Xpro India Limited

Xpro India Limited (XPROINDIA) – About the company (FY 2025-26)

Business overview Xpro India Limited is a diversified, multi-locational polymer processor specializing in extrusion, coextrusion, and biaxially oriented dielectric films. The company manufactures a range of specialty plastic products, including dielectric/capacitor films, coextruded sheets, thermoformed refrigerator liners, and coextruded cast films. Key customers include original equipment manufacturers (OEMs) in the refrigerator sector, capacitor manufacturers, and clients in medical disposables, hygiene, and automotive applications. Xpro India operates primarily in India, with an expanding global presence through its subsidiary in the UAE.

Key facts

• Operating revenues for FY 2025-26 were INR 505.49 crores.
• Revenue mix by product for FY 2025-26: Dielectric Films (INR 135.52 crores), Coextruded Sheets (INR 223.73 crores), Thermoformed Liners (INR 86.36 crores), and Coextruded Cast Films (INR 54.70 crores).
• Total exports in FY 2025-26 were INR 22.45 crores, representing 4.44% of total turnover.
• The company is India's pioneering and dominant domestic player in dielectric films.
• Subsidiary: Xpro Dielectric Films FZ-LLC, UAE (85% owned as of March 31, 2026).
• Promoters: The company is led by the Birla family, with the Promoter/Promoter Group holding 40.31% of total shares as of March 31, 2026.

Recent developments (FY 2025-26 / Q4 FY26)

• A new dielectric film line at Barjora, West Bengal, was commissioned on March 27, 2026, doubling the company's nameplate capacity in India from 4,000 MT to 8,000 MT annually.
• The UAE project (Xpro Dielectric Films FZ-LLC in Ras Al Khaimah) is in advanced stages of installation, with commercial operations expected later in FY 2026-27.
• Total aggregate annual dielectric film capacity in India and UAE is projected to scale from 4,000 MT to 13,000 MT between 2025-2027.
• The Board recommended a dividend of INR 2.00 per equity share for FY 2025-26, subject to shareholder approval.
• Sri Girish Behal has been approved as Managing Director (Designate) & CEO, effective January 1, 2027.

Key risks flagged by management

• Elevated uncertainty in the global economy, including geopolitical events (e.g., West Asia conflict), disruptions to energy infrastructure, and supply chains.
• Volatile global resin, energy, and freight costs, which impact input prices.
• Competitive pricing pressures across product categories.
• Temporary slowdowns in consumer end-markets, such as refrigerator production, can affect Coex division volumes.

Pros

• Strong technical expertise in polymer processing, with a focus on high-value, high-entry-barrier segments like ultra-thin dielectric films for EV inverters and solar systems.
• Significant expansion in manufacturing capacity, both domestically in India and internationally in the UAE, positions the company for future volume and export growth.
• Maintains strong relationships with leading OEMs and has a proven track record of consistent product quality and execution reliability.

Cons

• Profit after Tax (PAT) for FY 2025-26 decreased to INR 30.52 crores from INR 43.81 crores in FY 2024-25, impacted by competitive pricing, input cost volatility, and foreign exchange losses (INR 11.14 crores unrealized translation loss).
• Overall production volume declined by 5% in FY 2025-26 due to a temporary moderation in volumes in the Coex business.
• Auditor's report noted that the audit trail feature was not enabled at the database level for accounting software throughout FY 2025-26, and the audit trail for April 2023 was not preserved.