EXCEL INDUSTRIES LTD

Sells phosphorus-based specialty chemicals from three manufacturing sites, drawing on a heritage that dates to 1941. The Chemicals segment generates 99% of segment revenue (₹968.76 cr in FY26) and covers phosphonates, biocides, YP derivatives and Performance Solutions; the Environment and Biotech segment, which includes waste management, accounts for 1% of revenue and is loss-making. Phosphonates hold a 50-55% domestic market share, and exports contribute 20% of total revenue (₹223 cr in FY26), with Performance Solutions the main export vertical. Recent capacity moves include a 2,530 TPA biocides line operational in H2 FY26, a 1,265 MTPA specialty chemical facility at the Lote site to commission by February 2027, and a dedicated contract manufacturing line for a multinational customer completed in July 2026 with expected annual income of ₹35-40 cr. A wider ₹200-300 cr capex plan over 2-3 years targets Performance Solutions, YP derivatives and contract manufacturing at 15-20% expected ROI. Raw materials are 55% of revenue; the balance sheet is net cash with zero long-term debt.