1. Opening Hook

While most companies were busy blaming demand slowdown, Marvel Decor decided to blame… curtains. Apparently, selling blinds without curtains is now a strategic mistake. Fair enough.

H1FY26 was less about profits and more about positioning—new partnerships, new verticals, new geographies, and a very expensive marketing appetite. Margins dipped, cash got stretched, but management sounded unfazed, almost smug.

Between Lutron name-dropping, Livspace showroom placements, and a mysterious US design-build partner promising $10 million dreams, Marvel is clearly chasing the premium consumer. Execution, however, is still warming up.

If H1 was about spending money to look bigger, H2 is where Marvel must prove it can earn it back.

Read on—because the blinds business just got dramatic.

2. At a Glance

• Revenue ₹38 Cr (H1) – Growth arrived, but brought costs as plus-one.
• Project revenue ₹11 Cr – Doubled YoY, suddenly everyone loves architects.
• Margins dipped – Marketing parties aren’t cheap.
• Employee cost up sharply – Sales army hired, results pending.
• Infra ready for ₹200–250 Cr – Factory ready, orders still dressing up.

3. Management’s Key Commentary

“We are a complete window covering solution.”
(If it covers a window, we want to sell it.) 😏

“Lutron is the number one premium brand globally.”
(Borrowing global swagger for Indian margins.)

“Livspace rollout will start from the 20th.”
(Showrooms unlocked, conversions TBD.)

“Project margins are higher than retail now.”
(Bulk finally beats boutique.)

“We spent heavily on marketing and hiring.”
(H1 was the investment phase—trust us.)

“We are removing small customers strategically.”
(Less headache, more ticket size.)

“US client may shift $10 mn sourcing from China to us.”
(Big ‘may’, bigger slide.) 🚀

4. Numbers Decoded

Decoded: Marvel is building a premium machine. The machine is hungry. Profits come later.

5. Analyst Questions (Decoded)

• Why margins fell?
  Because salespeople don’t work for free.
• Project vs retail margins?
  Projects now pay better—volume magic.
• Is Lutron exclusive?
  Semi-exclusive, region-first,