Legacy project margin drag persists through FY26
One or two legacy projects continue to depress engineering margins; management expects headwinds to last until year-end.
IONEXCHANG / Q2-FY26 / risks
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ION Exchange (India) · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Aggressive pricing in large EPC projects
Management acknowledged severe competition and aggressive pricing in large projects, which could limit margin recovery even after legacy projects close.
UP project execution slow due to funding issues
Execution of the Uttar Pradesh project remains muted due to slower-than-expected fund flow from the customer.
Roha plant ramp-up slower than expected
The new plant's capacity utilization will scale gradually over 3-4 years; any delay in demand or quality optimization could impact revenue contribution.