XPROINDIA
XPRO India share price & financials
- Price
- ₹1,344.8
- Market cap
- ₹3.0k Cr
- Sector
- Capital Goods
- Calls analysed
- 2
XPRO India Q4 FY26
What went well
- New dielectric film line at Barjora commissioned on March 27, 2026, materially expanding capacity.
- PBT for Q4 FY26 increased to INR 16 crores, up from INR 11.5 crores in Q4 FY25.
- Total exports for FY26 grew significantly to INR 22.5 crores from INR 14.20 crores in FY25.
What to watch
- Net revenues for FY26 declined 5.6% to INR 505.5 crores from INR 535.28 crores in FY25.
- Aggregate production volume declined 5% to 31,335 metric tons in FY26 from 33,014 metric tons.
What XPRO India does
Xpro India manufactures speciality biaxially-oriented polypropylene (BOPP) films and polymer sheets across two lines of business: dielectric/capacitor-grade films used inside capacitors for consumer appliances, power-distribution equipment and electric/hybrid vehicles, and coextruded plastic sheets and thermoformed liners supplied mainly to the refrigerator industry. It is the only Indian manufacturer of dielectric/capacitor films and the leading domestic supplier of coextruded sheets and liners to refrigerator makers, selling these engineered films and sheets to appliance, capacitor and industrial customers in India and to export markets including the USA and Germany. The company runs three manufacturing plants in West Bengal, Uttar Pradesh and Maharashtra, and is building a new overseas plant in Ras Al Khaimah, UAE through a wholly owned subsidiary.
Segments
- Dielectric / Capacitor Films
- Coextruded Sheets, Thermoformed Liners & Cast Films
- Manufacturing plants
- 3 plants in India — Barjora, West Bengal (commercial production since 1991); Greater Noida, Uttar Pradesh (since 2003); Ranjangaon, Maharashtra (since 2008)
- New capacity commissioned
- New dielectric film line at Barjora commissioned March 27, 2026, materially expanding capacity
- Overseas plant under construction
- Ras Al Khaimah, UAE, via wholly owned subsidiary Xpro Dielectric Films FZ-LLC; trial production targeted Aug-Sep 2026
- Market position — dielectric/capacitor films
- Only Indian manufacturer of dielectric/capacitor BOPP films; domestic market leader with over 30% share of India's dielectric film market
- Market position — refrigerator liners
- Largest and longest-standing supplier of coextruded sheets/thermoformed liners to the Indian refrigerator industry
- Product lines
- 5 distinct product lines: dielectric/capacitor films, speciality BOPP films, coextruded plastic sheets, thermoformed liners, and cast coextruded films
Guidance record · Q4 FY26
what the last two calls moved 9 tracked 1 delivered 2 missed 6 open- EBITDA margin trajectory delivered said Q4 FY25 Promised: bottom now Q4 FY26: PBT margin for Q4 FY26 was 11.9%, a significant improvement from 7.3% in Q4 FY25, supporting the claim that margins had bottomed out.
- Barjora new line commercial operations missed said Q4 FY25 Promised: September of this year Q4 FY26: The new dielectric film line at Barjora was commissioned and entered commercial production on March 27, 2026, approximately 6 months after the original target of September 2025.
- Revenue potential per new plant (Barjora & UAE) on track said Q4 FY25 Promised: INR 150 crores to INR 200 crores Q4 FY26: The Barjora plant, one of the two new plants, commenced commercial production on March 27, 2026. The fulfillment of this revenue promise can now be tracked in subsequent quarters.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 20.4%, net profit up 239.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 134 | 105 | 158 | 145 | 120 −11% | 106 +2% | 134 −15% | 174 +20% |
| EBITDA | 13 | 11 | 10 | -3 | 7 −45% | 11 +1% | 16 +63% | 16 +729% |
| Net profit | 10 | 7 | 7 | -5 | 5 −50% | 7 −9% | 13 +102% | 8 +239% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +2.4% 1Y
1Y: ₹1,264.8 on 10 Sept 2025 → ₹1,294.7. High ₹1,503.6 (2 Jul 2026), low ₹813 (13 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +4.4%
- 22 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 0.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹511 Cr | ₹465 Cr | ₹535 Cr | ₹505 Cr |
| Operating profit | ₹74 Cr | ₹66 Cr | ₹50 Cr | ₹32 Cr |
| Operating margin | 14.5% | 14.2% | 9.3% | 6.3% |
| Interest | ₹8 Cr | ₹5 Cr | ₹6 Cr | ₹8 Cr |
| Depreciation | ₹12 Cr | ₹11 Cr | ₹11 Cr | ₹12 Cr |
| Net profit | ₹45 Cr | ₹44 Cr | ₹38 Cr | ₹20 Cr |
| Net margin | 8.8% | 9.4% | 7.1% | 3.9% |
| Cash from operations | ₹83 Cr | ₹44 Cr | ₹13 Cr | ₹20 Cr |
| Free cash flow | ₹47 Cr | ₹6 Cr | ₹-274 Cr | ₹-120 Cr |
| ROCE | 25.0% | 15.0% | 8.0% | 4.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹12 Cr | ₹12 Cr | ₹18 Cr | ₹22 Cr | ₹23 Cr | ₹23 Cr |
| Reserves | ₹78 Cr | ₹160 Cr | ₹215 Cr | ₹538 Cr | ₹662 Cr | ₹736 Cr |
| Borrowings | ₹135 Cr | ₹90 Cr | ₹39 Cr | ₹39 Cr | ₹317 Cr | ₹325 Cr |
| Other liabilities | ₹83 Cr | ₹73 Cr | ₹68 Cr | ₹78 Cr | ₹98 Cr | ₹134 Cr |
| Total liabilities | ₹308 Cr | ₹335 Cr | ₹340 Cr | ₹677 Cr | ₹1.1k Cr | ₹1.2k Cr |
| Fixed assets | ₹179 Cr | ₹168 Cr | ₹160 Cr | ₹151 Cr | ₹177 Cr | ₹390 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹22 Cr | ₹427 Cr | ₹299 Cr |
| Investments | ₹0 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹129 Cr | ₹161 Cr | ₹173 Cr | ₹500 Cr | ₹495 Cr | ₹529 Cr |
| Total assets | ₹308 Cr | ₹335 Cr | ₹340 Cr | ₹677 Cr | ₹1.1k Cr | ₹1.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +2.15 pp while promoters trimmed −2.10 pp. The shareholder count shrank 4% to 27,413.
- Promoters
- 40.3%
- FIIs
- 13.8%
- DIIs
- 2.9%
- Government
- 0.0%
- Public
- 42.9%
Since Jun 2025
- Public +2.15 pp
- Promoters −2.10 pp
- DIIs −0.07 pp
How it drifted, 12 quarters
Over this window promoters fell from 45.3% to 40.3% — −4.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 45.3%, FIIs 12.0%, DIIs 0.7%, Government 0.0%, Public 42.0%.Dec '23: Promoters 45.3%, FIIs 12.0%, DIIs 0.5%, Government 0.0%, Public 42.1%.Mar '24: Promoters 42.5%, FIIs 15.0%, DIIs 3.1%, Government 0.0%, Public 39.5%.Jun '24: Promoters 42.5%, FIIs 15.0%, DIIs 3.1%, Government 0.0%, Public 39.3%.Sep '24: Promoters 42.5%, FIIs 14.9%, DIIs 2.9%, Government 0.0%, Public 39.7%.Dec '24: Promoters 42.2%, FIIs 14.3%, DIIs 3.0%, Government 0.0%, Public 40.4%.Mar '25: Promoters 42.4%, FIIs 14.0%, DIIs 3.0%, Government 0.0%, Public 40.5%.Jun '25: Promoters 42.4%, FIIs 13.8%, DIIs 3.0%, Government 0.0%, Public 40.8%.Sep '25: Promoters 40.3%, FIIs 14.4%, DIIs 3.4%, Government 0.0%, Public 41.8%.Dec '25: Promoters 40.3%, FIIs 14.6%, DIIs 3.1%, Government 0.0%, Public 41.9%.Mar '26: Promoters 40.3%, FIIs 13.9%, DIIs 2.9%, Government 0.0%, Public 42.9%.Jun '26: Promoters 40.3%, FIIs 13.8%, DIIs 2.9%, Government 0.0%, Public 42.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Vanaja Sundar Iyer +0.24 pp 1.26% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of XPRO India above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ipro Capital Limited | 18.79% | unchanged |
| Intellipro Finance Pvt Ltd | 14.73% | unchanged |
| Malabar India Fund Limited FPI fund | 11.33% | unchanged |
| Ashish Kacholia | 3.91% | unchanged |
| Central India General Agents Ltd | 3.75% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 2.56% | unchanged |
| Urjita J Master | 1.53% | unchanged |
| Vanaja Sundar Iyer | 1.26% | +0.24 pp |
| Birla Holdings Limited | 1.07% | unchanged |
| Meenakshi Apoorva Bajaj | 1.07% | unchanged |
| Sidharth Kumar Birla | 0.65% | unchanged |
| Madhushree Birla | 0.64% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹1295, this stock must grow earnings at 50% every year for 7 years. Our analysis caps realistic growth at ~-24%. At that growth it is worth ₹28 — downside of 98%.
- Growth the price implies
- 50.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -24.3% a year
- net profit, FY23–FY26
- The gap
- 0.7 pp
- -98% downside if it only repeats history
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse XPRO India
Guides on how to read this kind of business and the numbers that matter.