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Ion Exchange (India) Ltd.

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ionexchangeglobal.comBSE: 500214NSE: IONEXCHANG
Market Cap₹ 6,432 Cr.
Current Price
High / Low₹ 486 / 313
Stock P/E62.5
Book Value₹ 96
Price to Book3.38
Dividend Yield0.28 %
ROCE12.8 %
ROE10.4 %
Face Value₹ 1

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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 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 21.1%
  • 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

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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
449484512735516589650785518678669814636
397425443647456522576702462617613803633
Operating Profit5259698861677483566156112
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%
10101017131311152016-04513
Interest22212223227108
Depreciation889991010111111171820
Profit before Tax52596994626873856364322715
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 Profit39445072465153654748242011
3.163.564.045.843.734.134.345.253.813.891.961.590.93

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
9269861,1021,4071,4021,5091,8922,1802,5402,6792,797
8489131,0091,2831,2051,3101,6521,9122,2532,4922,666
Operating Profit797393124197199240268287187130
OPM %8.51%7.42%8.46%8.80%14.05%13.20%12.70%12.28%11.29%6.99%4.66%
1830444937464549538074
Interest1518181612101110112327
Depreciation1112182226272833405867
Profit before Tax7173101134196209246274288187139
Tax %34.08%34.44%34.14%26.13%25.48%26.12%24.68%25.61%25.53%25.85%25.94%
Net Profit47486799146154185204214138103
EPS39.2139.7855.4781.85118.75125.4415.0613.9214.629.43—
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

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 Capital15151515151515151515
2562993604676127538721,0601,2561,375
95147949844435567231355
Trade Payables346341395471505486523651735847
269307352386316362459531648655
Total Liabilities9811,1081,2151,4361,4911,6581,9242,3232,8843,246
90136144177174177204263290637
Capital Work in Progress347121215204261317175
57586162636459858687
10477109118102146186189241386
31368779221,0991,073
Cash & Bank152251275354487513517535424271
542578611708642731909269427618
Total Assets9811,1081,2151,4361,4911,6581,9242,3232,8843,246

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
18110813810024014512712426-56
Cash from Investing-61-159-576-28-80-22-161-169-38
Cash from Financing433-73-23-70-22-27-12148111
102-47-254894-276-48517

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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