Xpro India profit rises 62% as revenue reaches Rs 176.69 crore

Xpro India Limited reported standalone profit of Rs 9.52 crore for the quarter ended September 30, 2026, up 62% from Rs 5.86 crore a year earlier, as revenue from operations rose 47% to Rs 176.69 crore. Profit before tax increased to Rs 12.79 crore from Rs 7.60 crore.

How did Xpro India perform in the September 2026 quarter?

Xpro India delivered higher year-on-year revenue, profit before tax and profit after tax in the quarter ended September 30, 2026. Revenue from operations rose by Rs 56.78 crore to Rs 176.69 crore, while total income, including other income, increased to Rs 181.49 crore from Rs 124.04 crore in the September 2025 quarter.

Profit after tax rose by Rs 3.66 crore to Rs 9.52 crore, and basic earnings per share increased to Rs 4.06 from Rs 2.52. Total comprehensive income was Rs 9.17 crore, compared with Rs 5.82 crore a year earlier, after a Rs 35.47 lakh loss on remeasurement of defined-benefit plans, net of tax.

Sequentially, revenue from operations increased by Rs 2.27 crore from Rs 174.42 crore in the quarter ended June 30, 2026. Profit after tax declined from Rs 9.79 crore and profit before tax fell from Rs 13.72 crore, as total expenses increased by Rs 3.55 crore, exceeding the Rs 2.63 crore rise in total income between the two quarters.

What changed in Xpro India's costs and profitability?

Xpro India's total expenses rose to Rs 168.70 crore in the September 2026 quarter from Rs 116.44 crore a year earlier. Cost of materials consumed was Rs 121.21 crore, up from Rs 83.09 crore, while other expenses increased to Rs 22.95 crore from Rs 17.10 crore.

Calculated on reported total income, profit before tax margin increased to about 7.0% from about 6.1% in the September 2025 quarter. Profit after tax margin was about 5.2%, compared with about 4.7% a year earlier, based on reported profit after tax of Rs 9.52 crore and Rs 5.86 crore respectively.

Employee benefits expense increased to Rs 9.18 crore from Rs 8.53 crore, while depreciation and amortisation rose to Rs 4.97 crore from Rs 2.83 crore. Finance costs more than doubled to Rs 2.16 crore from Rs 89.34 lakh, and Xpro India recorded an unrealised foreign-exchange loss of Rs 1.60 crore, versus a Rs 2.86 crore loss a year earlier.

Tax expense totalled Rs 3.27 crore in the September 2026 quarter, comprising Rs 1.80 crore of current tax and Rs 1.47 crore of deferred tax expense. In the June 2026 quarter, Xpro India reported Rs 3.93 crore of tax expense, including a Rs 46.65 lakh adjustment for earlier years, alongside profit after tax of Rs 9.79 crore.

How did Xpro India perform in the first six months?

Xpro India's standalone profit after tax for the six months ended September 30, 2026 rose to Rs 19.31 crore from Rs 10.17 crore in the corresponding prior-year period. Revenue from operations increased by Rs 86.30 crore to Rs 351.11 crore, while profit before tax nearly doubled to Rs 26.51 crore from Rs 13.63 crore.

Total expenses for the six-month period were Rs 333.84 crore, compared with Rs 258.30 crore a year earlier. Materials consumed rose to Rs 254.62 crore from Rs 186.73 crore, and depreciation and amortisation increased to Rs 9.87 crore from Rs 5.66 crore alongside the higher revenue base.

Operating cash flow increased despite working-capital movements. Net cash generated from operating activities was Rs 11.23 crore for the six months ended September 30, 2026, compared with Rs 10.05 crore a year earlier; trade receivables increased by Rs 23.99 crore and inventories increased by Rs 15.47 crore during the period.

Investing cash outflow narrowed to Rs 4.38 crore from Rs 88.69 crore in the previous first half. Xpro India spent Rs 15.79 crore on property, plant, equipment and intangible assets, while proceeds from bank deposits were Rs 3.84 crore, compared with an Rs 85.62 crore investment in bank deposits in the corresponding prior-year period.

What does Xpro India's September balance sheet show?

Xpro India's total assets stood at Rs 967.02 crore at September 30, 2026, compared with Rs 935.75 crore at March 31, 2026. Current assets rose to Rs 399.52 crore from Rs 347.38 crore, led by inventories of Rs 88.25 crore and trade receivables of Rs 93.20 crore, compared with Rs 72.78 crore and Rs 69.22 crore respectively at year-end.

Total equity increased to Rs 729.39 crore at September 30 from Rs 715.48 crore at March 31. Other equity rose to Rs 705.92 crore from Rs 692.01 crore, while paid-up equity share capital was unchanged at Rs 23.47 crore.

Non-current borrowings declined to Rs 93.32 crore from Rs 98.51 crore over the six months, but current borrowings increased to Rs 26.94 crore from Rs 18.41 crore. Cash and cash equivalents were Rs 8.93 crore at September 30, down from Rs 11.12 crore at March 31, while bank balances other than cash equivalents were Rs 182.29 crore.

Xpro India said it had Rs 64.29 crore of unutilised net proceeds from warrants converted into equity shares in earlier years, held in bank deposits by the company and its subsidiary pending final utilisation as intended. The company also reported capital work-in-progress of Rs 2.28 crore at September 30, up from Rs 15.40 lakh at March 31.

Conclusion

Xpro India's September-quarter results show that the 47% increase in standalone operating revenue was accompanied by a 62% increase in profit after tax and a higher calculated profit-before-tax margin than in the prior-year quarter. The first-half comparison similarly shows revenue of Rs 351.11 crore and profit after tax of Rs 19.31 crore, compared with Rs 264.81 crore and Rs 10.17 crore respectively a year earlier.

The next disclosures to watch are the intended final utilisation of Rs 64.29 crore of unutilised warrant proceeds and movements in working-capital items, after receivables and inventories rose by Rs 23.99 crore and Rs 15.47 crore during the first half. Xpro India also disclosed Euro-denominated supplier credits repayable in instalments over 10 years, which produced an Rs 88.41 lakh foreign-exchange loss in the September quarter.