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EXCELINDUS - Excel Industries

📊 NSE: EXCELINDUS 🏢 Pesticides / Agrochemicals - Indian 📅 Last Updated: 12/13/2025 22:01

📢 Recent Corporate Announcements

Excel Industries Submits Application for Promoter Reclassification to Public Category

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 24 Feb 2026, 04:31 PM

Excel Industries Limited has formally submitted an application to the National Stock Exchange (NSE) for the reclassification of a promoter group member to the public category. This follows the Board of Directors' approval of the request on February 3, 2026. The company completed the submission process through the Event Based Compliance Module on February 12, 2026, after an initial email submission on February 6 due to technical issues. This is a procedural regulatory step and does not impact the company's core business operations.

Board approved the promoter reclassification request on February 3, 2026
Initial application submitted to NSE via email on February 6, 2026, due to portal issues
Final submission through the Event Based Compliance Module completed on February 12, 2026
Disclosure made under Regulation 31A (8) of SEBI (LODR) Regulations, 2015

💡 No immediate action is required as this is a routine administrative change in the promoter group classification. Investors should monitor the shareholding pattern for any subsequent changes in the promoter's actual stake.

Excel Industries Q3 Net Profit Rises 31% YoY to ₹8.40 Cr; Revenue Up 19%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 09 Feb 2026, 11:13 AM

Excel Industries reported a 19% YoY growth in revenue from operations to ₹233.45 crore for the quarter ended December 31, 2025. Net profit for the quarter increased by 31.3% YoY to ₹8.40 crore, showing a recovery from the previous year's quarterly performance. However, for the nine-month period, net profit declined by 15.8% YoY to ₹60.69 crore, indicating some margin pressure earlier in the fiscal year. The company has also reorganized its reporting into a single 'Chemicals' segment and made a one-time provision of ₹1.15 crore for gratuity due to new Labour Codes.

Quarterly Revenue from operations grew 18.8% YoY to ₹233.45 crore from ₹196.41 crore.
Net Profit for Q3 FY26 stood at ₹8.40 crore, up from ₹6.40 crore in the same period last year.
Nine-month (9M) Revenue increased to ₹813.12 crore compared to ₹730.23 crore in the previous year.
The company transitioned to a single operating and reportable segment named 'Chemicals' for better strategic focus.
An incremental provision of ₹115.42 lakhs was made for Gratuity following the notification of new Government Labour Codes.

💡 The quarterly recovery in profit and revenue growth is a positive signal, though the year-to-date profit decline warrants a cautious outlook on overall margin stability. Investors should monitor if the new single-segment focus improves operational efficiency in upcoming quarters.

Excel Industries Q3 FY26 Revenue Rises 19% to ₹233 Cr; PAT Up 31% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 04:45 PM

Excel Industries reported a strong Q3 FY26 with revenue growing 19% YoY to ₹233 crore, driven by improved demand in performance solutions and better price realizations. While quarterly PAT rose 31% to ₹8 crore, the 9-month performance shows a cumulative decline in profitability with 9M PAT down 16% YoY to ₹61 crore. The company is planning a significant capital expenditure of ₹200-300 crore over the next three years for capacity expansion and technology upgrades. Export contributions remain steady, accounting for 27% of quarterly revenue.

Q3 FY26 Revenue grew 19% YoY to ₹233 Cr, while Adjusted EBITDA rose 39% to ₹17 Cr.
9M FY26 Revenue increased 11% to ₹813 Cr, though PAT declined 16% to ₹61 Cr compared to the previous year.
Planned Capex of ₹200-300 Cr over the next 3 years for plant upgrades, product innovation, and capacity expansion.
Adjusted EBITDA margin for Q3 FY26 improved by 100bps YoY to 7.3% due to favorable product mix.
Export revenue contributed 27% to the total revenue in Q3 FY26, up from 22.3% for the 9-month period.

💡 Investors should monitor the execution of the ₹200-300 crore capex plan and the recovery in 9-month profitability margins. The strong quarterly growth in performance solutions and biocides suggests a positive turnaround in demand that needs to be sustained.

Excel Industries Board Approves Reclassification of Mrs. Malti Bhatia (0.83%) to Public Category

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 03 Feb 2026, 07:59 PM

The Board of Directors of Excel Industries has approved a request from Mrs. Malti Bhatia to reclassify her status from the 'Promoter Group' to the 'Public' category. Mrs. Bhatia holds 1,04,082 equity shares, which represents a minor 0.83% stake in the company's total paid-up share capital. The reclassification is based on her lack of involvement in company management, absence of control, and no board representation. This move is now subject to final approval from the BSE and NSE.

Board approved reclassification of Mrs. Malti Bhatia from 'Promoter Group' to 'Public' category on February 03, 2026.
The applicant holds 1,04,082 equity shares, representing 0.83% of the total paid-up share capital.
The request complies with all requirements under Regulation 31A of SEBI (LODR) Regulations, 2015.
The applicant confirmed no involvement in management, no special rights, and no board representation.
Final implementation is subject to approval from the Bombay Stock Exchange and National Stock Exchange.

💡 This is a routine administrative change with no impact on the company's fundamentals or operations. No action is required from investors.

Excel Industries Approves Unaudited Financial Results for Q3 FY2025-26

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 03 Feb 2026, 07:26 PM

Excel Industries Limited has officially approved its unaudited financial results for the quarter and nine months ended December 31, 2025. The Board of Directors met on February 3, 2026, for over four and a half hours to review and finalize the performance metrics. The submission includes the statutory Limited Review Report, ensuring regulatory compliance under SEBI guidelines. While the cover letter does not disclose specific profit figures, it confirms the completion of the audit committee's review process.

Board approved financial results for the quarter and nine months ended December 31, 2025.
The Board meeting lasted approximately 4 hours and 40 minutes, concluding at 06:40 p.m.
Results were reviewed and recommended by the Audit Committee prior to Board approval.
The filing includes the Limited Review Report issued by the company's statutory auditors.
The announcement covers both Chemicals and Environment & Biotech divisions.

💡 Investors should examine the detailed financial tables attached to the full report to evaluate margin performance in the chemical segment. Compare the year-on-year growth for the nine-month period ending December 2025 to assess the company's recovery or growth trajectory.

Excel Industries Approves Q3 FY26 Unaudited Financial Results

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 03 Feb 2026, 07:06 PM

Excel Industries Limited's Board of Directors approved the unaudited financial results for the quarter and nine months ended December 31, 2025, during their meeting on February 3, 2026. The results were reviewed and recommended by the Audit Committee prior to board approval. While the specific financial figures were not detailed in the cover letter, the announcement confirms the completion of the statutory review for the third quarter. The board meeting concluded at 6:40 p.m. following a nearly five-hour session.

Board approved unaudited financial results for the quarter ended December 31, 2025.
Financial results for the nine-month period ending December 31, 2025, were also cleared.
The Audit Committee conducted a prior review and recommendation of the financials.
A Limited Review Report from the statutory auditors has been filed with the results.
The board meeting lasted approximately 4 hours and 40 minutes.

💡 Investors should closely examine the detailed financial tables and the Limited Review Report to evaluate the company's margin performance and revenue growth. Compare these results against industry peers in the chemicals and biotech sectors to assess relative performance.

Excel Industries Receives Reclassification Request for 0.83% Stake from Promoter to Public

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 28 Jan 2026, 03:27 PM

Malti Dilipsingh Bhatia, a member of the promoter group at Excel Industries, has formally applied to be reclassified as a public shareholder. She currently holds 1,04,082 equity shares, representing a minor 0.83% stake in the company's paid-up capital. The applicant has confirmed she has no involvement in management, no board representation, and no special voting rights. This request follows standard SEBI Regulation 31A procedures for shareholders with insignificant holdings and no control over the company.

Malti Dilipsingh Bhatia seeks reclassification from 'Promoter Group' to 'Public Category'
The applicant holds 1,04,082 equity shares, equivalent to 0.83% of total paid-up capital
Request submitted under Regulation 31A of SEBI (LODR) Regulations, 2015
Applicant confirms no managerial involvement, no board seat, and no special rights

💡 This is a routine regulatory update with no impact on company operations or financial health. No action is required from investors as this is an administrative change in shareholder classification.

Excel Industries Board to Meet on Feb 3, 2026, to Approve Q3 Unaudited Financial Results

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 22 Jan 2026, 05:12 PM

Excel Industries Limited has scheduled a Board of Directors meeting for February 3, 2026, to review and approve the unaudited financial results for the quarter ended December 31, 2025. In compliance with SEBI (Prohibition of Insider Trading) Regulations, the trading window for insiders will remain closed until February 5, 2026. The window is scheduled to re-open for designated persons on February 6, 2026. This is a routine regulatory filing ahead of the quarterly earnings release.

Board meeting scheduled for February 3, 2026, to approve Q3 FY26 results.
Financial results cover the three-month period ending December 31, 2025.
Insider trading window remains closed until February 5, 2026.
Trading window for designated persons will re-open on February 6, 2026.

💡 Investors should monitor the company's financial performance on February 3 for updates on the chemicals and environment business segments. No immediate action is required as this is a standard procedural announcement.

Excel Industries Submits Quarterly Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 05:26 PM

Excel Industries Limited has filed its quarterly compliance certificate for the period ended December 31, 2025, as required under SEBI (Depositories and Participants) Regulations. The filing confirms that all share certificates received for dematerialization were processed, mutilated, and cancelled within the prescribed timelines. The company's Registrar and Transfer Agent, MUFG Intime India Pvt Ltd, verified that the names of depositories were updated in the register of members. This is a standard administrative procedure to ensure the integrity of the shareholding records.

Compliance certificate issued for the quarter ended December 31, 2025.
Confirmation that dematerialized securities are listed on both BSE and NSE.
Registrar and Transfer Agent MUFG Intime India Pvt Ltd confirmed zero rematerialization requests during the period.
All security certificates received were mutilated and cancelled after due verification within stipulated timeframes.

💡 This is a routine regulatory filing with no impact on the company's fundamentals or stock performance. No action is required from investors.

Excel Industries to Close Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 04:04 PM

Excel Industries Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading Regulations. This closure is a standard procedure ahead of the declaration of financial results for the quarter ending December 31, 2025. The restriction applies to designated persons and their immediate relatives, while the window remains open for general investors. The window will reopen 48 hours after the financial results are officially declared.

Trading window closure effective from January 1, 2026
Closure is in relation to financial results for the quarter ended December 31, 2025
Restriction applies to designated persons and their immediate relatives as per the Company's Code
Trading window will reopen 48 hours after the declaration of the quarterly results

💡 This is a routine regulatory filing with no impact on the company's fundamentals. Investors should monitor for the upcoming board meeting date to assess the actual financial performance for the quarter.

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💰 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.