NSE: XPROINDIA · BSE: 590013
XPRO INDIA LIMITED
Manufactures specialty polypropylene dielectric capacitor films in the 2-16 micron thickness range and is the only significant Indian producer of this product, used in EV inverters, solar, wind turbines, industrial drives and grid applications. A coextruded cast films unit (Coex) supplies films mainly to the refrigerator industry. The Biax division contributes roughly 71% of FY26 revenue. A new dielectric film line at Barjora entered commercial production on March 27, 2026, doubling that unit's capacity, with the company targeting at least 50% utilisation in FY27. A third line under construction in Ras Al Khaimah, UAE is scheduled for trial production in August-September 2026. FY26 revenue was INR505.5 crore, all booked in India on the segment sheet, while exports totalled INR22.5 crore. Aggregate production volume fell 5% year-on-year on lower Coex volumes, and the company booked an INR11 crore forex loss. Modal dielectric film prices are above INR550/kg and revised biweekly with polymer costs. Materials, chiefly specialty polymers, account for 69.2% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Biax (71%), Coex (29%). Specialty polymer film manufacturing with two operating divisions, asset-heavy and exposed to polymer price and forex swings
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 472 | 511 | 465 | 535 | 505 |
| EBITDA (ex other income) | 64 | 74 | 64 | 50 | 32 |
| margin % | 13.5 | 14.6 | 13.8 | 9.4 | 6.3 |
| Owners' profit | 45 | 45 | 44 | 38 | 19 |
| EPS, as reported (₹) | 38.03 | 25.57 | 21.81 | 17.17 | 8.46 |
| ROE % · ROCE % | 26.1 · 22.3 | 19.4 · 26.2 | 7.8 · 10.9 | 6.2 · 6.7 | 2.4 · 3.4 |
| Debt / equity (x) | 0.51 | 0.15 | 0.07 | 0.39 | 0.36 |
| Cash from operations | 49 | 83 | 44 | 13 | 20 |
| Capex | (7) | (36) | (38) | (287) | (141) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 134 | 105 | 158 | 145 | 120 | 106 | 134 | 174 |
| Profit before tax | 14 | 11 | 9 | (4) | 7 | 10 | 18 | 12 |
| Net profit | 10 | 7 | 7 | (5) | 5 | 7 | 13 | 8 |
| EPS (₹) | 4.51 | 3.37 | 2.95 | (2.46) | 2.14 | 2.91 | 5.64 | 3.38 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Within India | 399 | 79.0 |
| With in India | 106 | 21.0 |
| Total, before eliminations | 505 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED ◆ | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 71.5 | 16.2 | 58 of 64 | 10% |
| P/B | 3.0 | 1.3 | 50 of 61 | 18% |
| ROCE | 2.8 | 6.9 | 47 of 68 | 31% |
| ROE | 2.5 | 6.8 | 46 of 61 | 25% |
| Debt / Equity | 0.4 | 0.4 | 29 of 61 | 53% |
| EBITDA margin | 11.4 | 12.1 | 33 of 62 | 48% |
| Revenue growth | 20.4 | 14.0 | 23 of 61 | 63% |
| Profit growth | 239.1 | 23.4 | 11 of 60 | 83% |
| Market cap | 2360 | 118 | 7 of 73 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set for Q2 and H1 results | results | low | — | — |
| 15 Oct 2026 · Special window for physical share transfer and demat opens | compliance | minimal | — | — |
| 6 Oct 2026 · Compliance certificate for dematerialisation of securities filed | compliance | minimal | — | — |
| 25 Sept 2026 · Xpro India wins 3 awards at 51st ELCINA Awards for Excellence | business updates | medium | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 2 Sept 2026 · Clarification on spurt in trading volume | regulatory legal | medium | — | — |
| 2 Sept 2026 · NSE flags unusual trading volume in Xpro India, awaits company response | regulatory legal | medium | — | — |
| 29 Aug 2026 · Xpro India to meet investors and fund houses on Sept 4 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Xpro India notifies about special window for physical share transfers | compliance | minimal | — | — |
| 11 Aug 2026 · Minutes of 29th AGM held on July 20, 2026 - All resolutions passed | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.