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Revenue
₹734.44 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹59.3 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ion Exchange's Q3 FY26 consolidated revenue grew 6% YoY to INR 734.4 crore, but EBITDA fell 21% to INR 59.3 crore, with margin contracting to 8.07%. The engineering segment was flat due to deferred dispatches of international contracts and muted execution of the UP Jal Jeevan Mission project. The chemical division saw 16% revenue growth but profitability declined 18% due to product mix and Roha facility costs. Consumer products grew 28% but remained loss-making as investments continue. Management expects Q4 to benefit from deferred international invoicing and gradual Roha ramp-up, targeting 25% capacity utilization in FY27. Risks include prolonged UP project fund flow issues and legacy project margin pressure. The budget's increased Jal Jeevan allocation and semiconductor push provide medium-term tailwinds.
Colored figures show movement against the previous available record.
Guidance to track
- Deferred international project dispatches expected to execute in Q4, boosting revenue and profitability.
- Management expects to achieve 25% capacity utilization of the Roha resin plant in the next financial year.
- With continued 30% growth and investment, the division could approach breakeven next year.
Risks flagged
- Execution of UP projects remains muted due to lack of funding; receivables stuck and order backlog of ~INR 400 crore.
- A large legacy project continues to impact engineering profitability; execution will extend into FY27.
- Product approvals from global standards bodies may take longer, delaying revenue ramp-up from the new facility.
- Company passed on two major semiconductor projects due to unfavorable pricing, indicating competitive pressure.
Key quotes
- We have become very selective in picking up projects with the right profitability profile.
- We expect the revenues to significantly increase in the subsequent or the next financial year.
- We believe that next year we could come close to breaking even in this segment as well.
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