EXCELINDUSExcel Industries Ltd.
Excel Industries Q2 FY27 Results: Consolidated Net Profit ₹28.90 Crore on Total Income of ₹287 Crore
- Earnings
- Chemicals
Reviewed byKeshav SehgalBlacklitt Research
Excel Industries (NSE: EXCELINDUS) reported consolidated total income of ₹287.12 crore and net profit of ₹28.90 crore for the quarter ended 30 Sep 2026, it said in a filing on 04 Nov 2026. Standalone total income was ₹284.09 crore and standalone net profit was ₹26.67 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹287.12 crore, up 3.4% YoY and down 4.5% QoQ
- Net profit: ₹28.90 crore, up 36.4% YoY and down 1.9% QoQ
- EPS: ₹22.99 basic, against ₹16.85 a year earlier
- Other income: ₹12.44 crore, up 67.2% YoY, 4.3% of total income
Standalone
The company on its own, without its subsidiaries
- Total income: ₹284.09 crore, up 3.5% YoY and down 5.3% QoQ
- Net profit: ₹26.67 crore, up 42.4% YoY and down 8.4% QoQ
- EPS: ₹21.21 basic, against ₹14.90 a year earlier
- Other income: ₹9.48 crore, up 124.7% YoY, 3.3% of total income
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 287.12 | 277.67 | +3.4% | 300.54 | -4.5% | |
| Revenue from operations | 274.68 | 270.23 | +1.6% | 293.83 | -6.5% |
| Other income | 12.44 | 7.44 | +67.2% | 6.71 | +85.4% |
| 28.90 | 21.19 | +36.4% | 29.47 | -1.9% | |
| Profit before tax | 37.78 | 27.47 | +37.5% | 38.90 | -2.9% |
| Finance costs | 0.84 | 0.75 | +11.6% | 0.59 | +42.7% |
| Depreciation | 10.28 | 9.13 | +12.6% | 9.63 | +6.7% |
| Tax expense | 8.89 | 6.28 | +41.5% | 9.43 | -5.8% |
| Net profit margin | 10.06% | 7.63% | +2.43 pp | 9.80% | +0.26 pp |
| EPS, basic (₹) | 22.99 | 16.85 | +36.4% | 23.44 | -1.9% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than income this quarter. Consolidated net profit rose 36.4% YoY while total income rose 3.4%, and profit before tax rose 37.5%. Revenue from operations rose only 1.6%, while other income rose from ₹7.44 crore to ₹12.44 crore, so other income is now 32.9% of profit before tax of ₹37.78 crore.
Finance costs were ₹0.84 crore against ₹0.75 crore a year earlier, which is 0.3% of total income. Depreciation rose 12.6% YoY to ₹10.28 crore. Tax expense of ₹8.89 crore is 23.5% of profit before tax, up from ₹6.28 crore a year earlier.
The auditors, Price Waterhouse Chartered Accountants LLP, issued a limited review report with no modification of their conclusion. The consolidated results include three subsidiaries: Excel Bio Resources Limited, Kamaljyot Investments Limited and Excel Rajkot C&D Waste Recycling Private Limited. The reviewed subsidiaries reported a quarterly net profit after tax of ₹2.22 crore.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 284.09 | 274.41 | +3.5% | 299.90 | -5.3% | |
| Revenue from operations | 274.61 | 270.19 | +1.6% | 293.73 | -6.5% |
| Other income | 9.48 | 4.22 | +124.7% | 6.17 | +53.6% |
| 26.67 | 18.73 | +42.4% | 29.11 | -8.4% | |
| Profit before tax | 35.02 | 24.54 | +42.7% | 38.48 | -9.0% |
| Finance costs | 0.84 | 0.75 | +11.6% | 0.59 | +42.7% |
| Depreciation | 10.20 | 9.04 | +12.8% | 9.55 | +6.8% |
| Tax expense | 8.34 | 5.81 | +43.6% | 9.37 | -10.9% |
| Net profit margin | 9.39% | 6.82% | +2.56 pp | 9.71% | -0.32 pp |
| EPS, basic (₹) | 21.21 | 14.90 | +42.3% | 23.16 | -8.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 42.4% YoY, against 3.5% growth in total income, and fell 8.4% QoQ, more than total income's 5.3% fall. Standalone other income of ₹9.48 crore is 27.1% of profit before tax of ₹35.02 crore.
Consolidated net profit of ₹28.90 crore is ₹2.23 crore higher than standalone net profit of ₹26.67 crore. The results do not state the reason for this difference. The standalone results show no exceptional items in the quarter.
Inference
The filing shows a dividend paid of ₹17.28 crore in the half year ended 30 Sep 2026, the same amount as in the half year ended 30 Sep 2025.
Consolidated investments under non-current financial assets rose from ₹999.38 crore at 31 Mar 2026 to ₹1,340.30 crore at 30 Sep 2026, and consolidated changes in fair value of equity instruments in other comprehensive income were ₹203.23 crore in the quarter against ₹53.04 crore a year earlier. The filing does not state the reasons for these changes, nor the reason for the gap between consolidated and standalone profit.
Filed with BSE on . Reference: Original filing (PDF)
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