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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

₹447.25 12.20 (2.80%)

As on 11-Sep'26 15:50

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

₹447.25 12.20 (2.80%)

As on 11-Sep'26 15:50

Key Metrics
Valuation Multiples
Market Cap
₹6,381 Cr.
Current Price
₹447.3
52-Week Low / High
₹312 / 486
TTM EPS
₹6.7
TTM Sales
₹3,032 Cr.
Book Value per Share
₹91.5
P/E Ratio
65.06
Higher than its 5-year historical median
Industry PE
32.3
Price to Book (P/B)
4.75
Lower than its 5-year historical median
Price to Sales (P/S)
2.10
Lower than its 5-year historical median
EV/EBITDA
25.64
Higher than its 5-year historical median
Dividend Yield
0.28%
Profitability Efficiency
Return on Equity (ROE)
11.25%
Underperforms industry median
Return on Capital Employed (ROCE)
13.46%
Underperforms industry median
Return on Assets (ROA)
4.51%
Operating Profit Margin
7.3%
Net Profit Margin
4.91%
Gross Profit Margin
9.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
5.47%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-27.76%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-31.24%
Asset Quality
Promoter Holding
25.43%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,327 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

Strong
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 13.83%, compared to the industry median CAGR of 29.24%, 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 30.9% 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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 25.8%22.5%26.1%29.4%34.1%30%29.8%27.7%22.9%12.8%-
Value Creation
Index
0.90.60.91.11.41.11.11.10.7-0.1-

Growth Parameters

Sales 9269861,1021,4071,4021,5091,8922,1802,5402,6792,797
Sales YoY Gr.-6.4%11.8%27.7%-0.4%7.7%25.4%15.2%16.5%5.5%-
Adj EPS 3.53.24.26.310.110.112.31414.58.37
YoY Gr.--6.6%29.6%50.2%60.5%0.1%21.2%13.8%3.9%-43.2%-
BVPS (₹) 18.521.425.532.842.852.360.473.386.694.895.5
Adj Net
Profit
50.947.561.792.5149149180205213121103
Cash Flow from Ops. 15880.210564.719275.154.712426.2-55.7-
Debt/CF from Ops. 0.61.70.81.20.20.40.80.48.7-6.9-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 12.5%13.8%12.3%5.5%
Adj EPS 10.1%-4%-12.4%-43.2%
BVPS19.9%17.3%16.2%9.4%
Share Price 31.1% 14.2% -6.7% 7.1%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
19.516.317.921.626.821.321.820.918.29.17.4
Op. Profit
Mgn %
9.17.48.58.814.313.212.712.411.375.7
Net Profit
Mgn %
5.54.85.66.610.69.99.59.48.44.53.7
Debt to
Equity
0.30.40.20.20.100.100.20.3-
Working Cap
Days
254240228202206198192208226261130
Cash Conv.
Cycle
19343020-3-12947577045

Valuation of ION Exchage - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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
Sales1,0091,0461,1621,4801,4501,5771,9902,3482,7372,915
Operating Expenses + 9359661,0531,3421,2451,3621,7322,0752,4412,701
Manufacturing Costs4242485656758087125128
Material Costs6576767289658929461,2431,4651,7251,854
Employee Cost 122137151181174199236297342415
Other Costs 114111127139123142173227249305
Operating Profit 7480109138204215258273296214
Operating Profit Margin (%) 7.4%7.7%9.4%9.3%14.1%13.6%13.0%11.6%10.8%7.3%
Other Income + 12213335334241465087
Exceptional Items 000000000-17
Interest 21222119151312151727
Depreciation 12132024282829364463
Profit Before Tax 5466102131195217259269285195
Tax 25263637525664747752
Profit After Tax 29406694143162195195208143
PAT Margin (%) 2.9%3.8%5.7%6.4%9.9%10.3%9.8%8.3%7.6%4.9%
Adjusted EPS (₹)2.12.84.66.610.111.413.813.814.610.0
Dividend Payout Ratio (%)16.40%12.40%9.80%9.10%9.90%8.70%9%10.90%10.30%12.50%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1672002603635066568331,0181,2081,339
Share Capital 14141414141414141414
Reserves 1531862463494926418191,0041,1941,325
Debt +981469391413943121268381
Long Term Debt3033261981216109252358
Short Term Debt681136772332727121623
Minority Interest4322-0-12221
Trade Payables391364415494535523551695779900
Others Liabilities 305351394431356399498605722745
Total Liabilities 9651,0641,1641,3811,4381,6161,9292,4412,9793,366

Fixed Assets

Net Fixed Assets +99145161194190192215367392753
Gross Block1111692042532763033545366031,024
Accumulated Depreciation1224435987111139170211271
CWIP 347121215204261323176
Investments 34555910121316
Inventories129101130134128181222237299441
Trade Receivables4164374245024495086979351,1071,075
Cash Equivalents 168263290373505536548588466319
Others Assets 116107142161147171194242378586
Total Assets 9651,0641,1641,3811,4381,6161,9292,4412,9793,366
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 17686127102197916313032-28
PBT 5466101130195217258267284193
Adjustment 29132519282214222248
Changes in Working Capital 1183634-1124-76-134-84-203-205
Tax Paid -24-29-34-36-50-71-75-75-72-65
Cash Flow From Investing Activity + -72-166-70-18-29-92-40-160-165-44
Capex -44-29-30-32-30-50-60-120-319-251
Net Investments -36-146-49-26-37-62-6-62117182
Others 98940372025223725
Cash Flow From Financing Activity + -331-79-28-75-27-158128100
Net Proceeds from Shares 1000000000
Net Proceeds from Borrowing 00000000161145
Interest Paid -14-17-18-13-12-8-8-12-11-22
Dividend Paid -4-5-5-12-3-12-12-15-19-19
Others 1453-56-3-60-6536-3-3
Net Cash Flow 101-49-235693-277-22-427
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)17.221.7328.6530.2232.9927.8426.1821.118.7111.25
ROCE (%)27.8227.4333.5435.9741.0436.4834.0627.8622.6813.46
Asset Turnover Ratio1.251.041.041.161.031.031.121.071.010.92
PAT to CFO Conversion(x)6.072.151.921.091.380.560.320.670.15-0.2
Working Capital Days
Receivable Days135.80147.60135.20114.20119.70110.70110.50126.80136.20136.60
Inventory Days36.7039.8036.3032.603335.703735.7035.7046.40
Payable Days200.70204195.40171.80210.50204.30157.90155.20155.90165.30

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Announcements

Ion Exchange (India) Ltd FAQs

The current trading price of ION Exchage on 11-Sep-2026 15:50 is ₹447.2.

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 10-Sep-2026 the market cap of ION Exchage stood at ₹6,380.7 Cr

The latest P/E ratio of ION Exchage as of 10-Sep-2026 is 62.01.

The latest P/B ratio of ION Exchage as of 10-Sep-2026 is 4.55.

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 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

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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