Excel Industries Limited (EXCELINDUS) AI Stock Analysis

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Excel Industries Limited

(NSE:EXCELINDUS)

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Rating:72Outperform

Price Target:INR 1,080.00▲(13.43% Upside)

Action:upgraded

Date:08/20/26

The score is driven primarily by strong financial stability from an extremely low-leverage balance sheet, offset by volatility in earnings and cash generation (including slightly negative free cash flow in FY2026). Technically, the stock is in an uptrend above major moving averages with positive MACD, while valuation (P/E ~20, ~1.4% yield) is fair but not a major catalyst.

Positive Factors

Very low leverageAn extremely low-leverage balance sheet reduces financial risk and interest burden, giving Excel Industries greater resilience during weaker operating periods. Steadily expanding equity and asset growth also indicate that the company has largely funded development through its own capital base rather than debt.

Negative Factors

Uneven revenue growthThe irregular revenue path indicates that growth has not yet become consistently durable. Alternating expansion, contraction, rebound, and slower growth can make capacity planning and earnings forecasting more difficult, while exposing the business to uneven demand across its chemical and industrial end markets.

Excel Industries Limited (EXCELINDUS) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 12.05B
Dividend Yield: 1.44%
Average Volume (3M): 1,307
Price to Earnings (P/E): 16.8
Beta (1Y): 1.35
Revenue Growth: 5.49%
EPS Growth: -18.94%
Country: India
Employees: 1,162
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

Excel Industries Limited Business Overview & Revenue Model

Company Description

Established in 1941 and headquartered in Mumbai, India, Excel Industries Limited conducts business both domestically and internationally, focusing on the production and sale of a diverse array of chemicals, pharmaceutical precursors, and ecological s...

How the Company Makes Money

Excel Industries Limited makes money primarily by selling chemicals it manufactures to industrial customers and other businesses. Key revenue streams are expected to include (a) sales of industrial and specialty chemical products to downstream indust...

Excel Industries Limited Financial Statement Overview

Summary

Balance sheet strength is a major positive (very low leverage and steadily rising equity), supporting resilience. However, income statement and cash-flow quality are mixed: revenue/profitability have been volatile with margin pressure versus peak years, and free cash flow turned slightly negative in FY2026 after several positive years.

Income Statement

66Positive

Balance Sheet

90Very Positive

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	10.79B	10.95B	9.78B	8.26B	10.84B	11.72B
Gross Profit	3.67B	3.23B	4.72B	2.98B	4.52B	2.91B
EBITDA	1.25B	1.37B	1.49B	577.24M	1.40B	2.47B
Net Income	713.74M	756.65M	853.13M	170.10M	799.36M	1.61B
Balance Sheet
Total Assets	0	21.05B	19.20B	17.96B	14.93B	14.87B
Cash, Cash Equivalents and Short-Term Investments	1.45B	1.45B	2.22B	2.07B	1.43B	771.01M
Total Debt	0	78.81M	122.78M	17.81M	26.74M	74.10M
Total Liabilities	-17.03B	4.02B	3.32B	3.68B	2.51B	3.37B
Stockholders Equity	17.03B	17.03B	15.89B	14.27B	12.42B	11.49B
Cash Flow
Free Cash Flow	-170.35M	-33.68M	182.70M	404.65M	926.92M	350.40M
Operating Cash Flow	163.84M	761.00M	618.19M	723.73M	1.25B	1.09B
Investing Cash Flow	31.87M	-493.62M	-412.90M	-512.29M	-1.18B	-1.04B
Financing Cash Flow	-229.17M	-245.01M	-160.70M	-169.31M	-345.81M	-168.89M

Excel Industries Limited Technical Analysis

Technical Analysis SentimentPositive

Last Price952.15

Price Trends

50DMA933.23Positive

100DMA944.93Positive

200DMA931.41Positive

Market Momentum

MACD3.15Negative

RSI57.99Neutral

STOCH85.21Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:EXCELINDUS, the sentiment is Positive. The current price of 952.15 is above the 20-day moving average (MA) of 893.12, above the 50-day MA of 933.23, and above the 200-day MA of 931.41, indicating a bullish trend. The MACD of 3.15 indicates Negative momentum. The RSI at 57.99 is Neutral, neither overbought nor oversold. The STOCH value of 85.21 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:EXCELINDUS.

Excel Industries Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:EXCELINDUS against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:EXCELINDUS	72Outperform	INR 12.23B	16.79	―	1.44%	5.49%	-18.94%
IN:ALKYLAMINE	60Neutral	INR 82.84B	33.18	―	0.62%	13.38%	35.82%
IN:BALAMINES	58Neutral	INR 58.20B	24.85	―	0.61%	20.91%	62.44%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:NEOGEN	50Neutral	INR 80.06B	185.54	―	0.04%	26.66%	51.16%
IN:AARTIIND	47Neutral	INR 166.59B	29.54	―	0.21%	39.85%	103.71%
IN:LXCHEM	46Neutral	INR 45.19B	26.66	―	0.18%	21.34%	105.39%

* General Sector Average

Performance Comparison

IN:EXCELINDUS and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:EXCELINDUS	Excel Industries Limited	952.15	-28.24	-2.88%
IN:AARTIIND	AARTI Industries Ltd	484.30	91.73	23.37%
IN:ALKYLAMINE	Alkyl Amines Chemicals Limited	1614.30	-153.23	-8.67%
IN:BALAMINES	Balaji Amines Limited	1822.45	568.41	45.33%
IN:LXCHEM	Laxmi Organic Industries Ltd.	165.15	-23.03	-12.24%
IN:NEOGEN	Neogen Chemicals Ltd.	2774.25	1545.29	125.74%

Excel Industries Limited Corporate Events

Excel Industries Releases Q2 and H1 FY27 Investor Presentation

Nov 5, 2026

Excel Industries Limited is a backward-integrated specialty chemicals company serving markets through polymer inputs, pharmaceutical intermediaries, veterinary active pharmaceutical ingredients, and environment and biotechnology solutions. Establishe...

Excel Industries Opens Special Window for Transfer and Demat of Physical Shares

Oct 12, 2026

Excel Industries Limited, a Mumbai-headquartered chemical manufacturer with an Environment & Biotech Division, produces polymer inputs, pharmaceutical intermediaries and veterinary APIs. The firm’s BIS-backed ISO certifications across quality, enviro...

Excel Industries Closes Trading Window for Insiders Ahead of Q2 Results

Sep 25, 2026

Excel Industries Limited has announced the closure of its trading window for designated persons and their immediate relatives from October 1, 2026 until 48 hours after the release of financial results for the quarter ended September 30, 2026. The res...

Excel Industries Earns Silver EcoVadis Rating, Bolstering Global Sustainability Credentials

Sep 17, 2026

Excel Industries Limited has received a Silver rating in the EcoVadis sustainability assessment, placing the company among the top 15 percent of businesses evaluated worldwide. The assessment covers environmental performance, labour and human rights,...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 20, 2026

Excel Industries Limited AI Stock Analysis