Excel Industries Limited (EXCELINDUS) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Excel Industries Limited stock ₹946, price ₹975, that is 3.0% below the price, quality 49 out of 100. Rating: fairly valued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range ₹687.51 – ₹1,616 · fair‑value band ₹767.45 – ₹1,230 · the ₹975.20 price screens above the ₹946.19 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Excel Industries Limited engages in manufactures and sells chemicals, and environmental and biotech products and services in India and internationally.
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The company offers specialty chemicals, intermediates and actives catering to various end users like agrochemicals, water treatment, soaps and detergents, lube oil additives, mining chemicals, polymer additives and pharmaceuticals; and active pharmaceutical ingredients (APIs), as well as agrochemical inputs, biocides, soil and water conditioners, phosphorus pentachloride, phosphorus trichloride, and thiophosphoryl chloride.
It also provides organic waste management composting, municipal solid waste management, plastic waste management, and construction and demolition waste management services.
In addition, the company offers polymer input and veterinary APIs. Excel Industries Limited was founded in 1941 and is headquartered in Mumbai, India.
Stock analysis
Excel Industries Limited (EXCELINDUS) currently trades at ₹975.20, while our model-based Fair Value estimate is ₹946.19, so the stock looks roughly fairly valued today (gap 3.1%).
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Valuation
Bull case: the Multiples group reads highest at a median of ₹952.73 per share, and 4 of the 16 models we run sit above the ₹975.20 price.
Bear case: the Asset-Based group reads lowest at ₹127.14, and 12 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹767.45 (bear) to ₹1,230 (bull), the price of ₹975.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 49/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Excel Industries Limited reported revenue of ₹10.9B in FY2026 versus ₹11.7B in FY2022, a compound −1.7%/yr. Reported net income was ₹757M in FY2026, compounding −17.2%/yr from FY2022.
Key figures
Market cap ₹12.3B (≈ $131M) Micro · P/E ratio 17.2 · P/S ratio 1.14 · EPS (TTM) ₹56.77 · Dividend yield 1.4% · Net margin 6.6% · Return on equity 4.6% · Return on assets (EBIT) 5.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −41% fair-value upside, at −3%, EXCELINDUS screens cheaper than that median.
Fair Value models
Bear₹767.45Fair Value ₹946.19Bull₹1,230
Price ₹975.20 · Downside -3.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹26.52 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
Start year 2021 (pandemic). Over 10 years: +9.3% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−3.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.7%
Dividend (yield on the price)1.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−4.7% vs 11.2%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 7%
Compare Excel Industries Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 756 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−3.0% · Above median
Profitability
Return on equity (12 months)4.6% · Below median
Return on assets3.6% · Above median
Net margin (12 months)6.6% · Above median
Operating margin (12 months)11.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)−5.1% · Bottom 25%
Dividend yield (12 months)1.4% · Below median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Is Excel Industries Limited (EXCELINDUS) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of ₹946.19 versus a price of ₹975.20, about 3% lower (fairly valued).
What is the fair value of EXCELINDUS?
Our model-based fair value for Excel Industries Limited is ₹946.19 (as of Nov 6, 2026), built from audited fundamentals. The current price: ₹975.20.
What is the quality score of EXCELINDUS?
Excel Industries Limited has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Excel Industries Limited (EXCELINDUS)?
Our model-based price target is the fair value of ₹946.19 (as of Nov 6, 2026) from 16 valuation models. Cautious scenario ₹767.45, optimistic scenario ₹1,230. It is a calculation from audited fundamentals, not an analyst target.
What is the Excel Industries Limited stock forecast for 2026?
Our models put fair value at ₹946.19, about 3% lower versus a price of ₹975.20 (fairly valued). Cautious scenario ₹767.45, optimistic scenario ₹1,230. The calculation is refreshed regularly with new filings.
What is the revenue of Excel Industries Limited (EXCELINDUS)?
Excel Industries Limited reported trailing-twelve-month revenue of about ₹10.8B (latest available figure, as of Nov 6, 2026).
Does Excel Industries Limited pay a dividend?
Excel Industries Limited currently shows a dividend yield of 1.41% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Excel Industries Limited (EXCELINDUS) and when is the ex-dividend date?
Excel Industries Limited pays a dividend of ₹13.75 per share a year, a dividend yield of 1.4%. The last ex-dividend date was Sep 17, 2026. A dividend has been paid every year since 2007. The payout ratio is 24.2% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Excel Industries Limited (EXCELINDUS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Excel Industries Limited it is ₹946.19 per share (as of Nov 6, 2026), against a price of ₹975.20. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Excel Industries Limited stock overvalued or undervalued in 2026?
As of Nov 6, 2026, EXCELINDUS trades above its calculated fair value: price ₹975.20, fair value ₹946.19, a gap of about −3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EXCELINDUS?
No. The price is what the market pays today (₹975.20); the fair value is what the company's own numbers justify (₹946.19). For Excel Industries Limited the two are ₹29.01 per share apart. That gap is exactly why we show both numbers side by side.
How much is Excel Industries Limited worth?
The market values Excel Industries Limited at about ₹12.3B (market capitalisation, as of Nov 6, 2026). Per share that is ₹975.20; our models calculate a fair value of ₹946.19 per share.
What do the bullish and bearish scenarios say about EXCELINDUS?
Our models span a range for Excel Industries Limited: cautious scenario ₹767.45, base ₹946.19, optimistic ₹1,230 per share (as of Nov 6, 2026, price ₹975.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EXCELINDUS?
Excel Industries Limited trades at a price-to-earnings ratio of 17.2 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹946.19 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings: 13.9. Other multiples: P/B 0.7, P/S 1.1, EV/EBITDA 10.9.
How solid is the balance sheet of Excel Industries Limited (EXCELINDUS)?
Balance-sheet figures for Excel Industries Limited (as of Nov 6, 2026): return on equity 4.6%. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is EXCELINDUS from its 52-week high?
Excel Industries Limited trades at ₹975.20, about 13% below its 52-week high of ₹1,117 and 23% above the low of ₹794.93 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ₹946.19 is for.
Which stocks are comparable to Excel Industries Limited?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Excel Industries Limited stock attractive at the current price?
The data as of Nov 6, 2026: price ₹975.20, calculated fair value ₹946.19 (−3%), Quality Score 49/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EXCELINDUS calculated?
We run Excel Industries Limited through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹946.19 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Excel Industries Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Excel Industries Limited (EXCELINDUS)?
The closing price on Nov 9, 2026 was ₹975.20. Our model-based fair value is ₹946.19, about 3% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Excel Industries Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Excel Industries Limited (EXCELINDUS) come from?
Earnings per share at Excel Industries Limited grew +11.1 % a year from 2015 to 2026. Broken into its drivers: revenue per share +8.7 %, EBIT margin −1.3 %, tax rate +0.1 %, residual (interest, one-offs) +3.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Excel Industries Limited
How large is the market capitalisation of Excel Industries Limited (EXCELINDUS)?
The market capitalisation of Excel Industries Limited is ₹12.3B (≈ $131M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Excel Industries Limited (EXCELINDUS)?
The price-to-sales ratio of Excel Industries Limited is 1.14 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Excel Industries Limited (EXCELINDUS)?
Earnings per share at Excel Industries Limited are ₹56.77 (price ÷ EPS = P/E 17.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Excel Industries Limited (EXCELINDUS)?
The dividend yield of Excel Industries Limited is 1.4% (payout 24.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Excel Industries Limited (EXCELINDUS)?
The net margin of Excel Industries Limited is 6.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Excel Industries Limited (EXCELINDUS)?
The return on equity (ROE) of Excel Industries Limited is 4.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Excel Industries Limited (EXCELINDUS)?
On an EBIT basis the return on assets of Excel Industries Limited is 5.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Excel Industries Limited (EXCELINDUS)?
The operating margin of Excel Industries Limited is 11.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Excel Industries Limited (EXCELINDUS)?
Revenue at Excel Industries Limited is growing −5.1% versus a year earlier (3y avg +0.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Excel Industries Limited (EXCELINDUS)?
Earnings per share at Excel Industries Limited are growing −12.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Excel Industries Limited (EXCELINDUS) generate?
The free cash flow of Excel Industries Limited is −₹33.7M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Excel Industries Limited (EXCELINDUS) hold?
Excel Industries Limited holds more cash than debt, ₹105M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 6, 2026