*EXCEL INDUSTRIES LTD.* | *CMP* Rs. 1372 | *M Cap* Rs. 1725 Cr | *52 W H/L* 1745/699 (Nirmal Bang Retail Research) *Result has declined* Revenue from Operations came at Rs. 196.4 Cr (-27% QoQ, 8.9% YoY) vs QoQ Rs. 268.9 Cr, YoY Rs. 180.3 Cr EBIDTA came at Rs. 12.1 Cr (-75.3% QoQ, 628.3% YoY) vs QoQ Rs. 49 Cr, YoY Rs. 1.7 Cr EBITDA Margin came at 6.1% vs QoQ 18.2%, YoY 0.9% Adj. PAT came at Rs. 6.2 Cr vs QoQ Rs. 35.7 Cr, YoY Rs. 2.7 Cr Quarter EPS is Rs. 4.9 Stock is trading at P/E of 21.7x TTM EPS