Excel Industries Q4 FY26: Revenue grows 13 percent as margins stay under input cost pressure

Standalone FY26 revenue from operations was INR 1,094.2 crore, adjusted EBITDA was INR 112.0 crore and PAT was INR 73.4 crore as per the investor presentation tables.

Standalone Q4FY26 revenue was INR 281.1 crore versus INR 247.8 crore in Q4FY25. Adjusted EBITDA was INR 22.4 crore versus INR 19.8 crore, and PAT was INR 12.7 crore versus INR 11.4 crore.

The presentation states adjusted EBITDA margin fell to 10.1% in FY26 (from 12.3% in FY25) due to an increase in key input material costs.

The presentation states INR 200 to 300 crore of capex over the next three years, with INR 30 to 40 crore per year reserved for maintenance and improvements. Management also stated expected ROI of 15% to 20% and fixed asset turnover of 1.0 to 1.5 times for this capex.

Management stated the May 2024 contract manufacturing long-term agreement is progressing and validation batches have been dispatched. The November 2025 agreement is on track and capacity to cater to it is expected to come on stream in July 2026.

The presentation states exports were 20% of FY26 revenue and 16% of Q4FY26 revenue; exports revenue grew 26% over the previous year. Management stated exports are largely from Performance Solutions, with US and EU being larger markets, and presence also in Latin America and the Middle East.

Management stated the board declared a final dividend of INR 13.75 per equity share (275% of face value of INR 5), subject to shareholder approval at the AGM.