Ion Exchange (India) Earnings Call: Key Takeaways

Why this was an Alfa AlertNot a filter event. Financials did not beat prior guidance by >10% and future guidance was qualitative.

Highlights
Revenue growth	Q4 revenue grew 3% YoY; FY26 revenue grew 7% YoY.
Margins	Margins impacted by Roha capitalization, input cost inflation, and unfavorable project mix.
Order book	Engineering order book at INR 26,433 million as of March 31, 2026.
Demand visibility	Healthy enquiry pipeline driven by medium-sized opportunities across various sectors.
Management confidence	Positive on long-term chemical segment outlook despite temporary West Asia headwinds.

Growth

FY26 revenue grew 7% to INR 29,148 million; however, EBITDA fell 29% to INR 2,102 million due to higher costs.

Engineering order book stands at INR 26,433 million. Management expects Roha plant utilization to reach 25-30% in FY27.

West Asia crisis caused INR 60 crore export deferrals and increased raw material costs (styrene, oleum).

Guided Roha cation stream commissioning → Delivered cation stream stabilized (= BEAT)
Guided 3rd Quarter order inflow → Delivered INR 5,160 million (= BEAT)

Guided Roha capacity utilization ramp-up → Delivered 40-45% commissioned but utilization very low (= PARTIAL)

Guided better execution/profitability in Engineering → Delivered 28% EBIT decline (= MISS)
Guided international project execution in Q3 → Delivered deferral to Q4 (= MISS)

Source

Earnings Call filed with NSE, NSE: IONEXCHANG. Summary written with AI assistance from the document.

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.