Corporate Performance     

Published: August 31, 2025
Updated: August 31, 2025

Excel Industries

From chemicals to waste management

Established in 1941 with the objective of making India self-reliant in chemicals by developing indigenous technologies, Mumbai-based Excel Industries (EIL) has travelled a long way in terms of growth and has earned a good name in the domestic chemical industry.

Led by current Executive Chairman Ashwin C Shroff and Managing Director Ravi A Shroff, the company is engaged in manufacturing agro-chemical intermediates and speciality chemicals. It also manufactures polymer inputs, pharmaceutical intermediates and APIs (active pharma ingredients), with plants located at Roha and Lote (Maharashtra) and Vishakhapatnam (AP). The company is a leading player in basic and advanced phosphorous derivatives, in addition to being a pioneer in organic waste management and municipal solid waste management in India.

With a strength of 32 scientists in its R&D division, EIL has always been vigilant in according much-needed importance to product improvement, innovation and upgradation. The company crafts future-ready chemical and environmental solutions on the strength of its technical expertise. More importantly, by driving backward integration, it has secured supply chains, enhanced efficiency and upheld quality – thus strengthening its edge in pharma, speciality chemicals and polymer additives.

FINANCIAL FEAT

On a tiny equity capital of Rs 6.29 crore, the company achieved during FY25, on a consolidated basis, Rs 978 crore revenue from operations and PAT of Rs 78.63 crore, with the EBITDA margin of 12.2% translating into an EPS of Rs 67.87 per Rs 5 face value share. The book value of per share of Rs 1,264 and its debt free-cum-cash surplus status look very attractive against its current market price of Rs 1,226 and market capitalisation of Rs 1541 crore. The promoter group holds a 52.68% stake.

Q1FY26 has begun on a positive note. EIL has achieved net revenue of Rs 309.52 crore against Rs 264.91 crore in the corresponding period of the previous year, with PAT of Rs 33.76 crore (PY Rs 31.02 crore) converting into an EPS of Rs 26.86 (PY Rs 24.68). The EBITDA margin and PAT margin remained at 14.7% and 10.9% respectively, vis-à-vis 15.9% and 11.7% on a yoy basis. The company has committed to capital expenditure of Rs 200-300 crore over the next three years, mainly towards plant upgradation, product innovation, capacity expansion and technology. An expenditure of Rs 40-50 crore per year has been reserved for ongoing maintenance and improvements.

CHEM WAVE

As per EY (Ernst & Young), the Indian chemical industry is expected to reach $ 383 billion by 2030. As per CRISIL, India’s marketshare will grow 6% by 2026 and domestic growth is predicted at 13-15%, supported by exports, while revenue from India is predicted to grow 18-20%. Likewise, as per IBEF and ToI, an investment of Rs 8 lakh crore is estimated in the Indian chemicals and petrochemicals sector by 2025, with an expected growth of 7-9%. Needless to mention, all this augurs well for an established player like EIL, whose management is known for its high integrity, total commitment and dynamic leadership. Investors who have patience can consider the stock for their portfolio and expect sound appreciation.