Xpro India Q2 FY27 results: net profit up 44.7% to ₹7.19 crore, revenue up 47.4%

How did Xpro India perform in Q2 FY27?

Xpro India reported consolidated revenue of ₹176.69 crore for Q2 FY27, up 47.4% from ₹119.91 crore in Q2 FY26 and 1.3% from ₹174.42 crore in Q1 FY27. EBITDA was ₹14.85 crore, with an 8.4% margin, compared with ₹7.33 crore and 6.1% a year earlier and ₹15.84 crore and 9.1% in the previous quarter. On the standalone basis, revenue was ₹176.69 crore and net profit was ₹9.52 crore.

Consolidated profit before tax was ₹10.46 crore, up 56.1% from ₹6.70 crore in Q2 FY26 but down 9.5% from ₹11.56 crore in Q1 FY27. Net profit was ₹7.19 crore, compared with ₹4.97 crore a year earlier and ₹7.63 crore in the previous quarter. Basic EPS was ₹3.22, against ₹2.14 in Q2 FY26 and ₹3.38 in Q1 FY27; the profit margin was 4.1%.

What changed in Xpro India's costs and profit?

Total expenses were ₹170.21 crore, up ₹52.93 crore or 45.1% from ₹117.28 crore in Q2 FY26. Cost of materials was ₹121.21 crore, higher by ₹38.12 crore or 45.9%; employee cost rose ₹0.83 crore or 9.9% to ₹9.21 crore; finance costs increased ₹1.48 crore or 86.0% to ₹3.20 crore; and depreciation was higher by ₹2.18 crore or 73.2% at ₹5.16 crore. Other expenses rose ₹3.87 crore or 18.8% to ₹24.47 crore.

Other income was ₹3.97 crore, down ₹0.10 crore or 2.5% from ₹4.07 crore in Q2 FY26, while tax was ₹3.27 crore, up ₹1.54 crore or 89.0% from ₹1.73 crore. There was no exceptional item in either quarter. Against Q1 FY27, cost of materials fell 9.1% and employee cost fell 6.4%, but other expenses rose 5.9%, finance costs rose 0.6% and depreciation rose 1.4%.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue was ₹351.11 crore, up ₹86.30 crore or 32.6% from ₹264.81 crore in H1 FY26. Total income was ₹359.08 crore, up ₹86.75 crore or 31.9%, while PBT rose ₹19.06 crore or 643.9% to ₹22.02 crore.

Net profit for H1 FY27 was ₹14.82 crore, compared with a net loss of ₹0.51 crore in H1 FY26, while basic EPS was ₹6.60 against a loss of ₹0.23. The first-half result therefore moved from loss to profit, while revenue and total income both increased.

What do the balance sheet and cash flow show?

As of 30 September 2026, consolidated total assets were ₹1,241.24 crore, up from ₹1,218.34 crore at 31 March 2026. Total equity was ₹813.41 crore, compared with ₹798.44 crore, while borrowings fell to ₹273.69 crore from ₹288.81 crore. Cash was ₹9.99 crore, compared with ₹95.80 crore; inventories were ₹88.25 crore and trade receivables ₹93.20 crore.

Consolidated H1 FY27 operating cash flow was ₹12.51 crore, compared with an outflow of ₹2.02 crore in H1 FY26. Investing cash flow was an outflow of ₹68.92 crore, compared with ₹141.21 crore, and financing cash flow was an outflow of ₹30.57 crore, compared with an inflow of ₹80.69 crore. Capital expenditure was ₹81.71 crore, compared with ₹64.02 crore.

How has Xpro India done over the last 8 quarters?

Revenue rose year on year in each of the last two quarters, reaching ₹176.69 crore in Q2 FY27 from ₹174.42 crore in Q1 FY27. Profit was ₹7.19 crore, lower than ₹7.63 crore in the previous quarter, and the EBITDA margin declined to 8.4% from 9.1%. The quarterly revenue high was ₹176.69 crore, while the low was ₹104.55 crore; profit reached its low at a net loss of ₹5.48 crore and its high at ₹13.25 crore.

Across the reported quarters, EBITDA margin ranged from -1.7% in Q1 FY26 to 12.1% in Q4 FY26. It was 8.4% in Q2 FY27, after 9.1% in Q1 FY27, showing that revenue remained higher while profitability and margin were lower than in the immediately preceding quarter.

Which businesses drove the quarter?

The Within India segment reported revenue of ₹176.69 crore in Q2 FY27, up 47.4% from ₹119.91 crore in Q2 FY26. Segment EBIT was ₹15.12 crore, compared with ₹7.19 crore, and the EBIT margin was 8.6%.

The Outside India segment reported no revenue in either Q2 FY27 or Q2 FY26. EBIT was a loss of ₹0.33 crore, compared with EBIT of ₹0.17 crore in the year-ago quarter.

What else did the company announce?

The Board approved unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026. It approved a corporate guarantee of up to AED 83 million, approximately ₹215 crore, in favour of Emirates Development Bank for an AED 63 million term facility and an AED 20 million cash credit facility of subsidiary Xpro Dielectric Films FZ-LLC. The earlier EUR 23.72 million guarantee would be cancelled after documentation formalities.

The Board re-appointed K Balakrishnan as a Non-Executive Independent Director for a second term of five consecutive years, from 25 May 2027 to 24 May 2032. It approved BSRS & Co LLP as the proposed Statutory Auditors for five consecutive years, subject to shareholder approval, while Walker Chandiok & Co LLP would cease office after the 30th Annual General Meeting. Girish Behal was appointed Managing Director and Chief Executive Officer with effect from 1 January 2027.

A Crisil Ratings monitoring report said proceeds from the preferential issue were being used for capital expenditure and that no deviation from the issue objects had been reported. The company said ₹64.30 crore of preferential issue funds remained unused. No dividend was announced in the same-day filings reviewed.

What did Xpro India's management say?

Management maintained that the co-extruded sheets and films business would sustain an EBITDA margin of around 5%-7%. It gave indicative dielectric-film EBITDA of about 35% to 55% by thickness, with thinner films expected to earn higher margins. Management declined to provide guidance for consolidated margins, pricing or line-level volume mix, and gave no date for consolidated-margin recovery or Q4 modal-price guidance.

Management said commercial operations at the UAE dielectric-film line were expected later in FY27, barring unforeseen circumstances, while some equipment could begin dry runs in December 2026. H1 exports rose 82%, and management said FY27 turnover could exceed ₹700 crore if market conditions sustained through the year. Management also said demand was structural rather than cyclical.

Management identified the addition of operating, depreciation and finance costs before customer approvals convert into volume as a risk. It also cited polymer and freight volatility, customer qualification and capacitor life-test cycles, West Asia conflict affecting the UAE project, and competitive capacity additions and pricing as risks to execution and margins.

How did Xpro India shares react?

The filing appeared after market hours, and the stock was up 0.3% after five minutes, 0.8% after 15 minutes and 0.7% after 30 minutes. From the previous close, it rose 10.7% on the reaction day and was up 13.9% by the next day's close. The Packaging sector's median move was 1.0% on the reaction day and 1.8% by the next day's close, leaving Xpro India ahead by 9.7 percentage points and 12.1 percentage points.

Earlier results-day reactions were mixed. The stock fell 14.7% on 31 July 2026 and rose 3.2% on 20 May 2026; it also moved 2.2% on 4 February 2026, fell 5.1% on 6 November 2025, fell 7.1% on 28 July 2025, fell 3.2% on 29 May 2025, fell 4.9% on 8 February 2025 and fell 1.1% on 5 November 2024.

How did other Packaging companies do?

Thirty-two other Packaging companies had filed for the quarter as of 6 November 2026, with a median revenue growth of 20.2%. Of the 27 peers that grew more slowly than Xpro India, 5 grew faster than the company. Nineteen of the 32 peers reported higher profit.