Excel Industries Ltd., a Mumbai-based speciality chemicals manufacturer, reported a net profit of ₹12.28 crores for Q4 FY26, marking a sharp 45.50% quarter-on-quarter recovery but declining 1.05% year-on-year. The ₹1,264 crore market capitalisation company posted revenues of ₹281.24 crores for the March quarter, reflecting a 20.42% sequential improvement but a modest 13.48% annual gain. Despite the profit rebound, the stock has declined 30.55% from its 52-week high of ₹1,438.00, currently trading at ₹998.75 and reflecting investor concerns over deteriorating operational efficiency and sustained margin pressures.