DGTR Initiates Anti-Dumping Probe into Chinese Organophosphonates, Excel Industries in Focus

1 min read     Updated on 30 Sept 2025, 09:21 AM
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Overview

The Directorate General of Trade Remedies (DGTR) has initiated an investigation into alleged anti-dumping practices involving HEDP and ATMP organophosphonates imported from China. This probe could potentially impact Excel Industries, a key player in the chemical industry. Separately, Excel Industries has received Show Cause cum Demand Notices from GST authorities, raising a demand of Rs. 4,06,11,539 plus interest and penalties for the period 2019-20 to 2022-23. The company plans to contest these notices, claiming they are without merit.

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The Directorate General of Trade Remedies (DGTR) has launched an investigation into alleged anti-dumping practices involving certain organophosphonates imported from China, potentially affecting Excel Industries , a key player in the chemical industry.

Investigation Details

The probe specifically targets two chemical compounds:

  1. HEDP (1-Hydroxyethylidene-1,1-diphosphonic acid)
  2. ATMP (Amino trimethylene phosphonic acid)

These organophosphonates are widely used in various industrial applications, including water treatment, oil field operations, and as scale inhibitors in industrial processes.

Implications for Excel Industries

While the exact nature of Excel Industries' involvement in this trade investigation remains unclear, the company's position as a significant player in the chemical sector suggests potential implications. Excel Industries, known for its diverse portfolio in chemicals, polymers, and pharmaceuticals, may be affected by the outcome of this anti-dumping probe.

Industry Impact

The initiation of this investigation highlights the ongoing scrutiny of international trade practices, particularly in the chemical sector. If dumping is confirmed and anti-dumping duties are imposed, it could lead to changes in the competitive landscape for domestic producers of organophosphonates.

Company's Recent Regulatory Interactions

In a separate development, Excel Industries recently disclosed receiving Show Cause cum Demand Notices from the Office of the Principal Commissioner of CGST & Central Excise Audit – III, Mumbai. These notices pertain to GST-related matters:

  • A demand of Rs. 4,06,11,539 has been raised by the GST Authority, along with applicable interest and penalties.
  • The notices cover the period from 2019-20 to 2022-23.
  • The primary issues involve non-payment of GST under the Reverse Charge Mechanism (RCM) for certain transactions and disallowed Input Tax Credit (ITC) claims.

Excel Industries has stated that these notices are without merit and plans to file a detailed reply with supporting evidence to substantiate its tax position.

Market Outlook

As the anti-dumping investigation unfolds, market participants will be closely watching for any potential impact on Excel Industries and the broader organophosphonates market in India. The outcome of this probe could influence pricing dynamics and competitive positioning within the industry.

Investors and industry stakeholders are advised to monitor further developments in both the anti-dumping investigation and the company's ongoing GST-related matters for a comprehensive understanding of Excel Industries' regulatory landscape.

Historical Stock Returns for Excel Industries

1 Day5 Days1 Month6 Months1 Year5 Years
-0.33%-1.33%-1.86%+9.88%-24.35%+12.80%
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Excel Industries Reports 25% Revenue Growth in Q1, Driven by Strong Agro-Intermediates Demand

2 min read     Updated on 12 Aug 2025, 02:43 PM
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Overview

Excel Industries achieved a 25% revenue increase to ₹309.00 crores in Q1, driven by improved demand in agro-intermediates. Exports grew 38%, accounting for 22% of total revenue. EBITDA doubled to ₹42.00 crores with a margin of 13.70%. PAT surged 209% to ₹34.00 crores with a 10.80% margin. The company maintained stable gross profit margins at 45.60% and reported an EPS of ₹26.70.

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Excel Industries has reported a robust financial performance for the first quarter, with significant growth in revenue and profitability. The company's strategic focus on its agro-intermediates segment and export markets has yielded positive results.

Revenue Growth

Excel Industries achieved a revenue of ₹309.00 crores in Q1, marking a substantial 25% increase compared to the previous quarter. This growth was primarily attributed to improved demand in the agro-intermediates segment, which forms a core part of the company's product portfolio.

Export Performance

The company's export business showed strong momentum, accounting for 22% of the total revenue during the quarter. Notably, exports grew by an impressive 38% over the previous quarter, indicating Excel's growing presence in international markets.

Profitability Improvement

Excel Industries witnessed a significant improvement in its profitability metrics:

Metric Q1 Previous Quarter Change
EBITDA ₹42.00 crores ₹20.00 crores +110%
EBITDA Margin 13.70% 8.00% +570 bps
PAT ₹34.00 crores ₹11.00 crores +209%
PAT Margin 10.80% 4.60% +620 bps

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) more than doubled to ₹42.00 crores, with the EBITDA margin expanding significantly to 13.70% from 8.00% in the previous quarter. This improvement was supported by better price realization and improved demand across key segments.

Profit After Tax (PAT) showed an even more impressive growth, reaching ₹34.00 crores with a margin of 10.80%, compared to ₹11.00 crores and 4.60% in the previous quarter.

Market Position and Strategy

Excel Industries continues to maintain its market share in key products while focusing on diversifying its product portfolio. The company operates manufacturing facilities at Roha, Lote, and Vishakhapatnam, producing a wide range of products including agrochemical intermediates, specialty chemicals, polymer inputs, pharmaceutical intermediates, and APIs (Active Pharmaceutical Ingredients).

Investor Presentation Highlights

As per the investor presentation filed with the stock exchanges, Excel Industries highlighted several key points:

  1. The company's gross profit margin remained stable at 45.60% in Q1, compared to 45.20% in the previous quarter.
  2. Other income increased to ₹11.80 crores in Q1 from ₹4.40 crores in the previous quarter.
  3. The company's earnings per share (EPS) for Q1 stood at ₹26.70, a significant improvement from ₹9.05 in the previous quarter.

Excel Industries' strong performance in Q1 demonstrates its resilience and ability to capitalize on market opportunities, particularly in the agro-intermediates segment and export markets. The company's focus on maintaining market share in key products while diversifying its portfolio positions it well for sustained growth in the coming quarters.

Historical Stock Returns for Excel Industries

1 Day5 Days1 Month6 Months1 Year5 Years
-0.33%-1.33%-1.86%+9.88%-24.35%+12.80%
Excel Industries
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