Remember when “system upgrade” meant a faster laptop and not weeks of lost revenue? Ion Exchange kicked off FY26 with a SAP migration that swallowed April sales in chemicals like a black hole. Yet, revenue managed a 3% YoY uptick to ₹583 crore, PAT rose 8%, and EBITDA margin stayed in double digits (10.75%). Meanwhile, the much-talked-about Roha resin plant is this close to commissioning, and the UP Jal Nigam saga still drags on like your cousin’s MBA story.
Why it matters? Because between order delays, legacy drags, and tariff tremors, Ion’s growth hinges on execution discipline — and one shiny new plant delivering as promised.
Stick around—things get spicier two scrolls down.
AT A GLANCE
• Revenue ₹583 cr – +3% YoY, SAP ate April’s chemical sales
• EBITDA ₹62.7 cr – margin 10.75%, down 2% YoY
• PAT ₹48.4 cr – margin 8.3%, +8% YoY
• Engineering EBIT +48% – courtesy one-time cost rebate
• Chemical EBIT –5% – SAP delay, not margin erosion
• Consumer up 36% – still loss-making but less bleed (₹9 cr vs ₹34 cr)
• Order book ₹2,664 cr – bid pipeline ₹9,200+ cr
MANAGEMENT’S KEY COMMENTARY
Vasant Naik (CFO): “SAP transition hurt volumes, but operations now stabilised.”
Translation: April was a write-off, we’ve stopped tripping over our own software.
On engineering: “EBIT up 48% due to one-time EPC cost rebate; without it, margins lower than last year.”
Translation: Don’t frame that margin jump — it’s a collector’s edition.
On chemicals: “Lost almost entire April; Roha resin plant to commission in Q2.”
Translation: April ghosted us, Roha’s our rebound.
On tariffs: “Previous US tariffs didn’t hit our products; new changes under review.”
Translation: We’ll panic only if we have to.
On UP Jal Nigam: “Execution slow due to fund flow; receivables elevated.”
Translation: We’re in queue at the UP treasury ATM.
On consumer products: “Broad growth from B2C, commercial, rural; new products like alkaline water.”
Translation: Selling more ways to drink fancy water.
On order inflows: “Being selective, lost a couple of bids last year, no big wins this quarter.”
Translation: Quality over quantity, but quantity would be nice.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹583 cr (+3% YoY) | ₹62.7 cr (-2% YoY) | EBITDA 10.75%, PAT 8.3% |
| SAP delays hit chemicals; engineering flat YoY | One-time rebate props up engineering EBIT | Without rebate, engg margins lower than FY25 |
Analysis: Top line grew modestly, aided by consumer segment’s 36% jump. Engineering segment’s EBIT shine is a one-off. Chemical
