| Revenue growth | 20% YoY growth to INR 701 Cr in Q1 FY27. |
|---|---|
| Margins | EBITDA margin fell to 4.54% from 10.74% YoY. |
| Order book | INR 2,473 Cr as of June 2026, excluding recent Hyundai win. |
| Demand visibility | Strong bid pipeline of INR 9,777 Cr provides visibility. |
| Management confidence | Cautiously confident in restoring double-digit profitability over time. |
Growth
Revenue grew 20% YoY; however, EBITDA and PAT margins contracted significantly to 4.54% and 0.44% respectively due to legacy project headwinds.
Outlook
Management targets breaking even in consumer products this FY and anticipates 50% revenue growth in specialty chemicals over the next two years.
Risks
Profitability remains under pressure from specific high-value legacy projects (UP project) and geopolitical tensions impacting dispatches and input costs.
Last quarter's promises, checked
Delivered
- Guided 25-30% Roha utilization in first year → On track to meet guidance (= BEAT)
- Guided Roha plant commissioning → Fully commissioned in Q4 FY26 (= BEAT)
- Guided Sri Lanka project closure → Progressing as planned for Q2 FY27 (= BEAT)
Partly delivered
- Guided consumer segment growth → Revenue +33% but still not at break-even (= PARTIAL)
- Guided passing on raw material costs → Time lag in pricing actions impacting Q1 FY27 (= PARTIAL)
Missed
- Guided Engineering margins recovery → Margins contracted significantly in Q1 FY27 (= MISS)
- Guided legacy project execution → Execution pace remains slow and dragging margins (= MISS)
Investor Presentation filed with BSE, NSE: IONEXCHANG. Summary written with AI assistance from the document.
Ion Exchange (India) Ltd: key numbers
- Share price
- ₹406.60
- Market cap
- ₹5,963 Cr
- Revenue (annual)
- ₹2,915 Cr
- Net profit (annual)
- ₹142.7 Cr
- P/E (TTM)
- 60.8×Sector 24.7×
- Promoter holding
- 25.43%-0.09% QoQ
- FII holding
- 4.86%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Ion Exchange (India) Ltd
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