ION Exchange (India) Limited (IONEXCHANG) Financial Results — Revenue ₹29,148 Cr

Investor Takeaways

Reported consolidated net profit of ₹243 crores in Q4 FY26, up 3% YoY

Full-year net profit reached ₹1,432 crores with EBITDA margin expanding to 7.21%

Consumer products division returned to profitability with 34% YoY revenue growth

Engineering segment order book stood at ₹26,433 crores

Oman DBOOT project advancing via joint venture; MAPRIL acquisition integration progressing

CAPEX for FY27 planned at ₹30-40 crores; gross debt at ₹384 crores

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹29,148 Cr	N/A
Net Profit	₹1,432 Cr	N/A
EBITDA	N/A	7.21%
EPS	N/A	N/A
OPM	N/A	N/A

What Changed

ION Exchange (India) Limited reported consolidated net profit of ₹243 crores in Q4 FY26, up 3% year-on-year, with full-year net profit reaching ₹1,432 crores. The company highlighted an expansion in EBITDA margin to 7.21% for the full year. Engineering segment revenue reached ₹5,539 crores, supported by a backlog of ₹26,433 crores, indicating sustained order intake. The consumer products division returned to profitability, driven by a 34% year-on-year revenue surge. Progress was noted on the Oman DBOOT project through a joint venture structure, alongside integration of the MAPRIL acquisition and commissioning of the Roha plant. CAPEX for FY27 is planned at ₹30-40 crores, focused on maintenance and incremental growth. Gross debt stood at ₹384 crores, reflecting a disciplined capital structure. The company emphasized export growth in water treatment solutions as a strategic priority.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
IONEXCHANG	26.31	N/A	N/A	5,722.2
WABAG	34.36	N/A	N/A	8,636.73
EIEL	16.3	N/A	N/A	3,392.99
EMSLIMITED	9.59	N/A	N/A	1,802.81

ION Exchange trades at a premium to EMSLIMITED but at a discount to WABAG on P/E basis, with no ROE or ROCE data available for peers.

Risks & Concerns

No specific risks identified in the filing; execution of Oman DBOOT project and integration of MAPRIL acquisition are ongoing.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	690.51	49.59	10.93
Q2FY25	644.47	50.64	10.6
Q1FY25	567.57	44.78	11.31
Q4FY24	781.81	72.45	11.79

The latest full-year figures (₹29,148 Cr revenue, ₹1,432 Cr net profit) represent a significant scale-up compared to quarterly trends observed in FY25, indicating substantial growth in segment performance and order execution.

CRITICAL: Quarterly trend data was provided in the context, so the section is included as required.

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