Ion Exchange Q4 FY26: ₹863 Cr revenue, ₹24 Cr profit

Stock snapshot and key levels

Ion Exchange (India) Ltd. trades on NSE as IONEXCHANG and on BSE as 500214, and is classified under Environmental Services. The stock was shown at ₹402.70, up ₹6.40 (1.61%) on BSE at 04:01 PM. The day’s range was ₹397.80 to ₹408.95. The 52-week high was ₹580.65 and the 52-week low was ₹312.30. The same data set also listed the current share price as ₹404.85.

Market capitalisation mentioned in the update

The market capitalisation was stated as ₹5,937.79689615 crore, based on the latest share price. This puts Ion Exchange among mid-sized listed water and environmental solutions players, where order book and execution pace often drive quarterly swings. With multiple domestic and international projects, investors tend to track margin movement alongside revenue growth.

Q4 consolidated performance: revenue up, margins tight

For the fourth quarter, on a consolidated basis, the company reported operating income of ₹863.3 crore, an increase of around 3% year-on-year. EBITDA stood at ₹19.9 crore, with an EBITDA margin of 2.31%. Net profit came in at ₹24.3 crore, and the PAT margin was 2.81%. The numbers point to a quarter where the top line improved modestly but profitability remained compressed.

FY26 results: revenue growth, EBITDA decline

For the financial year 2026, Ion Exchange reported operating income of ₹2,914.8 crore, up around 7% year-on-year. However, EBITDA was ₹210.2 crore, down 29% year-on-year. The EBITDA margin was reported at 7.21%. Net profit for the year was ₹143.2 crore, with a PAT margin of 4.91%.

This combination of higher revenue and lower EBITDA suggests cost and execution factors played a meaningful role through the year, even as demand and project activity continued.

Segment notes: engineering, other businesses, and consumer products

In the Engineering segment, revenue for the quarter was ₹553.9 crore, described as flat year-on-year. Management commentary also pointed to a healthy inquiry pipeline, with quarter-on-quarter and year-on-year growth in order inflows, driven mainly by medium-sized opportunities across sectors.

Separately, one business line reported quarterly revenue of ₹229.7 crore, up around 3% year-on-year, with EBIT of ₹33.4 crore. The update also said this business has been showing sequential and year-on-year improvement in turnover and has secured strategic contracts with key customers.

For the Consumer Products division, revenue for the quarter was ₹104.7 crore, up 34% year-on-year. The division posted a loss of ₹4.6 crore, compared with a loss of ₹5.2 crore in the same quarter of the previous year.

Project execution updates: Sri Lanka and IOCL Panipat

The company said the closure of the Sri Lanka project continues to progress as planned, with completion expected by the end of Q2 FY27. During the quarter, Ion Exchange also achieved commissioning of the raw water treatment plant for the IOCL Panipat Refinery project, described as the largest water treatment package awarded in India.

Such milestones matter because commissioning events often mark a shift from installation to stable operations, invoicing milestones, or performance testing phases, depending on contract terms.

Technology partnership with MANN+HUMMEL

Ion Exchange disclosed a technology transfer and manufacturing collaboration with MANN+HUMMEL, a global filtration technology company. The partnership includes manufacture of ultra-filtration membranes and transfer of membrane bio-reactor technology to India. The company said this strengthens its membrane portfolio and enhances its technology offering.

Order book and pipeline: visibility through FY27

As of March 31, the engineering order book stood at ₹2,643.3 crore, which the company said provides healthy revenue visibility. Another update cited a consolidated order book of ₹2,833.0 crore as of 31 December 2025, with order inflow of ₹516.0 crore in Q3. Q3 operating income was stated at ₹734.4 crore, a 6% year-on-year increase. For the first nine months of FY26, operating income was cited at ₹2,051.6 crore, an 8% increase.

The company also referenced a bid pipeline of more than ₹9,200 crore, indicating active participation in new tenders.

Big international wins: Oman DBOOT and Malawi JV

Ion Exchange’s subsidiary in Oman, Ion Exchange and Company LLC, received an order from Petroleum Development Oman. The update described it as a 20-year DBOOT contract valued at OMR 73.46 million, approximately ₹1,730 crore, with execution said to be progressing as per schedule.

The company also entered a project joint venture in Malawi to execute a water treatment package valued at USD 18.1 million, awarded by the Northern Region Water Board Malawi.

Domestic solar-linked water contracts and capex mention

A separate note highlighted two domestic solar contracts worth ₹205 crore in total. It split the orders as ₹95 crore from Rayzon Energy and ₹110 crore from INOX Solar, for ultrapure water systems and associated effluent treatment infrastructure. Another operational update mentioned the Roha facility being 40% to 45% commissioned, with total capex of ₹450 crore.

Key figures at a glance

Market impact and why investors track these data points

For a project-focused water solutions company, the immediate market focus typically stays on three variables visible in the update: revenue growth, margin movement, and order book conversion. FY26 revenue growth of around 7% alongside a 29% decline in EBITDA is a clear signal that execution mix and cost dynamics mattered materially through the year. At the same time, long-duration contracts like the Oman 20-year DBOOT can improve revenue visibility, even if cash flow timing depends on contract structure and milestones.

Conclusion

Ion Exchange closed FY26 with higher operating income but weaker EBITDA year-on-year, while continuing to report a sizeable order book and multiple project milestones. The next confirmed operational marker is the targeted Sri Lanka project completion by end of Q2 FY27, alongside ongoing execution of the Oman contract and other domestic wins.