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Excel Industries Limited (EXCELINDUS)

₹931.60 +2.10% last close, 16 Oct

📊 NSE: EXCELINDUS 🏢 Pesticides / Agrochemicals - Indian 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Excel Industries' revenue was ₹294 Cr (-5.1% year on year, +4.6% on the previous quarter), and net profit ₹29.5 Cr (-12.7% year on year); the operating margin was 14.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹294	-5.1%	+4.6%
Operating profit	₹42.4	+0.5%	+92.8%
Net profit	₹29.5	-12.7%	+145.6%
EPS (₹)	23.44	-12.7%	+139.9%
Operating margin	14.4%	—	—

Full quarterly financials → Results calendar →

EXCELINDUS delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 62.24% of the EXCELINDUS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.15%. That is close to its usual level. Turnover was only ₹81 lakh, so a handful of trades can move this figure.

62.24%Delivery, 16 Oct

51.15%Own 20-session average

0.8×Volume vs its average

₹931.60NSE close · +2.10%

Delivery in the last 5 sessions: 63.0% · 49.0% · 29.2% · 54.7% · 62.2%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Excel Industries Submits Q2 FY27 Dematerialisation Certificate Under Regulation 74(5)

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 02:46 PM

Excel Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, provided by Registrar and Transfer Agent MUFG Intime India Pvt Ltd, confirms that all securities received for dematerialisation during the period were verified, confirmed, and mutilated/cancelled in a timely manner. The document is standard regulatory reporting and contains no financial or operational updates.

Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
Issued by Registrar and Transfer Agent MUFG Intime India Private Limited dated October 3, 2026
Confirmed that dematerialisation requests received during the quarter were duly processed within stipulated timelines
Company filing date recorded as October 7, 2026

💡 This is a routine administrative compliance requirement; investors should track upcoming Q2 FY27 quarterly financial earnings releases for operational performance updates.

Excel Industries AGM Approves Rs 13.75 Per Share Dividend (275%)

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 25 Sep 2026, 03:27 PM

Excel Industries Limited held its Annual General Meeting on September 24, 2026, where shareholders approved all proposed resolutions with requisite majority. Key approvals include the adoption of FY26 financial statements and a final dividend of Rs 13.75 per equity share (275% on face value). Additionally, shareholders approved the re-appointment of Director Hrishit Shroff, executive director remuneration, and cost auditor remuneration. A total of 52 shareholders attended via video conferencing out of 22,328 shareholders as of the record date.

Final dividend of Rs 13.75 per equity share (275%) approved for FY26
All 5 resolutions passed with requisite majority via remote and AGM e-voting
Total shareholder count stood at 22,328 as on record date September 17, 2026
52 shareholders attended the AGM through video conferencing (1 promoter, 51 public)

💡 Track the dividend payout timeline and watch for upcoming Q2 FY27 results to monitor revenue performance in non-agro specialty chemicals.

Excel Industries Secures EcoVadis Silver Rating, Placing in Top 15% Globally

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 17 Sep 2026, 10:46 AM

Excel Industries Limited has achieved a Silver Rating in the EcoVadis Sustainability assessment. This rating places the specialty chemicals manufacturer among the top 15% of businesses evaluated globally by EcoVadis across 21 criteria. The evaluation covers four core pillars: Environment, Labour & Human Rights, Ethics, and Sustainable Procurement. Management expects this ESG milestone to assist in expanding its global footprint and strengthening relations in performance solutions and contract manufacturing.

Awarded Silver Rating in EcoVadis Sustainability assessment
Places company among the top 15% of assessed businesses globally
Evaluated across 21 criteria spanning four core sustainability pillars
Certification covers its manufacturing footprint across 3 sites (Roha, Lote, and Vishakhapatnam)

💡 Track whether improved ESG credentials lead to customer additions or conversion into commercial contracts in the upcoming quarterly releases.

CRISIL Reaffirms Excel Industries' Bank Ratings at 'A+/Stable'; Limits Enhanced to Rs 200 Cr

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 11 Sep 2026, 12:15 PM

CRISIL Ratings has reaffirmed its credit ratings for Excel Industries Limited's bank loan facilities, maintaining 'CRISIL A+/Stable' for long-term borrowings and 'CRISIL A1' for short-term facilities. Concurrently, the total rated bank loan facilities have been enhanced from Rs 149.5 crore to Rs 200 crore. The enhancement provides additional liquidity headroom, although the company already maintains a virtually debt-free balance sheet with total debt of just Rs 8 crore against a net worth of Rs 1,221 crore. The rating reaffirmation reflects stable operating performance and sound credit metrics.

Total bank loan facilities rated enhanced to Rs 200 Crore from Rs 149.5 Crore
Long-term bank facilities rating reaffirmed at 'CRISIL A+/Stable'
Short-term bank facilities rating reaffirmed at 'CRISIL A1'
Letter received from CRISIL dated September 10, 2026, valid for facilities availed within 180 days

💡 Track whether the enhanced Rs 200 crore credit line is utilized to fund upcoming capex (e.g., planned Rs 35-40 crore investment in specialty chemicals) or working capital needs.

Excel Industries Submits FY26 Business Responsibility and Sustainability Report (BRSR)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 05:42 PM

Excel Industries Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to Regulation 34(2)(f) of SEBI LODR Regulations. The BRSR forms part of the company's 65th Annual Report for FY26. This is a mandatory annual compliance filing containing ESG and sustainability disclosures, with no immediate financial or operational impact.

Submitted Business Responsibility and Sustainability Report for FY 2025-26
Filing forms part of the 65th Annual Report of Excel Industries Limited
Complies with Regulation 34(2)(f) of SEBI LODR Regulations, 2015

💡 Track subsequent AGM outcomes and upcoming Q2 FY27 earnings to monitor operational performance in non-agro specialty chemicals and agrochemical demand.

Excel Industries Q1 PAT Drops 13% YoY to ₹29.1 Cr; Completes ₹40 Cr Dedicated Facility

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 17 Aug 2026, 03:03 PM

In its Q1 FY27 investor presentation, Excel Industries reported standalone revenue of ₹293.7 crore (down 5.1% YoY) and PAT of ₹29.1 crore (down 13.3% YoY), impacted by erratic monsoon demand in agrochemical intermediates and lower other income. Operating EBITDA remained steady at ₹42.4 crore, with margins expanding 70 bps YoY to 14.4% driven by improved product mix. The company successfully commissioned its ₹40 crore dedicated manufacturing project on July 23, 2026, which backs a 5-year supply agreement with ₹35-40 crore annual revenue potential. Furthermore, a 1,265 MTPA specialty chemical expansion at Lote (₹5 crore capex) is slated for commissioning by February 2027.

Standalone Q1 FY27 revenue stood at ₹293.7 crore (-5.1% YoY), while EBITDA remained stable at ₹42.4 crore (+0.3% YoY).
Standalone PAT fell 13.3% YoY to ₹29.1 crore, primarily weighed down by lower other income (₹6.2 crore vs ₹11.8 crore).
Successfully completed ₹40 crore dedicated capex on July 23, 2026, targeting ₹35-40 crore annual revenue potential under a 5-year pact.
Capex of ~₹5 crore underway for a 1,265 MTPA specialty chemical facility at Lote, expected to launch in February 2027.

💡 Track the volume ramp-up of the newly commissioned dedicated facility in Q2 FY27 and look for signs of demand revival in agrochemical intermediates.

Excel Industries Sets September 17, 2026, as Record Date for FY26 Final Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 13 Aug 2026, 08:10 PM

Excel Industries has fixed September 17, 2026, as the record date to determine shareholder eligibility for the final dividend for the financial year 2025-26. This follows a fiscal year where the company reported a net profit of ₹75.35 crore on revenues of ₹1,094.20 crore. The dividend payout is subject to approval by members at the upcoming 65th Annual General Meeting. Given the company's nearly debt-free status (Debt of ₹8 Cr), the dividend represents a routine distribution of surplus cash.

Record date for final dividend eligibility is fixed for September 17, 2026
Dividend pertains to the full Financial Year 2025-26
Approval pending at the upcoming 65th Annual General Meeting
Company reported FY26 Net Profit of ₹75.35 crore
Maintains a strong balance sheet with a Debt/Equity ratio of 0.01

💡 Investors should watch for the specific dividend amount (Rs per share) to be announced. To be eligible, shares must be purchased at least one trading day prior to the ex-dividend date (typically one day before the record date).

Excel Industries Schedules 65th Annual General Meeting for September 24, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 07:58 PM

Excel Industries Limited has announced its 65th Annual General Meeting (AGM) to be held on September 24, 2026, via video conferencing. The company has established September 17, 2026, as the cut-off date for determining shareholder eligibility for remote e-voting. This is a standard procedural filing following the conclusion of the financial year. Investors should monitor the upcoming Annual Report for updates on the company's planned Rs 35-40 Cr investment in specialty chemicals.

65th Annual General Meeting scheduled for September 24, 2026, at 03:00 p.m.
Cut-off date for e-voting eligibility set for September 17, 2026
Meeting to be conducted through Video Conferencing or Other Audio Visual Means (OAVM)
Company maintains a debt-free balance sheet with only Rs 8 Cr in debt against a Rs 1221 Cr net worth

💡 Review the forthcoming Annual Report for specific details on the execution timeline of the biocide capacity expansion and the non-agro specialty chemical contract.

Q1 Net Profit at 29.1 Cr, Down 13% YoY but Up 129% QoQ

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 06:43 PM

Excel Industries reported a mixed performance for Q1 FY27, with revenue from operations at 293.73 Cr, a 5.1% decline compared to 309.47 Cr in Q1 FY26. Net profit followed a similar YoY trend, falling 13.3% to 29.11 Cr from 33.56 Cr. However, the company showed a significant sequential recovery, with net profit more than doubling from 12.71 Cr in Q4 FY26. The company maintains a strong balance sheet with a debt-to-equity ratio of 0.01 and a net worth of 1,221 Cr.

Revenue from operations reached 293.73 Cr, showing a 4.5% sequential growth over Q4 FY26.
Net profit for the quarter stood at 29.11 Cr, a sharp 129% increase from the 12.71 Cr reported in the previous quarter.
Profit Before Tax (PBT) margin was 13.1% for the quarter, compared to 14.3% in the year-ago period.
Total expenses for the quarter were 261.42 Cr, down from 277.02 Cr YoY, aided by lower raw material consumption costs.
Earnings Per Share (EPS) for Q1 FY27 was 23.16, down from 26.70 in Q1 FY26 but up from 10.11 in Q4 FY26.

💡 Investors should monitor the sustainability of the sequential margin recovery and the execution of the planned 35-40 Cr investment in non-agro specialty chemicals to reduce cyclicality.

Excel Industries Board Meeting on Aug 13, 2026, to Approve Q1 Financial Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 31 Jul 2026, 06:06 PM

Excel Industries Limited has scheduled a Board Meeting for August 13, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. In compliance with SEBI insider trading regulations, the trading window for designated persons will remain closed until August 15, 2026. The window is scheduled to re-open on August 16, 2026. This is a routine administrative filing ahead of the company's quarterly earnings release.

Board meeting scheduled for August 13, 2026, to review Q1 FY27 results
Trading window closure initiated on June 26, 2026, remains in effect
Trading window for insiders to re-open on August 16, 2026
Results pertain to the three-month period ended June 30, 2026

💡 Investors should watch for the financial results announcement on August 13, 2026, to evaluate the performance of the Chemicals and Environment & Biotech segments.

1265 MTPA Specialty Chemical Capacity Addition at Rs 5.05 Cr Investment

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 23 Jul 2026, 07:06 PM

Excel Industries is setting up a new 1265 MTPA facility for a specialty chemical at its Lote site, targeting both domestic and international markets. The project involves a modest investment of Rs 5.05 crore, which will be funded entirely through internal accruals. Commissioning and the subsequent product launch are expected by February 2027. While the investment is small at approximately 0.46% of TTM revenue, it aligns with the company's strategy to diversify its portfolio into non-agro specialty chemicals.

Proposed capacity addition of 1265 MTPA for a new specialty chemical product.
Total investment required is Rs 5.05 crore, to be met through internal accruals.
Project commissioning and product launch targeted for February 2027.
Product intended for both domestic and overseas markets to diversify the portfolio.

💡 Investors should monitor the commissioning timeline in early 2027 and look for management commentary on the margin profile of this new specialty chemical in future earnings calls.

1265 MTPA Capacity Addition for New Specialty Chemical at Rs 5.05 Cr

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 23 Jul 2026, 07:02 PM

Excel Industries is expanding its Lote site with a new 1265 MTPA facility dedicated to a specialty chemical, marking a diversification into a new product line. The project involves a modest investment of Rs 5.05 crore, representing approximately 0.46% of TTM revenue, and will be funded entirely through internal accruals. Commissioning and product launch are scheduled for February 2027, targeting both domestic and international markets. This move aligns with the company's stated strategy to reduce its dependence on cyclical agrochemical segments.

Proposed capacity addition of 1265 MTPA for a new specialty chemical product
Total investment of Rs 5.05 crore to be funded via internal accruals
Projected commissioning and product launch date set for February 2027
Facility will cater to both domestic and overseas markets to diversify the portfolio

💡 Investors should track the commissioning progress toward the February 2027 deadline and monitor management commentary regarding the revenue potential and margin profile of this new specialty chemical.

Rs 35-40 Cr Annual Income: Excel Industries Completes Capex for 5-Year Supply Contract

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 23 Jul 2026, 06:37 PM

Excel Industries has successfully commissioned a dedicated manufacturing facility for a 5-year specialty chemical supply agreement with a leading Indian firm. The project involved a Rs 40 Cr capex and was completed on schedule on July 23, 2026. The contract is expected to generate Rs 35-40 Cr in annual income net of raw material costs, which is highly significant given the company's TTM PAT of Rs 75 Cr. This commissioning marks a strategic shift towards non-agro specialty chemicals and contract manufacturing.

Rs 35-40 Cr annual income (net of raw material costs) expected over a 5-year supply period
Rs 40 Cr capex successfully deployed for a dedicated manufacturing setup
Rs 25 Cr trade advance received from the customer to support project execution
Project completed on July 23, 2026, meeting the original timelines agreed in November 2025
Contract focuses on non-agro specialty chemicals to reduce cyclicality from the core agrochemical business

💡 Watch for the revenue and margin ramp-up in the September 2026 quarterly results to confirm the incremental contribution of this contract to the bottom line.

Rs 40 Cr Capex Completed: Excel Industries Commissions Specialty Chemical Facility

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 23 Jul 2026, 06:29 PM

Excel Industries has successfully commissioned a dedicated manufacturing facility for a specialty chemicals contract as of July 23, 2026. The project involved a capital expenditure of approximately Rs 40 Cr, which is roughly 3.3% of the company's net worth. This facility is tied to a long-term contract expected to generate an annual income (net of raw material costs) of Rs 35-40 Cr. This move aligns with the company's strategy to expand its non-agro specialty chemicals portfolio and reduce dependence on cyclical agrochemical markets.

Project successfully completed and commissioned on July 23, 2026.
Estimated capital expenditure of ~Rs 40 Cr for the dedicated setup.
Expected annual income (net of raw material cost) of Rs 35-40 Cr from the contract.
The project follows a binding term sheet signed with an Indian Specialty Chemicals Company in November 2025.
The new facility targets the non-agro specialty chemical market to mitigate sector-specific cyclicality.

💡 Monitor the revenue ramp-up and margin contribution from this facility in the Q2 and Q3 FY27 results to validate the projected Rs 35-40 Cr annual income.

99.99% Shareholder Approval for Appointment of Mr. Mahtabuzzaman as Nominee Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Jul 2026, 06:25 PM

Excel Industries Limited has announced the successful passage of an ordinary resolution to appoint Mr. Mahtabuzzaman as a Nominee Director. The resolution, conducted via postal ballot, received overwhelming support with 99.99% of the 62.95 lakh votes cast in favor. Institutional investors and promoters who participated in the voting showed 100% consensus for the appointment. The total voter turnout represented 50.08% of the company's outstanding shares as of the June 5, 2026 record date.

Resolution passed with 99.99% of votes in favor, totaling 6,295,204 votes.
Total votes polled reached 6,295,388, representing 50.08% of the total share capital.
Institutional investors polled 894,444 votes, with 100% voting in favor of the appointment.
Promoter group polled 5,358,682 votes, also showing 100% support for the resolution.
The remote e-voting process concluded on July 14, 2026, following a 30-day voting window.

💡 Investors should monitor future board communications to understand which entity Mr. Mahtabuzzaman represents as a Nominee Director and if this signals any strategic shift or oversight from a major stakeholder.

View All EXCELINDUS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall revenue grew 18% in FY 2024-25 to INR 978.07 Cr from INR 826.14 Cr. In Q2 FY26, revenue was INR 270.2 Cr, a 12.7% decline QoQ from INR 309.5 Cr in Q1 FY26, primarily due to subdued demand in the agrochemical segment. The environmental business remains a minor contributor at 1% of total revenue.

Geographic Revenue Split

Domestic sales account for approximately 80% of revenue, while exports contributed 20% in fiscal 2023, down from 25.5% in fiscal 2022 due to headwinds in export markets.

Profitability Margins

Net Profit Margin improved significantly to 8.54% in FY 2024-25 from 1.83% in FY 2023-24. Operating Profit Margin for FY 2024-25 was 11.58%, up 334.23% from 2.67% in the previous year. However, Q2 FY26 PAT margin stood at 7.8%, down from 13.3% in Q2 FY25.

EBITDA Margin

EBITDA margin for Q2 FY26 was 11.1%, a decrease from 13.6% in Q1 FY26 and 18.2% in Q2 FY25. Management targets a full-year FY26 EBITDA margin of 13-15% based on expected recovery in the second half.

Capital Expenditure

The company has planned capital expenditure of INR 200-300 Cr spread over the next three years. A specific long-term contract for specialty chemicals involves a dedicated capex of INR 35-40 Cr.

Credit Rating & Borrowing

The company maintains a strong financial risk profile with a 'Negative' outlook from rating agencies due to subdued near-term operating performance. It is essentially debt-free with a debt-to-equity ratio of 1.04% as of FY 2024-25 and an interest coverage ratio of 47.82x.

⚙️ Operational Drivers

Raw Materials

The company utilizes various chemical intermediates for its production processes, though specific chemical names like phosphorus or sulfur are not explicitly listed in the provided documents.

Capacity Expansion

Current capacity utilization stands at 70-75% across three manufacturing sites. Planned expansion includes a biocide capacity increase and new facilities for a long-term specialty chemical contract requiring INR 35-40 Cr investment.

Raw Material Costs

Raw material prices have stabilized recently, which contributed to the operating margin expansion to 12.2% in fiscal 2025 from 3% in fiscal 2024. In FY23, a mismatch between sales prices and input costs caused margins to drop to 11.6%.

Manufacturing Efficiency

Capacity utilization is maintained at 70-75%. Manufacturing efficiency is supported by prudent working capital management and a debt-free balance sheet.

📈 Strategic Growth

Expected Growth Rate

13-15%

Growth Strategy

Growth will be driven by the 'Performance Solutions' sector and contract manufacturing. The company is investing INR 35-40 Cr in a new long-term contract for non-agro specialty chemicals and expanding biocide capacity to ensure sustained value creation and diversification away from agrochemicals.

Products & Services

Chemical intermediates for agrochemicals, commodity polymers, engineering polymers, soaps, detergents, water-treatment chemicals, and biocides.

Brand Portfolio

Excel Industries Limited.

New Products/Services

New initiatives include a long-term supply contract for a specialty chemical (non-agro) and expanded biocide offerings.

Market Expansion

The company is targeting the non-agro specialty chemical market to reduce sector-specific cyclicality.

Strategic Alliances

The company recently divested its 19.99% stake in associate company Mobitrash Recycle Ventures Private Limited (MRVPL) to Mr. Ashwin C. Shroff.

🌍 External Factors

Industry Trends

The chemical industry is seeing a demand revival in specialty segments. Excel is positioning itself by shifting focus toward performance solutions, which are expected to grow faster than traditional agrochemical intermediates.

Competitive Moat

Excel possesses a durable moat through its long-standing legacy as one of India's oldest chemical companies, a diversified product portfolio across pharma and polymers, and a strong debt-free financial structure with INR 223 Cr in unencumbered cash surplus.

Macro Economic Sensitivity

Highly sensitive to monsoon patterns; an extended monsoon in Q2 FY26 led to subdued demand in the agrochemical segment and a 12.7% QoQ revenue drop.

Geopolitical Risks

Headwinds in export markets have historically impacted volumes, leading to a decline in export share to 20% of total sales.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to standard chemical industry manufacturing standards and pollution norms, though specific new regulatory impacts were not detailed.

Taxation Policy Impact

The effective tax rate for Q2 FY26 was approximately 22.9%, with INR 6.3 Cr tax paid on a Profit Before Tax of INR 27.5 Cr.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Negative' outlook on operating performance in the near term, which may result in suboptimal cash generation if agrochemical demand remains subdued.