ION Exchange (India) Limited has informed the Exchange about Transcript
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Ion Exchange (India) filed the transcript of its Q4 FY25 earnings call held on May 30, 2025. For FY25, consolidated revenue grew ~17% YoY to INR 27,371 million with EBITDA at INR 2,939 million (+8% YoY) at 10.74% margin. Q4 saw revenue up ~7% YoY to INR 8,346 million but EBITDA fell ~7% YoY to INR 858 million (10.28% margin) and net profit declined ~13% YoY to INR 632 million. The engineering segment, the largest, is under margin pressure from legacy projects including the UP Jal Nigam order, whose remaining backlog was conservatively cut from Rs 719 crores to Rs 378 crores. Chemical segment grew well (FY revenue +15.5%, EBIT +17%) but had some Q4 margin compression from input costs. Consumer segment remains loss-making. The Roha resin plant (~Rs 400 crore capex, ~80% debt-funded) is in pre-commissioning and expected to commence in Q2 FY26. Management declined to give FY26 guidance, preferring to revisit after Q2.
The transcript highlights a mixed picture: strong top-line growth but margin pressure, especially in engineering from legacy projects, and elevated debtor days (~160 days vs 140-145 earlier). Conservative commentary, refusal to give FY26 guidance, and downward revision of UP order backlog may weigh on sentiment, though the Roha plant ramp-up in H2 FY26 and a healthy INR 2,762 crore order book offer medium-term positives.