IONEXCHANG
ION Exchange (India) Limited
Water-treatment company with industrial plants, resins and purifiers
Utilities›Utilities›Other Utilities›Water Supply & Management
ionexchangeglobal.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹377.50
Market cap
5,372 Cr
Stock P/E
54.8
P/B
4.01
Dividend yield
0.4%
ROE (FY26)
10.6%
ROCE (FY26)
12.2%
Operating margin (FY26)
5.1%
Debt / equity (FY26)
0.34
OCF / EBITDA (FY26)
-13.5%
OCF / EBITDA (3Y)
17.2%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
ION Exchange designs and builds water and wastewater treatment plants for industry and public clients, makes ion-exchange resins and specialty water chemicals, and sells home water purifiers under its Zero B brand.
Company snapshot
2ndBy market cap
Ranked among 6 companies in Water Supply & Management.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 62.3% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Chemicals | 28.9% | 199 Cr | 52 Cr | 782 Cr |
| Consumer Products | 11.2% | 77 Cr | -3 Cr | 84 Cr |
| Engineering | 62.3% | 430 Cr | 26 Cr | 1,650 Cr |
| Others | — | 0 Cr | -0.68 Cr | 16 Cr |
| Unallocated | — | 0 Cr | 0 Cr | 217 Cr |
Shares add up to 102% because segment revenues are before inter-segment eliminations.
What we see
Concerns
- ✗Only 17% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 533 Cr | 554 Cr | 782 Cr | 568 Cr | 644 Cr | 691 Cr | 835 Cr | 583 Cr | 734 Cr | 734 Cr | 863 Cr | 700 Cr |
| Operating expenses (approx.) | 473 Cr | 483 Cr | 690 Cr | 503 Cr | 576 Cr | 615 Cr | 749 Cr | 521 Cr | 665 Cr | 675 Cr | 843 Cr | 669 Cr |
| EBITDA | 60 Cr | 71 Cr | 92 Cr | 64 Cr | 68 Cr | 75 Cr | 86 Cr | 63 Cr | 68 Cr | 59 Cr | 20 Cr | 32 Cr |
| OPM % | 11.3% | 12.7% | 11.8% | 11.3% | 10.6% | 10.9% | 10.3% | 10.7% | 9.3% | 8.1% | 2.3% | 4.5% |
| Other income | 10 Cr | 9 Cr | 17 Cr | 11 Cr | 14 Cr | 8 Cr | 15 Cr | 18 Cr | 14 Cr | 12 Cr | 43 Cr | 6 Cr |
| Interest | 4 Cr | 3 Cr | 3 Cr | 3 Cr | 4 Cr | 3 Cr | 4 Cr | 3 Cr | 3 Cr | 8 Cr | 11 Cr | 9 Cr |
| Depreciation | 9 Cr | 10 Cr | 10 Cr | 10 Cr | 11 Cr | 11 Cr | 12 Cr | 12 Cr | 12 Cr | 19 Cr | 20 Cr | 22 Cr |
| Profit before tax | 59 Cr | 67 Cr | 95 Cr | 62 Cr | 68 Cr | 70 Cr | 85 Cr | 66 Cr | 68 Cr | 29 Cr | 32 Cr | 7 Cr |
| Tax % | 28.2% | 29.7% | 23.9% | 28.1% | 25.9% | 28.9% | 25.7% | 26.5% | 26.4% | 28.3% | 25.2% | 58.6% |
| Net profit | 42 Cr | 47 Cr | 72 Cr | 45 Cr | 51 Cr | 50 Cr | 63 Cr | 48 Cr | 50 Cr | 21 Cr | 24 Cr | 3 Cr |
| EPS (₹) | ₹3.59 | ₹4.00 | ₹6.14 | ₹3.79 | ₹4.30 | ₹4.10 | ₹5.34 | ₹4.11 | ₹4.18 | ₹1.71 | ₹2.04 | ₹0.35 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,047 Cr | 1,055 Cr | 1,162 Cr | 1,480 Cr | 1,450 Cr | 1,577 Cr | 1,990 Cr | 2,348 Cr | 2,737 Cr | 2,915 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 978 Cr | 978 Cr | 1,056 Cr | 1,345 Cr | 1,247 Cr | 1,364 Cr | 1,735 Cr | 2,076 Cr | 2,443 Cr | 2,705 Cr | Sign in free for the trailing twelve months |
| EBITDA | 70 Cr | 77 Cr | 107 Cr | 135 Cr | 202 Cr | 213 Cr | 255 Cr | 272 Cr | 294 Cr | 210 Cr | Sign in free for the trailing twelve months |
| OPM % | 6.6% | 7.3% | 9.2% | 9.1% | 14.0% | 13.5% | 12.8% | 11.6% | 10.7% | 7.2% | Sign in free for the trailing twelve months |
| Other income | 12 Cr | 21 Cr | 33 Cr | 35 Cr | 33 Cr | 42 Cr | 41 Cr | 44 Cr | 49 Cr | 87 Cr | Sign in free for the trailing twelve months |
| Interest | 16 Cr | 19 Cr | 19 Cr | 16 Cr | 13 Cr | 10 Cr | 9 Cr | 12 Cr | 13 Cr | 24 Cr | Sign in free for the trailing twelve months |
| Depreciation | 12 Cr | 13 Cr | 20 Cr | 24 Cr | 28 Cr | 28 Cr | 29 Cr | 36 Cr | 44 Cr | 63 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 54 Cr | 66 Cr | 102 Cr | 131 Cr | 195 Cr | 217 Cr | 259 Cr | 269 Cr | 285 Cr | 195 Cr | Sign in free for the trailing twelve months |
| Tax % | 46.2% | 39.8% | 35.3% | 28.1% | 26.5% | 25.6% | 24.6% | 27.3% | 27.1% | 26.5% | Sign in free for the trailing twelve months |
| Net profit | 29 Cr | 40 Cr | 66 Cr | 94 Cr | 143 Cr | 162 Cr | 195 Cr | 195 Cr | 208 Cr | 143 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹24.97 | ₹34.46 | ₹56.99 | ₹80.55 | ₹121.41 | ₹137.30 | ₹165.95 | ₹16.53 | ₹17.53 | ₹12.03 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 2.1% | 7.5% | 6.3% | 7.9% | 9.0% | 13.5% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 14 Cr | 14 Cr | 14 Cr | 14 Cr | 14 Cr | 14 Cr | 14 Cr | 14 Cr | 14 Cr | 14 Cr |
| Reserves | 153 Cr | 186 Cr | 246 Cr | 349 Cr | 492 Cr | 641 Cr | 819 Cr | 1,004 Cr | 1,194 Cr | 1,325 Cr |
| Borrowings | 98 Cr | 146 Cr | 93 Cr | 113 Cr | 41 Cr | 48 Cr | 52 Cr | 138 Cr | 303 Cr | 454 Cr |
| Other liabilities | 702 Cr | 716 Cr | 810 Cr | 904 Cr | 897 Cr | 923 Cr | 1,052 Cr | 1,292 Cr | 1,474 Cr | 1,585 Cr |
| Total liabilities | 971 Cr | 1,065 Cr | 1,165 Cr | 1,382 Cr | 1,443 Cr | 1,625 Cr | 1,940 Cr | 2,449 Cr | 2,987 Cr | 3,380 Cr |
| Fixed assets (net) | 98 Cr | 144 Cr | 151 Cr | 177 Cr | 179 Cr | 182 Cr | 205 Cr | 340 Cr | 367 Cr | 730 Cr |
| CWIP | 34 Cr | 7 Cr | 12 Cr | 18 Cr | 15 Cr | 20 Cr | 42 Cr | 61 Cr | 318 Cr | 175 Cr |
| Investments | 3 Cr | 4 Cr | 5 Cr | 5 Cr | 5 Cr | 9 Cr | 10 Cr | 12 Cr | 13 Cr | 16 Cr |
| Loans & advances | — | — | 9 Cr | 17 Cr | 15 Cr | 20 Cr | 15 Cr | 8 Cr | 5 Cr | 7 Cr |
| Inventories | 129 Cr | 101 Cr | 130 Cr | 135 Cr | 128 Cr | 181 Cr | 222 Cr | 237 Cr | 299 Cr | 441 Cr |
| Trade receivables | 416 Cr | 437 Cr | 424 Cr | 502 Cr | 449 Cr | 508 Cr | 697 Cr | 935 Cr | 1,134 Cr | 1,075 Cr |
| Cash & bank | 117 Cr | 67 Cr | 45 Cr | 101 Cr | 92 Cr | 169 Cr | 175 Cr | 154 Cr | 149 Cr | 185 Cr |
| Other assets | 174 Cr | 305 Cr | 390 Cr | 427 Cr | 561 Cr | 537 Cr | 574 Cr | 704 Cr | 701 Cr | 752 Cr |
| Total assets | 971 Cr | 1,065 Cr | 1,165 Cr | 1,382 Cr | 1,443 Cr | 1,625 Cr | 1,940 Cr | 2,449 Cr | 2,987 Cr | 3,380 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 176 Cr | 86 Cr | 127 Cr | 98 Cr | 197 Cr | 91 Cr | 63 Cr | 130 Cr | 32 Cr | -28 Cr |
| Cash from investing | -72 Cr | -166 Cr | -70 Cr | -18 Cr | -134 Cr | -92 Cr | -40 Cr | -160 Cr | -165 Cr | -44 Cr |
| Cash from financing | -3 Cr | 31 Cr | -79 Cr | -24 Cr | -75 Cr | -27 Cr | -15 Cr | 8 Cr | 128 Cr | 100 Cr |
| Net cash flow | 101 Cr | -49 Cr | -23 Cr | 56 Cr | -9 Cr | -28 Cr | 6 Cr | -22 Cr | -4 Cr | 35 Cr |
| Free cash flow (OCF − Capex) | 132 Cr | 57 Cr | 96 Cr | 66 Cr | 167 Cr | 41 Cr | 3 Cr | 10 Cr | -288 Cr | -283 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 26.0% | 24.3% | 34.0% | 30.7% | 38.0% | 32.3% | 30.2% | 24.3% | 19.8% | 12.2% |
| ROE % | 17.8% | 19.8% | 24.9% | 25.6% | 28.5% | 24.9% | 23.5% | 19.2% | 17.2% | 10.6% |
| Debtor days | 145 | 151 | 133 | 124 | 113 | 117 | 127 | 145 | 151 | 134 |
| Inventory days | 73 | 60 | 68 | 53 | 54 | 71 | 68 | 63 | 67 | 90 |
| Days payable | 220 | 217 | 217 | 190 | 225 | 205 | 170 | 184 | 173 | 183 |
| Cash conversion cycle | -3 | -6 | -16 | -13 | -59 | -17 | 26 | 24 | 44 | 41 |
| OCF / EBITDA % | 253.4% | 111.9% | 118.8% | 72.8% | 97.4% | 42.9% | 24.6% | 47.8% | 10.9% | -13.5% |
| OCF / EBITDA % (3 years) | — | — | 153.7% | 97.7% | 95.1% | 70.2% | 52.4% | 38.4% | 27.4% | 17.2% |
| Debt / equity | 0.59 | 0.73 | 0.36 | 0.31 | 0.08 | 0.07 | 0.06 | 0.14 | 0.25 | 0.34 |
| Current ratio | 1.05 | 1.07 | 1.10 | 1.17 | 1.33 | 1.45 | 1.55 | 1.55 | 1.49 | 1.46 |
| Net debt / EBITDA | -0.27 | 1.02 | 0.45 | 0.09 | -0.25 | -0.57 | -0.48 | -0.06 | 0.52 | 1.28 |