XPROINDIA - XPRO India

📊 NSE: XPROINDIA 🏢 Packaging 📅 Last Updated: 12/14/2025 15:19

💰 Financial Performance

Revenue Growth by Segment

The Coex division grew 32% YoY to INR 118.9 Cr in Q4 FY25, while the Biax division remained flat at INR 39.33 Cr. For the full year FY25, standalone revenue reached INR 535.5 Cr, a 15% increase YoY.

Geographic Revenue Split

Domestic sales dominate the mix, while total exports amounted to INR 14.20 Cr in FY25, representing approximately 2.6% of total standalone revenue.

Profitability Margins

Standalone Gross Profit margin for FY25 was 28.5% compared to 32.2% in FY24. Standalone Net Profit (PAT) margin for FY25 was 8.1%, down from 9.4% in FY24, impacted by product mix shifts and higher pre-operational expenses.

EBITDA Margin

Standalone EBITDA margin for FY25 was 9.9%, down from 10.6% in FY24. The Q4 FY25 EBITDA margin was 8.5%, a decline from 12.7% in Q4 FY24, primarily due to the higher growth of the lower-margin Coex business.

Capital Expenditure

The company holds fixed deposits of approximately INR 180 Cr to fund capital projects. Additionally, the UAE subsidiary (XDF) is raising AED 33.08 million (approx. INR 75 Cr) from OASIS II Investment Holding Limited to support growth.

Credit Rating & Borrowing

The company utilized a supplier credit in the nature of an ECB for the new Barjora line, increasing long-term debt by INR 110 Cr to achieve interest savings. Net debt to equity stood at 0.19x in FY25.

⚙️ Operational Drivers

Raw Materials

Polymers and resins (implied by Coex and Biax film production) are the primary raw materials, with costs for materials consumed reaching INR 386.5 Cr in FY25, representing 72% of revenue.

Capacity Expansion

Current sales volume is 33,002 MT (up 19.3% YoY). Expansion includes a new unit at Barjora currently undergoing sequential testing and a steady project progression in Ras Al Khaimah, UAE.

Raw Material Costs

Raw material costs increased to INR 386.5 Cr in FY25 from INR 317.2 Cr in FY24, a 21.8% increase. Procurement is managed through inventory tracking and vendor development to mitigate price fluctuations.

Manufacturing Efficiency

The company delivered a Return on Capital Employed (RoCE) of 8.33% and a Return on Equity (RoE) of 7.44% on expanded capital in FY25.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth is driven by capacity expansion at the Barjora unit and the Ras Al Khaimah project. The company is also integrating acquired production lines from other operators to optimize capacity balancing.

Products & Services

Coex sheets and liners for refrigerators, Biax films, and Dielectric films for capacitors.

Brand Portfolio

Xpro India.

New Products/Services

Expansion into high-end Dielectric films via the UAE subsidiary and the new Barjora line is expected to contribute significantly to future high-margin revenue.

Market Expansion

Expansion into the Middle East via the Xpro Dielectric Films FZ-LLC subsidiary in Ras Al Khaimah, UAE, which is categorized as a material subsidiary.

Strategic Alliances

Tripartite agreement with OASIS II Investment Holding Limited for an equity issue in the UAE subsidiary to raise AED 33.08 million.

🌍 External Factors

Industry Trends

The industry is seeing steady domestic recovery driven by consumption. Xpro is positioning itself for future growth through capacity build-up in specialized dielectric films for the electronics and power sectors.

Competitive Landscape

The business is described as 'highly competitive,' particularly in the Coex segment, requiring strategic pricing to maintain volume growth.

Competitive Moat

Moat is based on 'premium' quality and service ratings from customers and a strong market position in the Coex business, which saw 32% revenue growth.

Macro Economic Sensitivity

The company is sensitive to India's GDP growth, which was over 6% in FY25, and consumption trends that drive demand for appliances like refrigerators.

Consumer Behavior

Resilient domestic consumption is driving consistent demand for Coex products used in consumer durables.

Geopolitical Risks

Geopolitical tensions are cited as a factor impacting supply chain stability and input cost volatility.

⚖️ Regulatory & Governance

Industry Regulations

The company complies with SEBI Listing Obligations and Disclosure Requirements (LODR) and has established a Whistle Blower mechanism and risk management framework.