BSE: 500650 | NSE: EXCELINDUS | Pesticides & Agrochemicals | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Excel Industries Ltd is a good quality company.
The key valuation ratios of Excel Industries Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Excel Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 24.2% | 17.2% | 10.8% | 25.8% | 45.1% | 19% | 15.3% | 25.9% | 11.1% | 2.2% | - |
| Value Creation Index ⓘ | 0.7 | 0.2 | -0.2 | 0.9 | 2.2 | 0.4 | 0.1 | 0.9 | -0.2 | -0.8 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 482 | 435 | 446 | 582 | 825 | 702 | 749 | 1,178 | 1,090 | 826 | 948 |
| Sales YoY Gr. | - | -9.8% | 2.6% | 30.5% | 41.8% | -14.9% | 6.7% | 57.2% | -7.5% | -24.2% | - |
| Adj EPS ⓘ | 34.3 | 19.8 | 18.4 | 59.2 | 122.3 | 74.5 | 56.1 | 127.8 | 62.9 | 9.6 | 60.4 |
| YoY Gr. | - | -42.3% | -7% | 221.4% | 106.6% | -39.1% | -24.7% | 127.7% | -50.8% | -84.7% | - |
| BVPS (₹) ⓘ | 152.7 | 160.4 | 284.9 | 350.4 | 469.8 | 478.2 | 569.5 | 742 | 788.9 | 855.7 | 990.7 |
| Adj Net Profit ⓘ | 40.9 | 25.5 | 23.1 | 74.4 | 154 | 93.7 | 70.6 | 161 | 79 | 12.1 | 76 |
| Cash Flow from Ops. ⓘ | 44.2 | 45.6 | 35.1 | 120 | 135 | 110 | 90.2 | 109 | 127 | 73.4 | - |
| Debt/CF from Ops. ⓘ | 2.2 | 2 | 1.9 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 6.2% | 0% | 3.3% | -24.2% | ||||
| Adj EPS ⓘ | -13.2% | -39.9% | -44.5% | -84.7% | ||||
| BVPSⓘ | 21.1% | 12.7% | 14.5% | 8.5% | ||||
| Share Price | 13.7% | 9.5% | 13.8% | 39.8% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 24.5 | 13.1 | 8.2 | 18.6 | 29.8 | 15.7 | 10.7 | 19.5 | 8.2 | 1.2 | 6.5 |
| Op. Profit Mgn % ⓘ | 15.2 | 14.4 | 10.3 | 21.6 | 30.5 | 18.6 | 16.5 | 19.7 | 11.9 | 3.1 | 10.9 |
| Net Profit Mgn % ⓘ | 8.5 | 5.9 | 5.2 | 12.8 | 18.6 | 13.3 | 9.4 | 13.6 | 7.3 | 1.5 | 8 |
| Debt to Equity ⓘ | 0.5 | 0.4 | 0.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 147 | 169 | 163 | 124 | 101 | 134 | 134 | 110 | 126 | 155 | 100 |
| Cash Conv. Cycle ⓘ | 62 | 75 | 71 | 45 | 27 | 49 | 46 | 35 | 54 | 59 | 62 |
Sales growth is good in last 4 quarters at 10.89%
Return on Equity has declined versus last 3 years average to 6.50%
Sales growth has been subdued in last 3 years 3.30%
Net Profit has been subdued in last 3 years -44.47%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 60.4 | 60.5 |
| TTM Sales (₹ Cr.) | 948 | 948 |
| BVPS (₹.) ⓘ | 990.7 | 1,265.3 |
| Reserves (₹ Cr.) ⓘ | 1,135 | 1,584 |
| P/BV ⓘ | 1.31 | 1.03 |
| PE ⓘ | 21.51 | 21.46 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 698.90 / 1745.00 |
| All Time Low / High (₹) | 9.17 / 1906.95 |
| Market Cap (₹ Cr.) | 1,632 |
| Equity (₹ Cr.) | 6.3 |
| Face Value (₹) | 5 |
| Industry PE ⓘ | 42.5 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 482 | 435 | 446 | 582 | 825 | 702 | 749 | 1,178 | 1,090 | 826 |
| Operating Expenses ⓘ | 410 | 373 | 402 | 458 | 576 | 572 | 628 | 946 | 963 | 802 |
| Manufacturing Costs | 70 | 63 | 68 | 84 | 102 | 110 | 115 | 160 | 158 | 137 |
| Material Costs | 237 | 215 | 228 | 253 | 337 | 314 | 355 | 588 | 612 | 487 |
| Employee Cost | 62 | 56 | 62 | 70 | 76 | 85 | 89 | 106 | 105 | 105 |
| Other Costs ⓘ | 41 | 40 | 44 | 51 | 61 | 64 | 68 | 93 | 88 | 72 |
| Operating Profit ⓘ | 72 | 62 | 43 | 124 | 249 | 130 | 122 | 232 | 127 | 24 |
| Operating Profit Margin (%) | 14.9% | 14.2% | 9.7% | 21.3% | 30.2% | 18.5% | 16.2% | 19.7% | 11.6% | 2.9% |
| Other Income ⓘ | 7 | 3 | 10 | 4 | 5 | 9 | 8 | 14 | 12 | 30 |
| Interest ⓘ | 14 | 13 | 11 | 7 | 3 | 4 | 3 | 3 | 3 | 3 |
| Depreciation ⓘ | 15 | 15 | 14 | 15 | 18 | 23 | 27 | 31 | 31 | 31 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 50 | 37 | 28 | 106 | 233 | 112 | 100 | 212 | 104 | 20 |
| Tax ⓘ | 10 | 11 | 7 | 33 | 81 | 19 | 30 | 52 | 26 | 5 |
| Profit After Tax | 41 | 25 | 21 | 73 | 152 | 93 | 70 | 160 | 78 | 15 |
| PAT Margin (%) | 8.4% | 5.9% | 4.7% | 12.6% | 18.4% | 13.3% | 9.4% | 13.6% | 7.2% | 1.8% |
| Adjusted EPS (₹) | 34.1 | 19.7 | 16.8 | 58.1 | 121.0 | 74.4 | 55.8 | 127.4 | 62.4 | 12.0 |
| Dividend Payout Ratio (%) | 21% | 23% | 36% | 22% | 16% | 13% | 20% | 18% | 18% | 46% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 182 | 207 | 358 | 440 | 590 | 601 | 716 | 933 | 992 | 1,076 |
| Share Capital ⓘ | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves ⓘ | 176 | 201 | 352 | 434 | 584 | 595 | 710 | 926 | 985 | 1,069 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 79 | 78 | 60 | 8 | 6 | 21 | 6 | 5 | 1 | 0 |
| Long Term Debt | 18 | 10 | 9 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short Term Debt | 61 | 68 | 50 | 7 | 6 | 21 | 6 | 5 | 1 | 0 |
| Trade Payables | 54 | 71 | 61 | 85 | 98 | 105 | 123 | 180 | 107 | 185 |
| Others Liabilities ⓘ | 69 | 62 | 80 | 84 | 84 | 95 | 108 | 113 | 125 | 151 |
| Total Liabilities ⓘ | 384 | 418 | 559 | 618 | 779 | 823 | 953 | 1,232 | 1,225 | 1,412 |
Fixed Assets | ||||||||||
| Gross Block | 265 | 277 | 193 | 227 | 279 | 443 | 481 | 549 | 577 | 595 |
| Accumulated Depreciation | 108 | 113 | 14 | 29 | 46 | 68 | 93 | 123 | 150 | 172 |
| Net Fixed Assetsⓘ | 157 | 164 | 179 | 198 | 233 | 375 | 388 | 426 | 427 | 423 |
| CWIP ⓘ | 3 | 3 | 8 | 23 | 12 | 10 | 17 | 21 | 19 | 19 |
| Investmentsⓘ | 14 | 14 | 152 | 175 | 261 | 156 | 209 | 295 | 359 | 583 |
| Inventories | 67 | 63 | 52 | 53 | 66 | 78 | 69 | 165 | 131 | 106 |
| Trade Receivables | 106 | 127 | 116 | 119 | 154 | 150 | 173 | 199 | 157 | 185 |
| Cash Equivalents | 2 | 4 | 4 | 2 | 4 | 18 | 52 | 66 | 86 | 12 |
| Others Assetsⓘ | 36 | 43 | 46 | 47 | 49 | 37 | 46 | 59 | 45 | 84 |
| Total Assets ⓘ | 384 | 418 | 559 | 618 | 779 | 823 | 953 | 1,232 | 1,225 | 1,412 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 44 | 46 | 35 | 120 | 135 | 110 | 90 | 109 | 127 | 73 |
| PBT ⓘ | 50 | 37 | 27 | 105 | 233 | 112 | 100 | 212 | 104 | 20 |
| Adjustment ⓘ | 24 | 28 | 17 | 19 | 18 | 18 | 26 | 21 | 27 | 6 |
| Changes in Working Capital ⓘ | -20 | -4 | 3 | 21 | -39 | 7 | -12 | -75 | 25 | 52 |
| Tax Paid ⓘ | -10 | -15 | -12 | -26 | -77 | -27 | -23 | -49 | -29 | -5 |
| Cash Flow From Investing Activity ⓘ | -27 | -27 | 12 | -48 | -109 | -65 | -48 | -106 | -117 | -52 |
| Capex | -32 | -25 | -36 | -52 | -45 | -65 | -46 | -74 | -32 | -30 |
| Net Investments | 1 | 0 | 29 | 0 | -68 | -6 | -8 | -45 | -90 | -33 |
| Others ⓘ | 4 | -2 | 19 | 3 | 4 | 6 | 5 | 13 | 4 | 10 |
| Cash Flow From Financing Activityⓘ | -23 | -17 | -48 | -74 | -24 | -31 | -17 | -17 | -35 | -17 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | -12 | -4 | -14 | -3 | -1 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | -12 | -12 | -10 | -6 | -2 | -2 | -1 | -1 | -1 | -1 |
| Dividend Paid ⓘ | -7 | -5 | -6 | -8 | -16 | -36 | 0 | -14 | -28 | -14 |
| Others ⓘ | -4 | 11 | -28 | -46 | -4 | 7 | -16 | -1 | -5 | -2 |
| Net Cash Flow ⓘ | -5 | 1 | -1 | -2 | 2 | 14 | 25 | -14 | -25 | 4 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 24.7 | 13.09 | 7.48 | 18.3 | 29.5 | 15.69 | 10.66 | 19.43 | 8.15 | 1.46 |
| ROCE (%) | 24.21 | 17.22 | 10.82 | 25.84 | 45.08 | 19.02 | 15.28 | 25.92 | 11.12 | 2.24 |
| Asset Turnover Ratio | 1.37 | 1.19 | 1 | 1.01 | 1.18 | 0.88 | 0.85 | 1.08 | 0.89 | 0.63 |
| PAT to CFO Conversion(x) | 1.07 | 1.84 | 1.67 | 1.64 | 0.89 | 1.18 | 1.29 | 0.68 | 1.63 | 4.87 | Working Capital Days |
| Receivable Days | 71 | 89 | 91 | 72 | 60 | 79 | 78 | 58 | 59 | 75 |
| Inventory Days | 40 | 50 | 43 | 32 | 26 | 37 | 36 | 36 | 50 | 52 |
| Payable Days | 82 | 107 | 106 | 106 | 100 | 118 | 117 | 94 | 86 | 109 |
Excel Industries is engaged in manufacturing of Agrochemical intermediates, phosphates, speciality chemicals, biocides and pharma products.
Incorporated in 1960, the company’s manufacturing units are located at Maharashtra and Gujarat. Excel Industries' manufacturing facilities have received ISO 14001 and IS 18001 certifications for its quality management.
The company is engaged in conducts research and development activities for creating several custom-made products for meeting specific customer requirements.
It also focuses on waste management area, where it has taken initiative to convert Municipal Solid Waste (MSW) into Organic Soil Conditioner (enricher).
The company owns a subsidiary namely Kamaljyot Investments.
Excel Industries has mastered in technologies and processes namely Bromination, Chlorination, Acetylation, Diels Alder Reaction, Hydrogenation, Phosphorylation and Cyclisations.
Products
Agrochemical intermediates- Under this, the company manufactures a range of Phosphorus Derivatives like Phosphorous Pentasulphide, Phosphorous Trichloride, Diethylthiophosphoryl Chloride and many more. These derivatives are used in manufacturing of Organophosphorous pesticides, lube oil additives, mining chemicals, pharmaceutical, dye intermediates and fire retardant plasticizers.
Phosphates- Under this, it manufactures range of Codex, Sequacel and Dispercel. These products have applications in cooling water treatment, boiler water treatment, soaps and detergents, textile processing, bottle washing, industrial and institutional cleaners, deflocculation of slurries, antiscalant formulations for oilfields, sea water evaporators, reverse osmosis & sugar processing.
Speciality Chemicals- Under this, Excel Industries has developed speciality chemicals such as SPA, PPPBP, PEEB, DTPs, PPA, THPE, DMBPC, NICOTINIC and ESTER. These chemicals find application in ion extraction, chelation, polymer manufacture, as an additive in paper industry and as corrosion scale inhibitor.
Biocides- The company produces BIOCEL SP 85 and ACEXCEL-240. It is used as an industrial fungicide in Textiles, Paints, Guargum, Adhesives and Paper-Pulp industries and as a Slimicide and Algaecide in Cooling Water Systems.
Pharma Products- The company produces products such as TPP, DMATA.HCL, NI4, DMT-T, DMT-CI, 2-DOR and MOEBr.
Awards/ Milestones
2012 Inauguration of Pharma facility at Lote for production of advanced pharma intermediates and APIs.
ICC (Indian Chemical Council) Lifetime Achievement Award for Mr. Ashwin Shroff (Chairman, Excel Industries Ltd.)
In 2009 Environment and Biotech Division of Excel bagged an order for technology licensing and Project Management Consultancy services for setting up a 350 TPD capacity solid waste processing plant in Mauritius
Excel Industries has received Certificate of Excellence from Bayer Crop Sciences in the year 2007
It was awarded second prize for Energy Conservation and Management from Indian Chemical Council.
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