XPRO India Ltd(XPROINDIA)

NSE: XPROINDIABSE: 590013

₹ 970-3.82%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,277 crWebsite: www.xproindia.comUpdated: 24 Oct 2026

About

XPRO India Ltd is a polymer processing company that makes biaxially oriented dielectric films for capacitors and coextruded sheets and liners for refrigerators, operating plants in West Bengal, Uttar Pradesh, and Maharashtra. The company reported consolidated revenue of INR 505.49 crores in FY26 and is the pioneering, dominant domestic player in dielectric films in India. It is expanding internationally through a subsidiary in Ras Al Khaimah, UAE.^[1][2]

Business segments

Coex (coextruded sheets and liners) contributed 71% of company revenue in FY26, down from 75% in FY25, primarily supplying the refrigerator sector.^[3]
Biax (dielectric films and speciality biaxially oriented films) contributed 29% of company revenue in FY26, up from 25% in FY25, with division turnover of INR 140 - 142 crores.^[3]
The company operates within a single reportable business segment - Polymers Processing - and a single geographic segment, India.^[4]

Products and market position

Core expertise spans extrusion, coextrusion, and biaxially oriented dielectric films; the strategic vision is a globally significant India-led dielectric films business.^[2]
Xpro is the pioneering, dominant domestic player in dielectric films, even as India has sizable imports at zero duty; domestic market share in dielectric films exceeded 30% in FY25.^[2][5]
Coextruded sheets and liners are supplied to most leading brands in the refrigerator sector.^[2]

Manufacturing operations

Three manufacturing units: Barjora, West Bengal (commenced 1991); Greater Noida, Uttar Pradesh (commenced 2003); and Ranjangaon, Maharashtra (commenced 2008).^[2]
The new dielectric film line at Barjora entered commercial production on 27 March 2026, doubling India nameplate Biax capacity from 4,000 to 8,000 MT annually; approximately INR 240 crores capitalised.^[2][3]
A UAE subsidiary, Xpro Dielectric Films FZ-LLC, is being built in Ras Al Khaimah free zone; investment of AED 75 million (~INR 175 crores) deployed; plant remains CWIP (~INR 299 crores).^[2][3]
Solar power via associate TP Mercury Limited (Tata Power) commenced supply to Ranjangaon from 1 October 2024 under a 25-year contract, delivering energy cost savings.^[5]
Coex capacity at Ranjangaon and Greater Noida was enhanced through acquisition and integration of production lines from another operator in FY25.^[5]

Key operating numbers

Total production volume was 31,335 MT in FY26, down 5% from 33,014 MT in FY25; the decline was concentrated in Coex due to a temporary refrigerator production slowdown.^[3]
Dielectric film volumes were ~3,560 tonnes in FY25 vs ~3,600 tonnes in FY24, with the existing Barjora line operating at near-100% utilisation.^[5]
Modal dielectric film price exceeded INR 550/kg in Q4 FY26, rising steeply due to polymer cost increases linked to West Asia-related shipping disruptions.^[3]
Modal film thickness has declined from 8 - 9 micron a few years ago to 5 - 6 micron currently; management expects the modal to move to the 4 - 5 micron range soon.^[3]

Customers and exports

Export revenue (FOB) was INR 22.45 crores in FY26, up from INR 14.20 crores in FY25 and INR 13.44 crores in FY24; initial consignments from the new Barjora line were exported.^[2][3]
Ultrathin dielectric films are targeted at export markets initially, as Indian domestic consumption of ultrathin variants is still nascent.^[3]

Expansion and capex

RAK (UAE) plant: most key equipment is on site; trial production targeted August - September 2026; commercial operations expected by Q3 FY27; USD 9 million fresh equity from a UAE investor fully received and deployed.^[3]
The new Barjora Biax line is targeting at least 50% capacity utilisation in FY27, with both India Biax lines expected to reach full production in FY27.^[3]
The UAE (RAK) line is targeted to reach above 50% capacity utilisation in FY 2027 - 28; each of the India and UAE lines carries a revenue potential of INR 150 - 200 crores per year at commercial production.^[3][5]
FY27 capex is expected to be dominated by capitalisation of the RAK plant, with only modest routine capex at Coex plants and no new Biax line to capitalise in India.^[3]
The company will examine PLI and electronics scheme eligibility for its next Biax line.^[3]

Recent developments

Managing Director Sri C. Bhaskar's term ends 31 December 2026; the Board has proposed Sri Girish Behal as Managing Director from 1 January 2027, subject to shareholder approval.^[2]
Xpro Global Limited was divested and ceased to be a subsidiary from 30 September 2024; Xpro Dielectric Films FZ-LLC was incorporated in the UAE Free Zone in May 2024.^[4]
As of 31 March 2026, the company fell outside the top 1,000 listed entities by market capitalisation, which may affect applicability of enhanced SEBI LODR governance requirements.^[2]
An unrealized forex loss of INR 11.14 crores on AED-related ECB borrowings arose in FY26 due to accounting standard requirements, the primary drag on reported profitability.^[3]

Market Cap

₹2,277 Cr

High / Low

₹1,572 / 785

Stock P/E

70.2

Price / Book

3.0

Book Value

₹324

EPS

₹8.2

No. of Shares

2.35 Cr

ROCE

3.8%

ROE

2.8%

OPM

7.2%

Debt / Equity

0.38

Sales

₹505 Cr

Net Profit

₹20 Cr

Promoter holding

40.3%

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XPRO India Ltd(XPROINDIA)

About

Business segments

Products and market position

Manufacturing operations

Key operating numbers

Customers and exports

Expansion and capex

Recent developments

Signal history

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