Overview

Detailed Summary

Ion Exchange (India) Ltd is a pioneer in Indian water treatment, offering solutions across the water cycle including desalination and recycling.
The company has made strategic acquisitions, such as the purchase of MAPRIL, to bolster its international footprint and production capabilities.
It operates a diverse revenue stream with its core in engineering (61%) and chemicals (29%), underlining a robust and comprehensive service range.
Ion Exchange is expanding capacity with its substantial investment in facilities, such as the Roha plant and its major infrastructure in North Africa.
Despite challenges, including a temporary decline in profits due to deferred project dispatches, the company demonstrates resilience with substantial order inflows and potential for improved performance.

Sector: Other Utilities
Industry: Water Supply & Management
Market Cap: 5,630 Cr
Volatility: Low Risk
P/E Ratio: 22.6
Industry P/E: 20.5
PEG Ratio: 1.9
P/B Ratio: 4.4
52W High: 580.65
52W Low: 312.30

Sales CAGR

1Y: 16.58%
3Y: 18.95%
5Y: 12.54%
10Y: 13.20%

Profit CAGR

1Y: 6.60%
3Y: 11.62%
5Y: 16.69%
10Y: 22.51%

ROE

TTM: 16.26%
3Y: 19.59%
5Y: 21.47%
10Y: 21.32%

ROCE

TTM: 17.46%
3Y: 23.56%
5Y: 26.50%
10Y: 27.90%

Technicals

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

Peers

Utilities Utilities Other Utilities Water Supply & Management

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
WABAG		1348.70	8,428 Cr	22.31	3.63	0.29	13.79	16.33	6.25
IONEXCHANG		346.40	5,630 Cr	22.58	4.35	0.39	16.26	17.46	5.86
EIEL		168.15	3,510 Cr	13.60	3.08	0.00	17.62	20.71	13.22
EMSLIMITED		289.75	1,776 Cr	12.24	1.71	0.47	15.68	18.79	10.05
RAJESH		865.05	1,686 Cr	14.98	6.40	0.11	38.52	44.96	18.63
AWHCL		431.15	1,428 Cr	14.75	2.07	0.00	9.60	13.54	5.94
JITFINFRA		305.15	843 Cr	-13.11	0.00	0.00	13.56	11.92	0.04
Median: 7 Co.	—	346.40	1,776 Cr	14.75	3.08	0.11	15.68	17.46	6.25

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	533	554	782	568	644	691	835	583	734	734
Expenses	473	483	690	503	576	615	749	521	665	675
Operating Profit	60	71	92	64	68	75	86	63	68	59
OPM %	11.33	12.74	11.79	11.31	10.60	10.93	10.29	10.72	9.33	8.07
Other Income	11	9.44	17	11	15	8.91	15	18	15	-4.43
Interest	3.56	3.22	3.23	2.93	3.62	3.30	3.61	2.56	3.08	7.57
Depreciation	8.50	9.62	10	10	11	11	12	12	12	19
Profit Before Tax	59	67	95	62	68	70	85	66	68	29
Tax %	28.20	29.68	23.89	28.09	25.88	28.90	25.72	26.52	26.44	28.31
Net Profit	42	47	72	45	51	50	63	48	50	21
EPS in Rs	3.58	4.00	6.14	3.79	4.30	4.10	5.34	4.11	4.18	1.71

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,047	1,055	1,162	1,480	1,450	1,577	1,990	2,348	2,737	2,753
Expenses	939	969	1,056	1,345	1,247	1,364	1,735	2,076	2,443	2,461
Operating Profit	108	86	107	135	202	213	255	272	294	292
OPM %	10.30	8.16	9.17	9.09	13.96	13.52	12.82	11.58	10.73	10.61
Other Income	12	21	34	36	33	42	42	45	50	56
Interest	16	19	19	16	13	9.95	9.20	12	13	13
Depreciation	12	13	20	24	28	28	29	36	44	46
Profit Before Tax	54	66	102	131	195	217	259	269	285	289
Tax %	46.25	39.81	35.28	28.06	26.51	25.60	24.64	27.35	27.05	26.71
Net Profit	29	40	66	94	143	162	195	195	208	212
EPS in Rs	—	—	5.70	8.01	12.14	13.73	16.60	41.78	17.53	15.34
Dividend Payout %	13.29	10.07	7.98	7.48	8.24	7.28	75.32	9.07	8.56	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14	14	14	14	14
Reserves	156	153	186	246	349	492	641	819	1,004	1,194
Borrowings	80	98	146	93	111	62	55	59	152	323
Other Liabilities	466	706	719	812	908	875	915	1,047	1,279	1,456
Total Liabilities	716	971	1,065	1,165	1,382	1,443	1,625	1,940	2,449	2,987
Fixed Assets	103	99	145	161	194	190	192	215	367	392
CWIP	2.08	34	6.58	12	12	15	20	42	61	323
Investments	2.46	3.22	4.08	4.51	4.57	4.51	8.66	9.84	12	13
Other Assets	609	835	910	988	1,172	1,234	1,405	1,673	2,010	2,258
Total Assets	716	971	1,065	1,165	1,382	1,443	1,625	1,940	2,449	2,987

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	50	176	86	127	102	197	91	63	130	32
Cash from Investing Activity	-25	-72	-166	-70	-18	-29	-92	-40	-160	-165
Cash from Financing Activity	-17	-3.29	31	-79	-28	-75	-27	-15	8.36	128
Net Cash Flow	7.95	101	-49	-23	56	93	-27	7.01	-22	-4.31

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	32.15%	32.14%	31.92%	31.57%	31.48%	31.26%	30.92%	30.78%	30.73%	30.66%	30.62%	30.52%
FIIs	2.33%	2.91%	4.71%	6.21%	6.72%	6.47%	6.48%	6.96%	6.56%	6.29%	5.78%	5.58%
DIIs	13.82%	13.92%	14.20%	14.25%	14.57%	15.31%	15.79%	16.25%	16.56%	16.80%	17.05%	16.96%
Public	51.70%	51.03%	49.17%	47.97%	47.24%	46.96%	46.81%	46.01%	46.15%	46.25%	46.54%	46.94%
Total Shareholders	31,155	48,373	62,689	71,507	75,497	87,586	1,15,663	1,19,036	1,28,164	1,25,651	1,19,139	1,20,488

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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