1. At a Glance – Blink and You’ll Miss the Irony
Excel Industries is that quiet kid in the specialty chemicals class who once topped the exams, then decided to meditate for a decade while others built unicorns. With a market cap of ₹1,161 Cr, a current price of ₹924, and a price-to-book of just 0.64, this stock is officially cheaper than its own balance sheet furniture.
Latest Q3 FY26 numbers show ₹233.5 Cr revenue and ₹8.44 Cr PAT, translating into a 36% QoQ profit jump. Sounds sexy? Wait. ROCE is still stuck at 7.11%, ROE at 5.21%, and 5-year sales growth is a sleepy 6.8%.
The stock is down 27% in 6 months and 29% in 1 year, while still paying a 1.49% dividend yield—basically saying: “I won’t grow fast, but I’ll at least buy you samosas.”
Is this a turnaround brewing or just another false chemical reaction? Let’s open the lab notebook.
2. Introduction – A Legacy Chemical Player Having a Mid-Life Crisis
Excel Industries Ltd has been around long enough to see chlorpyrifos go from hero to villain. Once a cash-printing machine during the agrochemical boom, Excel today finds itself balancing between legacy phosphorus chemistry, pharma APIs, and a tiny environmental solutions hobby.
Historically, this company knew how to make money when organophosphorus chemistry ruled farms. But regulation tightened, exports slowed, and suddenly Excel’s once-mighty DETC began behaving like that overqualified employee stuck in a boring role.
The last few years have been about capex, diversification, automation, and waiting. And waiting. And waiting some more.
So when Q3 FY26 shows a sharp QoQ recovery, investors naturally ask:
Is Excel finally waking up—or just stretching before another nap?
3. Business Model –
WTF Do They Even Do?
Excel Industries is basically a phosphorus chemistry specialist pretending to be diversified.
Chemicals Segment (98% of FY24 revenue)
This is where the real action is:
- Agrochemical intermediates:
P2S5, PCl3, PCl5, PSCl3, and the star of the show—DETC, which alone contributes ~40% of revenues.
Translation: One product sneezes, the whole P&L catches a cold. - Specialty chemicals:
Phosphonates like HEDP, ATMP, DTPMP, used in water treatment, detergents, and industrial applications. - Polymer additives:
Functional additives and property modifiers—higher margin, lower drama, but still small scale. - Pharma APIs:
Febuxostat, Teneligliptin, and Butaphosphan. Good molecules, but not yet blockbuster volumes.
Environment & Biotech (2%)
MSW, sanitreat, bioculum, OWC. Sounds green. Feels noble. Makes almost no money.
So yes, Excel is technically diversified—but emotionally still married to DETC.
4. Financials Overview – Numbers Don’t Lie, But They Do Yawn
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 233.54 | 180.28 | 270.23 | 29.5% | -13.6% |
| EBITDA (₹ Cr) | 15.74 | 1.37 | 29.91 | 1049% | -47.4% |
| PAT (₹ Cr) | 8.44 | 2.68 | 21.19 | 214.9% | -60.2% |
| EPS (₹) | 6.71 | 2.13 | 16.86 | 215% | -60% |
Commentary:
YoY looks like a Bollywood comeback story. QoQ looks like Monday morning reality. Margins are volatile, showing Excel’s sensitivity to product mix and demand cycles.
Annualised EPS (Q3 rule):
Average of Q1–Q3 FY26 EPS
