The evolution of V Excel Spares and Equipment Pvt. Ltd. reflects vision, perseverance and engineering excellence. Today, the company is recognised for manufacturing equipment and spares for steel rolling mills, accessories for construction equipment and specialised components for defence applications. Its steady growth is driven by Managing Director Lilachand Panchal and Director Kirti Panchal.
After completing Mechanical Engineering from VJTI Mumbai in 1982, Lilachand Panchal began his career at Mukand Ltd, Kurla, a major steel foundry supplying bogies and couplers to Indian Railways. His experience in tool room operations, jigs and fixtures and process planning built a strong technical base. A subsequent role at Simtools Ltd, a Voltas company, further strengthened his exposure to heavy engineering and prepared him for entrepreneurship.
In 1987, he founded V Excel as a partnership firm to cater to spare part requirements of the steel and plastic industries. Operations began in a 400 square foot rented unit in Wagle Estate, Thane. In 1989, Kirti Panchal joined the business, strengthening manufacturing capabilities. With the addition of new machines, V Excel soon began taking direct orders from major steel plants, marking the start of steady expansion.
The company entered heavy machining in 1993 with its first Horizontal Boring Machine. To accommodate rising demand, the company transitioned to a more expansive facility in 2003, adding a Vertical Lathe, CNC Horizontal Boring machines and other advanced equipment. The acquisition of further manufacturing space supported production for global steel industry clients such as Primetals, SMS and Danieli. The company has also been exporting earth-moving equipment attachments to the United States for over 20 years.
V Excel has contributed to significant national projects. It executed machining work for Brahmos missile moulds for Larsen & Toubro Ltd. twice and supported the Chandrayaan project for Godrej & Boyce Ltd., earning recognition for exceptional contribution.
A key milestone was the move to Vadodara, driven by the need for larger industrial space and the advantage of a strong engineering ecosystem. The new facility, spread across 75000 square feet with 36000 square feet built-up area, enabled better layout, upgraded technology and reconditioning of existing machines.
Sharing his experience, Lilachand Panchal says, “We have banked with TJSB since our inception in 1987, maintaining strong professional relations and a consistent repayment record. TJSB has supported us in machinery expansion, facility growth and even approved our 250 KW rooftop solar project within two weeks. TJSB is our strong business partner, and we have grown with TJSB.”
Despite challenges such as US tariff impacts, the leadership remains confident. With Indian manufacturing advancing rapidly, V Excel Spares and Equipment Pvt. Ltd. is well positioned for continued growth and innovation.