• The document contains the transcript of an Earnings Conference Call held on Thursday, November 5, 2026, to discuss the company's financial performance for Q2 and H1 FY2027 ended September 30, 2026.
  • The call was hosted by Valorem Advisors, with management participants including Mr. Aankur Patni (Vice Chairman), Mr. Indraneel Dutt (Managing Director and CEO), Mr. Vasant Naik (Group Chief Financial Officer), and Ms. Nikisha Solanki (Company Secretary).
  • The transcript was submitted to BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • The transcript is available on the company's website at www.ionexchangeglobal.com.

Financial Performance Highlights

Consolidated Performance Q2 FY27:

  • Operating Income: INR 6,747 million (decline of ~8% YoY)
  • EBITDA: Loss of INR 848 million
  • Net Loss After Tax: INR 828 million

Consolidated Performance H1 FY27:

  • Operating Income: INR 13,752 million (growth of ~4% YoY)
  • EBITDA: Loss of INR 530 million
  • Net Loss After Tax: INR 797 million

Order Book & Pipeline (as of September 30, 2026):

  • Engineering Project Order Book: INR 26,960 million
  • Outstanding Sri Lanka Orders: INR 100 million
  • UP Jal Jeevan Orders: INR 2,630 million
  • Total Order Book: INR 29,690 million
  • Bid Pipeline: INR 93,700 million
  • Q2 Order Inflow: INR 8,130 million

Segmental Performance Q2 FY27

Treatment Solutions:

  • Revenue: INR 1,498 million (vs. INR 2,958 million in Q2 FY26)
  • EBIT: Loss of INR 1,215 million (vs. loss of INR 122 million in Q2 FY26)
  • Performance impacted by changes in estimated cost to complete certain legacy projects and deferred dispatches to GCC region due to Middle East crisis

Industrial Products:

  • Revenue: INR 1,360 million (35% YoY growth)
  • EBIT: INR 86 million (vs. INR 74 million in Q2 FY26)

Lifecycle Services:

  • Revenue: INR 706 million (vs. INR 770 million in Q2 FY26)
  • EBIT: INR 59 million

Specialty Chemicals:

  • Revenue: INR 2,546 million (17% YoY growth)
  • EBIT: INR 225 million
  • Margins under pressure due to input cost inflation from West Asia crisis and facility costs at Roha plant

Consumer Products:

  • Revenue: INR 1,005 million (30% YoY growth)
  • EBIT: Loss of INR 41 million (vs. loss of INR 23 million in Q2 FY26)

Key Management Commentary

  • The Q2 performance was significantly impacted by cost overruns on certain legacy projects within Treatment Solutions, contributing to ~90% of the quarter's negative PBT
  • The company expects improvement in Treatment Solutions turnover during H2 with better margin profile, targeting higher single-digit margins
  • Roha plant utilization is gradually picking up, with backward integration expected to be completed within FY27
  • Consumer Products division is projected to reach break-even during FY27
  • The company is seeing encouraging response for advanced digital solution offerings

Additional Notes Section

  • The document is a submission of the earnings call transcript to stock exchanges as a regulatory compliance requirement.
  • The transcript includes detailed financial data and management commentary on segment performance, order book, and outlook.
  • Management indicated that forward-looking statements are subject to risks and uncertainties, and investors should not place undue reliance on them.
  • The company has indicated that required certifications for the Roha plant have been obtained, and customer-specific certifications are being addressed case-by-case.