Ion Exchange (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Engineering: 60.9% • Chemicals: 24.9% • Consumer Products: 14.2%
AI Sector View
AI GENERATEDUtilities
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.
PROS
- Company has a healthy return on capital (ROCE) of 21.1%
- Company comfortably covers its interest (9.0x 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 53.6% versus prior year
- A large part of profit comes from other income (50.9% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.17x)
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 69.3% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| WABAG | 2131.35 | 33.73 | 13319.14 | 0.23 | 90.10 | 36.93 | 886.80 | 20.82 | 21.22 | 9.59 |
| IONEXCHANG | 438.55 | 65.58 | 6432.06 | 0.28 | 3.06 | -93.68 | 700.46 | 20.11 | 13.46 | 4.59 |
| REFEX | 273.15 | 15.24 | 3748.40 | 0.55 | 64.55 | 216.87 | 916.30 | 139.09 | 24.06 | 11.67 |
| AWHCL | 376.95 | 18.31 | 1069.86 | 0.13 | 0.75 | -96.74 | 260.99 | 5.52 | 13.11 | 14.25 |
| ECORECO | 445.35 | 36.33 | 872.74 | 0.00 | 9.17 | 13.35 | 16.19 | 75.22 | 34.24 | 56.27 |
| CEWATER | 280.20 | 112.36 | 579.91 | 0.00 | -17.57 | -526.54 | 85.35 | -16.65 | 6.86 | -18.72 |
| RACE | 97.00 | 22.25 | 167.39 | 0.00 | 1.03 | 150.00 | 191.06 | 21.91 | 10.23 | 1.99 |
| BANKA | 77.56 | 238.33 | 85.08 | 0.00 | -0.04 | -295.00 | 10.55 | -5.29 | -8.20 | 17.27 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 449 | 484 | 512 | 735 | 516 | 589 | 650 | 785 | 518 | 678 | 669 | 814 | 636 | |
| 397 | 425 | 443 | 647 | 456 | 522 | 576 | 702 | 462 | 617 | 613 | 803 | 633 | |
| Operating Profit | 52 | 59 | 69 | 88 | 61 | 67 | 74 | 83 | 56 | 61 | 56 | 11 | 2 |
| OPM % | 11.56% | 12.10% | 13.46% | 11.92% | 11.74% | 11.37% | 11.45% | 10.61% | 10.85% | 8.96% | 8.41% | 1.36% | 0.34% |
| 10 | 10 | 10 | 17 | 13 | 13 | 11 | 15 | 20 | 16 | -0 | 45 | 13 | |
| Interest | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 3 | 2 | 2 | 7 | 10 | 8 |
| Depreciation | 8 | 8 | 9 | 9 | 9 | 10 | 10 | 11 | 11 | 11 | 17 | 18 | 20 |
| Profit before Tax | 52 | 59 | 69 | 94 | 62 | 68 | 73 | 85 | 63 | 64 | 32 | 27 | 15 |
| Tax % | 25.62% | 25.78% | 27.72% | 23.95% | 26.32% | 25.00% | 26.88% | 24.24% | 25.63% | 25.34% | 25.12% | 28.39% | 25.83% |
| Net Profit | 39 | 44 | 50 | 72 | 46 | 51 | 53 | 65 | 47 | 48 | 24 | 20 | 11 |
| 3.16 | 3.56 | 4.04 | 5.84 | 3.73 | 4.13 | 4.34 | 5.25 | 3.81 | 3.89 | 1.96 | 1.59 | 0.93 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 926 | 986 | 1,102 | 1,407 | 1,402 | 1,509 | 1,892 | 2,180 | 2,540 | 2,679 | 2,797 | |
| 848 | 913 | 1,009 | 1,283 | 1,205 | 1,310 | 1,652 | 1,912 | 2,253 | 2,492 | 2,666 | |
| Operating Profit | 79 | 73 | 93 | 124 | 197 | 199 | 240 | 268 | 287 | 187 | 130 |
| OPM % | 8.51% | 7.42% | 8.46% | 8.80% | 14.05% | 13.20% | 12.70% | 12.28% | 11.29% | 6.99% | 4.66% |
| 18 | 30 | 44 | 49 | 37 | 46 | 45 | 49 | 53 | 80 | 74 | |
| Interest | 15 | 18 | 18 | 16 | 12 | 10 | 11 | 10 | 11 | 23 | 27 |
| Depreciation | 11 | 12 | 18 | 22 | 26 | 27 | 28 | 33 | 40 | 58 | 67 |
| Profit before Tax | 71 | 73 | 101 | 134 | 196 | 209 | 246 | 274 | 288 | 187 | 139 |
| Tax % | 34.08% | 34.44% | 34.14% | 26.13% | 25.48% | 26.12% | 24.68% | 25.61% | 25.53% | 25.85% | 25.94% |
| Net Profit | 47 | 48 | 67 | 99 | 146 | 154 | 185 | 204 | 214 | 138 | 103 |
| EPS | 39.21 | 39.78 | 55.47 | 81.85 | 118.75 | 125.44 | 15.06 | 13.92 | 14.62 | 9.43 | — |
| Dividend Payout % | 10.92% | 10.75% | 9.91% | 8.88% | 10.05% | 9.51% | 9.90% | 10.78% | 10.26% | 13.25% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 14%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 15%
- 5 Years:
- -1%
- 3 Years:
- -9%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -7%
- 1 Year:
- 5%
RETURN ON EQUITY
- 10 Years:
- 20%
- 5 Years:
- 19%
- 3 Years:
- 17%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| 256 | 299 | 360 | 467 | 612 | 753 | 872 | 1,060 | 1,256 | 1,375 | |
| 95 | 147 | 94 | 98 | 44 | 43 | 55 | 67 | 231 | 355 | |
| Trade Payables | 346 | 341 | 395 | 471 | 505 | 486 | 523 | 651 | 735 | 847 |
| 269 | 307 | 352 | 386 | 316 | 362 | 459 | 531 | 648 | 655 | |
| Total Liabilities | 981 | 1,108 | 1,215 | 1,436 | 1,491 | 1,658 | 1,924 | 2,323 | 2,884 | 3,246 |
| 90 | 136 | 144 | 177 | 174 | 177 | 204 | 263 | 290 | 637 | |
| Capital Work in Progress | 34 | 7 | 12 | 12 | 15 | 20 | 42 | 61 | 317 | 175 |
| 57 | 58 | 61 | 62 | 63 | 64 | 59 | 85 | 86 | 87 | |
| 104 | 77 | 109 | 118 | 102 | 146 | 186 | 189 | 241 | 386 | |
| 3 | 1 | 3 | 6 | 8 | 7 | 7 | 922 | 1,099 | 1,073 | |
| Cash & Bank | 152 | 251 | 275 | 354 | 487 | 513 | 517 | 535 | 424 | 271 |
| 542 | 578 | 611 | 708 | 642 | 731 | 909 | 269 | 427 | 618 | |
| Total Assets | 981 | 1,108 | 1,215 | 1,436 | 1,491 | 1,658 | 1,924 | 2,323 | 2,884 | 3,246 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 181 | 108 | 138 | 100 | 240 | 145 | 127 | 124 | 26 | -56 | |
| Cash from Investing | -61 | -159 | -57 | 6 | -28 | -80 | -22 | -161 | -169 | -38 |
| Cash from Financing | 4 | 33 | -73 | -23 | -70 | -22 | -27 | -12 | 148 | 111 |
| 102 | -47 | -25 | 48 | 94 | -27 | 6 | -48 | 5 | 17 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - ION Exchange (India) Limited has informed the Exchange regarding Intimation under Regulation 30 - Letter sent to Shareholders of the Company.
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 - ION Exchange (India) Limited has informed the Exchange about Transcript of the Conference Call held on Monday, August 10, 2026
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 - ION Exchange (India) Limited has informed the Exchange about Link of Recording
2026-08-10 - ION Exchange (India) Limited has informed the Exchange about Investor Presentation
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 - ION Exchange (India) Limited has informed the Exchange about Investor Presentation
News
Recent coverage and analyst commentary for IONEXCHANG
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Ion Exchange (India) Ltd.
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