Xpro India quarterly profit after tax rises 62.4% as revenue grows

Xpro India Limited reported revenue of Rs 176.7 crore in the second quarter (Q2) of financial year (FY) 2027, up 47.4% year on year, while profit after tax (PAT) rose 62.4% to Rs 9.5 crore and operating earnings before interest, tax, depreciation and amortisation (EBITDA) margin reached 9.3%, from 8.9%.

How did Xpro India perform in Q2 FY27?

Xpro India increased Q2 FY27 revenue to Rs 176.7 crore from Rs 119.9 crore in Q2 FY26, an increase of 47.4%, while revenue was also 1.3% above Rs 174.4 crore in Q1 FY27. EBITDA from operations rose 53.5% year on year to Rs 16.4 crore from Rs 10.7 crore, exceeding the revenue growth rate for the quarter ended September 30, 2026.

Profit before tax (PBT) increased 68.3% to Rs 12.8 crore in Q2 FY27 from Rs 7.6 crore a year earlier. PAT rose to Rs 9.5 crore from Rs 5.9 crore, a 62.4% increase. Against Q1 FY27, however, PBT declined 6.8% from Rs 13.7 crore and PAT declined 2.7% from Rs 9.8 crore, despite the sequential rise in revenue.

Did Xpro India's operating margin improve in Q2 FY27?

Xpro India's EBITDA margin from operations improved to 9.3% in Q2 FY27 from 8.9% in Q2 FY26 and 8.8% in Q1 FY27. The year-on-year gain of 0.4 percentage points accompanied the 53.5% increase in operating EBITDA to Rs 16.4 crore, compared with 47.4% revenue growth during the same quarter.

Xpro India also reported EBITDA under its accounts measure of Rs 21.2 crore in Q2 FY27, up 43.1% from Rs 14.8 crore in Q2 FY26 and 7.3% from Rs 19.8 crore in Q1 FY27. This accounts measure includes other income, and its margin was 12.0%, below 12.4% a year earlier but above 11.3% in the preceding quarter.

PAT margin reached 5.4% in Q2 FY27, compared with 4.9% in Q2 FY26, while remaining below the 5.6% reported in Q1 FY27. The sequential movements differed: Q2 operating EBITDA margin increased by 0.5 percentage points from Q1, whereas PAT was Rs 0.3 crore lower than in the preceding quarter.

What were Xpro India's first-half FY27 results?

Xpro India reported first-half (H1) FY27 revenue of Rs 351.1 crore, up 32.6% from Rs 264.8 crore in H1 FY26. EBITDA from operations increased 26.7% to Rs 31.7 crore from Rs 25.0 crore, while EBITDA margin from operations fell to 9.0% from 9.5% in the prior-year first half.

The first-half margin comparison differed from the Q2 trend because the 9.3% Q2 operating margin was higher than the 8.9% recorded a year earlier, but the H1 FY27 margin remained 0.5 percentage points below H1 FY26. Xpro India said higher input costs and supply-chain constraints weighed on H1 margins, while the West Asia conflict pushed up polymer prices and average selling prices increased through cost pass-through and a favourable product mix.

H1 FY27 PBT was Rs 26.5 crore, up 94.4% from Rs 13.6 crore in H1 FY26, and PAT was Rs 19.3 crore, up 89.2% from Rs 10.2 crore. PAT margin improved to 5.5% from 3.8%, even as EBITDA from operations margin declined. EBITDA under the accounts measure was Rs 41.0 crore, up 27.4% from Rs 32.1 crore, with its margin declining to 11.7% from 12.1%.

Which operations and expansion projects shaped Xpro India's results?

Xpro India said volumes in its coextruded sheets and formed products business rose 18%, which it described as reflecting market-share gains. In dielectric films, Xpro India said its market position strengthened in domestic and export markets, with new customers added and new applications under qualification. Output from the new line continued to build, although recurring external power disruptions slowed the ramp-up in Q2 FY27.

The Barjora dielectric film line was commissioned on March 27, 2026, doubling Indian nameplate capacity to 8,000 metric tonnes annually. Xpro India said initial supplies had received responses from customers in India and overseas and had moved to commercial orders. Ultra-thin and higher-end dielectric grades were under customer validation, while work continued to develop the full and enhanced range on the new line.

In coextruded cast films, H1 volumes were lower amid weak market conditions and competitive pressure, although Xpro India reported a strong revival in Q2. Xpro India said it was focusing on new product development on a revamped manufacturing line. In the UAE subsidiary, Xpro Dielectric Films FZ-LLC, mechanical installation of key production equipment was nearly complete, with sequential equipment trials and utilities start-up in progress as the West Asia conflict situation remained fluid.

Conclusion

Xpro India's Q2 FY27 results show that revenue growth of 47.4% was accompanied by faster growth in operating EBITDA and PAT, lifting operating EBITDA margin to 9.3% and PAT margin to 5.4%. The first-half picture was more mixed: H1 revenue grew 32.6% and PAT rose 89.2%, but operating EBITDA margin was 9.0%, below the 9.5% reported in H1 FY26.

The next disclosed developments to watch are the Barjora line's production ramp-up after its March 27, 2026 commissioning, customer validation of ultra-thin and higher-end dielectric grades, and progress in UAE equipment trials and utilities start-up. Xpro India did not provide a UAE production date, and said the fluid West Asia conflict situation was being closely monitored.