1. At a Glance
XPRO India is a polymer processing player best known for coextruded plastic films and dielectric dreams. It dominates white goods liners and now aims to conquer the global dielectric film market from a brand-new UAE base. But with a P/E of 72, are we packaging returns or recycling optimism?
2. Introduction with Hook
Picture this: a small Indian packaging company quietly exports plastic brains to the world’s smartest gadgets. Then—boom!—investors go gaga, stock price flies 10x in 3 years, and management decides to go international with a ₹290 Cr cap raise.
Welcome to XPRO India Ltd:
- P/E Ratio: 72.4x (Plastic ain’t cheap, apparently)
- Market Cap: ₹2,778 Cr
- FY25 Net Profit: ₹38 Cr
It’s packaging plastic, sure—but also hopes, hype, and HNI money via QIPs.
3. Business Model (WTF Do They Even Do?)
XPRO operates three major divisions:
- Coex Division (~68% revenue)
– Makes coextruded sheets, cast films, and thermoformed liners
– Major supplier to fridge OEMs (think LG, Samsung) - Dielectric Films
– Specialised polymer films used in capacitors
– Higher margin, tech-heavy product - Specialty Films
– BOPP, conductive and other purpose-specific films
It’s not just plastic. It’s engineered polymer with purpose (and
