Ion Exchange (500214) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 operating income rose 14% YoY to INR 7,339 million; H1 FY26 up 9% YoY to INR 13,171 million.

• Q2 EBITDA was INR 685 million, flat YoY; net profit INR 499 million, down 1.4% YoY; PAT margin 6.8%.

• Unaudited standalone and consolidated financial results for Q2 and H1 FY26 were approved and reviewed with no material misstatements.

• Operations normalized post-SAP migration; order book at INR 27.11 billion with INR 4.7 billion inflow in Q2.

• Pioneer in water, wastewater treatment, and environment solutions with global presence and diversified product portfolio.

Financial highlights

• Q2 FY26 consolidated revenue: INR 7,339 million, up 13.9% YoY; H1 FY26: INR 13,171 million, up 8.7% YoY.

• Q2 PAT: INR 499 million; H1 PAT: INR 984 million; Q2 EBITDA margin: 9.33%; H1 EBITDA margin: 9.95%.

• Standalone Q2 FY26 revenue: INR 6,782 million; PAT: INR 479 million.

• Segment revenues: Engineering INR 4,562 million, Chemicals INR 2,184 million, Consumer Products INR 858 million in Q2.

• Basic EPS (consolidated) for Q2 FY26: INR 4.18; H1 FY26: INR 8.29.

Segment performance

• Engineering: Q2 revenue INR 4,562 million; order book at INR 27.11 billion; bid pipeline INR 9,011 crore.

• Chemicals: Q2 revenue INR 2,184 million; margin profile maintained; Roha plant commissioned.

• Consumer Products: Q2 revenue INR 858 million; healthy volume growth, leadership in softeners, expanding in new markets.

• Segment results for Q2 FY26: Engineering INR 2,089 lacs, Chemicals INR 5,369 lacs, Consumer Products loss of INR 275 lacs.