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Excel Industries MD, chairman, board of directors and AGM

NSE: EXCELINDUSBSE: 500650Chemicals & PetrochemicalsSmall Cap

Last close ₹836.65down ₹21.50 (2.51%)BSE ₹836.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹858.15.

52-week range of traded prices to 23 Oct 2026
₹800.05Low, 30 Mar 2026₹1,155.00High, 27 Oct 2025
Market cap
₹1,052 Cr1,394th largest listed
P/E
14.7
P/B
0.6
Dividend yield
1.64%
ROE
4.3%
ROCE
4.3%
Debt to equity
0.00
Volume, NSE
10,28456.5% delivered

Excel Industries board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonAshwin Champraj ShroffRelated to the promoter
  • Managing directorRavi Ashwin Shroff
  • Company Secretary and Compliance OfficerSurendra K. Singhvi

9 directors5 independent3 executive1 non-executive

  • Ashwin Champraj Shroff · ChairpersonExecutive · joined Jul 1975 · reappointed Feb 2025 · 2 listed boards
  • Ravi Ashwin Shroff · Managing directorExecutive · joined Sep 2014 · reappointed Sep 2024 · 2 listed boards · 1 committee seat
  • Hrishit Ashwin ShroffExecutive · joined Jun 2019 · reappointed Jun 2024 · 1 listed board · 1 committee seat
  • Meena Amar GalliaraIndependent · joined Jun 2019 · reappointed Jun 2024 · 87 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Ninad Dwarkanath GupteIndependent · joined Aug 2024 · reappointed Aug 2024 · 25 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Vihang Ajit VirkarIndependent · joined Aug 2024 · reappointed Aug 2024 · 25 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
  • Shekhar Shreedhar KhanolkarIndependent · joined Aug 2024 · reappointed Aug 2024 · 25 months as independent · 2 listed boards · 2 as independent · 1 committee seat
  • Rajesh Rama VarmaIndependent · joined Aug 2024 · reappointed Aug 2024 · 25 months as independent · 2 listed boards · 2 as independent · 2 committee seats, 2 as chair
  • MahtabuzzamanNominee, non-executive · joined May 2026 · 1 listed board

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

2 directors who left
  • Dinesh Bhagat, left 23 Mar 2026: Tenure Completion
  • Atul G Shroff, left 9 Oct 2024: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 13 Aug 20269 of 9 present5 independent · 19 days in between
    • 24 Jul 20268 of 9 present4 independent · 13 days in between
    • 10 Jul 20269 of 9 present5 independent · 48 days in between
    • 22 May 20269 of 9 present5 independent

  • Audit Committee

    Chair Rajesh Rama Varma

    Ninad Dwarkanath Gupte, Vihang Ajit Virkar, Ravi Ashwin Shroff

    • 13 Aug 20264 of 4 present3 independent · 82 days in between
    • 22 May 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Ninad Dwarkanath Gupte

    Rajesh Rama Varma, Shekhar Shreedhar Khanolkar

    • 20 May 20263 of 3 present3 independent

  • Stakeholders Relationship Committee

    Chair Vihang Ajit Virkar

    Meena Amar Galliara, Hrishit Ashwin Shroff

    • 22 May 20263 of 3 present2 independent

  • Risk Management Committee

    Chair Shekhar Shreedhar Khanolkar

    Ravi Ashwin Shroff, Ninad Dwarkanath Gupte, Pradeep Ghattu

    • 10 Aug 20263 of 3 present2 independent · 81 days in between

  • Corporate Social Responsibility Committee

    Chair Ashwin Champraj Shroff

    Meena Amar Galliara, Vihang Ajit Virkar

    • 20 May 20263 of 3 present2 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Jun 2026.

  • M/s Price Waterhouse Chartered Accountants LLPPeer-review certificate valid to Nov 2026

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Excel Industries AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Excel Industries dividend history

Annual general meeting, 24 Sep 2026

22,328 shareholders on the register on 17 Sep 2026; present: 1 promoter and 51 others; votes counted by Prashant Diwan / Prashant Diwan.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2026, together with the reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.15%

    Turnout: all 53.12% · promoters 89.51% · institutions 80.66% · other public 0.07%

  2. To declare a final dividend of Rs. 13.75/- (275%) per equity share for the financial year ended 31st March, 2026.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.15%

    Turnout: all 53.15% · promoters 89.51% · institutions 80.99% · other public 0.07%

  3. To appoint a Director in place of Mr. Hrishit A Shroff (DIN: 00033693), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.15%

    Turnout: all 53.15% · promoters 89.51% · institutions 80.99% · other public 0.07%

  4. To approve the payment of remuneration to all the Executive Directors of the Company
    Special
    99.49% for0.51% against

    Against: promoters 0.00% · institutions 3.88% · other public 0.15%

    Turnout: all 53.15% · promoters 89.51% · institutions 80.99% · other public 0.07%

  5. To ratify the remuneration of the Cost Auditors
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.15%

    Turnout: all 53.15% · promoters 89.51% · institutions 80.99% · other public 0.07%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 14 Jul 2026, 1 resolution

22,245 shareholders on the register on 5 Jun 2026; votes counted by Prashant Diwan / Prashant Diwan.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Mahtabuzzaman as Nominee Director
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.44%

    Turnout: all 50.08% · promoters 82.76% · institutions 80.10% · other public 0.85%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 21 Aug 2025, 5 resolutions

22,735 shareholders on the register on 14 Aug 2025; present: 4 promoters and 67 others; votes counted by Prashant Diwan / Prashant Diwan.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2025, together with the reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 52.50% · promoters 86.74% · institutions 78.13% · other public 0.13%

  2. To declare a final dividend of Rs. 13.75/- (275%) per equity share for the financial year ended 31st March, 2025.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 52.53% · promoters 86.74% · institutions 78.46% · other public 0.13%

  3. To appoint a Director in place of Mr. Dinesh Bhagat (DIN: 10039806), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 52.53% · promoters 86.74% · institutions 78.46% · other public 0.13%

  4. To appoint Ms. P. Diwan and associates Practicing Company Secretary Firm Registration Number P2015MH041400 as a Secretarial Auditoe of the Company for a period of five consecutive years commencing from financial year 2025 - 26 till financial year 2029-30MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 52.53% · promoters 86.74% · institutions 78.46% · other public 0.13%

  5. To ratify the remuneration of the Cost Auditors
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 52.53% · promoters 86.74% · institutions 78.46% · other public 0.13%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 19 Sep 2024, 13 resolutions

Present: 1 promoter and 42 others.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2024, together with the reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 55.51% · promoters 89.21% · institutions 88.44% · other public 3.86%

  2. To declare a final dividend of Rs. 5.50/- per equity share for the financial year ended 31st March, 2024.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 55.53% · promoters 89.21% · institutions 88.79% · other public 3.86%

  3. To appoint a Director in place of Mr. Hrishit A Shroff (DIN: 00033693), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 55.53% · promoters 89.21% · institutions 88.79% · other public 3.86%

  4. To re-appoint Mr. Ashwin C Shroff (DIN: 00019952) as Executive Chairman of the Company
    Special
    99.05% for0.95% against

    Against: promoters 0.00% · institutions 83.96% · other public 0.54%

    Turnout: all 48.64% · promoters 89.21% · institutions 6.49% · other public 3.86%

  5. To re-appoint Mr. Ravi A. Shroff (DIN: 00033505) as Managing Director of the Company
    Ordinary
    99.05% for0.95% against

    Against: promoters 0.00% · institutions 83.96% · other public 0.54%

    Turnout: all 48.64% · promoters 89.21% · institutions 6.49% · other public 3.86%

  6. To re-appoint Mr. Hrishit A. Shroff (DIN: 00033693) as an Executive Director of the Company
    Ordinary
    98.94% for1.06% against

    Against: promoters 0.00% · institutions 93.66% · other public 0.54%

    Turnout: all 48.64% · promoters 89.21% · institutions 6.49% · other public 3.86%

  7. To re-appoint Mrs. Meena A. Galliara (DIN: 07118699) as an Independent Director of the Company for a second term of 5 (five) consecutive years.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 55.53% · promoters 89.21% · institutions 88.79% · other public 3.86%

  8. To appoint Mr. Vihang Virkar (DIN: 02661057) as an Independent Director of the Company for a term of 5 (five) consecutive years.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 55.53% · promoters 89.21% · institutions 88.79% · other public 3.86%

  9. To appoint Mr. Ninad Gupte (DIN: 00027523) as an Independent Director of the Company for a term of 5 (five) consecutive years.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 55.53% · promoters 89.21% · institutions 88.79% · other public 3.86%

  10. To appoint Mr. Shekhar Khanolkar (DIN: 02202839) as an Independent Director of the Company for a term of 5 (five) consecutive years.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 55.53% · promoters 89.21% · institutions 88.79% · other public 3.86%

  11. To appoint Mr. Rajesh Varma (DIN: 01034325) as an Independent Director of the Company for a term of 5 (five) consecutive years.
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 55.53% · promoters 89.21% · institutions 88.79% · other public 3.86%

  12. To approve the payment of remuneration to all the Executive Directors of the Company
    Special
    99.05% for0.95% against

    Against: promoters 0.00% · institutions 83.96% · other public 0.54%

    Turnout: all 48.64% · promoters 89.21% · institutions 6.49% · other public 3.86%

  13. To ratify the remuneration of the Cost Auditors
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.54%

    Turnout: all 55.53% · promoters 89.21% · institutions 88.79% · other public 3.86%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 14 Sep 2023, 4 resolutions

Present: 4 promoters and 43 others.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2023, together with the reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 54.71% · promoters 90.40% · institutions 96.93% · other public 0.25%

  2. To declare a final dividend of Rs.11.25 per equity share.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.04%

    Turnout: all 54.73% · promoters 90.40% · institutions 97.31% · other public 0.25%

  3. To appoint a Director in place of Mr. Dipesh K. Shroff (DIN 00030792), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.06% for0.94% against

    Against: promoters 0.00% · institutions 6.93% · other public 0.00%

    Turnout: all 54.73% · promoters 90.40% · institutions 97.31% · other public 0.25%

  4. To ratify the remuneration of the Cost Auditors.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 54.73% · promoters 90.40% · institutions 97.31% · other public 0.25%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 20 May 2023, 1 resolution

The company's voting result (opens in a new tab)

  1. Appointment of Mr. Dinesh Bhagat as Nominee Director
    Ordinary
    98.97% for1.03% against

    Against: promoters 0.00% · institutions 6.94% · other public 1.51%

    Turnout: all 50.94% · promoters 82.56% · institutions 95.92% · other public 0.92%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 23 Sep 2022, 6 resolutions

Present: 4 promoters and 31 others.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended 31st March, 2022, together with the reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 54.85% · promoters 90.12% · institutions 92.60% · other public 1.15%

  2. To declare a final dividend of Rs. 22.50 per equity share for the financial year ended 31st March, 2022
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 54.87% · promoters 90.12% · institutions 92.97% · other public 1.15%

  3. To appoint a Director in place of Mr. Atul G Shroff (DIN: 00019645), who retires by rotation and being eligible offers himself for re-appointment
    Ordinary
    99.22% for0.79% against

    Against: promoters 0.00% · institutions 5.85% · other public 0.00%

    Turnout: all 54.87% · promoters 90.12% · institutions 92.97% · other public 1.15%

  4. To re-appoint Statutory Auditors of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 54.87% · promoters 90.12% · institutions 92.97% · other public 1.13%

  5. To consider continuation of Directorship of Mr. Atul G. Shroff after attaining the age of 75 years
    Special
    99.22% for0.79% against

    Against: promoters 0.00% · institutions 5.85% · other public 0.00%

    Turnout: all 54.87% · promoters 90.12% · institutions 92.97% · other public 1.15%

  6. To ratify the remuneration of the Cost Auditors
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.01%

    Turnout: all 54.87% · promoters 90.12% · institutions 92.97% · other public 1.15%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 21 May 2022, 1 resolution

The company's voting result (opens in a new tab)

  1. Appointment of Mr. Collu Vikas Rao as Nominee Director
    Ordinary
    99.61% for0.39% against

    Against: promoters 0.00% · institutions 2.85% · other public 0.34%

    Turnout: all 54.04% · promoters 89.16% · institutions 94.38% · other public 0.84%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Fines

Reported in the filing for the quarter to Sep 2026.

  • Fine or penaltyThe Office of the Superintendent of CGST, MumbaiSince 21 Jul 2026

    The Company has received Summon from the above mentioned authority regarding availment of inadmissible input tax credit (ITC) taken in previous years. Accordingly penalty of Rs. 2,65,292/- has become payable

    The Summon received pertains to availment of inadmissible Input Tax Credit (ITC) by the Company taken in previous years under the applicable GST provisions.

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

At most 1 complaint open, quarter to Dec 2025.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
No
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
Yes
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.