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Excel Industries reported H1 FY26 revenue up 8.6% YoY to ₹580 Cr, but PAT dipped 20.4% to ₹52 Cr. Q2 revenue of ₹270 Cr and PAT of ₹19 Cr faced headwinds from prolonged monsoon affecting agro demand and weak product off-take. Exports contributed ~20% of H1 revenue, showing resilience.
The company is aggressively diversifying its product mix to reduce agrochemical dependence and is boosting its contract manufacturing segment. Excel plans significant investments of ₹200-300 Cr over three years for plant upgrades, innovation, and capacity expansion.
A new 5-year contract manufacturing agreement for specialty chemicals, potentially adding ₹35-40 Cr annually, is a major step. Capacity for biocides came online in Oct-25, and new product lines like NaTCP and HEDP 4Na have been introduced. Regulatory approvals for various capacity expansions are also in place.
H1 FY26 standalone EPS was ₹41.6 (down from ₹52.3). EBITDA margins were 11.1% in Q2 and 12.5% for H1.
Management views the new contract manufacturing as a strategic move for diversification. The broader Indian specialty chemicals sector is projected for robust growth, with a 12.4% CAGR to $72 billion by 2026.