Company Overview & Business Mix

Ion Exchange (India) Ltd, formed in 1964, is a pioneer in water and wastewater treatment & environment solutions. The company is headquartered in Mumbai and has 8 manufacturing and assembly facilities across India, 1 in Portugal, and assembly facilities in the UAE, Indonesia, Bangladesh, and Saudi Arabia.

The consolidated revenue mix for FY26 was:

  • Engineering (58%): Provides integrated services and solutions in water & wastewater treatment.
  • Chemicals (29%): Provides resins, speciality chemicals, and chemical treatment programmes.
  • Consumer Products (13%): Caters to individuals and institutions for safe drinking water.

FY26 Consolidated Operating Income was ₹29,148 Mn, Operating EBITDA was ₹2,102 Mn, and PAT was ₹1,432 Mn.

Q4-FY26 Financial Highlights (Standalone)

  • Operating Income: ₹8,139 Mn, up 3.7% YoY and 21.7% QoQ.
  • Operating EBITDA: ₹111 Mn, down 86.7% YoY and 80.2% QoQ.
  • Operating EBITDA Margins: 1.36%, down 924 bps YoY and 704 bps QoQ.
  • Net Profit: ₹196 Mn, down 69.7% YoY and 18.7% QoQ.
  • PAT Margins: 2.41%, down 582 bps YoY and 119 bps QoQ.
  • Diluted EPS: ₹1.592, down 69.7% YoY.

Q4-FY26 Financial Highlights (Consolidated)

  • Operating Income: ₹8,633 Mn.
  • Operating EBITDA: ₹199 Mn, down 76.8% YoY.
  • Operating EBITDA Margins: 2.31%, down 797 bps YoY.
  • Net Profit: ₹243 Mn, down 61.6% YoY.
  • PAT Margins: 2.81%, down 476 bps YoY.
  • Diluted EPS: ₹2.036, down 61.9% YoY.

FY26 Financial Highlights (Standalone)

  • Operating Income: ₹26,789 Mn, up 5.5% YoY.
  • Operating EBITDA: ₹1,843 Mn, down 35.4% YoY.
  • Operating EBITDA Margins: 6.88%, down 435 bps YoY.
  • Net Profit: ₹1,384 Mn, down 35.5% YoY.
  • PAT Margins: 5.17%, down 327 bps YoY.
  • Diluted EPS: ₹11.257, down 35.5% YoY.

FY26 Financial Highlights (Consolidated)

  • Operating Income: ₹29,148 Mn, up 6.5% YoY.
  • Operating EBITDA: ₹2,102 Mn, down 28.5% YoY.
  • Operating EBITDA Margins: 7.21%, down 353 bps YoY.
  • Net Profit: ₹1,432 Mn, down 31.3% YoY.
  • PAT Margins: 4.91%, down 270 bps YoY.
  • Diluted EPS: ₹12.034, down 31.4% YoY.

Business Segment Updates

Engineering:

  • Enquiry bank is steady with QoQ and YoY order flow growth.
  • Dispatches to GCC geographies were impacted by the West Asia crisis, but clearances have now been received.
  • Sri Lankan contract closure is on track for completion in Q2 FY27.
  • Successfully commissioned the Raw Water Treatment Plant for the ongoing IOCL Panipat refinery contract.
  • Entered a technology transfer and manufacturing collaboration with MANN + HUMMEL for UF membranes and MBR solutions in India.
  • Order Book (as of March 31, 2026): ~₹26,433 Mn, with a bid pipeline of ~₹95,090 Mn.

Chemicals:

  • Recorded sequential and YoY improvement in turnover, though March 2026 exports were impacted by logistics disruptions from the West Asia crisis.
  • Margins were impacted by input cost pressures and Roha facility costs. Cost increases are being passed on to customers.
  • Commissioning of manufacturing lines at Roha is completed.
  • Received WQA certification for resins manufactured at Roha.
  • Won strategic contracts with key customers.

Consumer Products:

  • The segment continues to record volume growth.
  • The company continues to invest to achieve a higher revenue platform.

Group Companies Update

  • The execution of the 20-year DBOOT contract worth OMR 73.46 Mn (approx. ₹17,300 Mn) won by subsidiary Ion Exchange and Company LLC, Oman from Petroleum Development Oman is proceeding on schedule.
  • Entered a Project JV with a local Malawi partner for a water treatment package worth US $18.1 Mn awarded by Northern Region Water Board Malawi.
  • Expanding presence in overseas geographies for its product business.

Market Data (As on March 31, 2026)

  • Face Value: ₹1.00
  • Market Price: ₹320.40
  • 52 Week H/L: ₹580.65 / ₹312.30
  • Market Cap: ₹46,991.98 Mn
  • Equity Shares Outstanding: 146.67 Mn
  • 1 Year Avg. Trading Volume: 274.54 ('000)