Ion Exchange (India) Ltd - Stock Valuation and Financial Performance

BSE: 500214 | NSE: IONEXCHANG | Engineering - Industrial Equipments | Small Cap

ION Exchage Share Price

532.10 8.90 1.70%
as on 12-Apr'24 10:20

DeciZen - make an informed investing decision on ION Exchage

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Ion Exchange (India) stock performance -

mw4me loader
P/E Ratio (SA):
37.78
Market Cap:
7,673.6 Cr.
52-wk low:
318.6
52-wk high:
687.6

Is Ion Exchange (India) Ltd an attractive stock to invest in?

1. Is Ion Exchange (India) Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ion Exchange (India) Ltd is a good quality company.

2. Is Ion Exchange (India) Ltd undervalued or overvalued?

The key valuation ratios of Ion Exchange (India) Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Ion Exchange (India) Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Ion Exchange (India) Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of ION Exchage:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ion Exchange (India) Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 10.3%13.6%14.7%18.4%14.9%16.3%20.3%25.7%21.4%21.1%-
Value Creation
Index
-0.30.00.10.30.10.20.50.80.50.5-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 7127328029269861,1021,4071,4021,5091,8922,064
Sales YoY Gr.-2.8%9.6%15.6%6.4%11.8%27.7%-0.4%7.7%25.4%-
Adj EPS 1.31.82.33.53.24.26.310.110.112.313.9
YoY Gr.-39.5%27.8%50.9%-6.6%29.6%50.2%60.5%0.1%20.9%-
BVPS (₹) 13.715.117.118.521.425.532.842.852.363.971.7
Adj Net
Profit
18.726.233.550.947.561.792.5149149180203
Cash Flow from Ops. -1.941.92415880.210564.719275.143.2-
Debt/CF from Ops. -39.11.22.60.61.70.81.20.20.40.6-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 11.5%13.9%10.4%25.4%
Adj EPS 28.4%30.5%24.8%20.9%
BVPS18.7%24.5%24.9%22.2%
Share Price 48.9% 68.1% 61.3% 60.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
9.712.414.319.516.317.921.626.821.321.120.4
Op. Profit
Mgn %
6.17.57.89.17.48.58.814.313.212.513.1
Net Profit
Mgn %
2.63.64.25.54.85.66.610.69.99.59.8
Debt to
Equity
0.40.20.30.30.40.20.20.100-
Working Cap
Days
231265283254240228202206198194135
Cash Conv.
Cycle
5111619343020-3-13054

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 10.37%

Net Profit is growing at healthy rate in last 3 years 24.78%

Sales growth is good in last 4 quarters at 19.36%

Return on Equity has declined versus last 3 years average to 20.40%

Latest Financials - Ion Exchange (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 13.9 14
TTM Sales (₹ Cr.) 2,064 2,214
BVPS (₹.) 71.7 64.1
Reserves (₹ Cr.) 1,037 926
P/BV 7.30 8.16
PE 37.78 37.45
From the Market
52 Week Low / High (₹) 318.63 / 687.55
All Time Low / High (₹) 1.00 / 687.55
Market Cap (₹ Cr.) 7,674
Equity (₹ Cr.) 14.7
Face Value (₹) 1
Industry PE 50

Management X-Ray of ION Exchage:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of ION Exchage

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales7127328029269861,1021,4071,4021,5091,892
Operating Expenses 6696777398489131,0091,2831,2051,3101,657
Manufacturing Costs30343538394553557377
Material Costs5004875326096627329588979401,228
Employee Cost 737586100115125149141164196
Other Costs 66808610096107124112134156
Operating Profit 435562797393124197199235
Operating Profit Margin (%) 6.0%7.5%7.8%8.5%7.4%8.5%8.8%14.1%13.2%12.4%
Other Income 881218304449374647
Interest 1115131518181612109
Depreciation 8101011121822262728
Exceptional Items 0000000000
Profit Before Tax 3138517173101134196209245
Tax 11121724253535505561
Profit After Tax 21263447486799146154185
PAT Margin (%) 2.9%3.6%4.3%5.1%4.8%6.0%7.0%10.4%10.2%9.8%
Adjusted EPS (₹)1.41.82.43.23.34.56.810.010.512.6
Dividend Payout Ratio (%)14%17%13%11%11%10%9%10%10%10%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 199219249271313374481627767937
Share Capital 15151515151515151515
Reserves 185204234256299360467612753923
Minority Interest0000000000
Debt684657761226969202216
Long Term Debt610152733261981216
Short Term Debt6236414889435012100
Trade Payables263270289346341395471505486520
Others Liabilities 121209253289332376415340383480
Total Liabilities 6517448479811,1081,2151,4361,4911,6581,954

Fixed Assets

Gross Block173178195101159184231254281330
Accumulated Depreciation961081151123405480103130
Net Fixed Assets77708090136144177174177200
CWIP 1523471212152042
Investments 52555557586162636468
Inventories42456010477109118102146185
Trade Receivables292327335391430428514453509699
Cash Equivalents 141519152251275354487513517
Others Assets173227295154150186200198229243
Total Assets 6517448479811,1081,2151,4361,4911,6581,954

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -2422415880105651927543
PBT 3138517173101134196209245
Adjustment 15201313-13115160
Changes in Working Capital -37-7-26963735-3529-80-130
Tax Paid -12-9-15-22-28-33-36-48-70-72
Cash Flow From Investing Activity 2-6-16-61-159-576-28-80-13
Capex -2-9-25-43-29-30-31-30-49-58
Net Investments 000-34-147-49-29-37-531
Others 43915162266382244
Cash Flow From Financing Activity -2-35-4433-73-23-70-22-24
Net Proceeds from Shares 0001000000
Net Proceeds from Borrowing 0000000000
Interest Paid -10-11-9-11-14-15-10-9-6-6
Dividend Paid -3-3-4-4-4-4-11-2-12-12
Others 11-22101851-54-1-59-3-6
Net Cash Flow -114102-47-254894-276
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)10.8112.5114.7718.116.3419.3623.1626.3422.1221.67
ROCE (%)16.4919.6122.1425.8322.5326.1429.4134.0630.0228.87
Asset Turnover Ratio1.21.091.051.050.950.951.060.960.961.05
PAT to CFO Conversion(x)-0.11.620.713.361.671.570.661.320.490.23
Working Capital Days
Receivable Days139148145138151142122126116117
Inventory Days21212331333129293032
Payable Days191200192190189183165198192150

Ion Exchange (India) Ltd Stock News

Ion Exchange (India) Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of ION Exchage on 12-Apr-2024 10:20 is ₹532.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 10:20 the market cap of ION Exchage stood at ₹7,673.6.
The latest P/E ratio of ION Exchage as of 12-Apr-2024 10:20 is 37.78.
The latest P/B ratio of ION Exchage as of 12-Apr-2024 10:20 is 7.30.
The 52-week high of ION Exchage is ₹687.5 and the 52-week low is ₹318.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of ION Exchage is ₹2,064 ( Cr.) .

About Ion Exchange (India) Ltd

Ion Exchange India pioneered water treatment in India and is today the country's premier company in water and environment management, with a strong international presence. Formed in 1964, as a subsidiary of the Permutit Company of UK, it became a wholly Indian company in 1985 when Permutit divested its holding. Ion Exchange currently employs 1,000 people -- multi-disciplinary teams of highly experienced professional managers, technologists and scientists, supported by a widespread infrastructure in India and abroad.

All operating units of the company are ISO 9001:2000 certified. It was the first ion exchange resin manufacturing company in India to have an FDA approved facility for the manufacture of pharmaceutical grade speciality resins. The resin unit is also ISO 14001 certified. And its chemical division, too, is the first in the water treatment sector in India to be ISO 14001 certified.

In its 40 years of experience, the company has provided installations for diverse industries in India and abroad, from nuclear and thermal power, fertilizer and refinery, to automobile, electronics and textile. The company has an in depth understanding and knowledge of the Indian market as well as of the cultural patterns prevailing particularly in South East Asia, Africa and the Middle East.

More than 35,000 plants in India and abroad are packaged, pre-engineered and custom built. Over 400 major installations at thermal and nuclear power plant stations, fertilizer factories, refineries, petrochemical and other industries. The company undertakes over $30 million worth projects in India on global tender basis and many projects abroad. Exports of equipment, ion exchange resins, membranes and water treatment chemicals to Japan, South East Asia, USA, Europe, Africa, Egypt, Middle East, Russia, Bangladesh, Nepal, Mauritius and Sri Lanka.

Products:

Drinking Water Purifiers, Water Conditioners, Sullage Recycle & Sewage Treatment Systems

Subsidiaries:

1. Ion Exchange Singapore Asia Pacific

To service the Pan Asian region for total water management it set up Ion Exchange Asia Pacific in Singapore. 

2. Ion Exchange Services 

Ion Exchange's investment in building an all-India service infrastructure, started almost two decades ago, is today serving the company in good stead. The service company's network, the largest in the water treatment industry in India, and recently extended to several countries overseas, offers a comprehensive range of technical and value-added services. 

3. Ion Exchange Enviro Farms

Like its core business, Ion Exchange's diversification into organic agri-horticulture, through Ion Exchange Enviro Farms, is a natural extension of its activities and shares the vision of a better world. An agri-business subsidiary, this company harnesses Ion Exchange India's four decades of water and environmental management experience into organic agri-horticulture. The company is among the first corporate in India to undertake scientific bio-intensive organic farming on a commercial scale. Its thrusts areas of business are environ farms, contract farming and produce marketing.

Joint Venture:

• Ion Exchange Waterleau

Their joint venture with Waterleau, Brussels specializes in environmental solutions and services with proprietary technologies encompassing air, water & waste water, bio solids, waste & soil remediation in municipal and industrial segments.

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