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Revenue
₹733.9 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹68.5 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Ion Exchange reported Q2 FY26 consolidated revenue of ₹733.9 crore, up 14% YoY, driven by normalization post-SAP migration and strong growth in engineering (16% YoY) and consumer products (24% YoY). EBITDA was flat at ₹68.5 crore (9.33% margin), while PAT declined slightly to ₹49.9 crore (-1.4% YoY) due to elevated infrastructure costs and legacy project margin drag in engineering. The order book stood at ₹2,711 crore with ₹470 crore inflows. Management expects H1 margin profile to continue in H2, with legacy project headwinds persisting through FY26. The Roha chemical plant commenced staged commissioning in September, targeting full commissioning by year-end. Risks include continued margin pressure from legacy projects and aggressive pricing in large EPC tenders.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the first-half performance (revenue growth ~7%, margins ~4.8%) to broadly continue in the second half of FY26.
- Management guided for 9-10% year-on-year growth in the chemical segment for the full year, maintaining favorable profitability mix.
- The greenfield resin plant at Roha will be fully commissioned by the end of the financial year, with gradual scale-up over 3-4 years.
- Excluding the Roha plant, total capex for the year is expected to be around ₹80-100 crore, primarily in existing manufacturing and membrane facilities.
Risks flagged
- One or two legacy projects continue to depress engineering margins; management expects headwinds to last until year-end.
- Management acknowledged severe competition and aggressive pricing in large projects, which could limit margin recovery even after legacy projects close.
- Execution of the Uttar Pradesh project remains muted due to slower-than-expected fund flow from the customer.
- The new plant's capacity utilization will scale gradually over 3-4 years; any delay in demand or quality optimization could impact revenue contribution.
Key quotes
- We expect the first half performance to continue broadly in the second half.
- We are very selective in the kind of projects we pick up, driven by our experience of some of these legacy projects.
- We could easily take profit out of that business but it's about 10% of the company choosing to reinvest the profits back into the business to grow the business further.
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