Excel Industries Ltd.

•

₹ 1,089-2.29%

2026-08-21

excelind.co.inBSE: 500650NSE: EXCELINDUS

Market Cap₹ 1,420 Cr.

Current Price₹ 1,114

High / Low₹ 1,349 / 800

Stock P/E19.9

Book Value₹ 1,378

Price to Book0.77

Dividend Yield1.22 %

ROCE7.7 %

ROE5.7 %

Face Value₹ 5

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ABOUT

KEY POINTS

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

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

EDIT COLUMNS

ChemicalsChemicalsPesticides & Agrochemicals

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	UPL	568.70	23.77	48007.91	1.05	-73.00	58.52	10181.00	10.47	12.00	13.43
2.	PIIND	2496.00	32.51	37868.84	0.60	244.20	-38.95	1702.30	-10.43	16.00	21.69
3.	SUMICHEM	553.65	47.69	27635.20	0.23	214.51	20.45	1063.35	0.62	23.39	21.94
4.	BAYERCROP	4068.40	329.99	18284.24	3.69	321.60	15.39	1835.00	-4.16	30.08	20.03
5.	SHARDACROP	771.80	11.12	6963.22	1.94	88.02	-38.36	1073.77	9.03	31.10	17.32
6.	DHANUKA	995.20	14.94	4436.43	0.20	75.50	27.94	442.02	20.01	24.44	24.83
7.	RALLIS	211.90	25.10	4120.80	1.42	-14.15	-274.26	507.54	7.70	13.23	-0.56
8.	NACLIND	174.00	329.49	4075.83	0.00	208.40	1498.16	3833.30	754.96	6.20	10.80
9.	BHAGCHEM	290.25	136.75	3763.65	0.05	13.33	234.98	195.02	57.55	4.55	15.65
10.	GSPCROP	595.35	28.29	2769.49	0.17	263.94	1111.46	3859.95	1153.27	20.81	11.02
11.	BHARATRAS	1279.90	14.85	2127.33	0.04	372.30	838.73	3381.60	796.03	16.63	15.19
12.	EXCELINDUS	1129.30	19.89	1419.61	1.22	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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	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
	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
	5	1	2	5	25	28	5	10	27	17	7	10	2
Equity Capital	6	6	6	6	6	6	6	6	6	6	6	6	6
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	6	6	6	6	6	6	6	6	6	6	6	6	6
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 214
: 207
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 1
Depreciation: 9
: 8
Tax %: 23.95%
Net Profit: 0
: 5
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 198
: 195
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 0
Depreciation: 8
: 2
Tax %: 8.37%
Net Profit: 0
: 1
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 180
: 179
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 1
Depreciation: 8
: 4
Tax %: 32.27%
Net Profit: 0
: 2
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 234
: 221
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 0
Depreciation: 8
: 9
Tax %: 23.98%
Net Profit: 0
: 5
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 265
: 226
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 1
Depreciation: 8
: 42
Tax %: 24.32%
Net Profit: 31
: 25
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 269
: 220
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 1
Depreciation: 9
: 47
Tax %: 24.27%
Net Profit: 36
: 28
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 196
: 184
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 0
Depreciation: 9
: 8
Tax %: 26.28%
Net Profit: 6
: 5
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 248
: 228
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 0
Depreciation: 9
: 16
Tax %: 23.82%
Net Profit: 12
: 10
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 310
: 267
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 1
Depreciation: 9
: 44
Tax %: 24.07%
Net Profit: 34
: 27
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 270
: 240
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 1
Depreciation: 9
: 27
Tax %: 22.86%
Net Profit: 21
: 17
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 234
: 218
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 0
Depreciation: 9
: 11
Tax %: 24.80%
Net Profit: 8
: 7
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 281
: 259
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 0
Depreciation: 10
: 15
Tax %: 16.23%
Net Profit: 12
: 10
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 294
: 262
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 1
Depreciation: 10
: 39
Tax %: 24.25%
Net Profit: 29
: 2
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

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	65	53	129	256	141	131	247	141	58	151	—
OPM %	15	11	22	31	20	17	21	13	7	15	—
Other Income	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
	37	27	107	234	115	101	213	106	23	113	92
Tax %	31	26	31	34	16	29	24	24	25	24	23
Net Profit	26	20	74	153	96	71	161	80	17	85	71
EPS	21	16	59	122	76	57	128	64	14	68	—
Dividend Payout %	22	38	21	15	13	20	18	18	41	20	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	-0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	20	16	59	122	76	57	128	64	14	68	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	-0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	20	16	59	122	76	57	128	64	14	68	—

Mar 2016

: 448
: 386
Operating Profit: 65
OPM %: 15
Other Income: 4
Interest: 13
Depreciation: 15
: 37
Tax %: 31
Net Profit: 26
EPS: 21
Dividend Payout %: 22
Minority Interest: 0
Share of Associates: -0
Adjusted EPS: 20
Minority Interest: 0
Share of Associates: -0
Adjusted EPS: 20

Mar 2017

: 462
: 419
Operating Profit: 53
OPM %: 11
Other Income: 10
Interest: 11
Depreciation: 14
: 27
Tax %: 26
Net Profit: 20
EPS: 16
Dividend Payout %: 38
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16

Mar 2018

: 599
: 476
Operating Profit: 129
OPM %: 22
Other Income: 7
Interest: 7
Depreciation: 15
: 107
Tax %: 31
Net Profit: 74
EPS: 59
Dividend Payout %: 21
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 59
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 59

Mar 2019

: 825
: 576
Operating Profit: 256
OPM %: 31
Other Income: 7
Interest: 3
Depreciation: 18
: 234
Tax %: 34
Net Profit: 153
EPS: 122
Dividend Payout %: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 122
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 122

Mar 2020

: 702
: 572
Operating Profit: 141
OPM %: 20
Other Income: 11
Interest: 4
Depreciation: 23
: 115
Tax %: 16
Net Profit: 96
EPS: 76
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 76
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 76

Mar 2021

: 749
: 628
Operating Profit: 131
OPM %: 17
Other Income: 9
Interest: 3
Depreciation: 27
: 101
Tax %: 29
Net Profit: 71
EPS: 57
Dividend Payout %: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 57
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 57

Mar 2022

: 1,178
: 946
Operating Profit: 247
OPM %: 21
Other Income: 16
Interest: 3
Depreciation: 31
: 213
Tax %: 24
Net Profit: 161
EPS: 128
Dividend Payout %: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 128
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 128

Mar 2023

: 1,090
: 963
Operating Profit: 141
OPM %: 13
Other Income: 14
Interest: 3
Depreciation: 31
: 106
Tax %: 24
Net Profit: 80
EPS: 64
Dividend Payout %: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 64
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 64

Mar 2024

: 826
: 802
Operating Profit: 58
OPM %: 7
Other Income: 34
Interest: 3
Depreciation: 31
: 23
Tax %: 25
Net Profit: 17
EPS: 14
Dividend Payout %: 41
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2025

: 978
: 857
Operating Profit: 151
OPM %: 15
Other Income: 30
Interest: 4
Depreciation: 34
: 113
Tax %: 24
Net Profit: 85
EPS: 68
Dividend Payout %: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 68
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 68

TTM

: 1,079
: 979
Operating Profit: —
OPM %: —
Other Income: 22
Interest: 2
Depreciation: 38
: 92
Tax %: 23
Net Profit: 71
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: 14%
5 Years:: 1%
3 Years:: 8%
1 Year:: -10%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
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
	77	59	9	7	21	6	5	1	0	0
Trade Payables	71	63	87	100	105	123	180	107	185	137
	63	88	99	109	110	131	152	143	183	194
Total Liabilities	421	619	728	916	937	1,111	1,487	1,493	1,795	1,920
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	89	68	10	7	21	6	5	1	0	0
Net Working Capital	37	69	97	210	132	172	276	324	317	380
Contingent Liabilities	18	14	6	6	6	6	6	2	2	2
Book Value per Share	163.19	326.09	423.59	556.51	557.56	677.41	914.32	987.82	1135.23	1263.84
Face Value	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00
Total Debt	89	68	10	7	21	6	5	1	0	0
Net Working Capital	37	69	97	210	132	172	276	324	317	380
Contingent Liabilities	18	14	6	6	6	6	6	2	2	2
Book Value per Share	163.19	326.09	423.59	556.51	557.56	677.41	914.32	987.82	1135.23	1263.84
Face Value	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00

Mar 2016

Equity Capital: 6
: 204
: 77
Trade Payables: 71
: 63
Total Liabilities: 421
: 164
Capital Work in Progress: 3
: 27
: 63
: 0
Cash & Bank: 5
: 160
Total Assets: 421
Total Debt: 89
Net Working Capital: 37
Contingent Liabilities: 18
Book Value per Share: 163.19
Face Value: 5.00
Total Debt: 89
Net Working Capital: 37
Contingent Liabilities: 18
Book Value per Share: 163.19
Face Value: 5.00

Mar 2017

Equity Capital: 6
: 404
: 59
Trade Payables: 63
: 88
Total Liabilities: 619
: 182
Capital Work in Progress: 8
: 211
: 55
: 0
Cash & Bank: 4
: 157
Total Assets: 619
Total Debt: 68
Net Working Capital: 69
Contingent Liabilities: 14
Book Value per Share: 326.09
Face Value: 5.00
Total Debt: 68
Net Working Capital: 69
Contingent Liabilities: 14
Book Value per Share: 326.09
Face Value: 5.00

Mar 2018

Equity Capital: 6
: 526
: 9
Trade Payables: 87
: 99
Total Liabilities: 728
: 202
Capital Work in Progress: 23
: 282
: 56
: 0
Cash & Bank: 5
: 160
Total Assets: 728
Total Debt: 10
Net Working Capital: 97
Contingent Liabilities: 6
Book Value per Share: 423.59
Face Value: 5.00
Total Debt: 10
Net Working Capital: 97
Contingent Liabilities: 6
Book Value per Share: 423.59
Face Value: 5.00

Mar 2019

Equity Capital: 6
: 693
: 7
Trade Payables: 100
: 109
Total Liabilities: 916
: 237
Capital Work in Progress: 12
: 394
: 69
: 0
Cash & Bank: 4
: 200
Total Assets: 916
Total Debt: 7
Net Working Capital: 210
Contingent Liabilities: 6
Book Value per Share: 556.51
Face Value: 5.00
Total Debt: 7
Net Working Capital: 210
Contingent Liabilities: 6
Book Value per Share: 556.51
Face Value: 5.00

Mar 2020

Equity Capital: 6
: 695
: 21
Trade Payables: 105
: 110
Total Liabilities: 937
: 375
Capital Work in Progress: 9
: 264
: 78
: 0
Cash & Bank: 22
: 189
Total Assets: 937
Total Debt: 21
Net Working Capital: 132
Contingent Liabilities: 6
Book Value per Share: 557.56
Face Value: 5.00
Total Debt: 21
Net Working Capital: 132
Contingent Liabilities: 6
Book Value per Share: 557.56
Face Value: 5.00

Mar 2021

Equity Capital: 6
: 845
: 6
Trade Payables: 123
: 131
Total Liabilities: 1,111
: 388
Capital Work in Progress: 17
: 365
: 69
: 0
Cash & Bank: 52
: 220
Total Assets: 1,111
Total Debt: 6
Net Working Capital: 172
Contingent Liabilities: 6
Book Value per Share: 677.41
Face Value: 5.00
Total Debt: 6
Net Working Capital: 172
Contingent Liabilities: 6
Book Value per Share: 677.41
Face Value: 5.00

Mar 2022

Equity Capital: 6
: 1,143
: 5
Trade Payables: 180
: 152
Total Liabilities: 1,487
: 426
Capital Work in Progress: 21
: 547
: 165
: 0
Cash & Bank: 68
: 260
Total Assets: 1,487
Total Debt: 5
Net Working Capital: 276
Contingent Liabilities: 6
Book Value per Share: 914.32
Face Value: 5.00
Total Debt: 5
Net Working Capital: 276
Contingent Liabilities: 6
Book Value per Share: 914.32
Face Value: 5.00

Mar 2023

Equity Capital: 6
: 1,235
: 1
Trade Payables: 107
: 143
Total Liabilities: 1,493
: 427
Capital Work in Progress: 19
: 625
: 131
: 0
Cash & Bank: 87
: 203
Total Assets: 1,493
Total Debt: 1
Net Working Capital: 324
Contingent Liabilities: 2
Book Value per Share: 987.82
Face Value: 5.00
Total Debt: 1
Net Working Capital: 324
Contingent Liabilities: 2
Book Value per Share: 987.82
Face Value: 5.00

Mar 2024

Equity Capital: 6
: 1,421
: 0
Trade Payables: 185
: 183
Total Liabilities: 1,795
: 427
Capital Work in Progress: 18
: 984
: 106
: 185
Cash & Bank: 12
: 63
Total Assets: 1,795
Total Debt: 0
Net Working Capital: 317
Contingent Liabilities: 2
Book Value per Share: 1135.23
Face Value: 5.00
Total Debt: 0
Net Working Capital: 317
Contingent Liabilities: 2
Book Value per Share: 1135.23
Face Value: 5.00

Mar 2025

Equity Capital: 6
: 1,582
: 0
Trade Payables: 137
: 194
Total Liabilities: 1,920
: 443
Capital Work in Progress: 8
: 1,085
: 94
: 216
Cash & Bank: 16
: 58
Total Assets: 1,920
Total Debt: 0
Net Working Capital: 380
Contingent Liabilities: 2
Book Value per Share: 1263.84
Face Value: 5.00
Total Debt: 0
Net Working Capital: 380
Contingent Liabilities: 2
Book Value per Share: 1263.84
Face Value: 5.00

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
	46	31	119	135	110	91	109	125	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
Free Cash Flow	34	31	69	94	-46	45	37	99	52	26
OCF / Net Profit	1.77	1.54	1.61	0.88	1.15	1.28	0.68	1.57	4.25	0.72
Cumulative 5-Year FCF	0	0	0	0	182	193	199	229	187	259
OCF / Net Profit	1.77	1.54	1.61	0.88	1.15	1.28	0.68	1.57	4.25	0.72
Cumulative 5-Year FCF	0	0	0	0	182	193	199	229	187	259

Mar 2016

: 46
Cash from Investing: -27
Cash from Financing: -17
: 1
Free Cash Flow: 34
OCF / Net Profit: 1.77
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.77
Cumulative 5-Year FCF: 0

Mar 2017

: 31
Cash from Investing: 16
Cash from Financing: -48
: -1
Free Cash Flow: 31
OCF / Net Profit: 1.54
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.54
Cumulative 5-Year FCF: 0

Mar 2018

: 119
Cash from Investing: -45
Cash from Financing: -73
: 1
Free Cash Flow: 69
OCF / Net Profit: 1.61
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.61
Cumulative 5-Year FCF: 0

Mar 2019

: 135
Cash from Investing: -111
Cash from Financing: -24
: -0
Free Cash Flow: 94
OCF / Net Profit: 0.88
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.88
Cumulative 5-Year FCF: 0

Mar 2020

: 110
Cash from Investing: -61
Cash from Financing: -31
: 17
Free Cash Flow: -46
OCF / Net Profit: 1.15
Cumulative 5-Year FCF: 182
OCF / Net Profit: 1.15
Cumulative 5-Year FCF: 182

Mar 2021

: 91
Cash from Investing: -53
Cash from Financing: -17
: 21
Free Cash Flow: 45
OCF / Net Profit: 1.28
Cumulative 5-Year FCF: 193
OCF / Net Profit: 1.28
Cumulative 5-Year FCF: 193

Mar 2022

: 109
Cash from Investing: -104
Cash from Financing: -17
: -12
Free Cash Flow: 37
OCF / Net Profit: 0.68
Cumulative 5-Year FCF: 199
OCF / Net Profit: 0.68
Cumulative 5-Year FCF: 199

Mar 2023

: 125
Cash from Investing: -118
Cash from Financing: -35
: -27
Free Cash Flow: 99
OCF / Net Profit: 1.57
Cumulative 5-Year FCF: 229
OCF / Net Profit: 1.57
Cumulative 5-Year FCF: 229

Mar 2024

: 72
Cash from Investing: -51
Cash from Financing: -17
: 4
Free Cash Flow: 52
OCF / Net Profit: 4.25
Cumulative 5-Year FCF: 187
OCF / Net Profit: 4.25
Cumulative 5-Year FCF: 187

Mar 2025

: 62
Cash from Investing: -41
Cash from Financing: -16
: 4
Free Cash Flow: 26
OCF / Net Profit: 0.72
Cumulative 5-Year FCF: 259
OCF / Net Profit: 0.72
Cumulative 5-Year FCF: 259

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

Mar 2016

EPS (₹): 20.18
Book Value (₹): 163.19
Dividend per Share (₹): 4.50
Cash EPS (₹): 32.11
Operating Margin %: 13.34%
Net Margin %: 5.31%
ROE %: 13.19%
ROCE %: 17.23%
: 6.45%
Debtor Days: 87
Inventory Days: 48
Payable Days: 104
: 31
Debt to Equity (x): 0.42x
Interest Coverage (x): 3.99x
: 1.22x
Revenue Growth %: -6.89%
Operating Profit Growth %: -17.87%
Net Profit Growth %: -36.74%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 15.94
Book Value (₹): 326.09
Dividend per Share (₹): 6.00
Cash EPS (₹): 27.32
Operating Margin %: 10.46%
Net Margin %: 3.97%
ROE %: 6.46%
ROCE %: 9.87%
: 3.85%
Debtor Days: 90
Inventory Days: 43
Payable Days: 105
: 28
Debt to Equity (x): 0.17x
Interest Coverage (x): 3.35x
: 1.50x
Revenue Growth %: 3.12%
Operating Profit Growth %: -19.47%
Net Profit Growth %: -23.10%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 58.78
Book Value (₹): 423.59
Dividend per Share (₹): 12.50
Cash EPS (₹): 70.90
Operating Margin %: 21.10%
Net Margin %: 12.07%
ROE %: 15.68%
ROCE %: 22.32%
: 10.97%
Debtor Days: 73
Inventory Days: 33
Payable Days: 106
: 1
Debt to Equity (x): 0.02x
Interest Coverage (x): 16.37x
: 1.87x
Revenue Growth %: 29.50%
Operating Profit Growth %: 145.03%
Net Profit Growth %: 268.89%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 122.07
Book Value (₹): 556.51
Dividend per Share (₹): 18.75
Cash EPS (₹): 136.49
Operating Margin %: 30.98%
Net Margin %: 18.59%
ROE %: 24.91%
ROCE %: 38.05%
: 18.67%
Debtor Days: 63
Inventory Days: 28
Payable Days: 101
: -11
Debt to Equity (x): 0.01x
Interest Coverage (x): 69.19x
: 2.80x
Revenue Growth %: 37.78%
Operating Profit Growth %: 98.09%
Net Profit Growth %: 107.67%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 76.43
Book Value (₹): 557.56
Dividend per Share (₹): 10.00
Cash EPS (₹): 94.55
Operating Margin %: 20.07%
Net Margin %: 13.63%
ROE %: 13.72%
ROCE %: 16.62%
: 10.37%
Debtor Days: 80
Inventory Days: 38
Payable Days: 119
: -1
Debt to Equity (x): 0.03x
Interest Coverage (x): 31.25x
: 1.89x
Revenue Growth %: -14.85%
Operating Profit Growth %: -44.68%
Net Profit Growth %: -37.39%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 56.55
Book Value (₹): 677.41
Dividend per Share (₹): 11.25
Cash EPS (₹): 78.15
Operating Margin %: 17.44%
Net Margin %: 9.46%
ROE %: 9.16%
ROCE %: 13.14%
: 6.94%
Debtor Days: 78
Inventory Days: 36
Payable Days: 117
: -3
Debt to Equity (x): 0.01x
Interest Coverage (x): 34.35x
: 2.09x
Revenue Growth %: 6.69%
Operating Profit Growth %: -7.42%
Net Profit Growth %: -26.01%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 128.24
Book Value (₹): 914.32
Dividend per Share (₹): 22.50
Cash EPS (₹): 152.62
Operating Margin %: 20.97%
Net Margin %: 13.68%
ROE %: 16.11%
ROCE %: 21.52%
: 12.41%
Debtor Days: 58
Inventory Days: 36
Payable Days: 94
: 0
Debt to Equity (x): 0.00x
Interest Coverage (x): 70.42x
: 2.36x
Revenue Growth %: 57.18%
Operating Profit Growth %: 88.71%
Net Profit Growth %: 126.77%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 63.59
Book Value (₹): 987.82
Dividend per Share (₹): 11.25
Cash EPS (₹): 88.54
Operating Margin %: 12.91%
Net Margin %: 7.33%
ROE %: 6.69%
ROCE %: 9.11%
: 5.37%
Debtor Days: 59
Inventory Days: 50
Payable Days: 86
: 23
Debt to Equity (x): 0.00x
Interest Coverage (x): 32.07x
: 3.63x
Revenue Growth %: -7.49%
Operating Profit Growth %: -43.00%
Net Profit Growth %: -50.41%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 13.53
Book Value (₹): 1135.23
Dividend per Share (₹): 5.50
Cash EPS (₹): 38.53
Operating Margin %: 2.86%
Net Margin %: 2.05%
ROE %: 1.27%
ROCE %: 1.92%
: 1.03%
Debtor Days: 75
Inventory Days: 52
Payable Days: 109
: 18
Debt to Equity (x): 0.00x
Interest Coverage (x): 8.54x
: 2.56x
Revenue Growth %: -24.19%
Operating Profit Growth %: -58.99%
Net Profit Growth %: -78.72%
: -78.72%
P/E (x): 52.38x
P/B (x): 0.62x
Dividend Yield %: 0.78%
: 15.21x

Mar 2025

EPS (₹): 67.87
Book Value (₹): 1263.84
Dividend per Share (₹): 13.75
Cash EPS (₹): 94.97
Operating Margin %: 12.33%
Net Margin %: 8.72%
ROE %: 5.66%
ROCE %: 7.73%
: 4.59%
Debtor Days: 75
Inventory Days: 37
Payable Days: 120
: -8
Debt to Equity (x): 0.00x
Interest Coverage (x): 32.65x
: 3.19x
Revenue Growth %: 18.39%
Operating Profit Growth %: 161.31%
Net Profit Growth %: 401.55%
: 401.55%
P/E (x): 14.28x
P/B (x): 0.77x
Dividend Yield %: 1.42%
: 7.96x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Jun 2024

: 52.58
: 0.89
: 6.97
Government: 0.00
: 39.56

Sep 2024

: 52.57
: 1.56
: 6.97
Government: 0.00
: 38.90

Dec 2024

: 52.57
: 2.17
: 6.74
Government: 0.00
: 38.52

Mar 2025

: 52.66
: 2.05
: 6.72
Government: 0.00
: 38.58

Jun 2025

: 52.68
: 2.08
: 6.72
Government: 0.00
: 38.53

Sep 2025

: 52.68
: 2.01
: 6.80
Government: 0.00
: 38.52

Dec 2025

: 52.69
: 2.01
: 6.81
Government: 0.00
: 38.50

Mar 2026

: 52.69
: 1.94
: 6.81
Government: 0.00
: 38.56

Jun 2026

: 51.86
: 1.85
: 6.82
Government: 0.00
: 39.47

Documents

Announcements

Copy of Newspaper Publication
2026-08-18 - Excel Industries Limited has informed the Exchange about Copy of Newspaper Publication
Investor Presentation
2026-08-17 - Excel Industries Limited has informed the Exchange about Investor Presentation

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Aug 2026
TranscriptPPTREC
May 2026
Transcript PPTREC
Feb 2026
TranscriptPPTREC