Xpro India Reports FY26 Revenue Dip, New Capacity Online

Xpro India's financial results for the fiscal year ended March 31, 2026, show a consolidated revenue of ₹505.5 crore, a 5.6% decrease from ₹535.28 crore in the previous year. Profit Before Tax (PBT) also fell by 29.3% to ₹41 crore from ₹58 crore in FY25.

The company attributed the revenue decline to reduced volumes in its Coex division, impacting refrigerator sheet and liner production. Factors like competitive pricing, fluctuating input costs, and an ₹11 crore foreign exchange loss further affected profitability.

New Dielectric Film Line Operational

Despite the financial setbacks, Xpro India achieved a significant operational milestone with the commissioning of its new dielectric film line at the Barjora facility on March 27, 2026. The company aims for at least 50% capacity utilization for this new line.

Additionally, the expansion project in the UAE (RAK) is moving forward, with trial production anticipated in August-September 2026 and full commercial operations targeted for the third quarter of 2026.

Dividend and Leadership

Xpro India recommended a dividend of ₹2 per equity share. The company also announced the appointment of Girish Behal as Managing Director Designate.

Strategic Importance of New Line

The operationalization of the Barjora dielectric film line marks Xpro India's strategic entry into higher-value product segments. These specialized films are intended for use in electric vehicle (EV) inverters, solar systems, and wind turbines, aiming to diversify the company's offerings and drive future growth.

Key Risks

Potential risks include continued volume moderation in the Coex division, the impact of foreign exchange volatility on profits, and geopolitical concerns in West Asia that could disrupt supply chains. The time required for customer validation and market penetration for new products also poses a challenge.

Outlook and Investor Focus

Investors will be watching the capacity utilization of the new Barjora line and the progress of the UAE project. The company's ability to increase the proportion of higher-value products in its revenue and its strategies for margin recovery and forex risk mitigation will be key areas of focus.