Xpro India's board recommended a Rs 2 per share dividend and doubled capacity to 8,000 MT. However, operating revenue fell 5.6% and profit after tax dropped 30.3% in FY26 due to forex losses and higher costs.
Xpro India Reports FY26 Performance
Operating Revenue: ₹505.49 crore
Profit after Tax: ₹30.52 crore
Reader Takeaway: Capacity expansion signals growth while forex losses pressure near-term profits.
What just happened
Xpro India Ltd reported its financial results for FY 2025-26. The company's operating revenue decreased by 5.6% to ₹505.49 crore compared to ₹535.28 crore in the previous fiscal year. Profit after tax saw a significant decline of 30.3%, falling to ₹30.52 crore from ₹43.81 crore in FY 2024-25. This dip in profitability was attributed to macroeconomic factors, including an unrealized translation loss of ₹11.14 crore on Euro-linked liabilities due to INR weakness and an incremental past service cost of ₹1.39 crore following new Labour Code implementations.
Why this matters
While the company experienced a revenue and profit dip in the last fiscal year, it also achieved a major strategic milestone. The commissioning of a new dielectric film line at Barjora has doubled its Indian nameplate capacity to 8,000 MT annually. This expansion is targeted at high-growth sectors like EV and power capacitors. The Board has also recommended a dividend of ₹2.00 per ordinary share for FY 2025-26, subject to shareholder approval.
The backstory
In FY 2024-25, Xpro India had reported operating revenue of ₹535.28 crore and a profit after tax of ₹43.81 crore. The current fiscal year's results reflect the impact of currency fluctuations and specific cost adjustments.
What changes now
The company is poised for future growth with its enhanced production capacity. The new dielectric film line is expected to cater to demanding markets. A leadership transition is also underway, with Sri Girish Behal set to take over as Managing Director from January 1, 2027, succeeding Sri C. Bhaskar.
Risks to watch
External geopolitical risks, particularly West Asian conflicts, could affect the UAE subsidiary project and increase logistics costs. Additionally, the Coex division faces pressure from declining refrigerator volumes, linked to consumer demand.
Peer comparison
Information not available in the filing.
Context metrics (time-bound)
- Operating Revenue FY 2025-26: ₹505.49 crore (down 5.6% from ₹535.28 crore in FY 2024-25)
- Profit after Tax FY 2025-26: ₹30.52 crore (down 30.3% from ₹43.81 crore in FY 2024-25)
- Capacity expansion to 8,000 MT from 4,000 MT at Barjora.
- Recommended Dividend: ₹2.00 per share for FY 2025-26.
- New MD effective January 1, 2027.
What to track next
Investors will be keen to observe the ramp-up of the new dielectric film line and its contribution to future revenues. Monitoring the company's ability to manage external macroeconomic volatilities and demand cycles in end-user markets will also be crucial.