Xpro India Q2 FY27: consolidated PAT +45% YoY to Rs7.2 Cr; UAE unit's losses cap NPM gains

On a consolidated basis (primary), Xpro India's revenue from operations rose 47.4% YoY to Rs176.69 Cr (Rs119.91 Cr a year ago) and PAT (pre-minority) grew 44.7% YoY to Rs7.19 Cr (Rs4.97 Cr), with EPS at Rs3.22 against Rs2.14 YoY. Sequentially the move was muted — revenue was up just 1.3% QoQ and PAT fell 5.7% QoQ from Rs7.63 Cr in Q1 FY27 — a normal pause after Q1's sharp ramp rather than a reversal. Standalone PAT came in higher at Rs9.52 Cr on revenue of Rs176.69 Cr, with the roughly Rs2.3 Cr standalone-consolidated gap explained almost entirely by the UAE subsidiary, Xpro Dielectric Films FZ-LLC, which stayed pre-revenue and posted a Rs2.39 Cr net loss for the quarter (Rs4.49 Cr for H1) per the auditor's review note on the unreviewed-by-primary-auditor subsidiary. Operating margin (PBT + finance cost + depreciation - other income, over revenue) expanded to 8.41% from 6.11% a year ago on the India business's volume-led operating leverage, but eased from 9.08% in Q1 FY27. Net profit margin was flat YoY at 3.98% versus 4.01%, and down from 4.28% in Q1 — the OPM gains were absorbed by higher depreciation (Rs5.16 Cr vs Rs2.98 Cr YoY, reflecting the new Barjora line) and a swing in foreign-exchange treatment: the quarter booked a net forex expense of ~Rs1.24 Cr versus a ~Rs0.90 Cr net forex gain in Q1, a roughly Rs2.1 Cr swing that alone accounts for most of the sequential PBT decline (PBT fell Rs1.10 Cr QoQ to Rs10.46 Cr). Against management's May 2026 concall guidance — at least 50% Barjora utilization in FY27 and UAE commercial production by Q3 of the current year, both framed with an optimistic, confident tone — this quarter's 47% YoY revenue growth is consistent with the ramp-up trajectory, though the UAE line's continued nil-revenue status means the Q3 FY27 commercial-production milestone is still pending, not yet met; we mark guidance as on-track rather than conclusively hit. The Board also approved a corporate guarantee of up to AED 83 million (~Rs215 Cr) to Emirates Development Bank to refinance XDF's existing AED 63 million Euro-denominated facility and fund an AED 20 million cash credit line — directly tied to funding the UAE capacity the company has guided toward. Separately, Xpro won 3 ELCINA Awards for Excellence in late September 2026, an industry-recognition data point alongside the numbers. No standalone analyst coverage exists for the stock (zero sell-side estimates found), so vsStreet could not be assessed, and no management press release or MD&A commentary accompanied this filing to independently corroborate drivers beyond the statutory notes.