NSE: EXCELINDUS · BSE: 500650
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Chemicals (99%), Environment and Biotech (1%). Specialty chemicals, agrochemical-linked, asset-heavy
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,178 | 1,090 | 826 | 978 | 1,095 |
| EBITDA (ex other income) | 230 | 126 | 23 | 120 | 110 |
| margin % | 19.6 | 11.6 | 2.8 | 12.2 | 10.0 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 128.24 | 63.59 | 5.31 | 67.87 | 60.19 |
| ROE % · ROCE % | 14.0 · 16.8 | 6.4 · 7.9 | 1.2 · 1.5 | 5.4 · 6.6 | 4.4 · 5.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 109 | 125 | 72 | 62 | 53 |
| Capex | (74) | (32) | (32) | (39) | (79) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 269 | 196 | 248 | 310 | 270 | 234 | 281 | 294 |
| Profit before tax | 47 | 8 | 16 | 44 | 27 | 11 | 15 | 39 |
| Net profit | 36 | 6 | 12 | 34 | 21 | 8 | 12 | 29 |
| EPS (₹) | 28.39 | 4.93 | 9.87 | 26.86 | 16.85 | 6.71 | 9.77 | 23.44 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.6 | 23.1 | 30 of 99 | 70% |
| P/B | 0.7 | 2.8 | 5 of 99 | 96% |
| ROCE | 5.2 | 10.1 | 73 of 106 | 31% |
| ROE | 4.4 | 8.1 | 73 of 99 | 27% |
| Debt / Equity | 0.0 | 0.2 | 16 of 99 | 85% |
| EBITDA margin | 16.7 | 15.5 | 46 of 99 | 54% |
| Revenue growth | (5.1) | 24.4 | 88 of 94 | 7% |
| Profit growth | (12.7) | 55.1 | 76 of 92 | 18% |
| Market cap | 1110 | 699 | 46 of 108 | 58% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board meeting on 4 Nov to approve Q2 FY26 results | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting on 4 Nov 2026 to consider Q2 FY27 financial results | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Newspaper notice on special window for share dematerialisation | compliance | minimal | — | — |
| 7 Oct 2026 · Routine quarterly compliance certificate for dematerialisation of securities | compliance | minimal | — | — |
| 25 Sept 2026 · AGM 2026: 5 resolutions passed, Rs 13.75 final dividend approved | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure for insiders from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Excel Industries 65th AGM: 275% dividend declared, 5 resolutions passed | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · Excel Industries gets EcoVadis Silver sustainability rating, top 15% globally | business updates | medium | — | — |
| 11 Sept 2026 · CRISIL reaffirms A+/Stable rating; bank facilities enhanced to Rs 200 Cr | credit debt | medium | — | — |
| 1 Sept 2026 · Excel Industries: Newspaper publication of 65th AGM notice | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.