EXCELINDUS

Excel Industries Limited

Specialty and commodity chemicals manufacturer

Commodities›Chemicals›Chemicals & Petrochemicals›Specialty Chemicals

excelind.co.in

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Key metrics

Price as of 2026-10-16

Stock price

₹931.60

Market cap

1,171 Cr

Stock P/E

16.4

P/B

0.69

Dividend yield

1.5%

ROE (FY26)

4.4%

ROCE (FY26)

5.9%

Operating margin (FY26)

6.7%

Debt / equity (FY26)

0.0001

OCF / EBITDA (FY26)

48.2%

OCF / EBITDA (3Y)

74.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Excel Industries (Excel) is a chemicals maker whose core strength is phosphorus chemistry, selling agrochemical intermediates, phosphonates (used in water treatment, soaps and detergents, industrial and institutional cleaners and textile auxiliaries), biocides and other specialty chemicals, and also manufacturing under contract for other companies.

Company snapshot

41stBy market cap

Ranked among 68 companies in Specialty Chemicals.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 99.1% of revenue

Segment	Revenue share	Revenue	PBT	Assets
Chemicals	99.1%	195 Cr	21 Cr	751 Cr
Environment and Biotech	0.9%	2 Cr	-2 Cr	17 Cr

What we see

Positives

✓Debt-to-equity of 0.00x — the company is largely funded by its own money, not borrowed funds.

1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Sept 2023	Dec 2023	Mar 2024	Jun 2024	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	198 Cr	180 Cr	234 Cr	265 Cr	269 Cr	196 Cr	248 Cr	310 Cr	270 Cr	234 Cr	281 Cr	294 Cr
Operating expenses (approx.)	195 Cr	179 Cr	221 Cr	226 Cr	220 Cr	184 Cr	228 Cr	267 Cr	240 Cr	218 Cr	259 Cr	251 Cr
EBITDA	3 Cr	2 Cr	12 Cr	39 Cr	49 Cr	12 Cr	20 Cr	42 Cr	30 Cr	16 Cr	22 Cr	42 Cr
OPM %	1.3%	0.9%	5.2%	14.7%	18.2%	6.1%	7.9%	13.6%	11.1%	6.7%	7.8%	14.4%
Other income	7 Cr	11 Cr	5 Cr	11 Cr	8 Cr	5 Cr	6 Cr	12 Cr	7 Cr	5 Cr	3 Cr	7 Cr
Interest	0.26 Cr	0.74 Cr	0.29 Cr	0.61 Cr	1 Cr	0.28 Cr	0.26 Cr	1 Cr	0.75 Cr	0.45 Cr	0.25 Cr	0.59 Cr
Depreciation	8 Cr	8 Cr	8 Cr	8 Cr	9 Cr	9 Cr	9 Cr	9 Cr	9 Cr	9 Cr	10 Cr	10 Cr
Profit before tax	2 Cr	4 Cr	9 Cr	41 Cr	47 Cr	8 Cr	16 Cr	44 Cr	27 Cr	11 Cr	15 Cr	39 Cr
Tax %	8.6%	34.6%	25.0%	24.6%	24.3%	26.2%	23.8%	24.1%	22.9%	24.8%	16.2%	24.3%
Net profit	2 Cr	3 Cr	7 Cr	31 Cr	36 Cr	6 Cr	12 Cr	34 Cr	21 Cr	8 Cr	12 Cr	29 Cr
EPS (₹)	₹1.42	₹2.13	₹5.31	₹24.68	₹28.39	₹4.93	₹9.87	₹26.86	₹16.85	₹6.71	₹9.77	₹23.44

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	504 Cr	611 Cr	825 Cr	702 Cr	749 Cr	1,178 Cr	1,090 Cr	826 Cr	978 Cr	1,095 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	462 Cr	488 Cr	576 Cr	573 Cr	629 Cr	948 Cr	963 Cr	803 Cr	859 Cr	985 Cr	Sign in free for the trailing twelve months
EBITDA	42 Cr	123 Cr	249 Cr	129 Cr	121 Cr	230 Cr	126 Cr	23 Cr	120 Cr	110 Cr	Sign in free for the trailing twelve months
OPM %	8.3%	20.1%	30.2%	18.4%	16.1%	19.6%	11.6%	2.8%	12.2%	10.0%	Sign in free for the trailing twelve months
Other income	10 Cr	5 Cr	6 Cr	11 Cr	9 Cr	16 Cr	13 Cr	33 Cr	30 Cr	27 Cr	Sign in free for the trailing twelve months
Interest	10 Cr	6 Cr	2 Cr	3 Cr	2 Cr	2 Cr	2 Cr	2 Cr	2 Cr	2 Cr	Sign in free for the trailing twelve months
Depreciation	14 Cr	15 Cr	18 Cr	23 Cr	27 Cr	31 Cr	31 Cr	31 Cr	34 Cr	37 Cr	Sign in free for the trailing twelve months
Profit before tax	27 Cr	107 Cr	234 Cr	115 Cr	101 Cr	213 Cr	106 Cr	23 Cr	113 Cr	98 Cr	Sign in free for the trailing twelve months
Tax %	25.6%	30.9%	34.5%	16.4%	29.5%	24.5%	24.4%	24.9%	24.5%	22.6%	Sign in free for the trailing twelve months
Net profit	20 Cr	74 Cr	153 Cr	96 Cr	71 Cr	161 Cr	80 Cr	17 Cr	85 Cr	76 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹15.88	₹58.78	₹122.07	₹76.43	₹56.55	₹128.24	₹63.59	₹5.31	₹67.87	₹60.19	Sign in free for the trailing twelve months
Dividend payout %	—	—	—	—	0.0%	8.8%	35.3%	83.4%	8.1%	22.8%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	6 Cr	6 Cr	6 Cr	6 Cr	6 Cr	6 Cr	6 Cr	6 Cr	6 Cr	6 Cr
Reserves	404 Cr	526 Cr	693 Cr	695 Cr	845 Cr	1,143 Cr	1,235 Cr	1,421 Cr	1,582 Cr	1,697 Cr
Borrowings	60 Cr	8 Cr	6 Cr	21 Cr	9 Cr	5 Cr	0.89 Cr	—	0.05 Cr	0.09 Cr
Other liabilities	149 Cr	188 Cr	210 Cr	215 Cr	251 Cr	332 Cr	250 Cr	368 Cr	332 Cr	402 Cr
Total liabilities	619 Cr	728 Cr	916 Cr	937 Cr	1,111 Cr	1,487 Cr	1,493 Cr	1,796 Cr	1,920 Cr	2,105 Cr
Fixed assets (net)	182 Cr	202 Cr	237 Cr	332 Cr	369 Cr	407 Cr	408 Cr	408 Cr	423 Cr	438 Cr
CWIP	8 Cr	23 Cr	12 Cr	9 Cr	17 Cr	21 Cr	19 Cr	18 Cr	8 Cr	38 Cr
Investments	211 Cr	282 Cr	395 Cr	266 Cr	366 Cr	547 Cr	625 Cr	962 Cr	1,100 Cr	1,141 Cr
Loans & advances	—	—	4 Cr	2 Cr	2 Cr	1 Cr	1 Cr	1 Cr	1 Cr	0.24 Cr
Inventories	55 Cr	56 Cr	69 Cr	78 Cr	69 Cr	165 Cr	131 Cr	106 Cr	94 Cr	129 Cr
Trade receivables	120 Cr	125 Cr	158 Cr	150 Cr	173 Cr	199 Cr	157 Cr	185 Cr	216 Cr	261 Cr
Cash & bank	3 Cr	4 Cr	4 Cr	21 Cr	42 Cr	30 Cr	4 Cr	8 Cr	12 Cr	13 Cr
Other assets	39 Cr	37 Cr	37 Cr	80 Cr	73 Cr	115 Cr	147 Cr	107 Cr	65 Cr	85 Cr
Total assets	619 Cr	728 Cr	916 Cr	937 Cr	1,111 Cr	1,487 Cr	1,493 Cr	1,796 Cr	1,920 Cr	2,105 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	31 Cr	119 Cr	135 Cr	110 Cr	91 Cr	109 Cr	125 Cr	72 Cr	62 Cr	53 Cr
Cash from investing	16 Cr	-45 Cr	-111 Cr	-61 Cr	-53 Cr	-104 Cr	-118 Cr	-51 Cr	-41 Cr	-25 Cr
Cash from financing	-48 Cr	-73 Cr	-24 Cr	-31 Cr	-17 Cr	-17 Cr	-35 Cr	-17 Cr	-16 Cr	-27 Cr
Net cash flow	-0.90 Cr	0.79 Cr	-0.45 Cr	17 Cr	21 Cr	-12 Cr	-27 Cr	4 Cr	4 Cr	0.84 Cr
Free cash flow (OCF − Capex)	-6 Cr	67 Cr	89 Cr	44 Cr	43 Cr	35 Cr	93 Cr	40 Cr	18 Cr	-27 Cr

Ratios

Metric	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	7.9%	20.9%	33.5%	16.3%	12.0%	18.7%	8.7%	1.7%	7.3%	5.9%
ROE %	4.9%	13.9%	21.9%	13.7%	8.3%	14.0%	6.4%	1.2%	5.4%	4.4%
Debtor days	87	74	70	78	84	62	52	82	80	87
Inventory days	89	75	71	86	70	97	78	80	66	78
Days payable	101	118	103	116	125	106	63	139	96	91
Cash conversion cycle	75	32	38	48	29	53	67	22	50	74
OCF / EBITDA %	74.1%	97.1%	54.3%	85.1%	75.3%	47.3%	99.1%	n.m.	51.7%	48.2%
OCF / EBITDA % (3 years)	—	—	69.0%	72.7%	67.4%	64.5%	68.1%	80.7%	96.5%	74.1%
Debt / equity	0.15	0.01	0.0089	0.03	0.01	0.0046	0.0007	—	0.0000	0.0001
Current ratio	1.50	1.87	2.91	1.99	2.21	2.45	3.79	2.70	3.19	2.49
Net debt / EBITDA	1.35	—	0.01	0.0028	-0.28	-0.11	-0.02	-0.34	-0.10	-0.12