Ion Exchange (India) Ltd (IONEXCHANG) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 500214 | NSE: IONEXCHANG | Environmental Services | Small Cap

ION Exchage Share Price

367.65 -0.95 -0.26%
as on 14-Nov'25 16:59

Ion Exchange (India) Ltd (IONEXCHANG) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 500214 | NSE: IONEXCHANG | Environmental Services | Small Cap

DeciZen - make an informed investing decision on ION Exchage

Based on:

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Ion Exchange (India) stock performance -

Key Ratios
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P/E Ratio (SA):
25.36
Market Cap:
5,392.2 Cr.
52-wk low:
365.4
52-wk high:
744

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 Weak which suggest that the price of Ion Exchange (India) Ltd is likely to Fall 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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 22.1%25.8%22.5%26.1%29.4%34.1%30%29.8%27.7%22.9%-
Value Creation
Index
0.60.90.60.91.11.41.11.11.10.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 8029269861,1021,4071,4021,5091,8922,1802,5402,631
Sales YoY Gr.-15.6%6.4%11.8%27.7%-0.4%7.7%25.4%15.2%16.5%-
Adj EPS 2.33.53.24.26.310.110.112.31414.514.5
YoY Gr.-50.9%-6.6%29.6%50.2%60.5%0.1%21.2%13.8%3.9%-
BVPS (₹) 17.118.521.425.532.842.852.360.473.386.691.8
Adj Net
Profit
33.550.947.561.792.5149149180205213213
Cash Flow from Ops. 2415880.210564.719275.154.712426.2-
Debt/CF from Ops. 2.60.61.70.81.20.20.40.80.48.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 13.7%12.5%19%16.5%
Adj EPS 22.7%18.2%12.7%3.9%
BVPS19.8%21.4%18.3%18.2%
Share Price 28.2% 36.9% 15.2% -42.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
14.319.516.317.921.626.821.321.820.918.216.3
Op. Profit
Mgn %
7.89.17.48.58.814.313.212.712.411.310.4
Net Profit
Mgn %
4.25.54.85.66.610.69.99.59.48.48.1
Debt to
Equity
0.30.30.40.20.20.100.100.20.2
Working Cap
Days
283254240228202206198192208226127
Cash Conv.
Cycle
1619343020-3-129475944

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 18.95%

Net Profit is growing at healthy rate in last 3 years 12.74%

Sales growth is good in last 4 quarters at 12.31%

Return on Equity has declined versus last 3 years average to 16.30%

Latest Financials - Ion Exchange (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 14.5 14.3
TTM Sales (₹ Cr.) 2,631 2,842
BVPS (₹.) 91.8 88.2
Reserves (₹ Cr.) 1,332 1,278
P/BV 4.00 4.17
PE 25.36 25.66
From the Market
52 Week Low / High (₹) 365.35 / 744.00
All Time Low / High (₹) 1.00 / 767.00
Market Cap (₹ Cr.) 5,392
Equity (₹ Cr.) 14.7
Face Value (₹) 1
Industry PE 31.1

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 (%)

Valuation of ION Exchage - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

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Key Ratios of ION Exchage

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales8029269861,1021,4071,4021,5091,8922,1802,540
Operating Expenses 7398489131,0091,2831,2051,3101,6521,9122,253
Manufacturing Costs353839455355737782120
Material Costs5326096627329588979401,2211,3901,634
Employee Cost 86100115125149141164196242275
Other Costs 8610096107124112134157198224
Operating Profit 62797393124197199240268287
Operating Profit Margin (%) 7.8%8.5%7.4%8.5%8.8%14.1%13.2%12.7%12.3%11.3%
Other Income 12183044493746454953
Interest 13151818161210111011
Depreciation 10111218222627283340
Exceptional Items 0000000000
Profit Before Tax 517173101134196209246274288
Tax 17242535355055617074
Profit After Tax 3447486799146154185204214
PAT Margin (%) 4.3%5.1%4.8%6.0%7.0%10.4%10.2%9.8%9.4%8.4%
Adjusted EPS (₹)2.43.23.34.56.810.010.512.613.914.6
Dividend Payout Ratio (%)13%11%11%10%9%10%10%10%11%10%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 2492713133744816277678871,0741,270
Share Capital 15151515151515151515
Reserves 2342562993604676127538721,0601,256
Minority Interest0000000000
Debt5776122696920223344206
Long Term Debt15273326198121644198
Short Term Debt414889435012101808
Trade Payables289346341395471505486523651735
Others Liabilities 253289332376415340383481554674
Total Liabilities 8479811,1081,2151,4361,4911,6581,9242,3232,884

Fixed Assets

Gross Block195101159184231254281336423487
Accumulated Depreciation1151123405480103132160197
Net Fixed Assets 8090136144177174177204263290
CWIP 2347121215204261322
Investments 55575861626364598586
Inventories6010477109118102146186189241
Trade Receivables3353914304285144535096979221,125
Cash Equivalents 19152251275354487513517535424
Others Assets 295154150186200198229219269395
Total Assets 8479811,1081,2151,4361,4911,6581,9242,3232,884

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 241588010565192755512426
PBT 517173101134196209246274288
Adjustment 1313-1311516514
Changes in Working Capital -26963735-3529-80-124-83-197
Tax Paid -15-22-28-33-36-48-70-72-68-69
Cash Flow From Investing Activity -16-61-159-576-28-80-22-161-169
Capex -25-43-29-30-31-30-49-59-115-317
Net Investments -0-34-147-49-29-37-531-66116
Others 9151622663822362032
Cash Flow From Financing Activity -4433-73-23-70-22-27-12148
Net Proceeds from Shares 0100000000
Net Proceeds from Borrowing 000000000154
Interest Paid -9-11-14-15-10-9-6-8-6-7
Dividend Paid -4-4-4-4-11-2-12-12-15-18
Others 101851-54-1-59-3-61019
Net Cash Flow 4102-47-254894-276-485

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)14.7718.116.3419.3623.1626.3422.1222.3920.8218.3
ROCE (%)22.1425.8322.5326.1429.4134.0630.0229.7827.722.86
Asset Turnover Ratio1.051.050.950.951.060.960.961.061.030.98
PAT to CFO Conversion(x)0.713.361.671.570.661.320.490.30.610.12
Working Capital Days
Receivable Days145138151142122126116116136147
Inventory Days23313331292930323131
Payable Days192190189183165198192151154155

Ion Exchange (India) Ltd Stock News

Ion Exchange (India) Ltd FAQs

The current trading price of ION Exchage on 14-Nov-2025 16:59 is ₹367.6.
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 13-Nov-2025 the market cap of ION Exchage stood at ₹5,392.2.
The latest P/E ratio of ION Exchage as of 13-Nov-2025 is 25.36.
The latest P/B ratio of ION Exchage as of 13-Nov-2025 is 4.00.
The 52-week high of ION Exchage is ₹744.0 and the 52-week low is ₹365.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of ION Exchage is ₹2,631 ( 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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