EXCELINDUS
Excel Industries share price & financials
- Price
- ₹927.05
- Market cap
- ₹1.2k Cr
- Sector
- Chemicals
- Calls analysed
- 3
Excel Industries Q4 FY26
What went well
- Q4 FY26 Revenue increased by 13% YoY to INR281 crores, showing recovery from earlier headwinds.
- FY26 Net Operating Revenues grew by 11.8% YoY to INR1,094 crores.
- Q4 FY26 Adjusted EBITDA rose by 13% YoY to INR22 crores, maintaining an 8% margin.
What to watch
- The first half of FY26 was difficult for the agrochemical sector due to extended monsoon, disrupted cycles, and channel inventory build-up.
- Challenges in raw material availability and prices are anticipated for Q1 FY27 due to geopolitical developments.
What Excel Industries Limited does
Excel Industries manufactures agrochemical intermediates, specialty phosphorus derivatives, polymer input additives, pharmaceutical intermediates/APIs and veterinary APIs, along with a smaller organic and municipal solid-waste management business. Its chemistry is rooted in phosphorus-based processes (e.g. yellow-phosphorus derivatives) built on decades of backward-integrated, in-house process technology. Products feed end-use industries such as agrochemicals (insecticides/herbicides), water treatment, soaps and detergents, textiles, mining, pharma/veterinary nutrition, paints and coatings, and construction materials. The company also offers contract manufacturing to global customers leveraging its chemical process expertise and manufacturing infrastructure.
Segments
- Agrochemical Intermediates
- YP (Yellow Phosphorus) Derivatives
- Performance Solutions
- Pharma Intermediates & API
- Waste Management
- Manufacturing locations
- 3 (Roha, Lote, Vishakhapatnam)
- World market position - DETC
- No. 1 producer of DETC in the world
- World market position - Phosphonates
- Top 5 producer of Phosphonates in the world
- R&D scientists
- 31
- Unit processes & reactions
- 19
- Process volumes handled
- 2 million litres
Guidance record · Q4 FY26
what the last two calls moved 10 tracked 3 delivered 1 missed 6 open- Biocide Capacity Expansion delivered said Q4 FY25 Promised: Capacity expansion will come by H2 '26 Q4 FY26: Management confirmed the capacity addition of 2,530 TPA in the biocides range was operational in H2 FY26, fulfilling the promise.
- EBITDA Margin missed said Q4 FY25 Promised: 13% to 15% over the medium term Q4 FY26: Company reported a full-year FY26 adjusted EBITDA margin of 10.1%, missing the guided range of 13-15%.
- New Contract Manufacturing Line delayed said Q2 FY26 Promised: Commissioned by June 2026 with an estimated investment of Rs 40 crores, generating 35-40 crores annual revenue Q4 FY26: The commissioning timeline has been pushed from June 2026 to July 2026. Project remains on track otherwise.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 4.9%, net profit down 14.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 269 | 196 | 248 | 309 | 270 +0% | 233 +19% | 281 +13% | 294 −5% |
| EBITDA | 49 | 12 | 20 | 42 | 30 −39% | 16 +33% | 22 +10% | 42 +0% |
| Net profit | 34 | 6 | 11 | 34 | 19 −44% | 8 +33% | 13 +18% | 29 −15% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −14.5% 1Y
1Y: ₹1,147.3 on 10 Sept 2025 → ₹980.8. High ₹1,173.3 (17 Sept 2025), low ₹806.4 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −1.7%
- 25 May
- Q2 FY26
- +0.6%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 0.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.1k Cr | ₹826 Cr | ₹978 Cr | ₹1.1k Cr |
| Operating profit | ₹127 Cr | ₹25 Cr | ₹120 Cr | ₹110 Cr |
| Operating margin | 11.7% | 3.0% | 12.3% | 10.1% |
| Interest | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Depreciation | ₹32 Cr | ₹32 Cr | ₹34 Cr | ₹37 Cr |
| Net profit | ₹80 Cr | ₹15 Cr | ₹82 Cr | ₹74 Cr |
| Net margin | 7.3% | 1.8% | 8.4% | 6.8% |
| Cash from operations | ₹127 Cr | ₹73 Cr | ₹63 Cr | ₹54 Cr |
| Free cash flow | ₹95 Cr | ₹44 Cr | ₹21 Cr | ₹-23 Cr |
| ROCE | 11.0% | 2.0% | 9.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr |
| Reserves | ₹710 Cr | ₹926 Cr | ₹985 Cr | ₹1.1k Cr | ₹1.8k Cr | ₹1.2k Cr |
| Borrowings | ₹9 Cr | ₹7 Cr | ₹3 Cr | ₹2 Cr | ₹11 Cr | ₹8 Cr |
| Other liabilities | ₹229 Cr | ₹292 Cr | ₹230 Cr | ₹334 Cr | ₹434 Cr | ₹331 Cr |
| Total liabilities | ₹953 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹2.3k Cr | ₹1.6k Cr |
| Fixed assets | ₹389 Cr | ₹427 Cr | ₹428 Cr | ₹424 Cr | ₹456 Cr | ₹472 Cr |
| Capital work in progress | ₹17 Cr | ₹21 Cr | ₹19 Cr | ₹19 Cr | ₹29 Cr | ₹38 Cr |
| Investments | ₹209 Cr | ₹295 Cr | ₹359 Cr | ₹583 Cr | ₹1.3k Cr | ₹589 Cr |
| Other assets | ₹339 Cr | ₹489 Cr | ₹419 Cr | ₹386 Cr | ₹488 Cr | ₹462 Cr |
| Total assets | ₹953 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹2.3k Cr | ₹1.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.95 pp while promoters trimmed −0.82 pp. The shareholder count shrank 4% to 21,439.
- Promoters
- 51.9%
- FIIs
- 1.9%
- DIIs
- 7.1%
- Public
- 39.2%
Since Jun 2025
- Public +0.95 pp
- Promoters −0.82 pp
- FIIs −0.23 pp
How it drifted, 12 quarters
Over this window FIIs went from 0.7% to 1.9% — +1.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 52.6%, FIIs 0.7%, DIIs 7.0%, Public 39.7%.Dec '23: Promoters 52.6%, FIIs 0.7%, DIIs 7.0%, Public 39.8%.Mar '24: Promoters 52.6%, FIIs 0.6%, DIIs 7.0%, Public 39.9%.Jun '24: Promoters 52.6%, FIIs 0.9%, DIIs 7.0%, Public 39.6%.Sep '24: Promoters 52.6%, FIIs 1.6%, DIIs 7.0%, Public 38.9%.Dec '24: Promoters 52.6%, FIIs 2.2%, DIIs 7.0%, Public 38.3%.Mar '25: Promoters 52.7%, FIIs 2.0%, DIIs 7.0%, Public 38.3%.Jun '25: Promoters 52.7%, FIIs 2.1%, DIIs 7.0%, Public 38.3%.Sep '25: Promoters 52.7%, FIIs 2.0%, DIIs 7.1%, Public 38.3%.Dec '25: Promoters 52.7%, FIIs 2.0%, DIIs 7.1%, Public 38.3%.Mar '26: Promoters 52.7%, FIIs 1.9%, DIIs 7.1%, Public 38.3%.Jun '26: Promoters 51.9%, FIIs 1.9%, DIIs 7.1%, Public 39.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Tushar Charandas Dayal - 2 newly disclosed 0.01% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Excel Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Anshul Specialty Molecules Private Limited | 42.92% | unchanged |
| Life Insurance Corporation Of India Insurer | 6.69% | unchanged |
| Dipkanti Investments And Financing Pvt Ltd | 3.24% | unchanged |
| Manohar Devabhaktuni | 2.02% | unchanged |
| Transpek Industry Limited | 1.25% | unchanged |
| Vibrant Greentech India Private Limited | 1.20% | unchanged |
| Deep J Master | 1.20% | unchanged |
| Om Prakash Rawat | 1.14% | unchanged |
| Ashwin Champraj Shroff | 0.83% | unchanged |
| Vishwa Atul Shroff | 0.49% | unchanged |
| Hrishit Ashwin Shroff | 0.41% | unchanged |
| Ravi Ashwin Shroff | 0.41% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Excel Industries Limited
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