Xpro India H1 PBT nearly doubles, Rs 700 crore revenue nears

Xpro India Limited reported profit before tax of Rs 26.51 crore for H1 FY27, compared with Rs 13.63 crore a year earlier, as revenue rose 32.6% to Rs 351.11 crore. Xpro India said this performance keeps it on track to exceed Rs 700 crore in FY27 turnover if market conditions continue at the first-half pace.

Why did Xpro India’s H1 profit before tax rise?

Xpro India’s profit before tax, or PBT, rose by Rs 12.88 crore in H1 FY27 because higher revenue and a significantly lower foreign-exchange impact offset competitive pricing, polymer-cost volatility, and the new Barjora line’s depreciation and finance costs. Revenue from operations increased to Rs 351.11 crore from Rs 264.81 crore, while aggregate production volume rose 14% to 19,218 tonnes from 16,795 tonnes.

The foreign-exchange loss was Rs 32 lakh in H1 FY27, including Rs 78 lakh of unrealised loss required under accounting standards. Profit before depreciation and tax, or PBDT, before non-operating forex differences rose to Rs 36.70 crore from Rs 30.27 crore, indicating that operating profit improved before the forex effect.

The second quarter also recorded faster profit growth than revenue growth. Q2 revenue from operations rose 47.4% to Rs 176.69 crore from Rs 119.91 crore, while profit after tax increased 62% to Rs 9.52 crore from Rs 5.86 crore. Operating profit before interest, depreciation and tax, or PBIDT, before other income and forex differences rose 53% to Rs 16.40 crore.

Which businesses drove Xpro India’s revenue growth?

Xpro India’s dielectric-film and refrigerator-sheet businesses drove growth, with dielectric-film revenue increasing 64% year on year in Q2 and sheets and cast-film revenue increasing 41%. Management said H1 revenue benefited from higher refrigerator-sheet and liner volumes, together with selling-price adjustments as polymer prices remained volatile.

The Coex business, which makes coextruded sheets and thermoformed refrigerator liners at Ranjangaon and Greater Noida, outgrew the refrigerator market in Q2. Indian refrigerator production grew about 8% year on year in Q2 after 4% growth in Q1, while Xpro India’s sheet and liner volumes rose 26% in Q2. Management said both plants performed well and described the result as evidence of market-share gains.

Exports rose 82% in H1 to Rs 17.09 crore from Rs 9.39 crore, while management said dielectric-film exports nearly doubled in Q2. The films are used in capacitors for electric-vehicle inverters, solar and wind installations, grid equipment, railways and data centres. Xpro India said it gained share in domestic and export markets despite what management described as a soft market.

Management distinguished between the two operating segments when responding to an analyst’s question on margins. It said the coextruded business is expected to remain in a 5% to 7% earnings before interest, tax, depreciation and amortisation range under current trends. Management said conventional dielectric-film margins vary by film type between about 35% and 55%, but did not provide a consolidated long-term margin target.

Can Xpro India exceed Rs 700 crore of annual revenue?

Xpro India said it is well on track to exceed Rs 700 crore of FY27 turnover if market conditions sustain the level seen during the year, after generating Rs 351.11 crore in the first six months. Management described revenue above Rs 700 crore as a new high, while making the outcome conditional rather than issuing firm guidance.

The Barjora dielectric-film line is central to this plan because it doubled Indian nameplate capacity to 8,000 metric tonnes a year. Commissioned in March 2026, the line’s production rose 35% over the preceding quarter. Its film is already supplied commercially to customers in India and overseas, while other customers remain in the approval process.

The pace at which Barjora production becomes revenue remains dependent on customer testing. Xpro India said capacitor-life tests of 1,000 to 2,000 hours were underway at some customer sites, and approvals would convert into volumes only after those results. Management said operating costs, depreciation and finance costs from the new capacity continue to weigh on profitability until utilisation rises.

Management said its 3.5-micron ultra-thin film has been approved by some key customers and is being supplied commercially in India. As an illustration, management put the modal price of conventional film at about Rs 470 to Rs 480 per kilogram, while the 3.5-micron product was a little above Rs 600 per kilogram. It said a 3-micron product could be near Rs 900 per kilogram, but these were price indicators rather than a revenue forecast.

What are Xpro India’s funding and next capacity milestones?

Xpro India’s total borrowings were Rs 106.70 crore on September 30, 2026, down from Rs 111.81 crore on March 31, 2026, after Rs 6.65 crore of non-current borrowing repayments in H1. Management said existing operations had no outstanding long-term borrowing, while supplier credit structured as external commercial borrowing financed the Barjora line and repayments had begun.

The company reported H1 return on equity of 5.3% and return on capital of 7.2%, with paid-up equity capital of Rs 23.70 crore and net worth of Rs 729.39 crore. It held Rs 64.29 crore in bank deposits at the company and its subsidiary pending use for stated purposes from earlier preferential issues and qualified institutional placement capital. A Rs 2-per-share FY26 dividend was paid on July 28, 2026, after shareholder approval on July 20, 2026.

A third dielectric-film line in the United Arab Emirates is expected to begin commercial operations later in FY27, barring unforeseen circumstances. Xpro India said all key equipment was installed and utility commissioning for electricity, gas and water had started. Management also said no significant local disturbance had affected the Al Ghail site, while identifying regional conflict as a risk to transport, costs and project execution.

Conclusion

Xpro India’s H1 FY27 performance combined 32.6% revenue growth, a 14% increase in production volume and a reduced forex impact to lift PBT to Rs 26.51 crore from Rs 13.63 crore. The 64% Q2 growth in dielectric-film revenue and 26% Q2 increase in sheet and liner volumes underpin management’s conditional view that FY27 turnover can exceed Rs 700 crore.

The next milestones are the completion of 1,000-to-2,000-hour customer life tests for Barjora films, the conversion of approvals into orders and the expected UAE commercial start later in FY27. Management said polymer-price volatility, competitive pricing, continuing new-line costs and geopolitical uncertainty in West Asia could influence the timing and financial outcome of those plans.