ION Exchange (India) Limited — Investor Meet, 09-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

**Ion Exchange Q3 & 9M FY26 Earnings Call Highlights:**

**Financial Performance:** Q3 operating income rose 6% YoY to INR 734.4 Cr, but EBITDA fell 21% to INR 59.3 Cr (8.07% margin) and PAT was INR 20.6 Cr (2.81% margin). 9M operating income grew 8% YoY to INR 2,051.6 Cr, with EBITDA at INR 190.2 Cr (9.27% margin) and PAT at INR 118.9 Cr (5.8% margin). An exceptional INR 16.9 Cr provision was made for Labour Codes.

**Operational Updates & Outlook:**

Engineering revenue was flat YoY at INR 429.7 Cr, impacted by deferred international dispatches to Q4 and muted UP Jal Nigam execution. Order inflow grew sequentially; the order book stands at INR 2,833 Cr, with Q3 inflow of INR 516 Cr, including INR 205 Cr in solar contracts. The Chemical division saw revenue up 16% YoY to INR 230.7 Cr, but EBIT fell 18% to INR 43.1 Cr due to product mix and Roha facility costs. Roha's commissioning progresses, expecting gradual scale-up, with 40-45% capacity online. Consumer Products revenue jumped 28% YoY to INR 98.7 Cr, with continued investment supporting healthy volume growth.

**Management & Investor Angle:**

Management highlighted headwinds in engineering (legacy projects, UPJJM funding) and chemicals (input costs, Roha ramp-up), expecting Q4 to improve for engineering. Roha's margins are projected to be better than existing facilities once fully stabilized (expected 25% utilization next FY). The Union Budget offers tailwinds for infrastructure, water, semiconductors, and textiles. While the worst isn't fully behind due to ongoing legacy issues, the company is selective in new projects, focuses on high-purity water segments, and aims for continuous improvement in profitability.