Excel Industries Limited — Investor Meet, 20-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Excel Industries saw Q2 revenue drop to 270 Cr and PAT to 19 Cr, impacted by weak agrochemical demand and extended monsoon. H1 revenue grew 9% to 580 Cr, but H1 EBITDA fell 20% to 72 Cr. Full-year EBITDA margins are projected at 13-15%.

The company is diversifying, signing a 5-year specialty chemical contract manufacturing deal (40 Cr investment, 35-40 Cr annual revenue ex-raw materials). Biocide capacity expanded, and a new R&D center is set for Q3 FY26. Management is focused on reducing agrochem dependence and building new growth pillars in performance solutions and contract manufacturing, while capacity utilization is at 70-75%.