ION Exchange (India) Limited has submitted to the Exchange, the financial results for the second quarter and half year ended September 30, 2025.
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On the reaction day the stock moved 1.2 pts less than Nifty Microcap 250 and 0.2 pts less than its Other Utilities peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Ion Exchange (India) reported standalone Q2 FY26 revenue from operations of Rs. 67,824 lacs, up about 15% from Rs. 58,893 lacs in Q2 FY25, while profit after tax dipped slightly to Rs. 4,787 lacs from Rs. 5,074 lacs. For the half year, standalone revenue grew to Rs. 119,607 lacs (vs Rs. 110,502 lacs) but PAT slipped to Rs. 9,475 lacs (vs Rs. 9,657 lacs). On a consolidated basis, Q2 revenue rose to Rs. 73,394 lacs (from Rs. 64,447 lacs) and PAT was broadly flat at Rs. 4,992 lacs. The Engineering and Chemicals segments drove growth, while the Consumer Products segment continued to report losses. Operating cash flow remained negative on both standalone ((Rs. 1,427 lacs)) and consolidated ((Rs. 826 lacs)) bases. Auditor Deloitte Haskins & Sells LLP issued an unmodified review report but flagged an Emphasis of Matter for subsidiary IEEFL regarding an ongoing SEBI matter where SEBI has directed a deposit of Rs. 22.02 crores, with the next hearing on January 20, 2026.
Topline growth is healthy but the bottom line is being squeezed by rising material costs, leading to margin compression and a marginal PAT dip, which may weigh on sentiment. The SEBI-related Emphasis of Matter on the IEEFL subsidiary is an ongoing overhang, though the company believes no liability will arise.