ALFA Finder| 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)
Earnings Call Transcript filed with NSE, NSE: IONEXCHANG. Summary written with AI assistance from the document.
Ion Exchange (India) Ltd: 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.
More from Ion Exchange (India) Ltd
All →Ion Exchange (India) Investor Presentation: Key Takeaways
Q2 FY27 consolidated operating loss: operating income INR 6,747 Mn (-8.1% YoY), EBITDA INR (848) Mn, PAT INR (828) Mn, driven by legacy project cost revisions.
Ion Exchange (India) Management Change
Ion Exchange's board approved redesignating Executive Chairman Rajesh Sharma as Non-Executive Non-Independent Chairman, effective 1 January 2027. The change needs shareholder approval via postal ballot.
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
Ion Exchange (India) Board Meeting Date
Ion Exchange India gave prior intimation of a November 3, 2026 board meeting to consider unaudited Q2 and H1 results. The filing is a future meeting notice with no results figures attached.
Ion Exchange (India) Other Announcement
Ion Exchange (India) Limited has filed its quarterly shareholding pattern for the period ended September 30, 2026, in compliance with SEBI regulation 31(1)(b).
Ion Exchange (India) Employee Stock Options
Ion Exchange (India) Limited filed the Trust Deed for its 'Ion Exchange ESOP Trust', established to administer the company's 2026 Employee Stock Option Scheme.
- Value
- ₹0.00 Cr