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Ion Exchange (India) Ltd (IONEXCHANG)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500214 NSE: IONEXCHANG Environmental Services | Small Cap | ION Exchage Share Price

₹374 1.40 (0.38%)

As on 20-Aug'26 13:44

Ion Exchange (India) Ltd (IONEXCHANG)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500214 NSE: IONEXCHANG Environmental Services | Small Cap | ION Exchage Share Price

₹374 1.40 (0.38%)

As on 20-Aug'26 13:44

Key Metrics
Valuation Multiples
Market Cap
₹5,465 Cr.
Current Price
₹374
52-Week Low / High
₹312 / 486
TTM EPS
₹7
TTM Sales
₹2,797 Cr.
Book Value per Share
₹95.5
P/E Ratio
53.11
Higher than its 5-year historical median
Industry PE
37.7
Price to Book (P/B)
3.90
Lower than its 5-year historical median
Price to Sales (P/S)
1.95
Lower than its 5-year historical median
EV/EBITDA
22.54
Higher than its 5-year historical median
Dividend Yield
0.4%
Profitability Efficiency
Return on Equity (ROE)
10.40%
Underperforms industry median
Return on Capital Employed (ROCE)
12.84%
Underperforms industry median
Return on Assets (ROA)
4.51%
Operating Profit Margin
11.3%
Net Profit Margin
5.17%
Gross Profit Margin
9.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
16.51%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-34.72%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-35.48%
Asset Quality
Promoter Holding
25.43%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,386 Cr.
Equity
₹14.7 Cr.
Face Value
₹1
All Time Low / High
₹1.00 / 767.00

Ion Exchange (India) stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Weak
Q.1 Is Ion Exchange (India) Ltd a good quality company?
Ion Exchange (India) Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Ion Exchange (India) Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Ion Exchange (India) Ltd vs industry peers?
Ion Exchange (India) Ltd revenue CAGR is 12.54%, compared to the industry median CAGR of 20.89%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Ion Exchange (India) Ltd?
Promoters hold 25.43% of the Ion Exchange (India) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Ion Exchange (India) Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 28.2% based on the current price.

10 Year X-Ray :

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

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

Sales 8029269861,1021,4071,4021,5091,8922,1802,5402,797
Sales YoY Gr.-15.6%6.4%11.8%27.7%-0.4%7.7%25.4%15.2%16.5%-
Adj EPS 2.33.53.24.26.310.110.112.31414.57
YoY Gr.-50.9%-6.6%29.6%50.2%60.5%0.1%21.2%13.8%3.9%-
BVPS (₹) 17.118.521.425.532.842.852.360.473.386.695.5
Adj Net
Profit
33.550.947.561.792.5149149180205213103
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

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% 11.3% -9.3% -16.3%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
14.319.516.317.921.626.821.321.820.918.27.7
Op. Profit
Mgn %
7.89.17.48.58.814.313.212.712.411.35.7
Net Profit
Mgn %
4.25.54.85.66.610.69.99.59.48.43.7
Debt to
Equity
0.30.30.40.20.20.100.100.2-
Working Cap
Days
283254240228202206198192208226130
Cash Conv.
Cycle
1619343020-3-129475745

Valuation of ION Exchage - Standalone

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

data not found
No data found!

Management X-Ray

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 (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales9269861,1021,4071,4021,5091,8922,1802,5402,679
Operating Expenses + 8489131,0091,2831,2051,3101,6521,9122,2532,492
Manufacturing Costs3839455355737782120123
Material Costs6096627329588979401,2211,3901,6341,755
Employee Cost 100115125149141164196242275332
Other Costs 10096107124112134157198224283
Operating Profit 797393124197199240268287187
Operating Profit Margin (%) 8.5%7.4%8.5%8.8%14.1%13.2%12.7%12.3%11.3%7.0%
Other Income + 18304449374645495395
Exceptional Items 000000000-15
Interest 15181816121011101123
Depreciation 11121822262728334058
Profit Before Tax 7173101134196209246274288187
Tax 24253535505561707448
Profit After Tax 47486799146154185204214138
PAT Margin (%) 5.1%4.8%6.0%7.0%10.4%10.2%9.8%9.4%8.4%5.2%
Adjusted EPS (₹)3.23.34.56.810.010.512.613.914.69.4
Dividend Payout Ratio (%)10.90%10.80%9.90%8.90%10.10%9.50%9.90%10.80%10.30%13.30%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 2713133744816277678871,0741,2701,390
Share Capital 15151515151515151515
Reserves 2562993604676127538721,0601,2561,375
Debt +76122696920223344206326
Long Term Debt273326198121644198308
Short Term Debt488943501210180818
Minority Interest0000000000
Trade Payables346341395471505486523651735847
Others Liabilities 289332376415340383481554674684
Total Liabilities 9811,1081,2151,4361,4911,6581,9242,3232,8843,246

Fixed Assets

Net Fixed Assets +90136144177174177204263290637
Gross Block101159184231254281336423487887
Accumulated Depreciation1123405480103132160197250
CWIP 347121215204261322175
Investments 57586162636459858687
Inventories10477109118102146186189241386
Trade Receivables3914304285144535096979221,0991,073
Cash Equivalents 152251275354487513517535424271
Others Assets 154150186200198229219269422618
Total Assets 9811,1081,2151,4361,4911,6581,9242,3232,8843,246
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 1588010565192755512426-56
PBT 7173101134196209246274288187
Adjustment 13-131151651441
Changes in Working Capital 963735-3529-80-124-83-197-227
Tax Paid -22-28-33-36-48-70-72-68-69-57
Cash Flow From Investing Activity + -61-159-576-28-80-22-161-169-38
Capex -43-29-30-31-30-49-59-115-317-249
Net Investments -34-147-49-29-37-531-66116179
Others 15162266382236203232
Cash Flow From Financing Activity + 433-73-23-70-22-27-12148111
Net Proceeds from Shares 1000000000
Net Proceeds from Borrowing 00000000172147
Interest Paid -11-14-15-10-9-6-8-6-7-19
Dividend Paid -4-4-4-11-2-12-12-15-18-18
Others 1851-54-1-59-3-61011
Net Cash Flow 102-47-254894-276-48517
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)18.116.3419.3623.1626.3422.1222.3920.8218.310.4
ROCE (%)25.8322.5326.1429.4134.0630.0229.7827.722.8612.84
Asset Turnover Ratio1.050.950.951.060.960.961.061.030.980.87
PAT to CFO Conversion(x)3.361.671.570.661.320.490.30.610.12-0.41
Working Capital Days
Receivable Days137.70150.60141.90122.10125.80116.30116.30135.50145.20147.90
Inventory Days3133.2030.8029.5028.7030.103231.3030.9042.70
Payable Days190.30189.20183.40164.90198.30192.40150.80154.20154.70164.50

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Announcements

Ion Exchange (India) Ltd FAQs

The current trading price of ION Exchage on 20-Aug-2026 13:44 is ₹374.0.

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 19-Aug-2026 the market cap of ION Exchage stood at ₹5,464.8 Cr

The latest P/E ratio of ION Exchage as of 19-Aug-2026 is 53.11.

The latest P/B ratio of ION Exchage as of 19-Aug-2026 is 3.90.

The 52-week high of ION Exchage is ₹485.8 and the 52-week low is ₹312.3.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of ION Exchage is ₹2,797 ( Cr.) .

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

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.

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.

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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