Excel Industries reports Q4FY26 revenue growth, declares dividend

Excel Industries reported a 13% year-on-year increase in standalone revenue to INR281 crores for Q4FY26, compared to INR248 crores in the corresponding period of the previous year. Profit after tax for the quarter rose to INR13 crores from INR11 crores in Q4FY25. For the full financial year FY26, the company recorded net operating revenues of INR1,094 crores, a growth of 11.8% over FY25, with a profit after tax of INR73 crores. The Board has declared a final dividend of INR13.75 per equity share, which is 275% of the face value of INR5 per share.

Financial Performance

The adjusted EBITDA for Q4FY26 stood at INR22 crores, an increase of 13% year-on-year, with margins at 8%. For FY26, adjusted EBITDA was INR112 crores with margins of 10.1%. The company maintains a zero long-term debt position and is net cash positive, which it stated provides a cushion to weather operational challenges and invest in strategic initiatives.

Metric	Q4FY26	Q4FY25	FY26	FY25
Revenue (INR crores)	281	248	1,094	978
Adjusted EBITDA (INR crores)	22	20	112	-
Adjusted EBITDA Margin (%)	8	-	10.1	-
Profit After Tax (INR crores)	13	11	73	-

Business Updates

Management noted that the first half of FY26 was challenging for the agrochemical sector due to an extended monsoon, but demand improved in Q4FY26. A capacity addition of 2,530 tons per annum in the biocides range became operational in the second half of FY26. The company also operationalized a new corporate R&D center at Rabale, Navi Mumbai. A contract manufacturing agreement with a multinational company is progressing, with capacity expected to come on stream in July 2026.

Outlook

The company indicated that while raw material availability and prices pose challenges for Q1, it has managed to pass on price increases. Growth drivers for FY27 are identified as Performance Solutions, YP Derivatives, and Contract Manufacturing. The company plans to launch a new biocide product in the second half of the financial year.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.63%	+2.14%	-5.80%	+0.62%	-25.77%	-14.64%

Excel Industries has released its audited financial results for the year ended March 31, 2026. The company reported a revenue from operations of ₹1,094.2 crore for the fiscal year, an increase of 12% compared to ₹978.1 crore in the previous year. Profit for the period stood at ₹73.4 crore, a decrease from ₹83.5 crore in FY25. The Board has recommended a dividend of ₹13.75 per equity share for the financial year 2025-26.

Financial Performance

The Board of Directors approved the financial results on May 22, 2026. For the quarter ended March 31, 2026, the company recorded a revenue from operations of ₹281.1 crore and a profit after tax of ₹12.7 crore. The company’s adjusted EBITDA for Q4 FY26 was ₹22.4 crore, with margins remaining stable at 8%. The following table summarises the annual financial performance:

Metric	Year Ended March 31, 2026 (Rs. in Cr)	Year Ended March 31, 2025 (Rs. in Cr)
Revenue from Operations	1,094.2	978.1
Total Income	1,117.9	1,004.6
Total Expenses	1,022.9	893.6
Profit for the Period	73.4	83.5

Operational Highlights

In Q4 FY26, revenue growth was driven by increased demand for agrochemical intermediates and better price realization. For the full year, exports revenue constituted 20% of total revenue, growing by 26% over the previous year due to improved demand in performance solutions. The adjusted EBITDA margin for FY26 stood at 10.1%, down from 12.3% in FY25, impacted by higher key input material costs.

Outlook

The company stated that operations continued smoothly in April and May without raw material disruptions, and it has been able to pass on price increases in key products. However, forecasts regarding "El Niño" raise concerns regarding raw material prices and agrochemical intermediates demand outlook. The company plans to invest ₹200–300 crore over the next three years in capacity expansion and technology.