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XPROINDIA - XPRO India

📊 NSE: XPROINDIA 🏢 Packaging 📅 Last Updated: 12/14/2025 15:19

📢 Recent Corporate Announcements

Xpro India Q3 Net Profit at ₹8.73 Cr; Sidharth Birla Re-appointed as Chairman

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 04 Feb 2026, 04:38 PM

Xpro India reported a standalone net profit of ₹8.73 crore for Q3 FY26, a 9.8% decline compared to ₹9.68 crore in the same period last year, though it showed sequential growth from Q2. Revenue remained relatively flat YoY at ₹106.31 crore. The company's 9-month performance has been significantly impacted by a ₹9.93 crore foreign exchange loss on Euro-denominated borrowings and a ₹1 crore provision for new labour codes. The Board has ensured leadership continuity by re-appointing Sri Sidharth Birla as Chairman for a three-year term starting March 2026.

Standalone Net Profit for Q3 FY26 at ₹8.73 crore vs ₹9.68 crore YoY.
Revenue from operations for the quarter stood at ₹106.31 crore, a marginal increase from ₹104.55 crore YoY.
9-month Net Profit dropped significantly to ₹18.90 crore from ₹34.53 crore in the previous year.
Recognized an incremental impact of ₹100 lacs due to the implementation of New Labour Codes.
Sri Sidharth Birla re-appointed as Chairman for 3 years effective March 1, 2026.

💡 Investors should watch for stabilization in forex-related volatility which has dragged down 9-month earnings. While sequential profit growth is encouraging, the overall year-to-date decline suggests waiting for better margin consistency before increasing exposure.

Xpro India Q3 FY26: PAT Declines 9.8% YoY to ₹8.7 Cr; New Capacity in Stabilization Phase

🔵 WATCH ⭐ 7/10

EARNINGS 📅 04 Feb 2026, 04:31 PM

Xpro India reported a marginal 1.7% YoY revenue growth to ₹106.3 crore for Q3 FY26, while EBITDA declined by 8.4% to ₹9.8 crore due to margin contraction. Net profit for the quarter fell 9.8% YoY to ₹8.7 crore, and the 9-month PAT saw a sharp 45.3% decline to ₹18.9 crore, partly due to non-cash forex adjustments and higher pre-operating costs. A significant development is the start-up of the new dielectric film line at Barjora, which is currently in the stabilization phase. Additionally, the UAE subsidiary successfully raised AED 33.08 million from an external investor, securing growth capital while retaining an 85% stake.

Revenue for Q3 FY26 stood at ₹106.3 crore, up 1.7% YoY but down 11.3% QoQ.
EBITDA margins contracted to 9.2% from 10.3% in the previous year's quarter.
9M FY26 PAT declined 45.3% YoY to ₹18.9 crore, impacted by ₹1 crore additional liability for new labor codes and forex adjustments.
UAE subsidiary Xpro Dielectric Films FZ-LLC raised AED 33.08 million from an external investor for growth capital.
The company maintains a strong balance sheet with negative net debt and a net worth of ₹616.9 crores.

💡 Investors should closely monitor the transition of the new Barjora dielectric film line from stabilization to commercial production, as this is the primary growth trigger. While current earnings are under pressure from expansion costs, the successful external funding for the UAE project and debt-free status provide long-term comfort.

Xpro India Q3 Net Profit Declines to ₹8.73 Crore; Re-appoints Sidharth Birla as Chairman

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 04 Feb 2026, 04:20 PM

Xpro India reported a marginal year-on-year revenue growth to ₹106.31 crore for Q3 FY26, but net profit fell to ₹8.73 crore from ₹9.68 crore. The company's 9-month profitability has been significantly impacted, dropping to ₹18.90 crore from ₹34.53 crore in the prior year, primarily due to a ₹9.93 crore foreign exchange loss on Euro-denominated borrowings. Additionally, the company recognized a ₹1 crore one-time cost related to the implementation of New Labour Codes. The Board has also approved the re-appointment of Sri Sidharth Birla as Chairman for a three-year term starting March 2026.

Revenue from operations for Q3 FY26 stood at ₹106.31 crore, a slight increase from ₹104.55 crore in Q3 FY25.
Net profit for the quarter declined to ₹8.73 crore compared to ₹9.68 crore in the corresponding quarter last year.
9-month net profit witnessed a sharp 45% decline to ₹18.90 crore from ₹34.53 crore YoY.
Foreign exchange fluctuations on Euro-denominated supplier credits led to a loss of ₹9.93 crore for the nine-month period.
Unutilized proceeds from QIP and warrants totaling ₹123.95 crore remain in temporary bank deposits pending project deployment.

💡 Investors should be cautious regarding the significant drop in 9-month profitability and the company's vulnerability to EUR/INR currency fluctuations. Monitor the timely deployment of the ₹123.95 crore cash reserve into capital projects to see if it can drive future growth to offset current margin pressures.

Xpro India Q3 FY26 Net Profit Declines 9.8% YoY to ₹8.73 Cr; Revenue Flat at ₹106.3 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 04 Feb 2026, 04:11 PM

Xpro India reported a marginal 1.7% YoY increase in revenue to ₹106.31 crore for Q3 FY26, but net profit declined by 9.8% to ₹8.73 crore. The bottom line was pressured by rising employee costs and a significant unrealized foreign exchange loss of ₹9.92 crore over the nine-month period related to Euro-denominated supplier credits. The company also recognized a ₹1 crore one-time cost due to the implementation of New Labour Codes. On the management front, the board approved the re-appointment of Sidharth Birla as Chairman for a three-year term.

Revenue from operations stood at ₹106.31 crore in Q3 FY26 versus ₹104.55 crore in Q3 FY25.
Net profit for the quarter fell to ₹8.73 crore from ₹9.68 crore in the year-ago period.
Employee benefit expenses increased to ₹9.38 crore from ₹7.91 crore YoY.
Unrealized forex loss of ₹9.92 crore recognized for the nine-month period ending Dec 2025 due to EUR/INR volatility.
Company holds ₹123.94 crore in temporary bank deposits from QIP and warrant proceeds pending final utilization.

💡 Investors should exercise caution as currency volatility on Euro-denominated debt continues to impact profitability. Monitor the deployment of the ₹123.94 crore cash reserve into capital projects, which will be the primary driver for future growth.

Xpro India Receives 'IND A-/Stable/IND A1' Rating for INR 1.95 Billion Bank Facilities

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 14 Jan 2026, 12:53 PM

Xpro India Limited has received updated credit ratings from India Ratings and Research Pvt. Ltd. for its bank loan facilities. The agency assigned a new rating of IND A-/Stable/IND A1 for facilities worth INR 650 million and affirmed the same rating for existing facilities of INR 1,300 million. This brings the total rated bank facilities to INR 1,950 million. The 'Stable' outlook reflects the agency's expectation of the company's steady financial profile and creditworthiness.

India Ratings assigned IND A-/Stable/IND A1 rating for new bank facilities of INR 650 million
Existing bank loan facilities of INR 1,300 million were affirmed at IND A-/Stable/IND A1
Total bank loan facilities covered under these ratings amount to INR 1,950 million
The 'Stable' outlook indicates expectations of consistent financial performance and debt servicing capability

💡 Investors should take this as a positive sign of the company's financial health and its ability to access credit at investment-grade terms. No immediate action is required, but it reinforces confidence in the company's balance sheet stability.

Xpro India Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 12:14 PM

Xpro India Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The certificate, issued by Registrar MUFG Intime India Private Limited, confirms that all dematerialization requests were processed and physical certificates were cancelled within mandated timelines. This filing ensures that the company's shareholding records are accurately maintained with the depositories. It is a standard administrative procedure for all listed companies in India.

Compliance certificate submitted for the quarter ended December 31, 2025
Confirmation that dematerialization requests were processed within prescribed SEBI timelines
Physical share certificates were mutilated and cancelled after due verification
Registrar MUFG Intime India Private Limited confirmed the listing of dematerialized securities on stock exchanges

💡 This is a routine regulatory filing with no impact on the company's fundamentals; no action is required from investors.

Xpro India Announces Trading Window Closure from Dec 31, 2025 for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Dec 2025, 03:57 PM

Xpro India Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting from the end of the December 31, 2025 quarter. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's quarterly financial results. The trading window will remain closed until 48 hours after the financial results for the quarter ended December 31, 2025, are officially declared. This is a standard regulatory procedure for listed companies in India.

Trading window closure starts from the end of the quarter on December 31, 2025.
Restriction applies to all Designated Persons and their immediate relatives.
Window will reopen exactly 48 hours after the declaration of Q3 FY26 financial results.
The filing is in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals. Investors should monitor the company's future announcements for the specific date of the board meeting to consider Q3 results.

Xpro India Subsidiary XDF Allots Shares to OASIS II for AED 33.09 Million

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 12 Dec 2025, 04:05 PM

Xpro India's subsidiary, Xpro Dielectric Films FZ-LLC (XDF), has successfully completed a capital infusion of AED 33,087,500 from OASIS II Investment Holding Limited. The subsidiary allotted 13,235 Class A equity shares at a price of AED 2,500 per share, which includes a premium of AED 1,500. Following this transaction, Xpro India's stake in XDF stands at 85%, and the entity continues to be a subsidiary. This external funding provides a valuation benchmark for the company's specialized dielectric films business.

XDF allotted 13,235 new Class A Equity Shares to OASIS II Investment Holding Limited
Total subscription amount received is AED 33,087,500 (approximately INR 75-76 Crores)
Shares were issued at a face value of AED 1,000 with a premium of AED 1,500 per share
Xpro India retains an 85% majority stake in the subsidiary post-allotment
The fundraise follows the receipt of all necessary regulatory and other approvals

💡 Investors should view this as a positive development as it validates the valuation of the subsidiary and provides growth capital without diluting the parent company's equity. Monitor the deployment of these funds towards the company's expansion in the capacitor film segment.

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💰 Financial Performance

Revenue Growth by Segment

The Coex division grew 32% YoY to INR 118.9 Cr in Q4 FY25, while the Biax division remained flat at INR 39.33 Cr. For the full year FY25, standalone revenue reached INR 535.5 Cr, a 15% increase YoY.

Geographic Revenue Split

Domestic sales dominate the mix, while total exports amounted to INR 14.20 Cr in FY25, representing approximately 2.6% of total standalone revenue.

Profitability Margins

Standalone Gross Profit margin for FY25 was 28.5% compared to 32.2% in FY24. Standalone Net Profit (PAT) margin for FY25 was 8.1%, down from 9.4% in FY24, impacted by product mix shifts and higher pre-operational expenses.

EBITDA Margin

Standalone EBITDA margin for FY25 was 9.9%, down from 10.6% in FY24. The Q4 FY25 EBITDA margin was 8.5%, a decline from 12.7% in Q4 FY24, primarily due to the higher growth of the lower-margin Coex business.

Capital Expenditure

The company holds fixed deposits of approximately INR 180 Cr to fund capital projects. Additionally, the UAE subsidiary (XDF) is raising AED 33.08 million (approx. INR 75 Cr) from OASIS II Investment Holding Limited to support growth.

Credit Rating & Borrowing

The company utilized a supplier credit in the nature of an ECB for the new Barjora line, increasing long-term debt by INR 110 Cr to achieve interest savings. Net debt to equity stood at 0.19x in FY25.

⚙️ Operational Drivers

Raw Materials

Polymers and resins (implied by Coex and Biax film production) are the primary raw materials, with costs for materials consumed reaching INR 386.5 Cr in FY25, representing 72% of revenue.

Capacity Expansion

Current sales volume is 33,002 MT (up 19.3% YoY). Expansion includes a new unit at Barjora currently undergoing sequential testing and a steady project progression in Ras Al Khaimah, UAE.

Raw Material Costs

Raw material costs increased to INR 386.5 Cr in FY25 from INR 317.2 Cr in FY24, a 21.8% increase. Procurement is managed through inventory tracking and vendor development to mitigate price fluctuations.

Manufacturing Efficiency

The company delivered a Return on Capital Employed (RoCE) of 8.33% and a Return on Equity (RoE) of 7.44% on expanded capital in FY25.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth is driven by capacity expansion at the Barjora unit and the Ras Al Khaimah project. The company is also integrating acquired production lines from other operators to optimize capacity balancing.

Products & Services

Coex sheets and liners for refrigerators, Biax films, and Dielectric films for capacitors.

Brand Portfolio

Xpro India.

New Products/Services

Expansion into high-end Dielectric films via the UAE subsidiary and the new Barjora line is expected to contribute significantly to future high-margin revenue.

Market Expansion

Expansion into the Middle East via the Xpro Dielectric Films FZ-LLC subsidiary in Ras Al Khaimah, UAE, which is categorized as a material subsidiary.

Strategic Alliances

Tripartite agreement with OASIS II Investment Holding Limited for an equity issue in the UAE subsidiary to raise AED 33.08 million.

🌍 External Factors

Industry Trends

The industry is seeing steady domestic recovery driven by consumption. Xpro is positioning itself for future growth through capacity build-up in specialized dielectric films for the electronics and power sectors.

Competitive Landscape

The business is described as 'highly competitive,' particularly in the Coex segment, requiring strategic pricing to maintain volume growth.

Competitive Moat

Moat is based on 'premium' quality and service ratings from customers and a strong market position in the Coex business, which saw 32% revenue growth.

Macro Economic Sensitivity

The company is sensitive to India's GDP growth, which was over 6% in FY25, and consumption trends that drive demand for appliances like refrigerators.

Consumer Behavior

Resilient domestic consumption is driving consistent demand for Coex products used in consumer durables.

Geopolitical Risks

Geopolitical tensions are cited as a factor impacting supply chain stability and input cost volatility.

⚖️ Regulatory & Governance

Industry Regulations

The company complies with SEBI Listing Obligations and Disclosure Requirements (LODR) and has established a Whistle Blower mechanism and risk management framework.