Overview

Detailed Summary

Excel Industries Limited is an India-headquartered specialty chemical manufacturer producing organophosphorus agrochemical intermediates, phosphonates, polymer additives, pharma intermediates and environmental & biotech waste-management solutions, operating manufacturing sites at Roha, Lote and Visakhapatnam with legacy capabilities in phosphorus chemistry and contract manufacturing.
Recent operational performance shows Q3 FY26 standalone revenue of Rs. 233 crore (+19% YoY) and 9M revenue of Rs. 813 crore (+11% YoY); Q3 adjusted EBITDA margin improved to 7.3% driven by better price realization and product mix, while 9M margins moderated versus prior year reflecting lumpiness and cost mix shifts, with exports contributing ~22–27% of sales.
Management has signalled growth through a focused capex programme of Rs. 200–300 crore over three years targeting plant upgrades, newer product capacities and waste-water treatment, backed by environmental clearances; this investment is positioned to convert recent capacity additions (PCL3, HEDP 4Na, NaTCP) into higher volume and product diversification for Excel Industries.
Excel Industries combines deep technical pedigree (established 1941), backward integration in phosphorus derivatives, and focused R&D (32 scientists) to retain leadership positions — it is the world’s largest DETC producer and a top-five phosphonates producer — giving Excel Industries structural differentiation in high‑value specialty segments.
The company is cash rich and long‑term debt free with consistent shareholder returns historically, a strong sustainability orientation and expanded waste management offerings (Excel OWC, Bioculum, Sanitreat), reinforcing Excel Industries’ dual strategy of specialty chemicals growth and environmental services.

Sector: Agro Chemicals
Industry: Pesticides / Agrochemicals - Indian - Large
Market Cap: 1,152 Cr
Volatility: Low Risk
P/E Ratio: 15.2
Industry P/E: 26.4
PEG Ratio: 0.0
P/B Ratio: 0.6
52W High: 1,438.00
52W Low: 798.50

Sales CAGR

1Y: 18.39%
3Y: -6.01%
5Y: 6.84%
10Y: 8.31%

Profit CAGR

1Y: 401.53%
3Y: -19.52%
5Y: -2.23%
10Y: 14.12%

ROE

TTM: 4.07%
3Y: 4.28%
5Y: 6.62%
10Y: 8.90%

ROCE

TTM: 5.39%
3Y: 5.26%
5Y: 8.15%
10Y: 11.34%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INSECTICID	614.60	1,784 Cr	12.63	1.48	0.33	12.34	14.63	7.09
PUNJABCHEM	1116.70	1,379 Cr	22.81	3.45	0.27	13.08	16.21	8.67
MOL	50.44	1,283 Cr	31.72	0.83	0.00	2.58	7.27	1.23
EXCELINDUS	916.50	1,152 Cr	15.20	0.64	1.50	4.07	5.39	3.36
HERANBA	200.50	802 Cr	-14.03	0.95	0.50	-5.59	1.07	-2.79
DHARMAJ	235.70	797 Cr	22.88	1.79	0.00	10.95	13.62	5.05
BESTAGRO	15.46	548 Cr	15.20	0.75	1.29	1.58	6.54	1.23

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	198	180	234	265	269	196	248	310	270	234
Expenses	195	179	221	226	220	184	228	267	240	218
Operating Profit	2.65	1.66	13	39	49	12	20	42	30	16
OPM %	1.34	0.92	5.40	14.71	18.21	6.15	7.90	13.64	11.07	6.74
Other Income	7.34	11	4.56	11	8.04	5.15	5.74	12	7.44	5.11
Interest	0.26	0.74	0.29	0.61	1.21	0.28	0.26	1.01	0.75	0.45
Depreciation	7.78	7.85	7.98	8.11	8.67	8.53	8.76	8.95	9.13	9.19
Profit Before Tax	1.95	4.09	8.90	41	47	8.41	16	44	27	11
Tax %	8.72	34.47	25.06	24.56	24.27	26.28	23.82	24.07	22.86	24.80
Net Profit	1.79	2.68	6.67	31	36	6.20	12	34	21	8.44
EPS in Rs	1.42	2.13	5.31	24.68	28.39	4.93	9.87	26.86	16.85	6.71

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	546	624	825	702	749	1,178	1,090	826	978	1,023
Expenses	421	476	576	573	629	948	963	802	859	900
Operating Profit	126	148	249	129	121	230	127	24	120	123
OPM %	23.01	23.75	30.17	18.42	16.11	19.56	11.63	2.86	12.22	12.01
Other Income	9.79	5.30	5.90	11	9.41	16	13	32	30	31
Interest	10	5.82	2.44	2.56	2.18	1.94	2.17	1.88	2.37	2.76
Depreciation	14	15	18	23	27	31	31	31	34	35
Profit Before Tax	27	107	234	115	101	213	106	23	113	116
Tax %	25.63	30.89	34.48	16.39	29.49	24.48	24.42	24.90	24.46	24.28
Net Profit	20	74	153	96	71	161	80	17	85	88
EPS in Rs	—	—	122.08	76.43	56.55	128.24	63.58	13.53	67.87	60.29
Dividend Payout %	37.78	21.27	15.36	13.08	19.89	17.55	17.69	40.65	20.26	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	6.45	6.29	6.29	6.29	6.29	6.29	6.29	6.29	6.29	6.29
Reserves	204	404	526	693	695	845	1,143	1,235	1,421	1,582
Borrowings	78	60	7.50	6.22	24	8.60	7.41	2.67	1.78	12
Other Liabilities	133	149	188	210	212	251	330	248	367	319
Total Liabilities	421	619	728	916	937	1,111	1,487	1,493	1,796	1,920
Fixed Assets	164	182	202	237	375	388	426	427	427	443
CWIP	3.19	8.48	23	12	9.55	17	21	19	19	13
Investments	27	212	283	395	266	366	547	625	962	1,100
Other Assets	227	216	220	272	287	340	492	421	388	364
Total Assets	421	619	728	916	937	1,111	1,487	1,493	1,796	1,920

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	46	31	119	135	110	91	109	125	72	62
Cash from Investing Activity	-27	16	-45	-111	-61	-53	-104	-118	-51	-41
Cash from Financing Activity	-17	-48	-73	-24	-31	-17	-17	-35	-17	-16
Net Cash Flow	1.45	-0.90	0.79	-0.45	17	21	-12	-27	4.21	4.46

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	52.60%	52.60%	52.60%	52.60%	52.60%	52.58%	52.57%	52.57%	52.66%	52.68%	52.68%	52.69%
FIIs	0.85%	0.74%	0.71%	0.66%	0.56%	0.89%	1.56%	2.18%	2.05%	2.08%	2.01%	2.01%
DIIs	6.99%	6.99%	6.98%	6.98%	7.23%	7.23%	7.23%	6.99%	6.98%	6.98%	7.06%	7.07%
Public	39.56%	39.67%	39.72%	39.76%	39.60%	39.30%	38.65%	38.27%	38.32%	38.27%	38.26%	38.24%
Total Shareholders	25,044	25,925	26,202	26,612	26,725	24,063	22,979	22,448	22,820	22,297	22,593	22,084

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Q3 FY26

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