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Revenue
₹863.27 Cr
verified against source
Revenue YoY
3%
reported change
EBITDA
₹19.9 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 reported a muted Q4 FY26 with consolidated revenue of INR 863.3 crore (+3% YoY) and EBITDA margin of 2.31%, impacted by West Asia crisis disruptions and legacy project drags. Engineering segment revenue was flat at INR 553.9 crore, with order book at INR 2,643 crore (+40% YoY inflow). Chemical segment grew 3% but margins fell ~10pp due to Roha plant costs and raw material inflation. Consumer products grew 34% YoY to INR 104.7 crore, with losses narrowing. Management highlighted the Mann+Hummel membrane technology partnership and WQA certification for Roha as key growth levers. Guidance remains cautious; no specific margin or revenue targets given. Key risk: continued West Asia crisis impacting logistics and input costs, delaying recovery in chemical and engineering margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve 25% capacity utilization at the Roha plant in the first full year of operation, despite short-term raw material headwinds.
- Management expects the consumer products division to at least break even or post a small profit in FY27, driven by continued revenue growth and operational improvements.
- The legacy project (Sri Lanka) is expected to be completed by the end of Q2 FY27, with the balance execution continuing in the current financial year.
- Management guided for routine maintenance capex of INR 30-40 crore in FY27, with no major new capex planned unless for further expansion.
Risks flagged
- The ongoing West Asia crisis has caused shipment deferrals (INR 60 crore in engineering) and raw material price increases, impacting both chemical and engineering margins.
- Execution of UP projects remains slow due to dependency on government fund inflows; 30-40% of scope is pending, and pace is tied to collections.
- The Roha plant's depreciation and interest costs are significantly impacting chemical segment margins (3/4 of margin decline attributed to Roha), with breakeven uncertain due to dynamic raw material costs.
- Management declined to provide specific margin guidance for FY27, citing the dynamic nature of raw material prices and the West Asia crisis, indicating potential for continued margin pressure.
Key quotes
- This partnership with Mann+Hummel was made with the intention of further expanding the membrane portfolio to have the latest technologies of ultrafiltration, MBR type flat sheet membranes and to get the MBR technology for which Mann+Hummel is famous.
- We are one of the only few companies except the Chinese who make those products. This is clearly a huge investment and reinforcement of the Make in India dream of the government.
- We do feel that we've not even scratched the surface when it comes to the international markets.
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