Excel Industries Limited (EXCELINDUS) AI Stock Analysis

• Market Cap: ₹11.95B
• Dividend Yield: 1.47%
• Average Volume (3M): 429.00
• Price to Earnings (P/E): 15.8
• Beta (1Y): 1.19
• Revenue Growth: 8.06%
• EPS Growth: -3.28%
• Country: IN
• Employees: 1,048
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 6.71
• Shares Outstanding: 12,570,692
• 10 Day Avg. Volume: 192
• 30 Day Avg. Volume: 429
• PEG Ratio: 0.04
• Price to Book (P/B): 0.78
• Price to Sales (P/S): 1.27
• P/FCF Ratio: 67.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: ₹1,097.00 ▲(15.73% Upside)
• Action: Reiterated Date: 02/06/26
• Date: Action: Reiterated 02/06/26

The score is primarily supported by strong financial performance (robust balance sheet and improved margins). Valuation is reasonable and adds support, while technicals are mixed—near-term momentum is positive, but the price remains below longer-term moving averages.

Positive Factors

Strong balance sheet

Low leverage, a healthy equity ratio and strong ROE provide durable financial flexibility. This capital structure reduces default risk, supports investment or M&A optionality, and lets management fund growth or weather downturns without relying on expensive external debt.

Improving margins

Sustained improvement in gross, EBIT and EBITDA margins indicates better cost control and pricing power. Higher margins strengthen intrinsic cash generation per unit of revenue, improving return on capital and resilience to revenue volatility over the medium term.

Positive operating cash flow

Consistent positive operating cash flow shows core operations generate real cash, supporting capital allocation without overreliance on financing. This underpins sustainable investments, working capital needs, and provides a buffer against cyclical earnings swings.

Negative Factors

Inconsistent revenue growth

Spotty top-line growth reduces predictability of future profits and capacity utilization. For a specialty chemicals company, uneven revenue makes long-term planning, pricing pass-through and capital investment decisions harder, raising execution risk over the next several quarters.

Free cash flow pressured by capex

Rising capex has compressed free cash flow despite healthy operating cash generation. If capex remains elevated, it limits discretionary uses like dividends, buybacks or debt reduction and requires that the investments deliver sustained returns to justify the cash outflow.

Negative EPS growth

A decline in EPS signals earnings pressure or episodic items that reduced shareholder earnings despite margin gains. Persisting negative EPS growth would undermine return expectations and could reflect volatility in end markets or execution issues that need resolution.

Excel Industries Limited Business Overview & Revenue Model

Company Description

Excel Industries Limited manufactures and sells chemicals and pharma intermediates, and environmental products in India and internationally. It provides industrial, specialty, and mining chemicals; agrochemical intermediates, casscel, phosphorous derivatives, biocides, and phosphonates; polymer inputs and specialty monomers; soil enrichers, bio – pesticides, and other bio-products; a range of penultimate pharmaceutical intermediates and APIs; and veterinary APIs. The company is also involved in financing activities. Excel Industries Limited was founded in 1941 and is headquartered in Mumbai, India.

How the Company Makes Money

Excel Industries generates revenue through multiple key streams, including the sale of agricultural equipment such as sprayers, tractors, and other machinery used in farming operations. The company also earns income from industrial products and solutions that serve sectors like construction and manufacturing. Additionally, EXCELINDUS may benefit from service contracts and maintenance agreements associated with its products. Strategic partnerships with distributors and retailers enhance its market reach, while exports to international markets contribute to its overall earnings. The company's commitment to innovation and quality helps maintain customer loyalty and repeat business, further solidifying its revenue base.

Excel Industries Limited Financial Statement Overview

Summary

Strong overall financial profile driven by a very solid balance sheet (low leverage, healthy equity base, strong ROE) and improved profitability/margins. Main offset is inconsistent revenue growth and some pressure on free cash flow due to higher capex.

Income Statement

Excel Industries Limited has demonstrated a strong recovery in its income statement. The gross profit margin is robust, and there has been a significant improvement in EBIT and EBITDA margins compared to the previous year, despite a decline from two years ago. The net profit margin has also improved substantially, showcasing effective cost management. However, the revenue growth rate has been inconsistent, indicating potential challenges in sustaining revenue momentum.

Balance Sheet

The balance sheet of Excel Industries Limited is strong, with a low debt-to-equity ratio indicating minimal reliance on debt financing. The return on equity is impressive, reflecting efficient utilization of shareholders' capital. The equity ratio is healthy, suggesting a strong capital structure with a significant portion of assets financed by equity. This stability provides a solid foundation for future growth.

Cash Flow

The company's cash flow position is stable, with a positive operating cash flow to net income ratio, indicating sufficient cash generation from operations. However, the free cash flow has seen a decline compared to previous years, primarily due to increased capital expenditures. The free cash flow to net income ratio remains positive, but the growth rate has been negative, suggesting potential challenges in cash management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	10.23B	9.78B	8.26B	10.84B	11.72B	7.44B
Gross Profit	4.86B	4.72B	2.98B	4.52B	2.91B	3.74B
EBITDA	1.54B	1.49B	577.24M	1.40B	2.47B	1.30B
Net Income	880.50M	853.13M	170.10M	799.36M	1.61B	710.86M
Balance Sheet
Total Assets	0.00	19.20B	17.96B	14.93B	14.87B	11.11B
Cash, Cash Equivalents and Short-Term Investments	2.22B	2.22B	2.07B	1.43B	771.01M	647.33M
Total Debt	0.00	122.78M	17.81M	26.74M	74.10M	86.03M
Total Liabilities	-15.89B	3.32B	3.68B	2.51B	3.37B	2.60B
Stockholders Equity	15.89B	15.89B	14.27B	12.42B	11.49B	8.52B
Cash Flow
Free Cash Flow	0.00	182.70M	404.65M	926.92M	350.40M	431.41M
Operating Cash Flow	0.00	618.19M	723.73M	1.25B	1.09B	908.56M
Investing Cash Flow	0.00	-412.90M	-512.29M	-1.18B	-1.04B	-525.98M
Financing Cash Flow	0.00	-160.70M	-169.31M	-345.81M	-168.89M	-168.34M

Excel Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 947.90
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:EXCELINDUS, the sentiment is Negative. The current price of 947.9 is below the 20-day moving average (MA) of 955.66, above the 50-day MA of 936.31, and below the 200-day MA of 1102.77, indicating a neutral trend. The MACD of 6.59 indicates Negative momentum. The RSI at 50.54 is Neutral, neither overbought nor oversold. The STOCH value of 54.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:EXCELINDUS.

Excel Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EXCELINDUS	73 Outperform	₹11.95B	15.77	―	1.47%	8.06%	-3.28%
SHREEPUSHK	68 Neutral	₹10.25B	13.89	―	0.52%	28.67%	50.12%
PUNJABCHEM	64 Neutral	₹14.50B	24.16	―	0.24%	10.70%	32.65%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JAYAGROGN	60 Neutral	₹8.58B	12.09	―	1.23%	0.69%	-7.54%
TNPL	58 Neutral	₹9.47B	32.02	―	2.08%	4.65%	-127.24%
HERANBA	44 Neutral	₹8.33B	-13.86	―	0.39%	―	―

Excel Industries Limited Corporate Events

Exchange Seeks Clarification from Excel Industries on September 2025 Quarterly Results

The stock exchange has sought clarification from Excel Industries Limited regarding its financial results for the quarter ended 30 September 2025 under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company’s response is still awaited, leaving investors and other stakeholders without additional detail for now on the issues raised about its quarterly disclosures.