NSE: XPROINDIA · BSE: 590013 · ISIN INE445C01015
Xpro India Limited stock analysis
Xpro India Limited ranks #2943 in the TickerSutra evidence-ranked universe with a score of 43/100 and 95% data confidence. The latest captured fundamentals show ROCE of 3.8%, quarterly sales growth of 20.4% and quarterly profit growth of 244.9%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹469cr | ₹64cr | ₹45cr | 14.0% |
| 2023 | ₹509cr | ₹74cr | ₹45cr | 15.0% |
| 2024 | ₹463cr | ₹66cr | ₹44cr | 14.0% |
| 2025 | ₹535cr | ₹49cr | ₹38cr | 9.0% |
| 2026 | ₹505cr | ₹32cr | ₹20cr | 6.0% |
| TTM | ₹535cr | ₹50cr | ₹33cr | 9.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
The company has been awarded at the 51st ELCINA Awards for Excellence 2025-26.
RoutineGeneral UpdatesNSE · 25 Sept 2026Xpro India Limited has informed the Exchange that the company has been awarded at the 51st ELCINA Awards for Excellence.
RoutineTrading WindowBSE · 23 Sept 2026Xpro India Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
MANAGEMENT COMMENTARY
Signals from filed documents
In the Coex business, volumes moderated reflecting a temporary slowdown in refrigerator production, partly attributed to early monsoon conditions; revenues were affected by both volume decline and softer raw material prices. Aggregate production volume declined 5% to 31,335 MT (33,014 MT). Net revenues were INR 505.49 crores, down 5.6% from INR 535.28 crores.
Barjora’s dielectric film line operated at full utilization and maintained volume. The competitive position remained robust, evidenced by domestic market leadership. For coextruded sheets and liners, being an established supplier to most leading brands in the refrigerator sector, the volumes are directly correlated to the consumer end-market conditions.
A defining development was the commissioning of the new dielectric film line at Barjora, which entered commercial production on March 27, 2026. With the new line now operational, the Company enters FY 2026–27 with materially expanded capacity and a stronger platform for volume and export growth. Its commercial ramp-up is underway, and its full contribution will be reflected commensurately.
Total exports were INR 22.45 crores (INR 14.20 crores). Profitability was impacted by competitive pricing, input cost volatility, exchange movements, and pre-operating costs associated with expansion. PBDT (before non-operating forex differences) was INR 63.72 crores (INR 67.02 crores).
Priorities for the period ahead encompass capacity scale-up, process and efficiency improvements, and accelerated product and application development. Expansion of export markets remains a key focus area alongside sustained domestic growth. The overall outlook is one of measured optimism.
FY 2025 –26, however, saw a temporary moderation in refrigerator production, driven by early monsoon conditions following a strong prior - year phase. This weighed on Coex volumes, compounded by competitive pricing pressures and selective backward integration by certain customers, including under PLI-supported schemes. The Company rationalized capacities (integrating acquired lines) and optimized operations during th
Xpro India Limited May 22, 2026 Page 4 of 16 Our performance remains stable within the available capacity. New customers and applications are being onboarded for the new capacity, while management continues to focus on driving volume growth and enhancing margins, while pricing has to remain dynamic and flexible to retain market traction in a frequently volatile scenario even at the risk of occasional impact on margin
FY 2025 - 26: Overview FY 2025 - 26 was a year of positive transition. A defining development was the commissioning of the new dielectric film line at Barjora, which entered commercial production on March 27, 2026. With the new line now operational, the Company enters FY 2026–27 with materially expanded capacity and a stronger platform for volume and export growth.
Actual results could differ materially from those expressed or implied. Xpro India Limited [ 21 ] Annual Report 202 5/2 6 Important factors that could make a difference include economic conditions, input costs, price realization, supply chain or logistical disruptions, changes in government regulations, tax regimes, and other incidental factors. DIRECTORS’ RESPONSIBILIT Y STATEMENT As per Regulation 17(8) of SEBI Lis
(Yes/No) Yes Yes Yes Yes Yes Yes Yes Yes Yes b. Has the policy been approved by the Board? (Yes/No) Yes Yes Yes Yes Yes Yes Yes Yes Yes c.
There was no change in the nature of business of the Company during the year. There are no significant or material orders passed by any Regulators or Courts/Tribunals which impact the going concern status of the Company and its future operations. There have been no material changes or commitments affecting the financial position of the Company, that have occurred between the end of the Financial Year under review and
Cost of inventories comprises of cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition and is determined on a weighted average basis. Work -in- progress includes raw material cost, plus conversion cost depending upon stage of completion. The cost of purchase consists of the purchase price including duties and taxes other than those subsequent
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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