Ion Exchange (500214) Q4 25/26 earnings summary

Executive summary

• Q4 consolidated operating income was INR 8,633 million, up 3% year-on-year; FY26 operating income was INR 29,148 million, up 7% year-on-year.

• FY26 consolidated revenue mix: Engineering 58%, Chemicals 29%, Consumer Products 13%.

• Audited standalone and consolidated financial results for FY26 were approved, with auditors issuing unmodified opinions.

• A final dividend of Rs. 1.25 per equity share was recommended, subject to shareholder approval.

• Growth was impacted by West Asia crisis, input cost inflation, and deferred export shipments.

Financial highlights

• FY26 consolidated operating income: INR 29,148 Mn, up 6.5% year-over-year; Q4 FY26 consolidated operating income: INR 8,633 Mn.

• FY26 consolidated EBITDA: INR 2,102 Mn (7.21% margin), down from INR 2,939 Mn (10.74%) in FY25.

• FY26 consolidated PAT: INR 1,432 Mn (4.91% margin), down 31.3% year-over-year.

• Standalone revenue from operations for FY26 was Rs. 267,891 lacs, up from Rs. 254,006 lacs in FY25.

• Exceptional item: Rs. 1,454 lacs (standalone) and Rs. 1,689 lacs (consolidated) due to impact of new Labour Codes.

Outlook and guidance

• Engineering order book at INR 26,433 Mn with a bid pipeline of INR 95,090 Mn as of March 31, 2026.

• Roha plant expected to reach 25% capacity utilization in first full year; guidance maintained despite input cost headwinds.

• Consumer products division expected to break even or achieve low-single-digit profit in FY27.

• No explicit forward-looking financial guidance was provided.

• Ongoing execution of major international contracts in Oman and Malawi; Sri Lankan contract closure expected by Q2 FY27.