Excel Industries Ltd.

•

excelind.co.inBSE: 500650NSE: EXCELINDUS

Market Cap₹ 1,301 Cr.

Current Price

High / Low₹ 1,210 / 800

Stock P/E18.2

Book Value₹ 1,378

Price to Book0.77

Dividend Yield1.33 %

ROCE7.7 %

ROE5.7 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Chemicals: 99.0% • Environment: 1.0%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence

55%

View full sector analysis →

PROS

Company is almost debt free
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.42x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Recent results are weak - TTM profit is down 22.7% versus prior year
Company has a low return on capital employed of 6.3%
Company has a low return on equity of 4.5% over last 3 years
A large part of profit comes from other income (26.9% of PBT)
Company has delivered a poor profit growth of -2.3% over past five years
Operating margins have contracted to 12.3% from 21.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsPesticides & Agrochemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	UPL	580.05	24.24	48966.04	1.03	-73.00	58.52	10181.00	10.47	12.00	13.43
2.	PIIND	2390.00	31.12	36260.63	0.63	244.20	-38.95	1702.30	-10.43	16.00	21.69
3.	SUMICHEM	498.70	42.96	24892.40	0.26	214.51	20.45	1063.35	0.62	23.39	21.94
4.	BAYERCROP	3955.50	320.83	17776.84	3.79	321.60	15.39	1835.00	-4.16	30.08	20.03
5.	SHARDACROP	772.70	11.13	6971.34	1.94	88.02	-38.36	1073.77	9.03	31.10	17.32
6.	DHANUKA	1006.75	15.11	4487.92	0.20	75.50	27.94	442.02	20.01	24.44	24.83
7.	RALLIS	209.90	24.86	4081.90	1.43	-14.15	-274.26	507.54	7.70	13.23	-0.56
8.	NACLIND	166.60	315.48	3902.49	0.00	208.40	1498.16	3833.30	754.96	6.20	10.80
9.	BHAGCHEM	267.00	125.79	3462.16	0.06	13.33	234.98	195.02	57.55	4.55	15.65
10.	GSPCROP	626.15	29.75	2912.77	0.16	263.94	1111.46	3859.95	1153.27	18.46	11.02
11.	BHARATRAS	1185.00	13.75	1969.60	0.04	372.30	838.73	3381.60	796.03	16.63	15.19
12.	EXCELINDUS	1035.00	18.23	1301.07	1.33	29.47	-12.71	293.83	-5.07	7.73	14.43

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	214	198	180	234	265	269	196	248	310	270	234	281	294
	207	195	179	221	226	220	184	228	267	240	218	259	262
Operating Profit	8	3	2	13	39	49	12	20	42	30	16	22	32
OPM %	3.62%	1.34%	0.92%	5.40%	14.71%	18.21%	6.15%	7.89%	13.64%	11.07%	6.74%	7.82%	10.96%
	9	7	11	5	11	8	5	6	12	7	5	3	7
Interest	1	0	1	0	1	1	0	0	1	1	0	0	1
Depreciation	9	8	8	8	8	9	9	9	9	9	9	10	10
Profit before Tax	8	2	4	9	42	47	8	16	44	27	11	15	39
Tax %	23.95%	8.37%	32.27%	23.98%	24.32%	24.27%	26.28%	23.82%	24.07%	22.86%	24.80%	16.23%	24.25%
Net Profit	0	0	0	0	31	36	6	12	34	21	8	12	29
	4.67	1.42	2.13	5.31	24.68	28.39	4.93	9.87	26.86	16.85	6.71	9.77	23.44

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	448	462	599	825	702	749	1,178	1,090	826	978	1,079
	386	419	476	576	572	628	946	963	802	857	979
Operating Profit	62	43	122	249	130	122	232	127	24	121	100
OPM %	13.80%	9.28%	20.44%	30.19%	18.51%	16.22%	19.66%	11.62%	2.88%	12.33%	9.25%
	4	10	7	7	11	9	16	14	34	30	22
Interest	13	11	7	3	4	3	3	3	3	4	2
Depreciation	15	14	15	18	23	27	31	31	31	34	38
Profit before Tax	37	27	107	234	115	101	213	106	23	113	92
Tax %	30.52%	25.63%	30.89%	34.48%	16.39%	29.49%	24.48%	24.42%	24.90%	24.46%	22.63%
Net Profit	26	20	74	153	96	71	161	80	17	85	71
EPS	20.73	15.88	58.78	122.07	76.43	56.55	128.24	63.59	13.53	67.87	—
Dividend Payout %	22.30%	37.65%	21.26%	15.36%	13.08%	19.89%	17.55%	17.69%	40.65%	20.26%	—

COMPOUNDED SALES GROWTH

10 Years:: 7%
5 Years:: 7%
3 Years:: -6%

COMPOUNDED PROFIT GROWTH

10 Years:: 8%
5 Years:: -2%
3 Years:: -19%

STOCK PRICE CAGR

10 Years:: 12%
5 Years:: -1%
3 Years:: 3%
1 Year:: -13%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 8%
3 Years:: 5%
Last Year:: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	6	6	6	6	6	6	6	6	6	6
	204	404	526	693	695	845	1,143	1,235	1,421	1,582
	87	68	10	7	33	8	7	3	2	2
Trade Payables	71	63	87	100	105	123	180	107	185	137
	53	78	98	109	99	128	150	141	181	192
Total Liabilities	421	619	728	916	937	1,111	1,487	1,493	1,795	1,920
	164	182	202	237	375	388	426	427	427	443
Capital Work in Progress	3	8	23	12	9	17	21	19	18	8
	27	211	282	394	264	365	547	625	984	1,085
	63	55	56	69	78	69	165	131	106	94
	0	0	0	0	0	0	0	0	185	216
Cash & Bank	5	4	5	4	22	52	68	87	12	16
	160	157	160	200	189	220	260	203	63	58
Total Assets	421	619	728	916	937	1,111	1,487	1,493	1,795	1,920

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	66	47	145	212	137	114	158	155	72	62
Cash from Investing	-27	16	-45	-111	-61	-53	-104	-118	-51	-41
Cash from Financing	-17	-48	-73	-24	-31	-17	-17	-35	-17	-16
	1	-1	1	-0	17	21	-12	-27	4	4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	20.18	15.94	58.78	122.07	76.43	56.55	128.24	63.59	13.53	67.87
Book Value (₹)	163.19	326.09	423.59	556.51	557.56	677.41	914.32	987.82	1135.23	1263.84
Dividend per Share (₹)	4.50	6.00	12.50	18.75	10.00	11.25	22.50	11.25	5.50	13.75
Cash EPS (₹)	32.11	27.32	70.90	136.49	94.55	78.15	152.62	88.54	38.53	94.97
PROFITABILITY
Operating Margin %	13.34%	10.46%	21.10%	30.98%	20.07%	17.44%	20.97%	12.91%	2.86%	12.33%
Net Margin %	5.31%	3.97%	12.07%	18.59%	13.63%	9.46%	13.68%	7.33%	2.05%	8.72%
ROE %	13.19%	6.46%	15.68%	24.91%	13.72%	9.16%	16.11%	6.69%	1.27%	5.66%
ROCE %	17.23%	9.87%	22.32%	38.05%	16.62%	13.14%	21.52%	9.11%	1.92%	7.73%
	6.45%	3.85%	10.97%	18.67%	10.37%	6.94%	12.41%	5.37%	1.03%	4.59%
EFFICIENCY
Debtor Days	87	90	73	63	80	78	58	59	75	75
Inventory Days	48	43	33	28	38	36	36	50	52	37
Payable Days	104	105	106	101	119	117	94	86	109	120
	31	28	1	-11	-1	-3	0	23	18	-8
FINANCIAL HEALTH
Debt to Equity (x)	0.42x	0.17x	0.02x	0.01x	0.03x	0.01x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	3.99x	3.35x	16.37x	69.19x	31.25x	34.35x	70.42x	32.07x	8.54x	32.65x
	1.22x	1.50x	1.87x	2.80x	1.89x	2.09x	2.36x	3.63x	2.56x	3.19x
GROWTH
Revenue Growth %	-6.89%	3.12%	29.50%	37.78%	-14.85%	6.69%	57.18%	-7.49%	-24.19%	18.39%
Operating Profit Growth %	-17.87%	-19.47%	145.03%	98.09%	-44.68%	-7.42%	88.71%	-43.00%	-58.99%	161.31%
Net Profit Growth %	-36.74%	-23.10%	268.89%	107.67%	-37.39%	-26.01%	126.77%	-50.41%	-78.72%	401.55%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-78.72%	401.55%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	52.38x	14.28x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.62x	0.77x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.78%	1.42%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	15.21x	7.96x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.58	52.57	52.57	52.66	52.68	52.68	52.69	52.69	51.86
	0.89	1.56	2.17	2.05	2.08	2.01	2.01	1.94	1.85
	6.97	6.97	6.74	6.72	6.72	6.80	6.81	6.81	6.82
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	39.56	38.90	38.52	38.58	38.53	38.52	38.50	38.56	39.47

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Copy of Newspaper Publication

2026-09-01 - Excel Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-31

General Updates

2026-08-31 - Excel Industries Limited has informed the Exchange about Business Responsibility and Sustainability Report

2026-08-18

Copy of Newspaper Publication

2026-08-18 - Excel Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-17

Investor Presentation

2026-08-17 - Excel Industries Limited has informed the Exchange about Investor Presentation

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Excel Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Record Date

2026-08-13 - Excel Industries Limited has informed the Exchange that Record date for the purpose of Dividend is 17-Sep-2026.

2026-08-13

Shareholders meeting

2026-08-13 - Excel Industries Limited has informed the Exchange regarding Intimation of Annual General Meeting to be held on September 24, 2026

2026-08-13

Outcome of Board Meeting

2026-08-13 - Excel Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-31

Trading Window

2026-07-31 - Excel Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

News

Recent coverage and analyst commentary for EXCELINDUS

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Free 5nance Account

Name

UPL

580.05

24.24

48966.04

1.03

-73.00

58.52

10181.00

10.47

12.00

13.43

PIIND

2390.00

31.12

36260.63

0.63

244.20

-38.95

1702.30

-10.43

16.00

21.69

SUMICHEM

498.70

42.96

24892.40

0.26

214.51

20.45

1063.35

0.62

23.39

21.94

BAYERCROP

3955.50

320.83

17776.84

3.79

321.60

15.39

1835.00

-4.16

30.08

20.03

SHARDACROP

772.70

11.13

6971.34

1.94

88.02

-38.36

1073.77

9.03

31.10

17.32

DHANUKA

1006.75

15.11

4487.92

0.20

75.50

27.94

442.02

20.01

24.44

24.83

RALLIS

209.90

24.86

4081.90

1.43

-14.15

-274.26

507.54

7.70

13.23

-0.56

NACLIND

166.60

315.48

3902.49

0.00

208.40

1498.16

3833.30

754.96

6.20

10.80

BHAGCHEM

267.00

125.79

3462.16

0.06

13.33

234.98

195.02

57.55

4.55

15.65

GSPCROP

626.15

29.75

2912.77

0.16

263.94

1111.46

3859.95

1153.27

18.46

11.02

BHARATRAS

1185.00

13.75

1969.60

0.04

372.30

838.73

3381.60

796.03

16.63

15.19

EXCELINDUS

1035.00

18.23

1301.07

1.33

29.47

-12.71

293.83

-5.07

7.73

14.43

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

214

198

180

234

265

269

196

248

310

270

234

281

294

207

195

179

221

226

220

184

228

267

240

218

259

262

Operating Profit

OPM %

3.62%

1.34%

0.92%

5.40%

14.71%

18.21%

6.15%

7.89%

13.64%

11.07%

6.74%

7.82%

10.96%

Interest

Depreciation

Profit before Tax

Tax %

23.95%

8.37%

32.27%

23.98%

24.32%

24.27%

26.28%

23.82%

24.07%

22.86%

24.80%

16.23%

24.25%

Net Profit

4.67

1.42

2.13

5.31

24.68

28.39

4.93

9.87

26.86

16.85

6.71

9.77

23.44

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

448

462

599

825

702

749

1,178

1,090

826

978

1,079

386

419

476

576

572

628

946

963

802

857

979

Operating Profit

122

249

130

122

232

127

121

100

OPM %

13.80%

9.28%

20.44%

30.19%

18.51%

16.22%

19.66%

11.62%

2.88%

12.33%

9.25%

Interest

Depreciation

Profit before Tax

107

234

115

101

213

106

113

Tax %

30.52%

25.63%

30.89%

34.48%

16.39%

29.49%

24.48%

24.42%

24.90%

24.46%

22.63%

Net Profit

153

161

EPS

20.73

15.88

58.78

122.07

76.43

56.55

128.24

63.59

13.53

67.87

—

Dividend Payout %

22.30%

37.65%

21.26%

15.36%

13.08%

19.89%

17.55%

17.69%

40.65%

20.26%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

204

404

526

693

695

845

1,143

1,235

1,421

1,582

Trade Payables

100

105

123

180

107

185

137

109

128

150

141

181

192

Total Liabilities

421

619

728

916

937

1,111

1,487

1,493

1,795

1,920

164

182

202

237

375

388

426

427

443

Capital Work in Progress

211

282

394

264

365

547

625

984

1,085

165

131

106

185

216

Cash & Bank

160

157

160

200

189

220

260

203

Total Assets

421

619

728

916

937

1,111

1,487

1,493

1,795

1,920

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

145

212

137

114

158

155

Cash from Investing

-27

-45

-111

-61

-53

-104

-118

-51

-41

Cash from Financing

-17

-48

-73

-24

-31

-17

-35

-17

-16

-1

-0

-12

-27

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

20.18

15.94

58.78

122.07

76.43

56.55

128.24

63.59

13.53

67.87

Book Value (₹)

163.19

326.09

423.59

556.51

557.56

677.41

914.32

987.82

1135.23

1263.84

Dividend per Share (₹)

4.50

6.00

12.50

18.75

10.00

11.25

22.50

11.25

5.50

13.75

Cash EPS (₹)

32.11

27.32

70.90

136.49

94.55

78.15

152.62

88.54

38.53

94.97

PROFITABILITY

Operating Margin %

13.34%

10.46%

21.10%

30.98%

20.07%

17.44%

20.97%

12.91%

2.86%

12.33%

Net Margin %

5.31%

3.97%

12.07%

18.59%

13.63%

9.46%

13.68%

7.33%

2.05%

8.72%

ROE %

13.19%

6.46%

15.68%

24.91%

13.72%

9.16%

16.11%

6.69%

1.27%

5.66%

ROCE %

17.23%

9.87%

22.32%

38.05%

16.62%

13.14%

21.52%

9.11%

1.92%

7.73%

6.45%

3.85%

10.97%

18.67%

10.37%

6.94%

12.41%

5.37%

1.03%

4.59%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

104

105

106

101

119

117

109

120

-11

-1

-3

-8

FINANCIAL HEALTH

Debt to Equity (x)

0.42x

0.17x

0.02x

0.01x

0.03x

0.01x

0.00x

Interest Coverage (x)

3.99x

3.35x

16.37x

69.19x

31.25x

34.35x

70.42x

32.07x

8.54x

32.65x

1.22x

1.50x

1.87x

2.80x

1.89x

2.09x

2.36x

3.63x

2.56x

3.19x

GROWTH

Revenue Growth %

-6.89%

3.12%

29.50%

37.78%

-14.85%

6.69%

57.18%

-7.49%

-24.19%

18.39%

Operating Profit Growth %

-17.87%

-19.47%

145.03%

98.09%

-44.68%

-7.42%

88.71%

-43.00%

-58.99%

161.31%

Net Profit Growth %

-36.74%

-23.10%

268.89%

107.67%

-37.39%

-26.01%

126.77%

-50.41%

-78.72%

401.55%

0.00%

-78.72%

401.55%

VALUATION

P/E (x)

0.00x

52.38x

14.28x

P/B (x)

0.00x

0.62x

0.77x

Dividend Yield %

0.00%

0.78%

1.42%

0.00x

15.21x

7.96x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

52.58

52.57

52.66

52.68

52.69

51.86

0.89

1.56

2.17

2.05

2.08

2.01

1.94

1.85

6.97

6.74

6.72

6.80

6.81

6.82

Government

0.00

39.56

38.90

38.52

38.58

38.53

38.52

38.50

38.56

39.47

Excel Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

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Shareholding Pattern

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Excel Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI