MarketFriction

Excel Industries Ltd

NSE EXCELINDUS · BSE 500650 · Specialty Chemicals
₹921.80 -2.48%
NSE close2026-10-01
52 week range800.05 - 1,168.00
Market cap₹1,178 Cr.
P/E16.5
Price band 20% Delivery 46.8%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue from operations198180234265269196248310270234281294
Operating costs195179221226220184228267240218259251
EBITDA3112394912204230162242
EBITDA margin %1.3%0.8%5%15%18%6%8%14%11%7%8%14%
Depreciation & amortisation88889999991010
Finance costs010110011001
Non-operating income711511856127537
Pre-tax profit24941478164427111539
Effective tax rate %9%34%25%25%24%26%24%24%23%25%16%24%
Profit after tax2373136612342181229
Earnings per share (Rs)1.422.135.3124.6828.384.939.8726.8616.866.719.7723.44
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue from operations4484625998257027491,1781,0908269781,0951,079
Operating costs385419474574571628946961801857980969
EBITDA634412525013112223212925121114110
EBITDA margin %14%9%21%30%19%16%20%12%3.0%12%10%10%
Depreciation & amortisation151415182327313131343738
Finance costs13117343333442
Non-operating income3945109151232292422
Pre-tax profit3827107234115101213106231139892
Effective tax rate %31%26%31%34%16%29%24%24%25%24%23%
Profit after tax26207415396711618017857671
Earnings per share (Rs)20.1815.9358.78122.0776.4256.55128.2363.5913.5367.8660.2056.78
Paid out as dividend %22%38%21%15%13%20%18%18%41%20%23%
10 Years5 Years3 YearsTTM1 YearLast Year
Revenue CAGR9%8%0%5%
Profit CAGR11%2%-2%-19%
Share price CAGR12%-2%2%-19%
Average return on equity9%6%4%5%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Net block (property, plant)158164183203238376389427428428459476
Capital work in progress338231210172119191338
Investments23272112823942643655476259841,0851,126
Current & other assets204227216220272287340492421365364465
Total assets3874216197289169371,1111,4871,4931,7951,9202,105
Share capital666666666666
Reserves & surplus1802044045266936958451,1431,2351,4211,5821,697
Total debt958968107249732128
Other liabilities & provisions106121141186209212251330248367319394
Equity + liabilities3874216197289169371,1111,4871,4931,7951,9202,105
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating cash flow44463111913511091109125726253
Investing cash flow-27-2716-45-111-61-53-104-118-51-41-25
Free cash flow (after capex)1321-66790444335944119-25
Financing cash flow-23-17-48-73-24-31-17-17-35-17-16-27
Net change in cash-61-11-01721-12-27441
Cash conversion (OCF / EBITDA) %75%104%108%116%85%105%94%68%120%314%52%63%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Return on capital employed %24%18%10%22%38%17%13%21%9%2%7%6%
Receivable days8010395767078846252828187
Inventory days10399867975907110378807081
Payable days8411298123108122126112641398694
Cash cycle (days)999083323646295267236474
Working capital days282742505749516161475864
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoter group %52.60%52.60%52.60%52.58%52.56%52.57%52.66%52.68%52.68%52.69%52.69%51.86%
Foreign investors %0.70%0.66%0.56%0.89%1.56%2.17%2.05%2.08%2.01%2.01%1.94%1.85%
Domestic institutions %6.97%6.97%6.97%6.97%6.97%7.00%6.98%6.98%7.06%7.07%7.07%7.08%
Retail & others %39.72%39.75%39.86%39.56%38.91%38.26%38.32%38.27%38.27%38.25%38.31%39.22%
Shareholder count26,20226,61226,72524,06322,97922,44822,82022,29722,59322,08421,70321,439

Fundamentals

Market value₹ 1,178 Cr.
Last price₹ 925
P/E (trailing)16.5
Book value / share₹ 1,355
Return on capital6.17 %
Return on equity4.62 %
Dividend yield1.49 %
Face value₹ 5.00
Revenue CAGR (TTM)5%
Profit CAGR (TTM)-19%
Consolidated figures.
Valuation
Market capRs 1,159 Cr
Enterprise valueRs 1,148 Cr
P/E (TTM)16.23x
Price to book0.68x
Price to sales1.07x
EV / EBITDA8.71x
EV / EBIT12.18x
EV / sales1.06x
Price to cash flow21.90x
Earnings yield6.16%
Dividend yield1.49%
P/E, 3-year average26.66x
P/B, 3-year average0.66x
P/E, 5-year average20.64x
P/B, 5-year average0.86x
Profitability
Operating margin (excl. other income)10.44%
Operating margin (incl. other income)12.68%
EBITDA margin12.22%
Pre-tax margin8.55%
Net profit margin6.62%
Net margin, latest quarter10.03%
ROE4.60%
ROCE6.15%
ROA3.76%
ROE, 3-year average3.84%
ROCE, 3-year average5.25%
ROA, 3-year average3.13%
ROE, 5-year average6.87%
ROCE, 5-year average9.26%
ROA, 5-year average5.43%
ROIC (approx.)4.31%
Tax rate22.63%
Other income / net worth1.44%
Growth
Sales growth (latest year)11.91%
Profit growth (latest year)-11.30%
Sales CAGR, 3 years0.14%
Sales CAGR, 5 years7.87%
Profit CAGR, 3 years-1.81%
Profit CAGR, 5 years1.26%
Sales growth QoQ4.48%
Profit growth QoQ139.98%
Sales growth YoY (latest quarter)-5.07%
Profit growth YoY (latest quarter)-12.71%
Per share
EPS (TTM)Rs 56.78
EPS (latest year)Rs 60.20
EPS (latest quarter)Rs 23.44
EPS, 3-year averageRs 47.20
EPS, 5-year averageRs 66.68
Book value per shareRs 1,354.75
Sales per shareRs 858.22
Cash flow per shareRs 42.08
Dividend per share (latest year)Rs 13.76
Dividend per share, 3-year averageRs 11.01
Dividend per share, 5-year averageRs 13.36
Dividends
Dividend payout22.86%
Dividend payout, 3-year average27.94%
Dividend payout, 5-year average23.82%
Efficiency
Asset turnover0.52x
Fixed asset turnover2.30x
Inventory turnover5.69x
Inventory days64 days
Debtor days87 days
Debtors turnover4.19x
Leverage
Total debtRs 8 Cr
Cash and bankRs 18 Cr
Net debtRs -11 Cr
Debt to equity0.00x
Net debt / EBITDA-0.08x
Interest coverage46.22x
Current ratio (filing 2026-03-31)2.49x
Quick ratio (filing 2026-03-31)1.92x
Trade payables (filing 2026-03-31)Rs 151 Cr
Owners' fund to total sources80.90%
Debt to assets0.37%
Cash flow
Operating cash flow (latest year)Rs 53 Cr
Investing cash flow (latest year)Rs -25 Cr
Financing cash flow (latest year)Rs -27 Cr
Net change in cash (latest year)Rs 1 Cr
Sales to cash flow20.69x
Statement figures
Net sales (TTM)Rs 1,079 Cr
Net sales (latest year)Rs 1,095 Cr
Sales (latest quarter)Rs 294 Cr
Operating profit excl. other income (latest year)Rs 114 Cr
Operating profit (latest quarter)Rs 42 Cr
Other income (TTM)Rs 22 Cr
EBITDA (TTM)Rs 132 Cr
PBDT (TTM)Rs 130 Cr
Profit before tax (TTM)Rs 92 Cr
Tax (latest year)Rs 22 Cr
Net profit (TTM)Rs 71 Cr
Net profit (latest year)Rs 76 Cr
Net profit (latest quarter)Rs 29 Cr
Depreciation (TTM)Rs 38 Cr
Depreciation (latest quarter)Rs 10 Cr
Interest (TTM)Rs 2 Cr
Cost of goods sold (latest year)Rs 736 Cr
Total expenditure (latest year)Rs 980 Cr
Total income (latest year)Rs 1,119 Cr
Share capitalRs 6 Cr
ReservesRs 1,697 Cr
Shareholders' fundsRs 1,703 Cr
Total assetsRs 2,105 Cr
Net blockRs 476 Cr
Capital work in progressRs 38 Cr
InvestmentsRs 1,126 Cr
ReceivablesRs 261 Cr
InventoryRs 129 Cr
Other liabilitiesRs 394 Cr
Shares outstanding (crore)1.26
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 16.2 is at the 53th percentile of its own 9.4-year range (median 15.9, low 3.7, high 112.1).
P/B 0.68 is at the 2th percentile (median 1.32).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodEXCELINDUSNifty 50Difference
1 week-3.0%-2.8% -0.2 pts
1 month-9.2%-6.8% -2.4 pts
3 months+0.9%-7.6% +8.6 pts
6 months+14.3%+0.4% +13.9 pts
1 year-19.5%-9.9% -9.6 pts
2 years-39.5%-13.6% -26.0 pts
3 years+4.4%+14.2% -9.8 pts
5 years-9.2%+27.9% -37.1 pts

Red flags

F-score 5 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹294 Cr -5.2% vs Jun 2025. Net profit ₹29 Cr -14.7%.
Against our estimate for Jun 2026: sales -18.5%, profit +33.5% beat. Our estimate for Sep 2026: sales Rs 281 Cr, profit Rs 17 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-17Dividend - Rs 13.75 Per Share
2025-08-14Dividend - Rs 13.75 Per Share
2024-09-12Dividend - Rs 5.50 Per Share
2023-09-07Dividend - Rs 11.25 Per Share
2022-09-15Dividend - Rs 22.50 Per Share
2021-09-16 Dividend - Rs 11.25 Per Share
2020-03-19 Interim Dividend - Rs 10 Per Share
2019-08-05 Dividend - Rs 18.75 Per Share
2018-08-01 Annual General Meeting/Dividend- Rs 12.5 Per Share
2017-07-26 Annual General Meeting/Dividend - Rs 6/- Per Share
2016-07-14 Dividend -Rs 4.50 Per Share
2015-09-03 Dividend - Rs 4/- Per Share
2014-11-13Interim Dividend - Rs 3/- Per Share
2014-09-15Dividend-Rs.3.75 Per Share
2013-07-18Annual General Meeting / Dividend - Rs 3/- Per Share
2012-07-12Annual General Meeting /Dividend Rs 2 Per Share
2011-07-14Annual General Meeting/Final Dividend Rs.2.50 Per Share And Special Dividend Rs.1.25 Per Share
2010-07-08Annual General Meeting And Dividend Rs.2/- Per Share
2009-08-14Agm/Div-Re.0.50 Per Share
2008-08-21Agm/Dividend - 20%
2007-07-12Agm/Dividend-10%
2006-07-14Agm
DateTypeWhat it says
2026-09-25Shareholder meetingVoting results.
2026-09-24Shareholder meetingProceedings of Annual General Meeting held on September 24, 2026
2026-09-17Press ReleaseA press release dated September 17, 2026, titled "Excel Industries Limited Achieves Silver Rating in EcoVadis Sustainability Assessment ".
2026-09-11Credit Rating- NewCredit Rating- New
2026-08-31General UpdatesBusiness Responsibility and Sustainability Report
2026-08-17Investor PresentationInvestor Presentation
2026-08-13Record DateRecord date for the purpose of Dividend is 17-Sep-2026.
2026-08-13Shareholder meetingIntimation of Annual General Meeting to be held on September 24, 2026
2026-08-13Board meeting outcomeExcel Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-23Product launchProduct launch
2026-07-23Capacity additionCapacity addition
2026-07-23Press ReleaseA press release dated July 23, 2026, titled "Update - Completion of Project for supplies against long term supply agreement".
2026-07-23Arrangements for strategic, Arrangements for strategic, technical, manufacturing, or marketing tie up
2026-07-15Shareholder meetingVoting results.
2026-06-12Shareholder meetingNotice of Postal Ballot
2026-05-28Concall / analyst meetTranscript
2026-05-25Concall / analyst meetLink of Recording
2026-05-24Investor PresentationInvestor Presentation
2026-05-22AppointmentAppointment of Mr Mr. Mahtabuzzaman as Non- Executive Director of the company w.e.f. May 22, 2026.
2026-05-22Board meeting outcomeExcel Industries Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-22DividendBoard of Directors at its meeting held on May 22, 2026, recommended Final Dividend of Rs. 13.75 per equity share.
2026-05-20Concall / analyst meetSchedule of meet
2026-05-15ResignationResignation of Director/KMP/SMP
2026-05-15ResignationResignation of Director/KMP/SMP
2026-05-15Change in ManagementChange in Management
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Excel Industries Ltd?

Excel Industries Ltd (EXCELINDUS) has a market capitalisation of Rs 1,178 Cr. at the 2026-10-01 close.

What is the P/E ratio of Excel Industries Ltd?

Excel Industries Ltd trades at a P/E of 16.5 on trailing twelve-month profit, at the 2026-10-01 close.

What were Excel Industries Ltd's latest quarterly results?

In the Jun 2026 quarter, Excel Industries Ltd sales was Rs 294 Cr (-5.2% vs Jun 2025) and net profit was Rs 29 Cr.

What is the 52-week high and low of Excel Industries Ltd?

The 52-week high is Rs 1,168.00 and the 52-week low is Rs 800.05.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03