Excellent Wires and Packaging Limited (EXCELLENT)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Excellent Wires' revenue was ₹12.7 Cr (+8.7% year on year, +28.1% on the previous half-year), and net profit ₹1.1 Cr (+37.7% year on year); the operating margin was 11.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹12.7 | +8.7% | +28.1% |
| Operating profit | ₹1.5 | +47.0% | +119.4% |
| Net profit | ₹1.1 | +37.7% | +135.6% |
| EPS (₹) | 2.37 | +37.8% | +134.7% |
| Operating margin | 11.6% | — | — |
📢 Recent Corporate Announcements
Excellent Wires and Packaging Limited announced on October 15, 2026, that it has been recognised as a 'Qualified Jeweller' by the India International Bullion Exchange (IIBX). The recognition was formally marked by a meeting with IIBX MD & CEO Shri Ashok Gautam. The status enables participation within the IIBX bullion trading ecosystem, though no immediate revenue or financial commitments were disclosed. The company previously reported revenue of ₹12.72 Cr and net profit of ₹1.06 Cr in the Mar 2026 quarter.
- Recognised as a 'Qualified Jeweller' by India International Bullion Exchange (IIBX) on October 15, 2026
- Formal memento presented by Shri Ashok Gautam, MD & CEO of IIBX
- Financial commitment or trade volume targets: not disclosed
- Company generated ₹12.72 Cr revenue and ₹1.06 Cr PAT in the quarter ending March 2026
Excellent Wires and Packaging Limited has informed the exchange that its trading window will remain closed starting October 01, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter and half-year ended September 30, 2026. The restriction applies to directors, designated persons, and their immediate relatives. The window will reopen 48 hours after the declaration of the un-audited standalone and consolidated financial results.
- Trading window closes effective Thursday, October 01, 2026
- Closure covers the period for financial results ending September 30, 2026
- Trading restrictions lift 48 hours after the declaration of financial results
- Date for the board meeting to approve results will be announced in due course
Shareholders of Excellent Wires and Packaging Limited approved the appointment of M/s. Suthar Parab and Co., Chartered Accountants, as Statutory Auditors at the 5th AGM on September 23, 2026. The appointment fills a casual vacancy resulting from the resignation of M/s. Bohara Shah & Co. The new auditor will serve for a five-year term running from the conclusion of the 5th AGM to the 10th AGM.
- Appointment of M/s. Suthar Parab and Co. approved at the 5th AGM on September 23, 2026
- Appointed to fill casual vacancy caused by the resignation of M/s. Bohara Shah & Co.
- Tenure spans 5 consecutive years from the 5th AGM until the conclusion of the 10th AGM
- The incoming audit firm was established in 2019 (FRN: 152154W)
Excellent Wires and Packaging Limited has issued the notice for its 5th Annual General Meeting (AGM) scheduled for September 23, 2026, via Video Conferencing. Key agenda items include the adoption of FY2025-26 audited financial statements and the re-appointment of director Mr. Darshil Shah, who holds 7,58,400 shares. Additionally, shareholders will vote on appointing M/s. Suthar Parab and Co., Chartered Accountants, as statutory auditors for a 5-year term at an annual audit fee of Rs 75,000 to fill the casual vacancy created by the resignation of M/s. Bohara Shah & Co.
- 5th Annual General Meeting scheduled for September 23, 2026, at 09:00 AM IST via VC/OAVM
- Appointment of M/s. Suthar Parab and Co. as statutory auditors for a 5-year term until the 10th AGM (2031)
- Statutory audit fee proposed at Rs 75,000 excluding taxes and reimbursements
- Casual vacancy arose from the resignation of outgoing auditor M/s. Bohara Shah & Co. on August 31, 2026
- Director Darshil Shah, holding 7,58,400 equity shares, retires by rotation and seeks re-appointment
Excellent Wires and Packaging Limited announced the resignation of its statutory auditor, M/s. Bohara Shah & Co., effective August 31, 2026. The auditor was appointed on August 19, 2025, and their tenure was originally scheduled to run through March 31, 2030. The firm cited increased professional commitments and resource constraints as the reason for stepping down, noting no unresolved concerns or disagreements with management. The auditor previously completed and signed off on the FY26 annual audit report on May 12, 2026.
- Resignation of Statutory Auditor Bohara Shah & Co. effective August 31, 2026
- Auditor tenure truncated approximately 4 years ahead of scheduled expiry on March 31, 2030
- Latest audit report for FY26 was completed and issued on May 12, 2026
- No material disputes or audit limitations reported in the resignation annexure
M/s. Bohara Shah & Co., Chartered Accountants, has resigned as the Statutory Auditor of Excellent Wires and Packaging Limited effective August 31, 2026. The firm was appointed on August 19, 2025, and was scheduled to serve until March 31, 2030. The auditor cited an increase in professional commitments and constraints on resources as the reason for early cessation. The auditor confirmed that no other material issues or unprovided information prompted the resignation, having completed the FY26 audit on May 12, 2026.
- M/s. Bohara Shah & Co. resigned as Statutory Auditor effective August 31, 2026
- Auditor's term was originally scheduled to run through March 31, 2030 (appointed August 19, 2025)
- Latest audit report was completed for the year ended March 31, 2026, and submitted on May 12, 2026
- Auditor confirmed no management-imposed limitations or other undisclosed concerns
Excellent Wires and Packaging Limited announced the resignation of its statutory auditor, M/s. Bohara Shah & Co., effective August 31, 2026. The firm had been appointed on August 19, 2025, with a scheduled five-year term ending March 31, 2030. The auditor cited resource constraints and increased professional commitments as the reason for stepping down. They confirmed having completed the audit for FY2026 (issued May 12, 2026) with no material concerns or undisclosed reasons requiring attention.
- Resignation of Statutory Auditor M/s. Bohara Shah & Co. effective August 31, 2026.
- Auditor's tenure was originally scheduled to run through March 31, 2030 (appointed August 19, 2025).
- Latest statutory audit for FY26 was completed and signed on May 12, 2026.
- Auditor confirmed no disagreements or material matters to report to shareholders or creditors.
Excellent Wires and Packaging Limited announced that its statutory auditor, M/s. Bohara Shah & Co., has resigned effective August 31, 2026. The auditor was appointed on August 19, 2025, and had a scheduled term through March 31, 2030. The firm cited increased professional commitments and resource constraints as the reason for its premature exit. The auditor previously completed the FY26 statutory audit on May 12, 2026, and confirmed there are no other concerns to report.
- Statutory auditor M/s. Bohara Shah & Co. resigned with effect from August 31, 2026.
- Auditor tenure was originally scheduled to run for 5 years until March 31, 2030.
- Auditor cited professional resource constraints and confirmed no other material issues or disagreements.
- Latest audit report for the year ended March 31, 2026, was completed and issued on May 12, 2026.
Excellent Wires and Packaging Limited announced the outcome of its Board meeting held on August 31, 2026. The Board noted the resignation of M/s. Bohara Shah & Co. as statutory auditor and approved the appointment of M/s. Suthar Parab and Co., Chartered Accountants, to fill the casual vacancy. Additionally, the company scheduled its 5th Annual General Meeting (AGM) for September 23, 2026, with the e-voting cut-off date set as September 16, 2026.
- Noted resignation of statutory auditor M/s. Bohara Shah & Co.
- Appointed M/s. Suthar Parab and Co. to fill casual vacancy as statutory auditor
- 5th AGM scheduled for September 23, 2026 at 09:00 AM via VC/OVAM
- Remote e-voting window active from September 20 to September 22, 2026 with cut-off date of September 16, 2026
- Register of members closed from September 17 to September 23, 2026
Excellent Wires and Packaging Limited announced the resignation of statutory auditor M/s. Bohara Shah & Co. and approved the appointment of M/s. Suthar Parab and Co., Chartered Accountants, to fill the casual vacancy. The Board also approved the Directors' Report for FY26 and scheduled the 5th Annual General Meeting (AGM) for September 23, 2026. Remote e-voting will take place from September 20 to September 22, 2026, with a cut-off date of September 16, 2026.
- Resignation of statutory auditor M/s. Bohara Shah & Co. noted by the Board
- Appointment of M/s. Suthar Parab and Co., Chartered Accountants, to fill the casual vacancy
- 5th AGM scheduled for September 23, 2026 at 09:00 AM via VC/OAVM
- Remote e-voting open from September 20, 2026 (9:00 AM) to September 22, 2026 (5:00 PM)
- Cut-off date for voting eligibility set as September 16, 2026
Excellent Wires and Packaging Limited has been notified as a Qualified Jeweller (QJ) by the International Financial Services Centres Authority (IFSCA) pursuant to reference IFSCA/DMC/QJ/272 dated August 5, 2026. This approval enables the company to trade directly on the India International Bullion Exchange (IIBX) at GIFT City and import gold and silver under applicable ITC (HS) Codes. The authorization remains valid until the expiration of the company's Registration-cum-Membership Certificate (RCMC). Management expects this access to optimize operational logistics and support precious metals business margins.
- Notified as Qualified Jeweller by IFSCA under reference IFSCA/DMC/QJ/272 dated August 5, 2026
- Enables direct import of gold and silver as a client on India International Bullion Exchange (IIBX) at GIFT City
- Approval validity tied to the duration of the company's Registration-cum-Membership Certificate (RCMC)
- Document intimation filed on August 20, 2026 under Regulation 30 of SEBI LODR Regulations
The Directorate General of Foreign Trade (DGFT) has granted Excellent Wires and Packaging Limited an authorization to import restricted precious metals, specifically Silver Grains. The license enables direct imports from 6 countries: Singapore, Switzerland, Thailand, the United Arab Emirates, the United Kingdom, and the United States. This regulatory clearance is valid until February 14, 2028, and allows the company to source silver directly for its operations catering to the jewellery sector.
- Received DGFT authorization to import restricted Silver Grains directly into India
- License validity extends up to 14.02.2028
- Approved sourcing from 6 international origins: Singapore, Switzerland, Thailand, UAE, UK, and USA
- Enables direct procurement for jewellery sector operations, bypassing domestic intermediaries
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew by 45.63% YoY to INR 22.44 Cr (INR 2,243.90 Lakhs) from INR 15.41 Cr in the previous year. Segment-specific growth percentages were not disclosed.
Profitability Margins
Net Profit Margin remained stable at approximately 5.00% (INR 1.12 Cr profit on INR 22.44 Cr revenue), showing a slight decrease of 5.71% in margin efficiency compared to the previous year. Profit before tax stood at INR 1.46 Cr.
EBITDA Margin
EBITDA margin is approximately 8.95% (INR 2.01 Cr), calculated from a Profit Before Tax of INR 1.46 Cr plus Finance Costs of INR 0.09 Cr and Depreciation of INR 0.46 Cr. EBIT improved significantly, contributing to a 238.74% increase in the Interest Coverage Ratio.
Capital Expenditure
The company invested INR 2.79 Cr (INR 279.20 Lakhs) in the purchase of fixed assets during the financial year 2024-25 to support operational scaling.
Credit Rating & Borrowing
The company eliminated its debt during the year, resulting in a Debt-Equity Ratio of 0.00 (a 100% reduction from 0.56). Interest Coverage Ratio improved by 238.74% to 17.64 due to reduced interest expenses and higher EBIT.
Operational Drivers
Raw Materials
Raw materials for wire manufacturing and packaging (such as steel and polymers) represent the largest cost component at 86.73% of total revenue, amounting to INR 19.46 Cr (INR 1,946.23 Lakhs).
Capacity Expansion
Current installed capacity is not specified in units; however, the company added INR 2.79 Cr to its fixed asset base in FY 2024-25 to expand its manufacturing footprint.
Raw Material Costs
Raw material costs totaled INR 19.46 Cr, accounting for 86.73% of total income. The company manages these costs through a structured procurement strategy to mitigate price volatility.
Manufacturing Efficiency
Capacity utilization metrics were not disclosed, but the company emphasizes optimum utilization of resources to attain organizational objectives.
Strategic Growth
Growth Strategy
The company is pursuing growth by strengthening its balance sheet through a 100% reduction in debt and a significant equity infusion of INR 15.03 Cr. This capital is intended to fund capacity expansion, optimize resource utilization, and improve the Current Ratio, which rose 945.44% to 17.06.
Products & Services
The company manufactures and sells various types of Wires and Packaging materials used in industrial and infrastructure applications.
Brand Portfolio
Excellent Wires and Packaging Limited.
Market Expansion
The company aims to contain risks within its appetite while expanding operations, though specific target regions and timelines were not disclosed.
External Factors
Industry Trends
The industry is currently facing a shift toward environmental sustainability and increased regulatory compliance, which may increase operational costs. The company is positioning itself by strengthening internal controls and financial stability.
Competitive Landscape
The company operates in a competitive environment characterized by pressure from low-cost imports and evolving environmental standards.
Competitive Moat
The company's moat is built on a debt-free balance sheet (Current Ratio of 17.06) and robust internal financial control systems that ensure the safeguarding of assets and detection of fraud.
Macro Economic Sensitivity
The company is highly sensitive to infrastructure spending and GDP growth, as infrastructure project delays are cited as a primary risk to order inflows.
Geopolitical Risks
Rising competition from cheaper imports poses a significant threat to domestic market share and pricing stability.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental norms and sustainability standards, as well as compliance with the Companies Act, 2013 and SEBI Listing Obligations.
Environmental Compliance
The company identifies environmental and sustainability challenges as key risks, though specific ESG compliance costs were not disclosed.
Taxation Policy Impact
The company's effective tax rate for the period was approximately 23.86%, with a current tax expense of INR 0.35 Cr (INR 34.79 Lakhs) on a Profit Before Tax of INR 1.46 Cr.
Legal Contingencies
The company has zero pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Key uncertainties include infrastructure project delays (potential revenue impact not quantified), rising competition from cheaper imports, and potential regulatory changes increasing operational costs.
Third Party Dependencies
The company relies on vendors for raw materials, representing 86.73% of its cost structure, making it vulnerable to supply chain disruptions.
Credit & Counterparty Risk
Trade Receivable Turnover Ratio decreased by 13.18% to 6.76, indicating a slight slowdown in the collection of receivables.
