Excel Industries Ltd.

•

₹ 1,089-2.29%

2026-08-21

excelind.co.inBSE: 500650NSE: EXCELINDUS

Market Cap₹ 1,395 Cr.

Current Price₹ 1,089

High / Low₹ 1,349 / 800

Stock P/E0.0

Book Value₹ 995

Price to Book1.03

Dividend Yield1.24 %

ROCE10.2 %

ROE7.4 %

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
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.60x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Recent results are weak - TTM profit is down 24.2% versus prior year
Company has a low return on equity of 5.7% over last 3 years
Company has a low return on capital employed of 7.8%
Company has delivered a poor profit growth of -2.2% over past five years
Operating margins have contracted to 12.4% from 20.9%
Company has delivered a poor sales growth of 6.8% over past five years

* 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	570.80	23.85	48185.18	1.05	-73.00	58.52	10181.00	10.47	12.00	13.43
2.	PIIND	2489.50	32.42	37770.23	0.60	244.20	-38.95	1702.30	-10.43	16.00	21.69
3.	SUMICHEM	551.80	47.53	27542.86	0.24	214.51	20.45	1063.35	0.62	23.39	21.94
4.	BAYERCROP	4068.85	330.02	18286.26	3.69	321.60	15.39	1835.00	-4.16	30.08	20.03
5.	SHARDACROP	763.40	11.00	6887.43	1.96	88.02	-38.36	1073.77	9.03	31.10	17.32
6.	DHANUKA	995.00	14.94	4435.54	0.20	75.50	27.94	442.02	20.01	24.44	24.83
7.	RALLIS	212.75	25.20	4137.33	1.41	-14.15	-274.26	507.54	7.70	13.23	-0.56
8.	NACLIND	170.00	321.92	3982.14	0.00	208.40	1498.16	3833.30	754.96	6.20	10.80
9.	BHAGCHEM	283.20	133.42	3672.23	0.05	13.33	234.98	195.02	57.55	4.55	15.65
10.	GSPCROP	590.25	28.05	2745.77	0.17	263.94	1111.46	3859.95	1153.27	20.81	11.02
11.	BHARATRAS	1300.95	15.09	2162.32	0.04	372.30	838.73	3381.60	796.03	16.63	15.19
12.	EXCELINDUS	1110.10	19.55	1395.47	1.24	29.47	-12.71	293.83	-5.07	7.73	14.43

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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	309	270	233	281	294
	206	195	179	221	226	220	184	228	267	240	218	259	261
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	9	4	11	5	11	6	5	4	12	4	5	3	6
Interest	1	0	1	0	1	1	0	0	1	1	0	0	1
Depreciation	9	8	8	8	8	9	8	9	9	9	9	10	10
	7	-1	4	10	42	45	9	15	44	25	11	15	38
Tax %	24.29%	33.67%	32.94%	23.38%	24.36%	24.48%	26.13%	25.59%	24.14%	23.68%	25.20%	15.94%	24.35%
Net Profit	6	-1	3	7	31	34	6	11	34	19	8	13	29
	4	-1	2	6	25	27	5	9	27	15	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
: 206
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 1
Depreciation: 9
: 7
Tax %: 24.29%
Net Profit: 6
: 4
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: 4
Interest: 0
Depreciation: 8
: -1
Tax %: 33.67%
Net Profit: -1
: -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 %: 32.94%
Net Profit: 3
: 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
: 10
Tax %: 23.38%
Net Profit: 7
: 6
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 %: 24.36%
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: 6
Interest: 1
Depreciation: 9
: 45
Tax %: 24.48%
Net Profit: 34
: 27
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: 8
: 9
Tax %: 26.13%
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: 4
Interest: 0
Depreciation: 9
: 15
Tax %: 25.59%
Net Profit: 11
: 9
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 309
: 267
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 1
Depreciation: 9
: 44
Tax %: 24.14%
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: 4
Interest: 1
Depreciation: 9
: 25
Tax %: 23.68%
Net Profit: 19
: 15
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 233
: 218
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 0
Depreciation: 9
: 11
Tax %: 25.20%
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 %: 15.94%
Net Profit: 13
: 10
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 294
: 261
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 1
Depreciation: 10
: 38
Tax %: 24.35%
Net Profit: 29
: 2
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 6
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	435	446	582	825	702	749	1,178	1,090	826	978	1,078
	373	402	458	576	572	628	946	963	802	856	978
Operating Profit	64	53	128	254	139	130	246	139	55	148	—
OPM %	15	12	22	31	20	17	21	13	7	15	—
Other Income	3	10	4	5	9	8	14	12	30	27	18
Interest	13	11	7	3	4	3	3	3	3	4	2
Depreciation	15	14	15	18	23	27	31	31	31	34	37
	37	28	106	233	112	100	212	104	20	111	89
Tax %	31	24	31	35	17	30	24	25	25	25	23
Net Profit	25	21	73	152	93	70	160	78	15	83	69
EPS	20	16	58	121	74	56	127	62	12	66	—
Dividend Payout %	23	36	22	15	13	20	18	18	46	21	—
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	17	58	121	74	56	127	62	12	66	—
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	17	58	121	74	56	127	62	12	66	—

Mar 2016

: 435
: 373
Operating Profit: 64
OPM %: 15
Other Income: 3
Interest: 13
Depreciation: 15
: 37
Tax %: 31
Net Profit: 25
EPS: 20
Dividend Payout %: 23
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 20

Mar 2017

: 446
: 402
Operating Profit: 53
OPM %: 12
Other Income: 10
Interest: 11
Depreciation: 14
: 28
Tax %: 24
Net Profit: 21
EPS: 16
Dividend Payout %: 36
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17

Mar 2018

: 582
: 458
Operating Profit: 128
OPM %: 22
Other Income: 4
Interest: 7
Depreciation: 15
: 106
Tax %: 31
Net Profit: 73
EPS: 58
Dividend Payout %: 22
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 58
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 58

Mar 2019

: 825
: 576
Operating Profit: 254
OPM %: 31
Other Income: 5
Interest: 3
Depreciation: 18
: 233
Tax %: 35
Net Profit: 152
EPS: 121
Dividend Payout %: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 121
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 121

Mar 2020

: 702
: 572
Operating Profit: 139
OPM %: 20
Other Income: 9
Interest: 4
Depreciation: 23
: 112
Tax %: 17
Net Profit: 93
EPS: 74
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 74
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 74

Mar 2021

: 749
: 628
Operating Profit: 130
OPM %: 17
Other Income: 8
Interest: 3
Depreciation: 27
: 100
Tax %: 30
Net Profit: 70
EPS: 56
Dividend Payout %: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 56
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 56

Mar 2022

: 1,178
: 946
Operating Profit: 246
OPM %: 21
Other Income: 14
Interest: 3
Depreciation: 31
: 212
Tax %: 24
Net Profit: 160
EPS: 127
Dividend Payout %: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 127
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 127

Mar 2023

: 1,090
: 963
Operating Profit: 139
OPM %: 13
Other Income: 12
Interest: 3
Depreciation: 31
: 104
Tax %: 25
Net Profit: 78
EPS: 62
Dividend Payout %: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 62
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 62

Mar 2024

: 826
: 802
Operating Profit: 55
OPM %: 7
Other Income: 30
Interest: 3
Depreciation: 31
: 20
Tax %: 25
Net Profit: 15
EPS: 12
Dividend Payout %: 46
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12

Mar 2025

: 978
: 856
Operating Profit: 148
OPM %: 15
Other Income: 27
Interest: 4
Depreciation: 34
: 111
Tax %: 25
Net Profit: 83
EPS: 66
Dividend Payout %: 21
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 66
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 66

TTM

: 1,078
: 978
Operating Profit: —
OPM %: —
Other Income: 18
Interest: 2
Depreciation: 37
: 89
Tax %: 23
Net Profit: 69
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:: 7%
5 Years:: -2%
3 Years:: -20%

STOCK PRICE CAGR

10 Years:: 14%
5 Years:: 0%
3 Years:: 7%
1 Year:: -16%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 9%
3 Years:: 6%
Last Year:: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	201	352	434	584	595	710	926	985	1,069	1,171
	77	59	9	7	21	6	5	1	0	0
Trade Payables	71	61	85	98	105	123	180	107	185	137
	63	81	83	83	95	108	113	125	151	147
Total Liabilities	418	559	618	779	823	953	1,232	1,225	1,412	1,461
ASSETS	-	-	-	-	-	-	-	-	-	-
	164	179	198	233	375	388	426	427	423	439
Capital Work in Progress	3	8	23	12	9	17	21	19	18	8
	14	152	175	261	156	209	295	359	606	635
	63	52	53	66	78	69	165	131	106	94
	0	0	0	0	0	0	0	0	185	216
Cash & Bank	4	4	2	4	18	52	66	86	12	13
	170	163	166	203	187	219	258	202	62	56
Total Assets	418	559	618	779	823	953	1,232	1,225	1,412	1,461
Total Debt	89	68	10	7	21	6	5	1	0	0
Net Working Capital	39	51	78	193	120	163	270	319	313	371
Contingent Liabilities	18	14	6	6	6	6	6	2	2	2
Book Value per Share	160.44	284.93	350.35	469.75	478.22	569.47	741.99	788.92	855.74	936.46
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	39	51	78	193	120	163	270	319	313	371
Contingent Liabilities	18	14	6	6	6	6	6	2	2	2
Book Value per Share	160.44	284.93	350.35	469.75	478.22	569.47	741.99	788.92	855.74	936.46
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
: 201
: 77
Trade Payables: 71
: 63
Total Liabilities: 418
: 164
Capital Work in Progress: 3
: 14
: 63
: 0
Cash & Bank: 4
: 170
Total Assets: 418
Total Debt: 89
Net Working Capital: 39
Contingent Liabilities: 18
Book Value per Share: 160.44
Face Value: 5.00
Total Debt: 89
Net Working Capital: 39
Contingent Liabilities: 18
Book Value per Share: 160.44
Face Value: 5.00

Mar 2017

Equity Capital: 6
: 352
: 59
Trade Payables: 61
: 81
Total Liabilities: 559
: 179
Capital Work in Progress: 8
: 152
: 52
: 0
Cash & Bank: 4
: 163
Total Assets: 559
Total Debt: 68
Net Working Capital: 51
Contingent Liabilities: 14
Book Value per Share: 284.93
Face Value: 5.00
Total Debt: 68
Net Working Capital: 51
Contingent Liabilities: 14
Book Value per Share: 284.93
Face Value: 5.00

Mar 2018

Equity Capital: 6
: 434
: 9
Trade Payables: 85
: 83
Total Liabilities: 618
: 198
Capital Work in Progress: 23
: 175
: 53
: 0
Cash & Bank: 2
: 166
Total Assets: 618
Total Debt: 10
Net Working Capital: 78
Contingent Liabilities: 6
Book Value per Share: 350.35
Face Value: 5.00
Total Debt: 10
Net Working Capital: 78
Contingent Liabilities: 6
Book Value per Share: 350.35
Face Value: 5.00

Mar 2019

Equity Capital: 6
: 584
: 7
Trade Payables: 98
: 83
Total Liabilities: 779
: 233
Capital Work in Progress: 12
: 261
: 66
: 0
Cash & Bank: 4
: 203
Total Assets: 779
Total Debt: 7
Net Working Capital: 193
Contingent Liabilities: 6
Book Value per Share: 469.75
Face Value: 5.00
Total Debt: 7
Net Working Capital: 193
Contingent Liabilities: 6
Book Value per Share: 469.75
Face Value: 5.00

Mar 2020

Equity Capital: 6
: 595
: 21
Trade Payables: 105
: 95
Total Liabilities: 823
: 375
Capital Work in Progress: 9
: 156
: 78
: 0
Cash & Bank: 18
: 187
Total Assets: 823
Total Debt: 21
Net Working Capital: 120
Contingent Liabilities: 6
Book Value per Share: 478.22
Face Value: 5.00
Total Debt: 21
Net Working Capital: 120
Contingent Liabilities: 6
Book Value per Share: 478.22
Face Value: 5.00

Mar 2021

Equity Capital: 6
: 710
: 6
Trade Payables: 123
: 108
Total Liabilities: 953
: 388
Capital Work in Progress: 17
: 209
: 69
: 0
Cash & Bank: 52
: 219
Total Assets: 953
Total Debt: 6
Net Working Capital: 163
Contingent Liabilities: 6
Book Value per Share: 569.47
Face Value: 5.00
Total Debt: 6
Net Working Capital: 163
Contingent Liabilities: 6
Book Value per Share: 569.47
Face Value: 5.00

Mar 2022

Equity Capital: 6
: 926
: 5
Trade Payables: 180
: 113
Total Liabilities: 1,232
: 426
Capital Work in Progress: 21
: 295
: 165
: 0
Cash & Bank: 66
: 258
Total Assets: 1,232
Total Debt: 5
Net Working Capital: 270
Contingent Liabilities: 6
Book Value per Share: 741.99
Face Value: 5.00
Total Debt: 5
Net Working Capital: 270
Contingent Liabilities: 6
Book Value per Share: 741.99
Face Value: 5.00

Mar 2023

Equity Capital: 6
: 985
: 1
Trade Payables: 107
: 125
Total Liabilities: 1,225
: 427
Capital Work in Progress: 19
: 359
: 131
: 0
Cash & Bank: 86
: 202
Total Assets: 1,225
Total Debt: 1
Net Working Capital: 319
Contingent Liabilities: 2
Book Value per Share: 788.92
Face Value: 5.00
Total Debt: 1
Net Working Capital: 319
Contingent Liabilities: 2
Book Value per Share: 788.92
Face Value: 5.00

Mar 2024

Equity Capital: 6
: 1,069
: 0
Trade Payables: 185
: 151
Total Liabilities: 1,412
: 423
Capital Work in Progress: 18
: 606
: 106
: 185
Cash & Bank: 12
: 62
Total Assets: 1,412
Total Debt: 0
Net Working Capital: 313
Contingent Liabilities: 2
Book Value per Share: 855.74
Face Value: 5.00
Total Debt: 0
Net Working Capital: 313
Contingent Liabilities: 2
Book Value per Share: 855.74
Face Value: 5.00

Mar 2025

Equity Capital: 6
: 1,171
: 0
Trade Payables: 137
: 147
Total Liabilities: 1,461
: 439
Capital Work in Progress: 8
: 635
: 94
: 216
Cash & Bank: 13
: 56
Total Assets: 1,461
Total Debt: 0
Net Working Capital: 371
Contingent Liabilities: 2
Book Value per Share: 936.46
Face Value: 5.00
Total Debt: 0
Net Working Capital: 371
Contingent Liabilities: 2
Book Value per Share: 936.46
Face Value: 5.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	46	35	120	135	110	90	109	127	93	63
Cash from Investing	-27	12	-48	-109	-65	-48	-106	-117	-72	-46
Cash from Financing	-17	-48	-74	-24	-31	-17	-17	-35	-17	-16
	1	-1	-2	2	14	25	-14	-25	4	2
Free Cash Flow	33	35	71	95	-51	44	37	100	77	28
OCF / Net Profit	1.79	1.66	1.65	0.89	1.18	1.28	0.68	1.61	6.18	0.76
Cumulative 5-Year FCF	0	0	0	0	184	194	196	225	207	286
OCF / Net Profit	1.79	1.66	1.65	0.89	1.18	1.28	0.68	1.61	6.18	0.76
Cumulative 5-Year FCF	0	0	0	0	184	194	196	225	207	286

Mar 2016

: 46
Cash from Investing: -27
Cash from Financing: -17
: 1
Free Cash Flow: 33
OCF / Net Profit: 1.79
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.79
Cumulative 5-Year FCF: 0

Mar 2017

: 35
Cash from Investing: 12
Cash from Financing: -48
: -1
Free Cash Flow: 35
OCF / Net Profit: 1.66
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.66
Cumulative 5-Year FCF: 0

Mar 2018

: 120
Cash from Investing: -48
Cash from Financing: -74
: -2
Free Cash Flow: 71
OCF / Net Profit: 1.65
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.65
Cumulative 5-Year FCF: 0

Mar 2019

: 135
Cash from Investing: -109
Cash from Financing: -24
: 2
Free Cash Flow: 95
OCF / Net Profit: 0.89
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.89
Cumulative 5-Year FCF: 0

Mar 2020

: 110
Cash from Investing: -65
Cash from Financing: -31
: 14
Free Cash Flow: -51
OCF / Net Profit: 1.18
Cumulative 5-Year FCF: 184
OCF / Net Profit: 1.18
Cumulative 5-Year FCF: 184

Mar 2021

: 90
Cash from Investing: -48
Cash from Financing: -17
: 25
Free Cash Flow: 44
OCF / Net Profit: 1.28
Cumulative 5-Year FCF: 194
OCF / Net Profit: 1.28
Cumulative 5-Year FCF: 194

Mar 2022

: 109
Cash from Investing: -106
Cash from Financing: -17
: -14
Free Cash Flow: 37
OCF / Net Profit: 0.68
Cumulative 5-Year FCF: 196
OCF / Net Profit: 0.68
Cumulative 5-Year FCF: 196

Mar 2023

: 127
Cash from Investing: -117
Cash from Financing: -35
: -25
Free Cash Flow: 100
OCF / Net Profit: 1.61
Cumulative 5-Year FCF: 225
OCF / Net Profit: 1.61
Cumulative 5-Year FCF: 225

Mar 2024

: 93
Cash from Investing: -72
Cash from Financing: -17
: 4
Free Cash Flow: 77
OCF / Net Profit: 6.18
Cumulative 5-Year FCF: 207
OCF / Net Profit: 6.18
Cumulative 5-Year FCF: 207

Mar 2025

: 63
Cash from Investing: -46
Cash from Financing: -16
: 2
Free Cash Flow: 28
OCF / Net Profit: 0.76
Cumulative 5-Year FCF: 286
OCF / Net Profit: 0.76
Cumulative 5-Year FCF: 286

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	19.72	16.81	58.13	120.97	74.36	55.84	127.41	62.41	12.02	66.42
Book Value (₹)	160.44	284.93	350.35	469.75	478.22	569.47	741.99	788.92	855.74	936.46
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 (₹)	31.24	27.88	70.01	135.39	92.48	77.44	151.79	87.36	37.02	93.30
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	13.50%	10.88%	21.56%	30.80%	19.69%	17.29%	20.85%	12.71%	2.92%	12.43%
Net Margin %	5.34%	4.34%	12.29%	18.42%	13.26%	9.34%	13.59%	7.19%	1.82%	8.54%
ROE %	13.09%	7.48%	18.30%	29.50%	15.69%	10.66%	19.43%	8.15%	1.46%	7.41%
ROCE %	17.22%	10.82%	25.84%	45.08%	19.02%	15.28%	25.92%	11.12%	2.24%	10.16%
	6.34%	4.33%	12.42%	21.78%	11.67%	7.90%	14.66%	6.39%	1.15%	5.81%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	89	91	72	60	79	78	58	59	75	75
Inventory Days	50	43	32	26	37	36	36	50	52	37
Payable Days	107	106	105	100	118	117	94	86	109	120
	32	28	-1	-13	-2	-3	0	24	18	-8
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.43x	0.19x	0.02x	0.01x	0.04x	0.01x	0.01x	0.00x	0.00x	0.00x
Interest Coverage (x)	3.94x	3.51x	16.28x	68.80x	30.58x	34.02x	70.31x	31.64x	7.82x	32.08x
	1.22x	1.38x	1.72x	2.69x	1.81x	2.04x	2.34x	3.59x	2.56x	3.14x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	-9.76%	2.56%	30.54%	41.80%	-14.85%	6.69%	57.18%	-7.49%	-24.19%	18.39%
Operating Profit Growth %	-18.51%	-17.61%	141.81%	98.38%	-45.43%	-6.42%	89.27%	-43.57%	-60.65%	171.63%
Net Profit Growth %	-37.28%	-16.94%	245.74%	108.12%	-38.53%	-24.91%	128.18%	-51.02%	-80.74%	452.71%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-80.74%	452.71%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	58.98x	14.59x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.83x	1.03x
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	16.11x	8.13x

Mar 2016

EPS (₹): 19.72
Book Value (₹): 160.44
Dividend per Share (₹): 4.50
Cash EPS (₹): 31.24
Operating Margin %: 13.50%
Net Margin %: 5.34%
ROE %: 13.09%
ROCE %: 17.22%
: 6.34%
Debtor Days: 89
Inventory Days: 50
Payable Days: 107
: 32
Debt to Equity (x): 0.43x
Interest Coverage (x): 3.94x
: 1.22x
Revenue Growth %: -9.76%
Operating Profit Growth %: -18.51%
Net Profit Growth %: -37.28%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 16.81
Book Value (₹): 284.93
Dividend per Share (₹): 6.00
Cash EPS (₹): 27.88
Operating Margin %: 10.88%
Net Margin %: 4.34%
ROE %: 7.48%
ROCE %: 10.82%
: 4.33%
Debtor Days: 91
Inventory Days: 43
Payable Days: 106
: 28
Debt to Equity (x): 0.19x
Interest Coverage (x): 3.51x
: 1.38x
Revenue Growth %: 2.56%
Operating Profit Growth %: -17.61%
Net Profit Growth %: -16.94%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 58.13
Book Value (₹): 350.35
Dividend per Share (₹): 12.50
Cash EPS (₹): 70.01
Operating Margin %: 21.56%
Net Margin %: 12.29%
ROE %: 18.30%
ROCE %: 25.84%
: 12.42%
Debtor Days: 72
Inventory Days: 32
Payable Days: 105
: -1
Debt to Equity (x): 0.02x
Interest Coverage (x): 16.28x
: 1.72x
Revenue Growth %: 30.54%
Operating Profit Growth %: 141.81%
Net Profit Growth %: 245.74%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 120.97
Book Value (₹): 469.75
Dividend per Share (₹): 18.75
Cash EPS (₹): 135.39
Operating Margin %: 30.80%
Net Margin %: 18.42%
ROE %: 29.50%
ROCE %: 45.08%
: 21.78%
Debtor Days: 60
Inventory Days: 26
Payable Days: 100
: -13
Debt to Equity (x): 0.01x
Interest Coverage (x): 68.80x
: 2.69x
Revenue Growth %: 41.80%
Operating Profit Growth %: 98.38%
Net Profit Growth %: 108.12%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 74.36
Book Value (₹): 478.22
Dividend per Share (₹): 10.00
Cash EPS (₹): 92.48
Operating Margin %: 19.69%
Net Margin %: 13.26%
ROE %: 15.69%
ROCE %: 19.02%
: 11.67%
Debtor Days: 79
Inventory Days: 37
Payable Days: 118
: -2
Debt to Equity (x): 0.04x
Interest Coverage (x): 30.58x
: 1.81x
Revenue Growth %: -14.85%
Operating Profit Growth %: -45.43%
Net Profit Growth %: -38.53%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 55.84
Book Value (₹): 569.47
Dividend per Share (₹): 11.25
Cash EPS (₹): 77.44
Operating Margin %: 17.29%
Net Margin %: 9.34%
ROE %: 10.66%
ROCE %: 15.28%
: 7.90%
Debtor Days: 78
Inventory Days: 36
Payable Days: 117
: -3
Debt to Equity (x): 0.01x
Interest Coverage (x): 34.02x
: 2.04x
Revenue Growth %: 6.69%
Operating Profit Growth %: -6.42%
Net Profit Growth %: -24.91%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 127.41
Book Value (₹): 741.99
Dividend per Share (₹): 22.50
Cash EPS (₹): 151.79
Operating Margin %: 20.85%
Net Margin %: 13.59%
ROE %: 19.43%
ROCE %: 25.92%
: 14.66%
Debtor Days: 58
Inventory Days: 36
Payable Days: 94
: 0
Debt to Equity (x): 0.01x
Interest Coverage (x): 70.31x
: 2.34x
Revenue Growth %: 57.18%
Operating Profit Growth %: 89.27%
Net Profit Growth %: 128.18%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 62.41
Book Value (₹): 788.92
Dividend per Share (₹): 11.25
Cash EPS (₹): 87.36
Operating Margin %: 12.71%
Net Margin %: 7.19%
ROE %: 8.15%
ROCE %: 11.12%
: 6.39%
Debtor Days: 59
Inventory Days: 50
Payable Days: 86
: 24
Debt to Equity (x): 0.00x
Interest Coverage (x): 31.64x
: 3.59x
Revenue Growth %: -7.49%
Operating Profit Growth %: -43.57%
Net Profit Growth %: -51.02%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 12.02
Book Value (₹): 855.74
Dividend per Share (₹): 5.50
Cash EPS (₹): 37.02
Operating Margin %: 2.92%
Net Margin %: 1.82%
ROE %: 1.46%
ROCE %: 2.24%
: 1.15%
Debtor Days: 75
Inventory Days: 52
Payable Days: 109
: 18
Debt to Equity (x): 0.00x
Interest Coverage (x): 7.82x
: 2.56x
Revenue Growth %: -24.19%
Operating Profit Growth %: -60.65%
Net Profit Growth %: -80.74%
: -80.74%
P/E (x): 58.98x
P/B (x): 0.83x
Dividend Yield %: 0.78%
: 16.11x

Mar 2025

EPS (₹): 66.42
Book Value (₹): 936.46
Dividend per Share (₹): 13.75
Cash EPS (₹): 93.30
Operating Margin %: 12.43%
Net Margin %: 8.54%
ROE %: 7.41%
ROCE %: 10.16%
: 5.81%
Debtor Days: 75
Inventory Days: 37
Payable Days: 120
: -8
Debt to Equity (x): 0.00x
Interest Coverage (x): 32.08x
: 3.14x
Revenue Growth %: 18.39%
Operating Profit Growth %: 171.63%
Net Profit Growth %: 452.71%
: 452.71%
P/E (x): 14.59x
P/B (x): 1.03x
Dividend Yield %: 1.42%
: 8.13x

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