Excel Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Excel Industries Ltd filed with BSE on 28 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Excel Industries reported Q4 FY26 standalone revenue of Rs 281 crore, up 13% year-on-year, with adjusted EBITDA of Rs 22 crore and PAT of Rs 13 crore. For FY26, net operating revenue was Rs 1,094 crore versus Rs 978 crore in FY25, with adjusted EBITDA margin of 10.1% and PAT margin of 6.7%. Management attributed the year's recovery to improved performance in YP derivatives and Performance Solutions after a monsoon-disrupted first half, and flagged raw material availability and pricing challenges from geopolitical developments heading into Q1 FY27.
Numbers mentioned
Revenue: INR281 crores (Q4 FY26)
p. 5
“we reported revenues of INR281 crores in Q4 FY26 as compared to INR248 crores, an increase of 13% year-on-year.”
Devendra Dosi, page 5 of the filed PDF · View the filing
Adjusted EBITDA: INR22 crores (Q4 FY26)
p. 5
“Adjusted EBITDA for Q4 FY26 was INR22 crores versus INR20 crores, an increase of 13%.”
Devendra Dosi, page 5 of the filed PDF · View the filing
Adjusted EBITDA margin: 8% (Q4 FY26)
p. 5
“Adjusted EBITDA margin stood at 8% for the quarter.”
Devendra Dosi, page 5 of the filed PDF · View the filing
Profit after tax: INR13 crores (Q4 FY26)
p. 5
“Profit after tax in Q4 FY26 stood at INR13 crores, as against INR11 crores in Q4 FY25.”
Devendra Dosi, page 5 of the filed PDF · View the filing
Net operating revenue: INR1,094 crores (FY26)
p. 5
“the company reported net operating revenues of INR1,094 crores, as against INR978 crores in FY25, reflecting a growth of 11.8%.”
Devendra Dosi, page 5 of the filed PDF · View the filing
Adjusted EBITDA: INR112 crores with margins of 10.1% (FY26)
p. 5
“Adjusted EBITDA stood at INR112 crores with margins of 10.1%.”
Devendra Dosi, page 5 of the filed PDF · View the filing
Profit after tax: INR73 crores with 6.7% PAT margins (FY26)
p. 5
“The profit after tax in FY26 stood at INR73 crores with 6.7% PAT margins.”
Devendra Dosi, page 5 of the filed PDF · View the filing
Final dividend: INR13.75 per equity share (FY26)
p. 4
“the Board has declared a final dividend of INR13.75 per equity share, which is 275 % of the face value of INR5 per share.”
Ravi Shroff, page 4 of the filed PDF · View the filing
Domestic phosphonates market share: 50% to 55%
p. 9
“Our domestic market share varies; it's in the range of 50% to 55%.”
Ravi Shroff, page 9 of the filed PDF · View the filing
Capacity utilization: 65% to 85%
p. 13
“our current capacity utilization levels are in the range of 65% to 85%, depends on the product.”
Pradeep Ghattu, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Contract manufacturing capacity commissioning — dedicated line for the contract manufacturing agreement · July 2026
stated firmly by Ravi Shroff
p. 4
“The commissioning of our dedicated line to cater to the contract manufacturing agreement is on track and expected to be completed by July 2026.”
Ravi Shroff, page 4 of the filed PDF · View the filing
New biocide product launch — one more biocide product · second half of this financial year
stated firmly by Ravi Shroff
p. 4
“we plan to launch one more biocide product in the second half of this financial year, which will enhance our product offerings and strengthen our market position in this segment.”
Ravi Shroff, page 4 of the filed PDF · View the filing
Fixed asset turnover from capex — 1 to 1.5 times
stated as an aspiration by Ravi Shroff
p. 12
“the fixed asset turnover for this would be 1 to 1.5 times, and expected ROI could be 15% to 20%.”
Ravi Shroff, page 12 of the filed PDF · View the filing
Export share
stated as an aspiration by Ravi Shroff
p. 14
“Directionally, I can tell you that exports are something that we definitely want to increase and, we are working on particularly the areas I mentioned to one of the earlier questions asked.”
Ravi Shroff, page 14 of the filed PDF · View the filing
Anti-dumping investigation findings (HCDP and ATMP) — September 2026
stated conditionally by Ravi Shroff
p. 6
“considering that the investigation was initiated in September 2025, in normal course, we should expect some findings to be released by September 2026.”
Ravi Shroff, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management pointed to business cyclicality and said a longer-term track record should be considered rather than the last two years.
Answered by Ravi Shroff
Asked by Keshav Garg: Why has EBITDA stagnated over multiple years and what is management's growth aspiration?
p. 5
“So, I would suggest or recommend you look at a longer-term track record of the company, particularly over the last 10 years.”
Ravi Shroff, page 5 of the filed PDF · View the filing
Management said the point would be evaluated and discussed at the Board level.
Answered by Ravi Shroff
Asked by Keshav Garg: Given the cash-surplus balance sheet, why not do a share buyback?
p. 6
“Your point is noted. We will evaluate this point and discuss it at the Board.”
Ravi Shroff, page 6 of the filed PDF · View the filing
Management confirmed prices from China have risen due to the VAT refund withdrawal combined with rising input costs.
Answered by Ravi Shroff
Asked by Samarth Singh: Are Chinese phosphonate and DETC prices rising after the China VAT refund removal?
p. 7
“So, yes, the prices have gone up. In general, we are seeing an increase in prices of products from China, and you know, this is due to a combination of factors, which is withdrawal of VAT refund as well as the input costs are globally increasing, including in China.”
Ravi Shroff, page 7 of the filed PDF · View the filing
Management confirmed they have largely passed on input price increases in April and May.
Answered by Ravi Shroff
Asked by Samarth Singh: Has the company been able to pass on recent raw material price increases?
p. 7
“I can confirm that we have been largely able to pass on the input price increases in the month of April and May.”
Ravi Shroff, page 7 of the filed PDF · View the filing
Management said they source from multiple producers and are not dependent on one source.
Answered by Ravi Shroff
Asked by Samarth Singh: Is the company dependent on a single supplier (Kazphosphate) for yellow phosphorus?
p. 7
“So, we source yellow phosphorus from multiple players: Kazakh Phosphate as well as multiple producers in Vietnam. Yes. And we are not just dependent on one source, I can confirm that much.”
Ravi Shroff, page 7 of the filed PDF · View the filing
The CFO explained the delta comes from long-term investments generating dividend and interest income at the consolidated level.
Answered by Devendra Dosi
Asked by Rajeev Jain: What explains the gap between consolidated and standalone PAT and investments?
p. 16
“So, the investments what you mentioned is mostly the long-term investments and we receive dividends and other income, interest income from those investments, and that's the delta between the standalone profit numbers, PAT numbers and the consolidated numbers.”
Devendra Dosi, page 16 of the filed PDF · View the filing
Risks flagged
Raw material availability and price challenges due to geopolitical developments
p. 4
“Due to the geopolitical developments, we are seeing challenges in raw material availability and prices for Q1.”
Ravi Shroff, page 4 of the filed PDF · View the filing
Uncertainty in agrochemical demand from possible suboptimal monsoon
p. 4
“there is uncertainty about agrochemical intermediates demand going forward on account of the possibility of suboptimal monsoon as per the El Nino forecasts.”
Ravi Shroff, page 4 of the filed PDF · View the filing
Extended monsoon disrupted sowing and harvesting cycles in H1 FY26
p. 3
“An unusually extended monsoon disrupted sowing and harvesting cycles, compressed spray windows, and a build-up of channel inventory at our customer end.”
Ravi Shroff, page 3 of the filed PDF · View the filing
Inability to make forward-looking statements given volatility
p. 4
“Given the overall uncertainty and volatility, it is not possible to make any forward statements.”
Ravi Shroff, page 4 of the filed PDF · View the filing
Competition from large Chinese suppliers requiring agile pricing
p. 13
“when we are competing with large competition from China, we have to be very agile with our, you know, pricing strategies because we're dealing with, you know, large competitors.”
Ravi Shroff, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.