Financial Performance Overview (Standalone)

Q2 FY27 Performance:

  • Revenue from Operations: ₹176.7 crore (47.4% YoY growth from ₹119.9 crore in Q2 FY26)
  • Total Revenue: ₹176.7 crore
  • Gross Profit: ₹48.5 crore (33.7% YoY growth) with Gross Profit Margin of 27.5%
  • EBITDA: ₹16.4 crore (53.5% YoY growth) with EBITDA Margin of 9.3%
  • Profit Before Tax: ₹14.1 crore (26.8% YoY growth)
  • Profit After Tax: ₹9.5 crore (62.4% YoY growth) with PAT Margin of 5.4%

H1 FY27 Performance:

  • Revenue from Operations: ₹351.1 crore (32.6% YoY growth from ₹264.8 crore in H1 FY26)
  • Gross Profit: ₹97.3 crore (27.2% YoY growth) with Gross Profit Margin of 27.7%
  • EBITDA: ₹31.7 crore (26.7% YoY growth) with EBITDA Margin of 9.0%
  • Profit After Tax: ₹19.3 crore (89.9% YoY growth from ₹10.2 crore) with PAT Margin of 5.5%

Balance Sheet Position (Standalone as of September 2026)

  • Equity Share Capital: ₹23.5 crore (unchanged from March 2026)
  • Net Worth: ₹729.4 crore (increased from ₹715.5 crore in March 2026)
  • Total Borrowings: ₹120.2 crore (₹93.3 crore non-current + ₹26.9 crore current)
  • Total Assets: ₹967.0 crore (increased from ₹935.8 crore in March 2026)
  • Cash and Cash Equivalents: ₹8.9 crore
  • Other Bank Balances: ₹182.3 crore
  • Investments: ₹175.5 crore
  • Property, Plant and Equipment: ₹351.3 crore

Cash Flow Statement (Standalone)

  • Net Cash from Operating Activities: ₹11.2 crore (for period ended September 2026)
  • Net Cash from Investing Activities: -₹4.4 crore
  • Net Cash from Financing Activities: -₹9.1 crore
  • Net Change in cash and cash equivalents: -₹2.2 crore

Consolidated Financial Performance

Q2 FY27 Consolidated:

  • Revenue from Operations: ₹176.7 crore (47.4% YoY growth)
  • EBITDA: ₹16.1 crore (54.2% YoY growth) with EBITDA Margin of 9.1%
  • Profit After Tax: ₹7.2 crore (44.7% YoY growth) with PAT Margin of 4.1%

H1 FY27 Consolidated:

  • Revenue from Operations: ₹351.1 crore (32.6% YoY growth)
  • EBITDA: ₹31.0 crore (25.8% YoY growth) with EBITDA Margin of 8.8%
  • Profit After Tax: ₹14.8 crore (improved from loss of ₹0.5 crore in H1 FY26)

Capital Structure and Liquidity

  • Paid-up Equity Capital: ₹23.47 crore
  • Net Worth: ₹729.4 crore as of September 30, 2026
  • Market Capitalization: ₹2,727.1 crore
  • The balance sheet has no long-term debt beyond supplier credits against machinery
  • Modest working capital borrowings utilized from Banks
  • ₹64.3 crore held in banks pending utilization for stated purposes

Subsidiary Update

  • Xpro Dielectric Films FZ-LLC (UAE subsidiary) issued 13,235 new equity shares of AED 1,000 each at a premium of AED 1,500 each to an independent UAE investor
  • Raised AED 33.08 million to support future growth
  • This investment at significant premium is viewed as independent validation of the project's credibility

Strategic Business Updates

Dielectric Films Business:

  • India's leading manufacturer of dielectric BOPP films, meeting about one-third of domestic demand
  • New line at Barjora, West Bengal commissioned in March 2026, doubling India nameplate capacity
  • UAE line at Ras Al Khaimah subsidiary at advanced stage of installation, expected to commission during current year
  • Applications include capacitors for electric mobility, power transmission, renewable energy, and data centers
  • Films available in thickness range of 3µ to 15µ (lower thickness down to 2µ under development)

Coex Sheets & Cast Films Business:

  • India's leading supplier of sheets/liners to refrigerator industry
  • Servicing most refrigerator units in India
  • Expanding capacity at Greater Noida unit
  • Catering to global brands expanding local production for domestic and export markets

Manufacturing Capacity:

  • Dielectric Films: 13,000 MT/annum (India) + additional capacity in UAE under implementation
  • Coex Sheets: 39,000 MT/annum
  • Thermoformed Liners: 7,000 MT/annum
  • Cast Films: 5,400 MT/annum

Historical Performance Context

  • FY26 Consolidated Revenue: ₹505.5 crore
  • FY26 Consolidated PAT: ₹19.6 crore (3.9% margin)
  • Historical growth trajectory showing consistent operational scale-up

Corporate Governance and Compliance

  • All manufacturing units certified under relevant ISO standards (9001:2015, 14001:2015, 45001:2018, 50001:2018)
  • IATF 16949:2016 certification for automotive industry requirements
  • Board comprises experienced directors with diverse expertise
  • FY25-26 dividend of 20% paid, amounting to ₹469 lakh total payout

Forward Outlook

  • Focus on organic growth through capacity expansion
  • Strategic priority on dielectric films as high-technology niche
  • Global scaling of capacity with facilities in India and UAE
  • Positioning to become significant global supplier of thin dielectric films
  • Leveraging PLI scheme and localization of India's electronic component ecosystem