India · Delayed Price · Currency is INR Ion Exchange (India) Earnings Call Transcripts
Fiscal Year 2026
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Q4 and FY26 saw moderate revenue growth, but margins were pressured by input cost inflation, logistics disruptions from the West Asia crisis, and ramp-up costs at the Roha plant. Strong order inflows, new technology partnerships, and international projects support a positive long-term outlook.
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Q3 saw 6% revenue growth but lower EBITDA and margins due to adverse mix, Roha ramp-up costs, and legacy project headwinds. Order inflow remains strong, with major solar wins and government budget support expected to aid future growth. Roha facility is on track for phased commissioning and margin recovery next year.
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Operating income grew 14% year-on-year in Q2 FY26, with net profit slightly down due to legacy project impacts in engineering. Chemical and consumer segments showed strong growth, while the Roha plant commissioning advances. Margins in engineering are expected to remain subdued until legacy projects close.
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Q1 FY26 saw 3% revenue growth and 8% net profit rise year-on-year, despite SAP transition challenges and project delays. Engineering EBIT margin was boosted by a one-time rebate, while the Roha plant is set to drive chemical segment growth. Export and consumer segments remain key focus areas.
Fiscal Year 2025
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Q4 and FY25 saw strong revenue growth but margin pressures from legacy engineering projects and input costs. The Roha plant is set to boost chemical segment growth, while debtor days rose due to UP project delays. Management remains selective on new orders and expects margin improvement as legacy projects wind down.
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Q3 and nine-month results showed strong revenue and profit growth, with engineering and chemical segments leading. Margins are pressured by a legacy contract and slow government project execution, but 15%-20% revenue growth is targeted for FY 2025. New chemical capacity and international expansion are key focus areas.
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Q2 and H1 FY25 saw strong double-digit growth in revenue, EBITDA, and net profit, with robust order inflows and a healthy outlook for H2. Engineering and chemicals divisions led growth, while consumer segment investments continued. Margin improvement is constrained by a one-off contract impact.
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Q1 FY25 saw 18% revenue and 35% net profit growth year-over-year, with strong performance in engineering and chemicals. Execution of large projects is expected to accelerate in H2, while management transitions to professional leadership. International and domestic demand remain robust.