Excel Industries Limited — Investor Meet, 22-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Excel Industries reported Q4 revenues of Rs 248 Cr, up 26% QoQ, with EBITDA at Rs 20 Cr (+61% QoQ) and margins improving to 8%. FY25 revenues rose 18% YoY to Rs 978 Cr, EBITDA surged 400% to Rs 121 Cr (12.3% margin), and PAT jumped 453% to Rs 84 Cr. Agrochemical intermediates dominate at 50-60% of revenue. Capacity utilization is at 70-75%, targeting 13-15% EBITDA margins medium term. Growth drivers include biocides (capacity doubling with Rs 10.3 Cr capex), specialty chemicals, and new portfolio additions. Rs 200-300 Cr capex planned over 3 years including an R&D center. Exports account for ~18%, with expansion plans mainly in biocides and water treatment. Management is cautious near-term but confident about margin sustainability and market positioning.