumbo business coming into the action, and I don't see any problem according to the pace we are moving ahead forward. We have a good amount of orders as of now.

Operator

Thank you, sir. The last question is from the line of S. Agarwal from HDFC Life Insurance. Please go see it with your question.

S. Agarwal, Analyst — HDFC Life Insurance

Good afternoon, sir. One question is, suppose you decide to do some kind of capex for Jambu Lamnets business, since it will be brownfield and nature, typically, how much time will it take?

Rufil Decker, Other

So, if we see it is a brownfield, supposing, then the lead time from the machinery, which is the most important part, and it takes generally eight months for the main machine to get ready.

S. Agarwal, Analyst — HDFC Life Insurance

Okay, okay. Question is basically, what is your guidance for, say, FI28 revenue as well as EBITDA for the whole company, and what is your guidance for the Jumbo Laminates business for FI28 revenue EBITDA and PAC?

Hiran Padia, CFO

He has informed in the last, I think, two times. I would not like to give any guidance for 528 as of now, but so far as current financial year is concerned, it will be definitely better than H1, that is for sure.

S. Agarwal, Analyst — HDFC Life Insurance

Okay, okay. Thank you.

Operator

Thank you, sir. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to management for closing comments.

Rufil Decker, Other

Thank you all for taking the time to join us today and for your continued interest in Rishul Decker Ltd. As we continue to navigate opportunities ahead, we remain committed to achieving our strategic objectives and delivering the consistent value to our stakeholders. For any further questions, please reach out to our Investor Relations team at Church with Partner. Thank you once again.

Operator

Thank you, sir. On behalf of Asian Market Securities Private Limited, that concludes this conference call. Thank you all for joining us, and you may now disconnect your lines. Thank you.