Pursuant to Regulation 34(1)(a) of the SEBI (LODR) Regulation, 2015, Please find enclosed herewith Annual Report of the Company for the financial year 2025-26 including notice of the 65th ....

IS/ISO9001:2015 IS/ISO14001:2015 Excel Industries Ltd. IS/ISO 45001: 2018 Certified by BIS. 31st August, 2026 BSE Ltd. National Stock Exchange of India Ltd. C e r ti f ie d by BIS. Listing Department, Listing Department, Pheeroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street,Fort, Bandra-Kurla Complex, Bandra (E), Mumbai-400 001 Mumbai-400 051 Sub: Submission of Annual Report including Notice of the 65th Annual General Meeting Ref: BSE Scrip Code: 500650; NSE Scrip Code: EXCELINDUS Dear Sir/Madam, Pursuant to Regulations 34(1)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Annual Report of the Company for the financial year 2025-26 including notice of the 65th Annual General Meeting of the Company to be held on Thursday, 24th September, 2026 at 03:00 p.m., for your record. The Annual Report including Notice of the 65th Annual General Meeting is also available on the Website of the Company at www.excelind.co.in Kindly take the information on record. Thanking you, Yours faithfully, For Excel Industries Limited S K Singhvi Company Secretary Encl: As above Chemicals Business / Environment & Biotech Division Excel Industries Limited Polymer Inputs / Pharmaceuticals Intermediaries/Veterinary API’s 184-87, S. V. Road, Jogeshwari (West), T: 91-22-66464200 Mumbai-400102, Maharashtra, India. W: http://www.excelind.co.in CIN: L24200MH1960PLC011807 EXCEL INDUSTRIES LIMITED Diversify. De-risk. Accelerate. Excel Industries Limited CIN: L24200MH1960PLC011807 Registered Office: 184-87, S. V. Road, Jogeshwari (West), Mumbai 400 102, India Tel.: 022 6646 4200 65th ANNUAL REPORT Email: investors@excelind.com 2025-26 Website: www.excelind.co.in ECNELLECXE ROF GNIRENTRAP EXCEL INDUSTRIES LIMITED ANNUAL REPORT 2025-26 CORPORATE INFORMATION CHAIRMAN EMERITUS COMPANY SECRETARY G. Narayana Surendra K. Singhvi AUDITORS BOARD OF DIRECTORS Price Waterhouse Chartered Accountants LLP Ashwin C. Shroff Executive Chairman BANKERS Ravi A. Shroff Managing Director Bank of India Hrishit A. Shroff State Bank of India Executive Director Axis Bank Limited Ninad Gupte HDFC Bank Limited Independent Director Citibank Shekhar Khanolkar REGISTRAR & TRANSFER AGENT Independent Director Rajesh Varma MUFG Intime India Private Limited Independent Director C-101, 247 park, L.B.S. Marg, Vikhroli (W), Vihang Virkar Mumbai – 400 083 Independent Director Tel: +91 22 49186000 Dr. Meena Galliara Fax: +91 22 49186060 Independent Director https://in.mpms.mufg.com/ Dinesh Bhagat REGISTERED OFFICE Nominee Director (upto 23rd March, 2026) Mahtabuzzaman 184-87, Swami Vivekanand Road, Nominee Director (w.e.f. 22nd May, 2026) Jogeshwari (West), Mumbai 400 102 Tel: 6646 4200 PRESIDENT AND CHIEF OPERATING OFFICER https://www.excelind.co.in/ Pradeep Ghattu FACTORIES CHIEF FINANCIAL OFFICER M.I.D.C. Area, Roha, Maharashtra. M.I.D.C. Area, Lote Parshuram, Maharashtra. Devendra Dosi Atchutapuram, Visakhapatnam, Andhra Pradesh. GUIDE TO THE REPORT CORPORATE OVERVIEW 01-35 02 About Us For more investor-related 04 Key Highlights of the Year information, please visit 06 Product Portfolio https://www.excelind.co.in/ 10 Excel’s Edge Or scan the QR Code Management Review 12 Executive Chairman’s Message 16 Managing Director’s Communique 18 Executive Director’s Message 20 President and Chief Operating Officer’s Message Sustainability 24 Environment 26 Corporate Social Responsibility 30 Governance 32 Board of Directors 35 Awards and Accolades FINANCIAL STATEMENTS 155-300 STATUTORY REPORTS 36-154 155 Standalone Auditor’s Report 36 Management Discussion and Analysis 166 Standalone Accounts 43 Business Responsibility and Sustainability Report 226 Consolidated Auditor’s Report 99 Notice 234 Consolidated Accounts 116 Directors’ Report 298 Form AOC-1 136 Corporate Governance 300 Five-Year Financial Highlights Disclaimer: INVESTOR INFORMATION This document contains statements about expected future events and financials of Excel Industries Limited Market Capitalization as of ` 1,013 Crores (‘the Company’), which are forward-looking. By their March 31, 2026 nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks CIN L24200MH1960PLC011807 and uncertainties. There is a significant risk that the assumptions, predictions, and other forward-looking BSE Code 500650 statements may not prove to be accurate. Readers are NSE Symbol EXCELINDUS cautioned not to place undue reliance on forward-looking statements as several factors could cause assumptions, Dividend Recommended ` 13.75/- actual future results, and events to differ materially from those expressed in the forward-looking statements. AGM Date September 24, 2026 Accordingly, this document is subject to the disclaimer and AGM Venue Video Conferencing/Other Audio-Visual Means qualified in its entirety by the assumptions, qualifications and risk factors referred to in the Management Discussion and Analysis section of this Annual Report. DIVERSIFY. DE-RISK. ACCELERATE. Growth today demands more than scale. This is diversification with intent. It It demands the foresight to recognize widens our revenue base, de-risks our where opportunity is emerging and the portfolio, and builds our capacity to conviction to commit to it. absorb uncertainty in any single market. At Excel, we are widening the range of By further connecting established markets, applications, and sectors we capability to emerging demand, we are serve, while consciously reducing our accelerating our momentum to capitalize dependence on mature businesses. We on the opportunities ahead. are redeploying our assets, processes and technologies toward the emerging opportunities without committing significant capex. EXCEL INDUSTRIES LIMITED About Us BUILT ON CHEMISTRY. EVOLVED THROUGH INGENUITY. Since 1941, Excel Industries has built From the Company’s early roots in indigenous chemical manufacturing and phosphorus chemistry, we have progressively its business around a fundamental expanded our capabilities across agrochemical and specialty strength: the ability to develop intermediates, polymer additives, pharmaceutical intermediates chemical processes and technologies and active pharmaceutical ingredients. This breadth has been shaped by decades of process development, manufacturing in-house and translate them into experience and the ability to adapt chemistry to demanding solutions for evolving industrial needs. customer applications. Excel’s approach to innovation also extends beyond chemicals. Through its Environment and Biotechnology business, we apply technology to organic and municipal waste management, converting waste into useful resources and addressing an increasingly important environmental challenge. Today, these businesses reflect different applications of a capability that has defined Excel for more than eight decades: developing practical technologies, strengthening them through manufacturing know-how and putting them to work where they create lasting value. 2 EXCEL INDUSTRIES LIMITED CCOORRPPOORRAATTEE OOVVEERRVVIIEEWW STATUTORY REPORTS FINANCIAL SECTIONS OUR VISION OUR AND PURPOSE STATURE Value creation for stakeholders is Among the leading players in basic and our overall vision. We are a backward advanced phosphorous derivatives integrated producer of chemicals serving catering to various end-use industries. diverse end use applications. We actualise our vision and purpose by focussing on technological strengths and customer needs to make customers win. TOP 5 Producer of Phosphonates in the World R&D Scientists 3 223.36 CRORES Manufacturing Units Exports Decades of Legacy 19 Unit Processes and NO. 1 Reactions THE Producer of DETC in the World EXCEL SNAPSHOT 65th ANNUAL REPORT 2025-26 3 EXCEL INDUSTRIES LIMITED Key Highlights of the Year STEADY PERFORMANCE IN A CHALLENGING ENVIRONMENT Our performance is reflected in more than financial outcomes. It is visible in the efficiency of our operati [Showing first 8,000 characters — download PDF for full document]