Excel Industries Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,077 Cr
- P/E
- 15.10
- ROE
- 4.62%
- PEG
- -8.29
- Price to sales
- 1.01
- Debt to equity
- 0.00
- 52W high / low
- ₹1,133 / ₹806
- Sales growth (5Y)
- 7.87%
- EBITDA margin
- 10.20%
- Net profit margin
- 6.94%
- Promoter holding
- 51.86%
- Sales (last year)
- ₹1,079 Cr
Excel Industries is engaged in manufacturing and selling of Chemicals, Pharma intermediates and Environmental products. [1]
Guidance scorecard · Q1 FY27 call
What Excel Industries Ltd's management guided
and where it ranks in Chemicals & Petrochemicals
Chemicals & Petrochemicals
RevenueQ4 FY26 call
10–20%- Excel Industries aims for growth by focusing on Performance Solutions, contract manufacturing, and YP derivatives as key growth drivers.
- Export share is expected to increase, especially by expanding presence in the EU and potentially the US markets.
- Contract manufacturing is seen as a growing segment, with more international multinational customer deals expected.
- The company plans to launch new products, particularly in the biocides segment, to drive revenue.
- Capacity utilization currently ranges from 65% to 85%, with planned capacity additions targeting focus areas.
2 more points from Excel Industries Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what Excel Industries Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Excel Industries plans capex of around INR 200-300 crores over the next 2-3 years, targeting key growth areas.
- Focus areas for capex include Performance Solutions, contract manufacturing, and YP derivatives.
- Fixed asset turnover expected to be 1 to 1.5 times, with an expected ROI of 15%-20%.
- Capex deployment details will be disclosed as and when significant investments occur.
- Company remains open to inorganic capex where strategic opportunities provide technology or market access.
- Additional capacity is maintained to manage cyclicity and supply chain disruptions, ensuring customer servicing and opportunity capture.
2 more points from Excel Industries Ltd's call on capex
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FundraisingQ4 FY26 call
See what Excel Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
- Ravi Shroff mentioned ongoing contract manufacturing agreements progressing well, with validation batches dispatched and capacity expected to come on stream by July 2026.
- New product launches (e.g., biocides) in Performance Solutions segment are planned, indicating a pipeline of growth opportunities.
- The company is actively pursuing growth through exports, contract manufacturing, and Performance Solutions, suggesting a positive outlook on order inflow.
- Exact order book size or pending orders data were not shared due to commercial confidentiality and the early stage of some projects.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Chemicals & Petrochemicals
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Chemicals & Petrochemicals companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹263 Cr | 3.4 | |
| 2 | 40%+ | Flat | ₹4,375 Cr | 83.7 | |
| 3 | 40%+ | Flat | ₹3,259 Cr | 4.0 | |
| 4 | 40%+ | Flat | ₹145 Cr | 15.9 | |
| 5 | 20–40% | Up 2%+ | ₹1.81L Cr | 90.9 | |
| 6 | 20–40% | Up 2%+ | ₹48,366 Cr | 78.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Chemicals & Petrochemicals rankingFinancials of Excel Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Excel Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 226 | 214 | 198 | 180 | 234 | 265 | 269 | 196 | 248 | 310 | 270 | 234 | 281 |
| Expenses + | 215 | 207 | 195 | 179 | 221 | 226 | 220 | 184 | 228 | 267 | 240 | 218 | 259 |
| Operating Profit | 11 | 8 | 3 | 1 | 12 | 39 | 49 | 12 | 20 | 42 | 30 | 16 | 22 |
| OPM % | 5% | 4% | 1% | 1% | 5% | 15% | 18% | 6% | 8% | 14% | 11% | 7% | 8% |
| Other Income + | 3 | 9 | 7 | 11 | 5 | 11 | 8 | 5 | 6 | 12 | 7 | 5 | 3 |
| Interest | 0 | 1 | 0 | 1 | 0 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 0 |
| Depreciation | 8 | 9 | 8 | 8 | 8 | 8 | 9 | 9 | 9 | 9 | 9 | 9 | 10 |
| Profit before tax | 5 | 8 | 2 | 4 | 9 | 41 | 47 | 8 | 16 | 44 | 27 | 11 | 15 |
| Tax % | 57% | 24% | 9% | 34% | 25% | 25% | 24% | 26% | 24% | 24% | 23% | 25% | 16% |
| Net Profit + | 2 | 6 | 2 | 3 | 7 | 31 | 36 | 6 | 12 | 34 | 21 | 8 | 12 |
| EPS in Rs | 1.72 | 4.68 | 1.42 | 2.13 | 5.31 | 24.68 | 28.38 | 4.93 | 9.87 | 26.86 | 16.86 | 6.71 | 9.77 |
Financials of Excel Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 482 | 448 | 462 | 599 | 825 | 702 | 749 | 1,178 | 1,090 | 826 | 978 | 1,095 |
| Expenses + | 409 | 385 | 419 | 474 | 574 | 571 | 628 | 946 | 961 | 801 | 857 | 985 |
| Operating Profit | 72 | 63 | 44 | 125 | 250 | 131 | 122 | 232 | 129 | 25 | 121 | 110 |
| OPM % | 15% | 14% | 9% | 21% | 30% | 19% | 16% | 20% | 12% | 3% | 12% | 10% |
| Other Income + | 7 | 3 | 9 | 4 | 5 | 10 | 9 | 15 | 12 | 32 | 29 | 27 |
| Interest | 14 | 13 | 11 | 7 | 3 | 4 | 3 | 3 | 3 | 3 | 4 | 2 |
| Depreciation | 15 | 15 | 14 | 15 | 18 | 23 | 27 | 31 | 31 | 31 | 34 | 37 |
| Profit before tax | 51 | 38 | 27 | 107 | 234 | 115 | 101 | 213 | 106 | 23 | 113 | 98 |
| Tax % | 19% | 31% | 26% | 31% | 34% | 16% | 29% | 24% | 24% | 25% | 24% | 23% |
| Net Profit + | 41 | 26 | 20 | 74 | 153 | 96 | 71 | 161 | 80 | 17 | 85 | 76 |
| EPS in Rs | 34.59 | 20.18 | 15.93 | 58.78 | 122.07 | 76.42 | 56.55 | 128.23 | 63.59 | 13.53 | 67.86 | 60.20 |
| Dividend Payout % | 20% | 22% | 38% | 21% | 15% | 13% | 20% | 18% | 18% | 41% | 20% | 23% |
Financials of Excel Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 180 | 204 | 404 | 526 | 693 | 695 | 845 | 1,143 | 1,235 | 1,421 | 1,582 | 1,697 |
| Borrowings + | 95 | 89 | 68 | 10 | 7 | 24 | 9 | 7 | 3 | 2 | 12 | 8 |
| Other Liabilities + | 106 | 121 | 141 | 186 | 209 | 212 | 251 | 330 | 248 | 367 | 319 | 394 |
| Total Liabilities | 387 | 421 | 619 | 728 | 916 | 937 | 1,111 | 1,487 | 1,493 | 1,795 | 1,920 | 2,105 |
| Fixed Assets + | 158 | 164 | 183 | 203 | 238 | 376 | 389 | 427 | 428 | 428 | 459 | 476 |
| CWIP | 3 | 3 | 8 | 23 | 12 | 10 | 17 | 21 | 19 | 19 | 13 | 38 |
| Investments | 23 | 27 | 211 | 282 | 394 | 264 | 365 | 547 | 625 | 984 | 1,085 | 1,126 |
| Other Assets + | 204 | 227 | 216 | 220 | 272 | 287 | 340 | 492 | 421 | 365 | 364 | 466 |
| Total Assets | 387 | 421 | 619 | 728 | 916 | 937 | 1,111 | 1,487 | 1,493 | 1,795 | 1,920 | 2,105 |
Financials of Excel Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 44 | 46 | 31 | 119 | 135 | 110 | 91 | 109 | 125 | 72 | 62 | 53 |
| Cash from Investing Activity + | -27 | -27 | 16 | -45 | -111 | -61 | -53 | -104 | -118 | -51 | -41 | -25 |
| Cash from Financing Activity + | -23 | -17 | -48 | -73 | -24 | -31 | -17 | -17 | -35 | -17 | -16 | -27 |
| Net Cash Flow | -6 | 1 | -1 | 1 | -0 | 17 | 21 | -12 | -27 | 4 | 4 | 1 |
| Free Cash Flow | 13 | 21 | -6 | 67 | 90 | 44 | 43 | 35 | 94 | 41 | 19 | -25 |
| CFO/OP | 75% | 104% | 108% | 116% | 85% | 105% | 94% | 68% | 120% | 314% | 52% | 65% |
Financials of Excel Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 80 | 103 | 95 | 76 | 70 | 78 | 84 | 62 | 52 | 82 | 81 | 87 |
| Inventory Days | 103 | 99 | 86 | 79 | 75 | 90 | 71 | 103 | 78 | 80 | 70 | 78 |
| Days Payable | 84 | 112 | 98 | 123 | 108 | 122 | 126 | 112 | 64 | 139 | 102 | 91 |
| Cash Conversion Cycle | 99 | 90 | 83 | 32 | 36 | 46 | 29 | 52 | 67 | 23 | 49 | 74 |
| Working Capital Days | 28 | 27 | 42 | 50 | 57 | 49 | 51 | 61 | 61 | 47 | 58 | 106 |
| ROCE % | 24% | 18% | 10% | 22% | 38% | 17% | 13% | 21% | 9% | 2% | 7% | 6% |
Guidance history
How Excel Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 0–10% | Flat | Planned | — | — |
| Q4 FY25 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
17 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −24.1% | 31% |
| Last 6 months | −10.3% | 36% |
| Last 3 months | −13.9% | 31% |
The price is 52.8% below its all-time high of ₹1,816.15 (14 Sept 2018). Stocks more than 20% below their peak have their score halved, so 33 became 17.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Excel Industries Ltd: 0.4 × 31 + 0.4 × 36 + 0.2 × 31 = 33, halved to 17 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Excel Industries Ltd's management said in earlier quarters
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