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XPRO INDIA LTD.

BSE: 590013

P/L Snapshot

Q1 FY27 · standalone

vs Q4 FY26·vs Q1 FY26
Revenue
178.86
+26.7%+20.9%
Expenditure
165.14
+31.9%+16.4%
Net Profit
9.79
-15.8%+127.5%
OPM %
9.33%
-0.39pp+4.59pp

Shareholding

Pattern breakdown

P/L Trends

(in crores)

RevenueExpenditureNet Profit
0.0050.08100.16150.25200.33Q3 FY25Q2 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Price Chart
Reports

Xpro India: consolidated PAT turns profitable YoY, but forex-adjusted profit falls ~18%

polymer films · dielectric films · uae subsidiary

ResultsQ1 FY2731 Jul 20263 minIndustrials & Infra
Latest
Quarterly Result31 Jul, 3:41 pm

Xpro India: consolidated PAT turns profitable YoY, but forex-adjusted profit falls ~18%

Xpro India's consolidated (primary basis) Q1 FY27 revenue rose 20.4% YoY to ₹174.42 Cr (from ₹144.90 Cr), and consolidated PAT swung to a profit of ₹7.63 Cr from a loss of ₹5.48 Cr in Q1 FY26. That reported turnaround is largely optical: last year's loss was driven by a ₹16.75 Cr consolidated forex-translation loss on the company's Euro-denominated, export-credit-insurance-backed UAE supplier credits, versus only a ₹0.90 Cr translation gain this quarter. Stripping the forex swing out of both periods, adjusted PBT is actually down roughly 18% YoY (₹10.66 Cr vs ₹13.00 Cr), and adjusted PAT is down roughly 40% (approximated by holding this quarter's ₹3.93 Cr tax charge constant, since the filing doesn't split tax by forex component) — the underlying quarter is weaker, not stronger, than the headline loss-to-profit print suggests. Sequentially the picture is also softer: PAT fell 42.4% QoQ (₹13.25 Cr in Q4 FY26 to ₹7.63 Cr) even as revenue grew 29.8% QoQ, because cost of materials consumed jumped 51% QoQ (₹88.35 Cr to ₹133.41 Cr, or 65.8% to 76.5% of revenue) — well ahead of the revenue increase — pulling operating margin (segment-result basis) down to 9.08% from 12.07% in Q4 FY26, and net margin to 4.28% of total income from 9.40%. On a standalone (India-only) basis the story is more favourable: PAT rose 127% YoY to ₹9.79 Cr (from ₹4.30 Cr) and the India segment result was up 137% YoY to ₹16.27 Cr, underscoring that the core domestic business genuinely strengthened — it is the UAE subsidiary and the associated forex accounting that swing the consolidated headline. Against management's last (Q4 FY26) commentary — no formal quantitative revenue or margin guidance was given, only a qualitative expectation of continued volume growth and margin enhancement in India, at least 50% utilisation at the new Barjora dielectric line this year, and UAE commercial production by Q3 of the current year — this quarter is broadly on track directionally: the India segment strengthened and the UAE segment's (Xpro Dielectric Films FZ-LLC) loss narrowed to ₹0.38 Cr from ₹9.39 Cr YoY, though it slipped back into a loss from a ₹3.19 Cr profit in Q4 FY26, and UAE commercial production has not yet been reported as achieved. No management press release accompanied this filing to corroborate framing beyond the result notes. Street/consensus estimates for this quarter could not be confirmed (no analyst preview located), so vsStreet is marked unknown rather than assumed. Corporately, the company paid its FY26 final dividend of ₹2/share on July 28, 2026 (approved at the July 20 AGM), and held ₹73.26 Cr of unutilised warrant-conversion proceeds in bank deposits as of June 30, 2026, pending deployment. Going forward, the quarter sets up two things to track: whether the jump in raw-material cost intensity (76.5% of revenue vs 65.8% in Q4 FY26) proves transient or structural, and whether the UAE line's swing back to a loss is a one-quarter blip ahead of the targeted Q3 commercial start or a sign the ramp is slower than guided.

31 Jul 2026, 03:41 pm

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