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Excel Industries Limited
(EXCELINDUS)
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Rating:72Outperform
Price Target:
₹1,054.00
▲(7.37% 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
Extremely low leverage and expanding equity
An extremely low-debt balance sheet reduces financial risk and interest burden, giving Excel Industries greater resilience during weaker demand. Steadily rising equity and assets also indicate that the company has largely supported expansion through its capital base rather than leverage.
Negative Factors
Uneven revenue growth
The uneven revenue trajectory points to inconsistent demand or market conditions across reporting periods rather than a steadily compounding growth profile. Repeated declines and rebounds make forward planning less predictable and can limit operating leverage, investment visibility, and confidence in durable expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Extremely low leverage and expanding equity
An extremely low-debt balance sheet reduces financial risk and interest burden, giving Excel Industries greater resilience during weaker demand. Steadily rising equity and assets also indicate that the company has largely supported expansion through its capital base rather than leverage.
Read all positive factors
Excel Industries Limited (EXCELINDUS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹11.96B
Dividend Yield1.44%
Average Volume (3M)1.98K
Price to Earnings (P/E)17.0
Beta (1Y)1.17
Revenue Growth5.49%
EPS Growth-18.94%
CountryIN
Employees1,162
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)56.77
Shares Outstanding12,570,692
10 Day Avg. Volume647
30 Day Avg. Volume1,983
Financial Highlights & Ratios
PEG Ratio-1.19
Price to Book (P/B)0.60
Price to Sales (P/S)0.93
P/FCF Ratio-301.01
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 ecologica...
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 ind...
Excel Industries Limited Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
90
Very Positive
Cash Flow
62
Positive
| 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 | 0.00 | 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 | 0.00 | 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
Negative
981.65
Price Trends
989.19
Negative
956.03
Negative
933.30
Negative
Market Momentum
-16.16
Positive
35.89
Neutral
15.55
Positive
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 981.65 is above the 20-day moving average (MA) of 977.89, below the 50-day MA of 989.19, and above the 200-day MA of 933.30, indicating a bearish trend. The MACD of -16.16 indicates Positive momentum. The RSI at 35.89 is Neutral, neither overbought nor oversold. The STOCH value of 15.55 is Positive, 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹11.96B | 16.97 | ― | 1.44% | 5.49% | -18.94% | |
68 Neutral | ₹95.27B | 42.77 | ― | 0.53% | 5.11% | 20.64% | |
63 Neutral | ₹69.32B | 35.89 | ― | 0.49% | 11.08% | 34.10% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹65.25B | 180.54 | ― | 0.04% | 18.00% | 3.85% | |
50 Neutral | ₹49.48B | 41.60 | ― | 0.16% | 5.47% | 24.88% | |
47 Neutral | ₹179.64B | 33.54 | ― | 0.20% | 27.05% | 123.98% |
* General Sector Average
IN:EXCELINDUS
Excel Industries Limited
929.15
-199.55
-17.68%
IN:AARTIIND
AARTI Industries Ltd
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IN:ALKYLAMINE
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1,848.25
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IN:BALAMINES
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2,190.20
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IN:LXCHEM
Laxmi Organic Industries Ltd.
181.55
-26.85
-12.88%
IN:NEOGEN
Neogen Chemicals Ltd.
2,387.85
875.83
57.92%
Excel Industries Limited Corporate Events
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 righ...
Excel Industries closes insider trading window ahead of June-quarter results
Jun 26, 2026
Excel Industries Limited has notified stock exchanges that, in line with its code of conduct and SEBI’s insider trading regulations, it will close the trading window for designated persons and their immediate relatives from 1 July 2026 until...
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.