Excel Industries navigates mixed Q2, sees robust half-year growth

Excel Industries Limited released its unaudited financial results for the quarter and half year ended September 30, 2025, with Q2 revenue at ₹270 Crs and H1 revenue at ₹580 Crs. H1 FY26 revenue increased by 0.5% compared to H1 FY25, while Q2 revenue was impacted by a prolonged monsoon affecting agro demand and weak offtake in key products.

The company’s EBITDA for Q2 FY26 stood at ₹30 Crs with a margin of 11.1%, and H1 FY26 EBITDA reached ₹72 Crs with a 12.5% margin. Profit After Tax (PAT) for Q2 FY26 was ₹19 Crs (6.9% margin) and ₹52 Crs for H1 FY26 (9.0% margin).

Despite the Q2 challenges, the company’s H1 FY26 standalone revenue grew by 8.59% year-over-year. Export revenue constituted 17.7% of total revenue in Q2 FY26 and 20.3% in H1 FY26. Excel Industries secured a new five-year contract manufacturing engagement for a specialty chemical, with an estimated revenue potential of ₹35-40 Cr per annum in job work charges, aiming to diversify its market base and reduce dependence on the agrochemical sector.

Strategically, Excel Industries has initiated a capacity expansion for one of its biocides, with the new capacity set to come on stream in October 2025. The company continues to prioritize maintaining market share in key products and diversifying its product portfolio.