Ion Exchange (500214) Q4 24/25 earnings summary

Executive summary

• Operating income for Q4 FY25 rose 7% year-on-year to INR 8,346 million; full-year operating income increased 17% to INR 27,371 million.

• FY25 consolidated revenue mix: Engineering 61%, Chemicals 29%, Consumer Products 10%.

• FY25 consolidated operating income: INR 27,371 Mn; operating EBITDA: INR 2,939 Mn; PAT: INR 2,083 Mn.

• Audited standalone and consolidated financial results for the year ended March 31, 2025, were approved, showing continued growth in revenue and profitability year-over-year.

• The Board recommended a dividend of ₹1.50 per equity share for FY 2024-25, subject to shareholder approval.

Financial highlights

• FY25 consolidated revenue grew 16.6% year-over-year to INR 27,371 Mn; operating EBITDA up 8.1% to INR 2,939 Mn.

• Q4 EBITDA declined 7% year-on-year to INR 858 million, with a margin of 10.28%; net profit fell 13% to INR 632 million.

• PAT increased 6.6% year-over-year to INR 2,083 Mn; diluted EPS rose 6.0% to INR 17.530.

• Standalone revenue from operations for FY 2024-25 was ₹254,006 lakhs, up from ₹218,004 lakhs in FY 2023-24.

• Consolidated revenue from operations for FY 2024-25 was ₹273,711 lakhs, up from ₹234,785 lakhs in FY 2023-24.

Outlook and guidance

• Management expects similar trends in FY26, with a cautious approach to order intake and margin improvement.

• Greenfield resin manufacturing plant at Roha expected to commence in Q2 FY26, supporting chemical segment growth.

• Positive developments in Sri Lanka project with committed funding to expedite progress.

• No specific revenue or margin guidance provided until after H1 FY26.

• The Board remains confident in the company’s growth trajectory, supported by strong financial performance and ongoing investments.