Recent Price Movement and Market Performance
On 24 November, Excel Industries closed at ₹926.30, down by ₹22.45 or 2.37% from the previous session. This decline continues a four-day losing streak during which the stock has fallen by nearly 9.8%. The intraday low also touched ₹926.30, signalling persistent selling pressure. The stock has underperformed its sector by 1.43% on the day, indicating weaker relative momentum within its industry group.
Examining the stock’s returns against the broader Sensex index reveals a stark contrast. Over the past week, Excel Industries declined by 5.65%, while the Sensex remained almost flat with a marginal 0.06% gain. The divergence widens over longer periods: the stock has lost 16.85% in the last month compared to a 0.82% rise in the Sensex, and year-to-date returns show a steep 27.69% fall against the benchmark’s 8.65% gain. Over one year, the stock’s return plummets to -37.08%, whereas the Sensex has appreciated by 7.31%. Even over three and five years, Excel Industries has lagged significantly behind the benchmark, with the Sensex delivering 36.34% and 90.69% gains respectively, compared to the stock’s modest 8.40% rise over five years.
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Technical Indicators and Investor Participation
From a technical standpoint, Excel Industries is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. This broad weakness across multiple timeframes suggests a bearish trend and limited near-term support levels. Furthermore, investor participation appears to be waning, with delivery volumes on 21 November dropping sharply by nearly 70% compared to the five-day average. Such a decline in trading volumes often signals reduced conviction among buyers and sellers, potentially exacerbating price declines. Despite this, liquidity remains adequate for modest trade sizes, with the stock able to handle transactions worth approximately ₹0.03 crore based on 2% of the five-day average traded value.
Fundamental Challenges and Valuation
While Excel Industries benefits from a low debt-to-equity ratio averaging zero, indicating a conservative capital structure, its fundamental performance raises concerns. The company’s return on equity stands at a modest 4.1%, and it trades at a price-to-book value of 0.6, suggesting an attractive valuation relative to peers. However, these positives are overshadowed by weak profit trends; over the past year, profits have declined by 3.3%, and the stock’s substantial negative returns reflect investor apprehension.
Long-term growth metrics further dampen enthusiasm. Net sales have increased at an annualised rate of just 9.54% over five years, while operating profit growth has been negligible at 1.26%. The latest quarterly results for September 2025 were largely flat, with operating cash flow at a low ₹61.82 crore and profit before tax excluding other income falling by 5.9% compared to the previous four-quarter average. Such stagnation in core financials undermines confidence in the company’s growth prospects.
Adding to the bearish sentiment is the minimal interest from domestic mutual funds, which hold a mere 0.01% stake in the company. Given their capacity for detailed research and due diligence, this limited exposure may indicate a lack of conviction in the stock’s valuation or business model.
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Conclusion: Why Excel Industries Is Falling
The decline in Excel Industries’ share price as of 24 November is primarily driven by a combination of weak financial performance, poor growth prospects, and subdued investor interest. The stock’s consistent underperformance relative to the Sensex and its sector highlights a lack of market confidence. Technical indicators reinforce the bearish outlook, with the stock trading below all major moving averages and experiencing falling volumes. Despite a conservative balance sheet and reasonable valuation metrics, the company’s flat recent results and minimal institutional backing weigh heavily on sentiment. Investors appear cautious, reflecting concerns over the company’s ability to generate sustainable growth and profitability in the near to medium term.
Given these factors, the current downtrend in Excel Industries’ stock price is a reflection of fundamental challenges and market scepticism rather than short-term volatility.
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