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Ion Exchange (India) Ltd.

•
ionexchangeglobal.comBSE: 500214NSE: IONEXCHANG
Market Cap₹ 6,432 Cr.
Current Price
High / Low₹ 486 / 313
Stock P/E65.6
Book Value₹ 92
Price to Book3.40
Dividend Yield0.28 %
ROCE13.5 %
ROE11.2 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Engineering: 58.9% • Chemicals: 28.1% • Consumer Products: 13.0%

AI Sector View

AI GENERATED

Utilities

Buy

Utilities are backed by firm electricity demand and output. Power generation grew 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), and core electricity output rose 9.0% YoY (2026-07). Sector-specific FPI flows are mildly positive at INR 148 crore over 3 months to 2026-08-31, adding to the supportive fundamental case.

Confidence
73%
View full sector analysis →

PROS

  • Company has a healthy return on capital (ROCE) of 21.3%
  • Company has consistently been profitable over the last 5 years
  • Company comfortably covers its interest (8.1x coverage)
  • Company has a consistent dividend-paying track record
  • Company maintains a comfortable, low leverage position

CONS

  • Operating cash flow has been negative in recent years
  • Recent results are weak - TTM profit is down 56.2% versus prior year
  • A large part of profit comes from other income (44.4% of PBT)
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.24x)
  • Free cash flow has been persistently negative
  • Total debt has risen sharply - up 50.0% year on year

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

UtilitiesBusiness ServicesEnvironmental Services
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.WABAG2131.3533.7313319.140.2390.1036.93886.8020.8221.229.59
2.IONEXCHANG438.5565.586432.060.283.06-93.68700.4620.1113.464.59
3.REFEX273.1515.243748.400.5564.55216.87916.30139.0924.0611.67
4.AWHCL376.9518.311069.860.130.75-96.74260.995.5213.1114.25
5.ECORECO445.3536.33872.740.009.1713.3516.1975.2234.2456.27
6.CEWATER280.20112.36579.910.00-17.57-526.5485.35-16.656.86-18.72
7.RACE97.0022.25167.390.001.03150.00191.0621.9110.231.99
8.BANKA77.56238.3385.080.00-0.04-295.0010.55-5.29-8.2017.27
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
479533554782568644691835583734734863700
430473483690503576615749521665675843699
Operating Profit4960719264687586636859201
OPM %10.18%11.33%12.74%11.79%11.31%10.60%10.93%10.29%10.72%9.33%8.07%2.30%0.15%
91091711148151814-5436
Interest24333434338119
Depreciation881010101111121212192022
Profit before Tax4858679562686985656828337
Tax %29.95%28.73%29.96%23.84%28.25%25.95%29.14%25.69%26.70%26.58%29.36%25.11%58.65%
Net Profit000045515063485021243
2.813.584.006.143.794.304.105.344.114.181.712.040.35

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,0091,0461,1621,4801,4501,5771,9902,3482,7372,9153,032
9359661,0531,3421,2451,3621,7322,0752,4412,7012,883
Operating Profit7480109138204215258273296214149
OPM %7.37%7.67%9.37%9.32%14.10%13.64%12.96%11.63%10.80%7.33%4.90%
1221333533424146507058
Interest2122211915131215172730
Depreciation1213202428282936446372
Profit before Tax5466102131195217259269285195135
Tax %46.25%39.81%35.28%28.06%26.51%25.60%24.64%27.35%27.05%26.54%28.55%
Net Profit2940669414316219519520814397
EPS24.9734.4656.9980.22121.41137.3016.5913.7814.6110.03—
Dividend Payout %16.38%12.40%9.81%9.12%9.89%8.74%9.04%10.89%10.27%12.47%—

COMPOUNDED SALES GROWTH

10 Years:
13%
5 Years:
15%
3 Years:
14%

COMPOUNDED PROFIT GROWTH

10 Years:
25%
5 Years:
0%
3 Years:
-10%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
-7%
1 Year:
5%

RETURN ON EQUITY

10 Years:
24%
5 Years:
21%
3 Years:
17%
Last Year:
11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Aug 31

₹ 1.25

Rs.1.2500 per share(125%)Dividend

2025

Sep 2

₹ 1.50

Rs.1.5000 per share(150%)Dividend

2024

Sep 3

₹ 1.50

Rs.1.5000 per share(150%)Final Dividend

2023

Aug 30

₹ 1.25

Rs.12.5000 per share(125%)Dividend

2022

Aug 29

₹ 1

Rs.10.0000 per share(100%)Dividend

2021

Aug 12

₹ 1

Rs.10.0000 per share(100%)Final Dividend

2018

Aug 28

₹ 0.35

Rs.3.5000 per share(35%)Dividend

2017

Sep 5

₹ 0.35

Rs.3.5000 per share(35%)Dividend

2016

Aug 30

₹ 0.30

Rs.3.0000 per share(30%)Dividend

2015

Sep 4

₹ 0.30

Rs.3.0000 per share(30%)Dividend

2026

Aug 18

₹ 1.25

Rs.1.2500 per share(125%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital14141414141414141414
Minority Interest4322-0-12221
1531862463494926418191,0041,1941,325
120174118121656065147296410
Trade Payables391364415494535523551695779900
283323369401332377476579695715
Total Liabilities9651,0641,1641,3811,4381,6161,9292,4412,9793,366
99145161194190192215367392753
Capital Work in Progress347121215204261318175
34555910121316
129101130134128181222237299441
534010889351,1071,075
Cash & Bank168263290373505536548588466319
528541563663586670883242384587
Total Assets9651,0641,1641,3811,4381,6161,9292,4412,9793,366

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
20011516013824716313713032-28
Cash from Investing-72-166-70-18-29-92-40-160-165-44
Cash from Financing-331-79-28-75-27-158128100
101-49-235693-277-22-427

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
26.2025.9025.7825.7625.7025.6625.5825.5225.43
5.435.445.835.505.274.854.684.634.86
12.8313.2413.6213.8814.0914.2914.2214.8015.32
Government0.000.000.000.000.000.000.000.000.00
55.5555.4354.7754.8754.9555.2055.5255.0554.39

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-19
Copy of Newspaper Publication

2026-08-19 - ION Exchange (India) Limited has informed the Exchange about Copies of Newspaper Publication pertaining to the Notice of 62nd Annual General Meeting of the Company

2026-08-18
Updates

2026-08-18 - ION Exchange (India) Limited has informed the Exchange regarding Intimation under Regulation 30 - Letter sent to Shareholders of the Company.

2026-08-18
Shareholders meeting

2026-08-18 - ION Exchange (India) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 11, 2026

2026-08-17
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - ION Exchange (India) Limited has informed the Exchange about Transcript of the Conference Call held on Monday, August 10, 2026

2026-08-14
Copy of Newspaper Publication

2026-08-14 - ION Exchange (India) Limited has informed the Exchange about the copies of Newspaper Publication in respect of the information regarding the 62nd Annual General Meeting of the Company.

2026-08-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - ION Exchange (India) Limited has informed the Exchange about Link of Recording

2026-08-10
Investor Presentation

2026-08-10 - ION Exchange (India) Limited has informed the Exchange about Investor Presentation

2026-08-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - ION Exchange (India) Limited has informed the Exchange about the Earnings Presentation for the first quarter ended June 30, 2026.

2026-08-10
Investor Presentation

2026-08-10 - ION Exchange (India) Limited has informed the Exchange about Investor Presentation

News

Recent coverage and analyst commentary for IONEXCHANG

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