Synopsis: An international contract worth USD 52.83 million has been awarded by Hyundai Engineering & Construction Co., Ltd. for the supply of filtration units in the Middle East, to be executed over 18 months.
Water and filtration infrastructure demand across the Middle East continues to generate high-value contracts for Indian specialists, and one of the country’s oldest and most established water treatment solution providers has just secured a significant international order from one of South Korea’s largest engineering and construction majors for a Middle East deployment.
With a market capitalization of Rs. 6,943 crore, the shares of Ion Exchange (India) Limited were trading at Rs. 479 per share, hitting an upper circuit of 19 percent after the announcement, and it is trading at a P/E of approximately 43x.
Order Update
Ion Exchange (India) Limited has been awarded an international contract by Hyundai Engineering & Construction Co., Ltd. for the supply of filtration units in the Middle East, aggregating to USD 52.83 million (approximately Rs. 503 crore at prevailing exchange rates). The project is scheduled to be executed over a period of 18 months. The contract is international in nature and does not involve any related party transactions.
The order adds meaningfully to the company’s engineering order book, which stood at Rs.26,433 million (approximately Rs. 2,643 crore) as of March 31, 2026, comprising engineering projects of Rs.2,338 crore, outstanding Sri Lanka projects of Rs.10 crore, and outstanding UP SWSM projects of Rs.296 crore.
The company also maintains a strong bid pipeline of approximately Rs. 9,509 crore, indicating a healthy funnel of future business. The Middle East win, backed by Hyundai E&C as the contracting entity, is a strong validation of the company’s international engineering credentials in water filtration and treatment.
Financial Snapshot & Business Overview
Ion Exchange (India) Limited is a Mumbai-headquartered water and environment management company, established in 1964, offering end-to-end solutions across water treatment, process chemicals, and engineering services. The company operates across three verticals, Engineering, Chemicals, and Consumer Products, serving industrial, municipal, and residential customers domestically and internationally.
On a consolidated basis for FY26, the company reported operating income of Rs.2,915 crore (Rs.29,148 million), up 6.5% from Rs.2,737 crore in FY25. However, operating EBITDA declined 28.5% to Rs.210 crore (Rs.2,102 million), with EBITDA margin contracting sharply to 7.21% from 10.74% in FY25, as expense growth 10.7% faster than revenue.
Profit after tax for FY26 came in at Rs.143 crore (Rs.1,432 million), down 31.3% from Rs.208 crore in FY25, impacted by higher depreciation, finance costs, and an exceptional expense of Rs.169 million. Q4 FY26 showed some sequential recovery with operating income of Rs.863 crore and PAT of Rs.24 crore, though year-on-year margin pressure persisted.
With a strong engineering order book and a large bid pipeline, the Hyundai E&C contract is a timely addition that could support revenue visibility and margin recovery heading into FY27, even as investors will monitor execution pace and cost discipline closely.
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