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Ion Exchange (India) Limited IONEXCHANG NSEINFRA

Industrials · Pollution & Treatment Controls · India
https://www.ionexchangeglobal.com

Ion Exchange (India) Limited, together with its subsidiaries, provides water and environmental management solutions in India and internationally. It operates through Engineering, Chemicals, and Consumer Products segments. The company offers raw water, process, post, and drinking water treatment; waste water, water recycling, and zero liquid discharge systems; sludge dewatering and waste to energy systems; ion exchange process, membrane process, ion exchange membrane process, and 3D modelling systems; and resin, incudes water purification equipment; and catalyst grade, adsorbent grade, chemical and special process, pharma grade, nuclear grade, hydrometallurgy, food and beverage, bio diesel, and sugar refining resins. It also provides membranes, such asnano filtration, ultra-filtration, low pressure and seawater RO, fouling resistant, and brackish resistant membranes; and specialty chemical treatment programmes, including cooling and boiler water treatment products, fireside treatment products, coagulants, flocculants, membrane cleaning chemicals, and water testing kits. In addition, the company offers INDION online controllers and transmitters, water quality monitoring instruments, water quality measuring indicators, remote monitoring systems, and online effluent monitoring systems; and consultancy, operator training, design engineering, project financing, and operations and maintenance services, as well as installation, commissioning, rehabilitation, and plant automation services. It serves automotive, cement, chemicals, electronics, food and beverage, fertilizers, paper and pulp, pharma, power, refinery and petrochemicals, steel and metallurgy, mining and minerals, sugar, and textiles industries; educational, hospitality, hospital, laboratory, railway, and defense institutions; communities and municipalities; and residential and commercial establishments industries. The company was incorporated in 1964 and is based in Mumbai, India.

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₹362.05
-33.78% 1Y

Market & Price

Market Cap
₹4,450.70 Cr
Current Price
₹362.05
High / Low (52W)
₹565.89 / ₹317.25
Beta
0.46

Valuation

Stock P/E
30.12
Industry PE
27.78
Forward P/E
20.11
PEG Ratio
-
Book Value
₹109.04
Price to Book
3.32
P/S
1.53
EV/EBITDA
21.21
Dividend Yield
0.35%

Profitability & Returns

ROCE
12.39%
ROE
11.23%
ROA
2.90%
Profit Margin
4.90%
Op Margin
0.03%
EPS (Latest Qtr)
₹2.04
EPS (TTM)
₹12.02

Balance Sheet & Liquidity

Debt/Equity
0.36
Quick Ratio
0.86
Current Ratio
1.46
Debt
₹482.19 Cr
Total Assets
₹3,379.93 Cr
Current Assets
₹2,356.72 Cr
Working Capital
₹743.30 Cr

Ownership

Promoter Holding
44.45%
Chg in Prom Hold
-
FII / Inst Holding
19.76%
Chg in FII Hold
-

Financial Snapshot

Enterprise Value
₹4,456.89 Cr
Total Revenue (TTM)
₹2,914.84 Cr
EBITDA
₹210.15 Cr
Free Cash Flow
₹-181.91 Cr
Operating Cash Flow
₹-28.47 Cr
Shares Outstanding
₹12.29 Cr
Gross Margin
36.41%
Payout Ratio
12.46%

Growth (CAGR)

Revenue 5Y
13.79%
Profit 5Y
-10.16%
Revenue (YoY)
3.40%
Earnings (YoY)
-61.90%

PROS

  • Compounding revenue at 13.8% over 5 years.

CONS

  • Earnings shrank at -10.2% CAGR over 5 years.
  • Trading 36.0% below its 52-week high.
  • In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 IONEXCHANG Ion Exchange (India) Limited NSEINFRA 362.05 30.12 ₹4,450.70 Cr 0.35% 12.39% 11.23% 13.79% -10.16%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 4,076.50 34.84 ₹5.61 L Cr 0.93% 14.55% 16.95% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,804.60 30.96 ₹4.16 L Cr 0.42% 11.02% 15.59% 22.93% 34.11%
4 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,303.80 31.55 ₹2.88 L Cr 1.16% 13.80% 23.98% 7.87% 16.08%
5 POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA 38,445.00 172.41 ₹1.71 L Cr 0.02% 24.92% 21.04% 22.24% 119.12%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 4,405.00 - ₹1.70 L Cr 0.24% 15.53% - 44.12% 72.60%
7 CUMMINSIND Cummins India Limited NSEINFRA 5,881.00 68.97 ₹1.63 L Cr 1.12% 34.95% 29.45% 16.07% 24.35%
8 CGPOWER CG Power and Industrial Solutions Limited NSEINFRA 917.45 118.99 ₹1.44 L Cr 0.14% 19.35% 19.56% 21.67% 7.81%
9 POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA 9,477.50 53.48 ₹1.43 L Cr 0.37% 30.44% 24.58% 26.57% 28.11%
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Quarterly Results

Figures in INR.

Metric Sep 2024Dec 2024Mar 2025Jun 2025Dec 2025Mar 2026
Revenue 644.47 Cr690.51 Cr834.56 Cr583.19 Cr734.44 Cr863.27 Cr
Cost of Revenue 408.76 Cr436.56 Cr541.24 Cr343.58 Cr461.52 Cr589.11 Cr
Gross Profit 235.71 Cr253.95 Cr293.32 Cr239.61 Cr272.92 Cr274.16 Cr
Operating Expenses 178.30 Cr189.81 Cr219.31 Cr189.33 Cr232.24 Cr273.89 Cr
Operating Income 57.41 Cr64.14 Cr74.01 Cr50.28 Cr40.68 Cr27.00 L
EBITDA 82.83 Cr84.38 Cr100.58 Cr80.74 Cr54.82 Cr62.87 Cr
Interest Expense 3.62 Cr3.30 Cr3.61 Cr2.56 Cr7.57 Cr10.79 Cr
Pretax Income 68.32 Cr69.75 Cr85.14 Cr65.92 Cr28.68 Cr32.48 Cr
Tax Provision 17.68 Cr20.16 Cr21.90 Cr17.48 Cr8.12 Cr8.19 Cr
Net Income 50.94 Cr48.56 Cr63.35 Cr48.70 Cr20.30 Cr24.14 Cr
Diluted EPS 4.304.105.344.111.712.04

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue -1,978.60 Cr2,337.87 Cr2,737.11 Cr2,914.84 Cr
Cost of Revenue -1,243.44 Cr1,465.75 Cr1,725.41 Cr1,853.58 Cr
Gross Profit -735.16 Cr872.12 Cr1,011.70 Cr1,061.26 Cr
Operating Expenses -501.08 Cr624.63 Cr762.37 Cr913.71 Cr
Operating Income -234.08 Cr247.49 Cr249.33 Cr147.55 Cr
EBITDA -295.51 Cr315.55 Cr343.43 Cr281.54 Cr
Interest Expense -7.72 Cr10.25 Cr13.46 Cr24.00 Cr
Pretax Income -258.70 Cr268.89 Cr285.48 Cr194.94 Cr
Tax Provision -63.74 Cr73.54 Cr77.23 Cr51.73 Cr
Net Income -196.74 Cr196.02 Cr207.81 Cr142.67 Cr
Diluted EPS -16.5916.5317.5312.03

Compounded Sales Growth

5 Years:13.79%
1 Year:3.40%

Compounded Profit Growth

5 Years:-10.16%
1 Year:-61.90%

Stock Price Performance

1 Year:-33.78%
6 Months:+4.62%
3 Months:-5.92%
1 Month:-8.87%

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets -1,940.14 Cr2,449.37 Cr2,986.92 Cr3,379.93 Cr
Current Assets -1,627.91 Cr1,950.64 Cr2,180.27 Cr2,356.72 Cr
Cash & Equivalents -175.36 Cr153.64 Cr149.29 Cr184.56 Cr
Inventory -222.26 Cr236.54 Cr298.99 Cr441.39 Cr
Receivables -696.79 Cr934.78 Cr1,133.91 Cr1,074.69 Cr
Total Liabilities -1,104.34 Cr1,429.56 Cr1,777.44 Cr2,039.61 Cr
Current Liabilities -1,051.35 Cr1,259.08 Cr1,468.15 Cr1,613.42 Cr
Long Term Debt -15.68 Cr109.05 Cr252.06 Cr357.58 Cr
Total Debt -59.23 Cr152.41 Cr322.60 Cr482.19 Cr
Total Equity -833.49 Cr1,017.91 Cr1,207.87 Cr1,339.03 Cr
Shares Outstanding -14.67 Cr14.67 Cr14.67 Cr14.67 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow -62.73 Cr129.94 Cr32.05 Cr-28.47 Cr
Investing Cash Flow --40.41 Cr-160.05 Cr-164.57 Cr-44.46 Cr
Financing Cash Flow --15.31 Cr8.36 Cr128.20 Cr100.11 Cr
Capital Expenditure --59.84 Cr-120.33 Cr-320.39 Cr-254.14 Cr
Free Cash Flow -2.88 Cr9.61 Cr-288.34 Cr-282.61 Cr
Net Change in Cash -7.01 Cr-21.74 Cr-4.32 Cr27.18 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % -37.2%37.3%37.0%36.4%
Operating Margin % -11.8%10.6%9.1%5.1%
Net Margin % -9.9%8.4%7.6%4.9%
ROE % -23.6%19.3%17.2%10.7%
ROCE % -26.3%20.8%16.4%8.4%

Shareholding Pattern

Insiders
44.45%
Institutions
19.76%
Public Float
35.58%

Analyst View

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