Financial Performance Highlights (FY 2025-26)
Xpro India reported standalone net profit of ₹30.52 crores for FY26, a significant decline from ₹43.81 crores in FY25. Revenue from operations stood at ₹505.49 crores compared to ₹535.28 crores in the previous year. The company faced substantial foreign exchange losses of ₹11.04 crores (including unrealized translation loss of ₹11.14 crores on Euro-linked liabilities), which significantly impacted profitability. Profit Before Tax was ₹52.34 crores (FY25: ₹56.51 crores). Earnings Per Share declined to ₹13.20 from ₹19.80 in FY25.
Capital Structure & Assets
Property, Plant and Equipment increased substantially to ₹35,019.52 lacs (net block) from ₹14,225.79 lacs, primarily due to commissioning of the new dielectric film line. Total equity stood at ₹71,548.49 lacs, while total borrowings were ₹11,691.89 lacs. The company issued 11,70,000 equity shares from warrant conversions during FY26, increasing paid-up capital to ₹2,347.04 lacs. Promoter holding decreased to 40.31% from 42.42% due to dilution.
Operational Performance & Expansion
Production volume decreased 5% to 31,335 MT from 33,014 MT in FY25. The company commissioned a new dielectric film line at Barjora on March 27, 2026, doubling Indian capacity from 4,000 to 8,000 MT annually with capitalized costs of ₹212.34 crores. Product-wise performance showed Dielectric Films contributing ₹135.52 crores sales (3,541 MT production), Coextruded Sheets ₹223.73 crores (21,252 MT), Thermoformed Liners ₹86.36 crores (3,206 MT), and Coextruded Cast Films ₹54.70 crores (3,336 MT).
Subsidiary Update
Xpro Dielectric Films FZ-LLC (UAE subsidiary) raised AED 33.08 million from Oasis II Investments Holdings Ltd on December 12, 2025, reducing Xpro India's holding from 100% to 85%. The subsidiary reported an accumulated deficit of AED 7.04 million (₹16.73 crores). Xpro India provided a corporate guarantee for supplier credit of €23,724,293.40 (approx. ₹25,644.06 lacs) taken by the subsidiary.
AGM Business Items & Corporate Governance
The 29th AGM is scheduled for July 20, 2026 via VC/OAVM. Key agenda items include adoption of financial statements, declaration of ₹2.00 per share dividend, re-appointment of Madhushree Birla, ratification of cost auditor remuneration, re-appointment of Suhana Murshed as Independent Director, and appointment of Girish Behal as Managing Director from January 1, 2027. The Board comprises 10 Directors (5 Independent) with all mandatory committees functional.
Risk Factors & Challenges
The company faced softness in end-markets, West Asian conflict escalation affecting UAE operations, global resin, energy, and freight cost volatility, INR weakness against major currencies impacting foreign exchange translation, and competitive pricing pressures. Employee benefit expenses increased to ₹3,761.68 lacs including gratuity past service cost of ₹107.24 lacs due to new labour codes.
Capital & Financial Management
₹149.96 crores from preferential warrants and ₹150 crores from QIP were fully utilized with ₹74.63 crores balance held in banks for stated purposes. Cash flow from operating activities was ₹2,041.14 lacs, while investing activities used ₹16,104.68 lacs primarily for capex. CSR expenditure of ₹123.00 lacs exceeded the obligation of ₹111.47 lacs.
Regulatory Compliance & Auditors
The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) with disclosures as required by Companies Act, 2013 and SEBI LODR. Statutory auditors are M/s Walker Chandiok & Co LLP (reappointed for second term), secretarial auditors are M/s Mamta Binani & Associates, and cost auditors are M/s Sanghavi Randeria & Associates for FY26-27.