- Home
- Results news
- Excel Industries
- Q2 FY27 results
Excel Industries Q2 FY27 results: net profit up 36.4% to ₹28.90 crore, revenue up 1.6%
Excel Industries Ltd reported consolidated Q2 FY27 revenue of ₹274.68 crore, up 1.6% from ₹270.23 crore in Q2 FY26, while EBITDA rose 21.9% to ₹36.45 crore and EBITDA margin improved to 13.3%. Net profit increased 36.4% to ₹28.90 crore and basic EPS rose to ₹22.99, although revenue and profit were lower than in Q1 FY27.
Key points
- Consolidated revenue was ₹274.68 crore in Q2 FY27, up 1.6% from ₹270.23 crore in Q2 FY26, but down 6.5% from ₹293.83 crore in Q1 FY27.
- EBITDA rose to ₹36.45 crore from ₹29.91 crore a year ago, with EBITDA margin improving to 13.3% from 11.1%.
- Net profit was ₹28.90 crore, up 36.4% from ₹21.19 crore in Q2 FY26 and down 1.9% from ₹29.47 crore in Q1 FY27.
- Basic EPS was ₹22.99, against ₹16.85 in Q2 FY26 and ₹23.44 in Q1 FY27.
- For H1 FY27, revenue was ₹568.51 crore, down 1.9% from ₹579.75 crore, while net profit rose 6.2% to ₹58.36 crore.
How did Excel Industries perform in Q2 FY27?
Excel Industries reported consolidated revenue of ₹274.68 crore for Q2 FY27, up ₹4.45 crore or 1.6% from ₹270.23 crore in Q2 FY26. Against Q1 FY27, revenue was lower by ₹19.15 crore or 6.5%. Total income was ₹287.12 crore, compared with ₹277.67 crore a year ago and ₹300.54 crore in the previous quarter.
EBITDA for Q2 FY27 was ₹36.45 crore, up ₹6.54 crore or 21.9% from ₹29.91 crore in Q2 FY26, while EBITDA margin rose to 13.3% from 11.1%. EBITDA was down ₹5.96 crore or 14.1% from ₹42.41 crore in Q1 FY27, with margin at 14.4% in that quarter.
Profit before tax was ₹37.78 crore, up 37.5% from ₹27.47 crore a year ago and down 2.9% from ₹38.90 crore in the previous quarter. Net profit was ₹28.90 crore, up 36.4% from ₹21.19 crore and down 1.9% from ₹29.47 crore, while basic EPS was ₹22.99 against ₹16.85 and ₹23.44, respectively. On a standalone basis, revenue was ₹274.61 crore and profit after tax was ₹26.67 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 274.68 | 293.83 | 270.23 | +1.6% | −6.5% |
| Other income | 12.44 | 6.71 | 7.44 | +67.2% | +85.4% |
| Total expenses | 249.34 | 261.64 | 250.20 | −0.3% | −4.7% |
| EBITDA | 36.45 | 42.41 | 29.91 | +21.9% | −14.1% |
| EBITDA margin | 13.3% | 14.4% | 11.1% | +2.2 pp | −1.1 pp |
| Profit before tax | 37.78 | 38.90 | 27.47 | +37.5% | −2.9% |
| Tax | 8.89 | 9.43 | 6.28 | +41.6% | −5.7% |
| Net profit | 28.90 | 29.47 | 21.19 | +36.4% | −1.9% |
| EPS (₹) | 22.99 | 23.44 | 16.85 | +36.4% | −1.9% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Excel Industries' costs and profit?
Total expenses were ₹249.34 crore in Q2 FY27, lower by ₹0.86 crore or 0.3% from ₹250.20 crore in Q2 FY26. Cost of materials fell ₹15.52 crore or 9.8% to ₹142.59 crore, while employee cost rose ₹0.83 crore or 2.5% to ₹33.94 crore, finance costs rose ₹0.09 crore or 12.0% to ₹0.84 crore and depreciation rose ₹1.15 crore or 12.6% to ₹10.28 crore.
Other expenses increased ₹7.87 crore or 12.9% to ₹68.66 crore, while other income rose ₹5 crore or 67.2% to ₹12.44 crore. Tax expense was ₹8.89 crore, up ₹2.61 crore or 41.6% from ₹6.28 crore. There was no exceptional item in either quarter. The filing does not state a reason for the changes in individual cost lines or other income.
Against Q1 FY27, total expenses were lower by ₹12.30 crore or 4.7%, led by a ₹20.33 crore or 12.5% reduction in cost of materials and a ₹2.97 crore or 8.0% reduction in employee cost. Other expenses rose ₹1 crore or 1.5% and finance costs rose ₹0.25 crore or 42.4%, while other income rose ₹5.73 crore or 85.4%. Tax expense fell ₹0.54 crore or 5.7%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 142.59 | 158.11 | −15.52 | −9.8% |
| Employee cost | 33.94 | 33.11 | +0.83 | +2.5% |
| Finance costs | 0.84 | 0.75 | +0.09 | +12.0% |
| Depreciation | 10.28 | 9.13 | +1.15 | +12.6% |
| Other expenses | 68.66 | 60.79 | +7.87 | +12.9% |
| Total expenses | 249.34 | 250.20 | −0.86 | −0.3% |
| Other income | 12.44 | 7.44 | +5 | +67.2% |
| Tax | 8.89 | 6.28 | +2.61 | +41.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Excel Industries reported consolidated revenue of ₹568.51 crore, down ₹11.24 crore or 1.9% from ₹579.75 crore in H1 FY26. Total income declined 2.0% to ₹587.66 crore from ₹599.39 crore, while profit before tax increased 6.6% to ₹76.68 crore from ₹71.93 crore.
Net profit for the first half rose ₹3.41 crore or 6.2% to ₹58.36 crore from ₹54.95 crore, and basic EPS increased to ₹46.43 from ₹43.71. The results therefore showed lower revenue alongside higher profit before tax, net profit and EPS compared with H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 568.51 | 579.75 | −1.9% |
| Profit before tax | 76.68 | 71.93 | +6.6% |
| Net profit | 58.36 | 54.95 | +6.2% |
| EPS (₹) | 46.43 | 43.71 | +6.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,517.62 crore, compared with ₹2,105.32 crore at 31 March 2026, while total equity rose to ₹2,063.57 crore from ₹1,703.01 crore. Borrowings increased to ₹18.99 crore from ₹0.09 crore, and cash declined to ₹3.84 crore from ₹13.08 crore.
Inventories were ₹262.43 crore at the quarter end, compared with ₹129.43 crore at the previous balance-sheet date. Trade receivables fell to ₹231.32 crore from ₹261.03 crore, while trade payables declined to ₹119.66 crore from ₹150.56 crore.
H1 FY27 operating cash flow was negative ₹63.43 crore, compared with positive ₹16.38 crore in H1 FY26. Investing cash flow was ₹57.89 crore, compared with ₹3.19 crore, and financing cash flow was negative ₹3.7 crore, compared with negative ₹22.92 crore. Capital expenditure was ₹45.1 crore, against ₹33.42 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,518 | 2,105 |
| Total equity | 2,064 | 1,703 |
| Borrowings | 18.99 | 0.09 |
| Cash and equivalents | 3.84 | 13.08 |
| Inventories | 262.43 | 129.43 |
| Trade receivables | 231.32 | 261.03 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −63.43 | 16.38 |
| Cash from investing | 57.89 | 3.19 |
| Cash from financing | −3.70 | −22.92 |
| Capital expenditure | 45.10 | 33.42 |
Source: Company's results filing (XBRL).
How has Excel Industries done over the last 8 quarters?
Across the last eight quarters, revenue peaked at ₹309.52 crore in Q1 FY26 and was lowest at ₹196.41 crore in Q3 FY25. Revenue subsequently moved to ₹233.54 crore in Q3 FY26, ₹281.24 crore in Q4 FY26 and ₹293.83 crore in Q1 FY27 before declining to ₹274.68 crore in Q2 FY27.
Net profit reached its highest level at ₹33.76 crore in Q1 FY26 and its lowest at ₹6.2 crore in Q3 FY25. It was ₹28.9 crore in Q2 FY27, below the ₹29.47 crore recorded in Q1 FY27 but above the ₹21.19 crore of Q2 FY26. EBITDA margin peaked at 14.4% in Q1 FY27 and bottomed at 6.1% in Q3 FY25; Q2 FY27 margin was 13.3%.
How did other Specialty Chemicals companies do?
Among 57 Specialty Chemicals companies compared for the quarter, the median revenue growth was 28.5%. Four peers grew more slowly than Excel Industries, while 53 grew faster than the company’s 1.6% revenue growth.
Of 53 peers for which profit was compared, 46 reported higher profit. The peer comparison was available as of 5 November 2026.
| Excel Industries revenue growth (YoY) | +1.6% |
|---|---|
| Median of 57 other Specialty Chemicals companies | +28.5% |
| Companies with slower revenue growth than Excel Industries | 4 of 57 |
| Companies with faster revenue growth than Excel Industries | 53 of 57 |
| Companies whose net profit rose | 46 of 53 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Excel Industries' revenue in Q2 FY27?
Revenue from operations was ₹274.68 crore, up 1.6% from ₹270.23 crore in Q2 FY26 (consolidated).
Did Excel Industries make a profit in Q2 FY27?
Yes. Net profit was ₹28.90 crore, against a net profit of ₹21.19 crore in Q2 FY26.
What was Excel Industries' EPS in Q2 FY27?
Basic earnings per share were ₹22.99, against ₹16.85 in Q2 FY26.
When did Excel Industries announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 4 November 2026) · PDF
- Results For Quarter And Half Year Ended 30Th September, 2026 (BSE, 4 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.