ALFA Finder
The call ran from 2:01 PM to 2:59 PM IST (58 min).
Key takeaways
Q2 FY27 EBITDA loss of ₹848 Mn and net loss of ₹828 Mn on ~8% revenue decline. Legacy-project overrun booked in one go. H2 recovery depends on deferred dispatches and the Hyundai order.
| Revenue growth | Q2 revenue −8% YoY; H1 +4%; treatment revenue reversals depressed sales. |
|---|---|
| Margins | Treatment EBIT −₹121.5 Cr vs −₹12.2 Cr; chemicals margins under pressure. |
| Order book | Total order book ₹2,969 Cr; Q2 inflow ₹813 Cr. |
| Demand visibility | Q2 inflow ₹813 Cr; Middle East deferrals; Jal Jeevan funds slowly trickling in. |
| Management confidence | Over-optimistic: H2 recovery promised despite H1 misses and work-in-progress hedges. |
Growth
Q2 revenue ₹675 Cr, down ~8% YoY; treatment halved to ₹150 Cr, offset by industrial (+35%) and chemicals (+17%).
Outlook
Treatment to approach FY26 levels by year-end; ~25% Roha utilisation target; backward integration due this FY.
Risks
Middle East dispatch deferrals, shipping congestion, and Roha input-cost pressure threaten the promised H2 recovery.
Last quarter's promises, checked
Delivered
- Hyundai ~$52 Mn order → USD 52.83 Mn Middle East filtration order (= BEAT)
Partly delivered
- Roha 25% utilisation in year one → 25% target restated, actual undisclosed (= PARTIAL)
- Consumer break-even FY27 → revenue +30%, profitability not disclosed (= PARTIAL)
Missed
- GCC dispatches 'resumed, gaining momentum' → treatment ₹150 Cr, −49% YoY, Middle East deferrals (= MISS)
- 'Outlook improving' from Q1 EBITDA ₹32 Cr → Q2 EBITDA loss ₹84.8 Cr (= MISS)
- Input costs to 'start improving' → Roha input-cost pressure flagged (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Ion Exchange (India) Q2 FY27 Results: Net Loss of ₹82.8 Cr
Ion Exchange (India) Ltd reported revenue from operations of ₹674.7 Cr (-8.1% YoY) and a net loss of ₹82.8 Cr for Q2 FY27.
- Key figure
- Net loss ₹82.8 Cr
What management said last time
Full summary →From the call summary published .
Outlook they gave
Targeting 25% utilization for Roha plant in FY27; aiming for double-digit specialty chemical margins long-term.
Growth they described
Revenue grew 20% YoY to 701 Cr, with Consumer products up 33% and Engineering up 14%.
Call details
| Company | ION Exchange (india) Limited |
|---|---|
| NSE symbol | IONEXCHANG |
| ISIN | INE570A01022 |
| Call | Q2 FY27 earnings call |
| Date | Thursday, 5 November 2026 |
| Time | 2:00 PM IST |
| Length | 58 min |
| Audio | Our stream on YouTube ↗ |
ION Exchange (india) Limited: key numbers
- Share price
- ₹326.05
- Market cap
- ₹4,782 Cr
- Revenue (annual)
- ₹2,915 Cr
- Net profit (annual)
- ₹142.7 Cr
- P/E (TTM)
- -147.1×Sector 21.7×
- Promoter holding
- 25.08%-0.35% QoQ
- FII holding
- 4.93%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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