Revenue fell 6.52% sequentially as costs squeezed margin
Other income supplied 32.93% of pre-tax profit, while a lower tax rate limited the decline in consolidated net profit.
Filed 04 Nov 2026, 19:46 IST · after market close · Excel Industries Ltd (EXCELINDUS)
Key takeaways
- Consolidated revenue fell 6.52% sequentially, while net profit declined a smaller 1.93% to Rs 28.90 cr.
- Operating margin narrowed 1.16 percentage points as expenses fell 5.25%, less than the 6.52% revenue decline.
- Other income contributed 32.93% of pre-tax profit, making reported earnings less dependent on operations this quarter.
Price around the results
Sequential revenue decline was sharper than the profit fall
Excel Industries’ consolidated revenue declined 6.52% sequentially to Rs 274.68 cr, while operating profit fell 14.05% to Rs 36.45 cr. Pre-tax profit decreased 2.88%, but net profit fell only 1.93% to Rs 28.90 cr. The smaller net-profit decline partly reflects the tax rate falling 0.73 percentage points to 23.52%.
Slower cost reduction compressed operating margin
Expenses declined 5.25%, less than the 6.52% fall in revenue, so operating margin narrowed 1.16 percentage points to 13.27%. Interest expense rose 42.37% and depreciation increased 6.75% sequentially, adding pressure below operating profit. Other income rose 85.39% and accounted for 32.93% of pre-tax profit, which supported reported earnings but points to a significant non-operating contribution.
Margin matched the reported Commodities peer median
Excel Industries’ 13.27% operating margin matched the median for the 111 Commodities peers that had reported the same quarter. This quarter’s filing was made after market close on 4 November 2026, so there is no post-results stock reaction to assess.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹275 cr | ₹294 cr | -6.52% |
| Other income | ₹12 cr | ₹7 cr | +85.39% |
| Expenses | ₹238 cr | ₹251 cr | -5.25% |
| Operating profit | ₹36 cr | ₹42 cr | -14.05% |
| Operating margin (%) | 13.27% | 14.43% | — |
| Interest | ₹1 cr | ₹1 cr | +42.37% |
| Depreciation | ₹10 cr | ₹10 cr | +6.75% |
| Profit before tax | ₹38 cr | ₹39 cr | -2.88% |
| Tax | ₹9 cr | ₹9 cr | -5.73% |
| Net profit | ₹29 cr | ₹29 cr | -1.93% |
| EPS (₹) | ₹22.99 | ₹23.44 | -1.92% |
Operating margin of 13.27% compares with a Commodities sector median of 13.27% across 111 peers that have reported Q2FY27.
What to watch
- Whether revenue moves back above the current Rs 274.68 cr level.
- Whether operating margin holds above 13.27%.
- Whether other income’s 32.93% share of pre-tax profit declines.