Ion Exchange (India) Limited , a pioneer in water and environment solutions, has reported a robust 31% year-over-year increase in consolidated operating income for Q2 FY26, reaching INR 7,339 million. The company's financial results, released on November 6, 2025, showcase significant growth despite some margin pressures.

Financial Highlights

For the half-year period ending September 30, 2025, Ion Exchange reported consolidated revenue growth of 8.7%, reaching INR 13,171 million, with a net profit of INR 984 million.

Operational Developments

The company has made significant strides in expanding its manufacturing capabilities:

1. SAP Migration: Ion Exchange completed the migration to a SAP environment, enhancing its operational efficiency.

2. New Manufacturing Plant: The company commenced stage-wise commissioning of its greenfield resin manufacturing plant at Roha, Maharashtra, strengthening its production capacity.

3. Strategic Partnership: Ion Exchange entered into a partnership with MANN+HUMMEL Water & Membrane Solutions for local membrane manufacturing, aiming to reduce import dependence and enhance cost efficiency in water treatment projects across India.

Segment Performance

Engineering

The segment showed sequential improvement in order flow, driven by medium-sized opportunities. The company secured orders in ultra-pure and high-purity water projects for solar and pharmaceutical segments.

Services

The division recorded strong growth, acquiring several high-value long-term Operation & Maintenance (O&M) contracts.

Chemicals

This segment maintained its margin profile while recording sequential and year-on-year improvement in turnover.

Consumer Products

The segment continues to record volume growth, maintaining leadership in the softener segment and expanding market share in other segments through focused marketing strategies.

Order Book and Future Outlook

As of September 30, 2025, Ion Exchange's engineering order book stands at INR 9,011 crores, indicating a strong pipeline of projects. The company's focus on expanding its standard system facilities and innovative off-the-shelf engineering products suggests a strategy for sustained growth.

While the company faces some margin pressures due to elevated infrastructure costs designed for higher volumes, its diverse product portfolio and strategic expansions position it well for future growth in the water treatment and environmental solutions market.

Ion Exchange's continued investment in research and development, with over 50 patents and 100+ commercialized products, underscores its commitment to innovation in the water and wastewater treatment sector.

As the company navigates challenges such as the execution of the UP Jal Nigam Order and the completion of its Sri Lanka contract, its strong order book and strategic initiatives provide a solid foundation for future performance.

Ion Exchange (India) Limited , a pioneer in water and environment solutions, has set its sights on a robust order book exceeding ₹2,500 crores, with a strategic focus on industrial and municipal water treatment projects. The company is emphasizing key growth areas including exports, desalination, and zero-liquid-discharge systems to drive its expansion.

Strategic Growth Initiatives

Ion Exchange is actively investing in research and development, along with membrane manufacturing, to broaden its portfolio of sustainable water-tech solutions. This move is aimed at strengthening the company's global presence and cementing its position as a leader in the water treatment industry.

Financial Performance

According to the company's recent earnings presentation for Q2/H1-FY26:

The company has shown growth in its operating income and maintained stable profitability margins in the first half of FY26.

Order Book and Business Segments

As of September 30, 2025, Ion Exchange reported:

• Total Order Book: ~₹2,711 Cr
• Engineering Projects: ~₹2,269 Cr
• Outstanding Sri Lanka Order: ~₹104 Cr
• Outstanding UP Jal Nigam Order: ~₹338 Cr
• Bid Pipeline: ~₹9,011 Cr

The company's business is divided into three main segments:

1. Engineering (61% of revenue): Provides comprehensive water and wastewater treatment solutions.
2. Chemicals (29% of revenue): Offers resins, specialty chemicals, and chemical treatment programs.
3. Consumer Products (10% of revenue): Caters to various establishments with safe drinking water solutions.

Recent Developments

• Ion Exchange has entered a strategic partnership with MANN+HUMMEL Water & Membrane Solutions to manufacture Hollow-Fiber Ultrafiltration (UF) and Membrane Bioreactor (MBR) membranes in India.
• The company has commenced the stage-wise commissioning of its greenfield resin manufacturing plant at Roha, Maharashtra, enhancing its manufacturing capabilities.

Market Position

With a strong presence in both domestic (65%) and export (35%) markets, Ion Exchange continues to serve a diverse clientele including major industrial, institutional, and international customers.

As Ion Exchange expands its order book and focuses on technological advancements in water treatment, the company appears well-positioned to capitalize on the growing demand for water and wastewater management solutions both in India and globally.