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Ion Exchange

IONEXCHANG NSE

Key Fundamentals

MicrocapWater Supply & ManagementUtilities
Market Cap
₹6,346 Cr
Volatility
Moderate
P/E Ratio
66.62
EBITDA
₹297 Cr
Return on Equity
10.68%
Debt to Equity
0.36
Book Value
₹91.33
EPS
₹14.16
52W High
₹486
52W Low
₹312.7

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

3
  • Promoter holding is low: 25.4%
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 11.2% of profits over last 3 years

Growth Rate

Revenue Growth
7.74% lower than 3Y
Net Income Growth
-31.25% lower than 3Y
Cash Flow Change
-189% lower than 3Y
ROE
-37.98% lower than 3Y
ROCE
-37.04% higher than 3Y
EBITDA Margin (Avg.)
-19.53% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk high

Ion Exchange (India) Ltd trades at a market cap of ₹6,208 Cr with a PE of 42.7x despite a TTM profit decline of 26% and FY26 PAT margin compression to ~4.9%. The company has a strong long-term revenue CAGR of 13% over 10 years and operates in a structurally growing water treatment sector, but near-term profitability is under significant pressure from legacy project costs and margin erosion.

Bull Case 8
  • 10-year compounded profit CAGR of 26% demonstrates long-term earnings power and scalability of the business model
  • 10-year compounded sales CAGR of 13% and 5-year sales CAGR of 15% reflect consistent top-line growth in a secular demand environment
  • Jal Jeevan Mission allocation of ₹67,670 Cr in FY27 budget — nearly 4x the FY26 revised estimate — provides a massive addressable opportunity for water treatment players
  • Recent international order win of $52.83 million (~₹503 Cr) from Hyundai Engineering signals growing export competitiveness and order book diversification
  • FY26 full-year revenue grew 7% YoY to ₹2,915 Cr, showing resilience in top-line despite margin headwinds
  • 5-year ROE average of 20% and 10-year ROE average of 22% indicate historically efficient capital deployment
  • Roha manufacturing plant commissioning expected to drive chemical segment growth and improve margins once fully ramped up
  • 10-year stock CAGR of 29% reflects substantial long-term wealth creation track record
Bear Case 8
  • TTM profit declined 26% with Q4 FY26 net profit crashing 62% YoY to ₹24.1 Cr, indicating severe near-term earnings deterioration
  • PE ratio of 42.7x is elevated relative to the compressed TTM earnings, implying the stock prices in a recovery that is not yet visible in results
  • FY26 PAT margin fell to ~4.9% for the full year, with Q4 FY26 PAT margin at just 2.8% and EBITDA margin at 2.3%, reflecting deep margin erosion
  • Promoter holding is low at 25.4%, which limits promoter alignment and increases vulnerability to market volatility or hostile actions
  • Last year ROE dropped to 12% from a 3-year average of 17%, signaling deteriorating return on equity
  • Dividend payout has been low at 11.2% of profits over the last 3 years with a current yield of just 0.3%, offering minimal income support
  • Company might be capitalizing interest costs, which could overstate reported asset values and understate true operating expenses
  • 1-year stock return of -10% and 3-year CAGR of -7% show the market has de-rated the stock amid earnings disappointment

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Positives 1
  • $52.83M Middle East order win Jul 10

    Ion Exchange secured a USD 52.83 million contract from Hyundai Engineering for filtration units in the Middle East, with execution timeline of 18 months.

TL;DR: Ion Exchange has secured a significant international order worth $52.83M for filtration units in the Middle East, reinforcing its export capabilities and order book strength. No notable headwinds emerged in the period. The trend is positive with fresh order inflow providing revenue visibility over the next 18 months.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
479
533
554
782
568
644
691
835
583
734
734
863
700
Expenses
430
473
483
690
503
576
615
749
521
665
675
844
669
Operating Profit
48.78
60.39
70.58
91.99
64.21
68.3
75.47
85.74
62.54
68.49
59.25
19.74
31.74
OPM %
10.18%
11.33%
12.74%
11.77%
11.31%
10.6%
10.93%
10.27%
10.72%
9.33%
8.07%
2.29%
4.53%
Other Income
8.69
10.65
9.44
16.85
11.43
14.53
8.91
14.84
18.2
14.62
-4.43
43.13
6.36
Interest
2.05
3.56
3.22
3.23
2.93
3.62
3.3
3.61
2.56
3.08
7.57
10.79
8.95
Depreciation
7.87
8.5
9.62
10.42
10.44
10.89
11.33
11.83
12.26
12.17
18.57
19.6
21.75
PBT
47.55
58.98
67.18
95.19
62.27
68.32
69.75
85.14
65.92
67.86
28.68
32.48
7.4
Tax %
29.93%
28.2%
29.68%
23.89%
28.09%
25.88%
28.9%
25.72%
26.52%
26.44%
28.31%
25.22%
58.65%
Net Profit
33.32
42.35
47.24
72.45
44.78
50.64
49.59
63.24
48.44
49.92
20.56
24.29
3.06
EPS in Rs
2.27
2.9
3.24
4.96
3.07
3.47
3.31
4.32
3.32
3.38
1.38
1.65
0.28
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
798
868
1,009
1,046
1,162
1,480
1,450
1,577
1,990
2,348
2,737
2,915
3,032
Expenses
750
810
935
966
1,053
1,342
1,243
1,361
1,731
2,072
2,440
2,701
2,853
Operating Profit
49
58
74
80
109
138
207
216
258
275
297
214
179
OPM %
6%
7%
7%
8%
9%
9%
14%
14%
13%
12%
11%
7%
6%
Other Income
4
7
12
21
34
36
31
42
42
45
49
71
60
Interest
17
17
21
22
21
19
15
13
12
15
17
28
30
Depreciation
12
13
12
13
20
24
28
28
29
36
44
63
72
PBT
24
35
54
66
102
131
195
217
259
269
285
195
136
Tax %
52%
51%
46%
40%
35%
28%
27%
26%
25%
27%
27%
27%
—
Net Profit
11
17
29
40
66
94
143
162
195
195
208
143
98
EPS in Rs
0.67
1.05
2.07
2.74
4.45
6.38
9.81
11.1
13.41
13.37
14.17
9.73
6.69
Div. Payout %
43%
28%
16%
12%
10%
9%
10%
9%
9%
11%
10%
12%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
14
14
14
14
14
14
14
14
14
14
14
14
Reserves
142
156
153
186
246
349
492
641
819
1,004
1,194
1,325
Borrowings
86
90
111
165
110
122
62
55
59
152
323
482
Other Liabilities
437
456
689
699
795
896
875
914
1,047
1,271
1,449
1,550
Total Liabilities
679
715
967
1,064
1,164
1,382
1,443
1,625
1,939
2,441
2,979
3,371
Fixed Assets
85
103
99
145
161
194
190
192
215
367
392
753
CWIP
14
2
34
7
12
12
15
20
42
61
323
176
Investments
2
2
3
4
5
5
5
9
10
12
13
16
Other Assets
578
608
831
909
987
1,172
1,234
1,404
1,672
2,001
2,250
2,427
Total Assets
679
715
967
1,064
1,164
1,382
1,443
1,625
1,939
2,441
2,979
3,371
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
45
50
176
86
127
102
197
91
63
130
32
-28
Investing
-17
-25
-75
-167
-70
-17
-27
-93
-41
-160
-165
-36
Financing
-29
-17
-3
31
-79
-28
-75
-27
-15
8
128
100
Net Cash Flow
-1
8
98
-50
-22
56
96
-28
6
-22
-4
35
Free Cash Flow
29
21
132
57
96
70
167
42
3
10
-287
-280
CFO/OP
113
111
270
143
147
100
119
75
53
74
35
17
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
164
153
151
153
133
124
113
118
128
145
148
135
Inventory Days
55
53
68
55
65
51
52
70
65
59
63
87
Days Payable
221
215
206
197
207
188
219
202
162
174
165
177
Cash Conversion Cycle
-2
-9
12
11
-9
-13
-54
-14
31
31
46
44
Working Capital Days
5
3
-48
-72
-64
-51
-53
-27
5
16
33
53
ROCE %
16%
20%
27%
27%
33%
35%
40%
36%
34%
27%
22%
14%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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62 extracted metrics + investor summaries across FY10–FY26.

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Shareholding Pattern

Public31.42%Promot.25.43%FIIs4.86%DIIs15.32%Others22.97%As ofJun 2026

Documents

Frequently Asked Questions about Ion Exchange

What does Ion Exchange (India) Ltd do?
Ion Exchange (India) is engaged in a wide range of solutions across the water cycle from pre-treatment to process water treatment, waste water treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc.(Source : 201903 Annual Report Page No: 63)
Where is Ion Exchange (India) Ltd (IONEXCHANG) listed?
Ion Exchange (India) Ltd trades as IONEXCHANG on the NSE and under code 500214 on the BSE.
Which sector does Ion Exchange (India) Ltd belong to?
Ion Exchange (India) Ltd is classified under the Utilities sector, in the Water Supply & Management industry.
What is the market capitalisation of Ion Exchange (India) Ltd?
Ion Exchange (India) Ltd has a market capitalisation of ₹6,346 Cr, which places it in the Mid Cap band.
What is the PE ratio of Ion Exchange (India) Ltd?
Ion Exchange (India) Ltd trades at a PE ratio of 66.62, on earnings per share of ₹14.16, against a book value of ₹91.33 per share.
What is the 52-week high and low of Ion Exchange (India) Ltd?
Over the last 52 weeks Ion Exchange (India) Ltd has traded between ₹312.7 and ₹486.
Does Ion Exchange (India) Ltd pay dividends?
Ion Exchange (India) Ltd has a dividend yield of 0.29%.
What is the Return on Equity (ROE) of Ion Exchange (India) Ltd?
Ion Exchange (India) Ltd reported a return on equity of 10.68%. Its debt-to-equity ratio is 0.36.

Company Information

Ion Exchange (India) is engaged in a wide range of solutions across the water cycle from pre-treatment to process water treatment, waste water treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc.(Source : 201903 Annual Report Page No: 63)

Website ionexchangeglobal.com
CEO Mr. Rajesh Sharma B.Sc., LL.B.
Employees 2,521
Listed 2022-02-22
Face Value ₹ 1
Issued Size 14,66,66,590

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