Message from the
Managing Director

Dear Shareholders,

I hope you, your near and dear ones are safe and healthy. The Covid-19 pandemic was a prominent part of last year, and it continues to create a disruptive impact on the lives and livelihood of people across the world. In our history of eight decades, we have not experienced anything like this pandemic before. But as they say, challenges always allow you to revisit yourself and change the approach. Last year, we changed our strategy and strengthened our core while adapting to the ‘new normal’.

Covid-19 Response

We successfully navigated the challenges posed by the Covid-19 pandemic. Excel’s many products fall under the ambit of essential goods, therefore, the Company’s operations continued with limited impact during the lockdown. We implemented and followed all the strict guidelines issued by the local, state and central Governments. We also took all possible efforts to protect the health and wellbeing of our employees and ensured minimum disruption to our customers. We further carried out a vaccination drive for all our employees and their family members to immunize them from the Covid-19 impact.

As pioneers in indigenous chemical technology and sustainable waste management, innovation has always been a key driving force at Excel. Since our inception in 1941, we have achieved hundreds of chemical process breakthroughs while steadily contributing to the enhancement of the technological knowhow of the nation. Today, we are set to embark on a new phase of meaningful growth. We enjoy leadership position in certain technology platforms and market segments e.g. Agrochemical intermediates and Phosphorous derivatives. We will continue to focus on and grow the agrochemical intermediates, pharmaceutical API and intermediates, polymer additives and specialty chemicals business through enhanced customer interactions. New product R&D backed by robust infrastructure and team will create new opportunities in the coming years.

Key Developments

Manufacturing asset preservation has been an ongoing priority for our Company. Some of the old assets were modernised to extend their life and capabilities. Roha plant introduced automation in their agro intermediate plant to improve safety and productivity.

Aligned to market demands, both Roha and Lote Sites upgraded their production capabilities for specific products. The Company’s existing ERP system was extended to the newly acquired Site at Vishakhapatnam (Vizag). Activities of Vizag site will now get integrated on a real-time basis with the rest of the Company’s activities.

Value Systems

As I am sure you are well aware, there is a lot of public debate going on regarding the purpose and conduct of businesses and economic entities / companies. Broadly, it is covered by the currently frequent mention of ESG which stands for Environment, Society & Governance.

From the narrow view of a business to be a profit-making entity giving maximum returns to only one stakeholder, the investor, the definition is expanding to broader categories of stakeholders i.e. society at large, as also the way a business conducts its business eg. Transparency, integrity, compliances with statutory provisions, etc.

Our Company, since its founding, has always taken cognisance of all stakeholders in a fair manner, including community & society at large. CSR, a statutory provision now, has always been part of our value system.

Good values are “valued” by us, and we try to live by sound values initiated and practiced by our founders and keep adopting & refining both within the organisation as also with those associated with us.


Roha site received a Certificate of Appreciation from National Safety Council: India for appreciable occupational safety and health achievement. Similarly, a Certificate of Merit was received from the National Safety Council: Maharashtra Chapter, for achieving and maintaining zero accident frequency rate. This year we received the ICC award for Excellence in Management of Environment. Also, we received the certificate of merit for the best compliant Company for Product Safety and Stewardship code under Responsible Care from ICC.

All the Sites continued to operate, complying with high standards of safety. Regular training to employees, audits and monitoring of key safety parameters helped to keep the workplace free from incidents and accidents. There was no major reportable accident during the year under review.

The Company continues to be virtually debt-free and in a good position to support future growth opportunities. Over the years, we have built a highly resilient and diverse business with a strong foundation, and the broadness of our portfolio allows us to serve a wide range of markets and application areas. As a leading global player, we have also developed the flexibility and agility needed to compete in today’s demanding markets as well as the ability to respond swiftly and effectively to fluctuations in demand.

Our journey over the years is a testimony of our commitment to our value-accretive growth. Today, we are favourably placed as an environment-friendly and quality conscious manufacturer. We aim to emerge as a preferred supplier for domestic and overseas customers and help transform the world into a better place.

Best Wishes,
Ravi A. Shroff,

Managing Director

Chairman’s Address

Message from the Executive Director