ION EXCHANGE (INDIA) LTD

Designs, builds and commissions water and wastewater treatment systems, manufactures water treatment chemicals and resins, and sells consumer water purification products. The Engineering segment — water and wastewater treatment plants and filtration units for industrial and municipal customers — generated ₹1,757.76 crore, or 58.5% of segment revenue in FY26, but earned only a 5.1% EBIT margin. The Chemicals segment, producing treatment chemicals and resins for industrial water users, brought in ₹867.72 crore (28.9% of segment revenue) at a 21.0% EBIT margin. The Consumer Products segment, selling home water purifiers and related items to retail buyers, earned ₹379.42 crore (12.6%) but recorded a small EBIT loss. The order book stands at ₹23,378 million with a bid pipeline of ₹95,090 million, supported by recent wins including a USD 52.83 million (~₹503 crore) contract from Hyundai Engineering & Construction for Middle East filtration units, commissioning of an IOCL Raw Water Treatment Plant, and a technology partnership with MANN + HUMMEL for UF membranes. Materials are the largest input cost at 61.5% of revenue, followed by employee costs at 14.2% and capex at 8.7%.