ION Exchange (India) Ltd
NSE: IONEXCHANG · Water Supply & Management · sector
₹332.65NSE close 2026-10-26
Key numbers
Market cap₹4,734 cr
Price₹332.65
52w high / low₹486 / ₹313
P/E40.2xSector median 20.8x
P/B3.5xSector median 2.9x
Book value₹94.1
Dividend yield0.41%Sector median 0.48%
ROE7.7%Sector median 14.3%
ROCE9.2%Sector median 15.6%
OPM5.4%Sector median 17.1%
Debt / equity0.34xSector median 0.22x
EV/EBITDA30.0xSector median 10.1x
Interest cover5.4x
Current ratio1.46x
Sales growth 3y+13.6%Sector median +13.6%
Profit growth 3y-10.2%Sector median +107.0%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 6 companies in Water Supply & Management (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹319 cr vs borrowings ₹454 cr (FY26): borrowings are higher by ₹135 cr.
- Borrowings rose in each of the last 3 years (₹52 cr → ₹454 cr).
- Operating profit covered interest 5.4x in the last 12 months.
- Promoter holding fell by 0.58 percentage points in a year, to 25.08% (2026-09-30).
- Operating cash flow was below net profit in 5 of the last 5 years (FY26, FY25, FY24, FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 76% of net profit in the last 12 months.
- Debtor days went from 145 (FY24) to 135 (FY26).
- Dividend paid in 4 of the last 5 financial years.
- Price ₹332.65 on 2026-10-26: -31.6% from the 52-week high, +6.4% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹722.70 · low ₹317.25
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 644 | 691 | 835 | 583 | 734 | 734 | 863 | 700 |
| EBITDA | 68 | 75 | 86 | 63 | 68 | 42 | 20 | 32 |
| OPM % | 10.6% | 10.9% | 10.3% | 10.7% | 9.3% | 5.8% | 2.3% | 4.5% |
| Other income | 14 | 8 | 15 | 18 | 14 | 12 | 43 | 6 |
| Net profit | 51 | 49 | 63 | 49 | 50 | 20 | 24 | 4 |
| EPS (₹) | 4.30 | 4.10 | 5.34 | 4.11 | 4.18 | 1.71 | 2.04 | 0.35 |
| Revenue YoY | +13.9% | +6.4% | +3.4% | +20.1% | ||||
| Profit YoY | -2.8% | -58.2% | -61.9% | -91.6% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,577 | 1,990 | 2,348 | 2,737 | 2,915 | 3,032 |
| EBITDA | 213 | 255 | 272 | 294 | 193 | 162 |
| Net profit | 163 | 197 | 196 | 208 | 143 | 98 |
| EPS (₹) | 137.30 | 165.95 | 16.53 | 17.53 | 12.03 | 8.28 |
| Revenue growth | +26.2% | +18.0% | +16.6% | +6.5% | +10.2% | |
| Profit growth | +20.9% | -0.4% | +6.0% | -31.3% | -53.6% | |
| Dividend / share (₹) | – | 10.00 | 1.25 | 1.50 | 1.50 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +13.6% | – | +10.1% |
| Net profit | -10.2% | – | -53.6% |
| EPS | -58.3% | – | – |
| Share price | – | -26.8% (2y) | -13.5% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 833 | 1,018 | 1,208 | 1,339 |
| Borrowings | – | 52 | 138 | 303 | 454 |
| Cash & equivalents | – | 548 | 588 | 466 | 319 |
| Total assets | – | 1,940 | 2,449 | 2,987 | 3,380 |
| Fixed assets | – | 205 | 340 | 367 | 730 |
| Capital work in progress | – | 42 | 61 | 318 | 175 |
| Investments | – | 5 | 5 | 6 | 7 |
| Receivables | – | 697 | 935 | 1,134 | 1,075 |
| Inventory | – | 222 | 237 | 299 | 441 |
| Payables | – | 551 | 695 | 779 | 900 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 91 | 63 | 130 | 32 | -28 |
| Cash from investing | -92 | -40 | -160 | -165 | -44 |
| Cash from financing | -27 | -15 | 8 | 128 | 100 |
| Capex | 50 | 60 | 120 | 320 | 254 |
| Free cash flow | 41 | 3 | 10 | -288 | -283 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 23.6% | 19.3% | 17.2% | 10.7% |
| ROCE % | – | 30.1% | 24.2% | 19.7% | 12.1% |
| Debtor days | – | 128 | 145 | 151 | 135 |
| Inventory days | – | 65 | 59 | 63 | 87 |
| Payable days | – | 162 | 173 | 165 | 177 |
| Cash conversion cycle (days) | – | 31 | 31 | 49 | 45 |
| Working capital days | – | 106 | 108 | 95 | 93 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 25.08% |
| FIIs | 4.93% |
| DIIs | 15.70% |
| of which Mutual funds | 12.86% |
| Public (non-institutions) | 38.11% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 25.78% | 25.76% | 25.70% | 25.66% | 25.58% | 25.52% | 25.43% | 25.08% |
| Promoter group | % |
|---|---|
| Rajesh Sharma | 5.65% |
| Mahabir Prasad Patni | 4.68% |
| Dinesh Sharma | 3.50% |
| Bimal Jain | 2.48% |
| Aankur Patni | 2.01% |
| Aqua Investments (India) Limited | 1.73% |
| Watercare Investments (India) Limited | 1.26% |
| Vishnu Ranganathan | 0.98% |
| Uma Gopal Ranganathan | 0.76% |
| Aruna Sharma | 0.75% |
| Poonam Sharma | 0.55% |
| Ion Exchange Financial Products Private Limited | 0.34% |
| Dhruv Dinesh Trigunayat | 0.26% |
| Priya Trigunayat | 0.10% |
| Pallavi Sharma | 0.01% |
| Public holders above 1% | % |
|---|---|
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund | 4.88% |
| HDFC Small Cap Fund | 3.28% |
| Franklin India Small Cap Fund | 2.58% |
| Abakkus Emerging Opportunities Fund-1 | 1.85% |
| Radha Menon | 1.36% |
| Radha Menon | 1.35% |
| Girish P Lad | 1.34% |
| Amey Nargolkar | 1.33% |
| Girish P Lad | 1.33% |
| Judith Judy M Pereira | 1.33% |
| Thathamangalam Subramanian Viswanathan | 1.33% |
| Amey Nargolkar | 1.32% |
| Sundaram Mutual Fund A/C Sundaram Small Cap Fund | 1.09% |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.01% |
1,20,767 shareholders. Pledged: – of promoter shares.
Peers in Water Supply & Management
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WABAG | ₹10,671 cr | 25.8x | 4.2x | 18.0% | 21.0% | 10.8% | +10.0% | 0.23% |
| IONEXCHANG | ₹4,734 cr | 40.2x | 3.5x | 7.7% | 9.2% | 5.4% | +13.6% | 0.41% |
| EIEL | ₹2,854 cr | 15.8x | 2.3x | 16.2% | 17.8% | 22.5% | – | – |
| TECHNOCRAF | ₹1,463 cr | – | – | – | – | – | – | – |
| JITFINFRA | ₹660 cr | – | – | – | 12.9% | 17.1% | +20.9% | 0.56% |
| DENTA | ₹621 cr | 9.9x | 1.4x | 12.3% | 15.6% | 26.9% | – | 1.07% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Engineering | ₹1,758 cr | 58.5% | ₹90 cr | 5.1% |
| Chemicals | ₹868 cr | 28.9% | ₹182 cr | 21.0% |
| Consumer Products | ₹379 cr | 12.6% | ₹-12 cr | -3.0% |
| Unallocated | ₹1 cr | 0.0% | ₹0 cr | 0.0% |
| Others | ₹0 cr | – | ₹-0 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-08-31 | Dividend | Dividend - Rs 1.25 Per Share |
| 2025-09-02 | Dividend | Dividend - Rs 1.50 Per Share |
| 2024-09-03 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2023-08-30 | Dividend | Annual General Meeting/Dividend - Rs 1.25 Per Share |
| 2023-06-12 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share |
| 2022-08-29 | Dividend | Annual General Meeting/Dividend - Rs 10 Per Share |
| 2002-09-17 | Dividend | Agm/Dividend-10% |
| 2001-09-06 | Other | Agm |
Documents
- Annual report FY26
- Annual report FY26
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Engineering Segment:
- Chemical Segment: The Chemical segment engineers and supplies one of the broadest portfolios of ion exchange resins, adsorbents, specialty process chemicals, and customised treatment programs available in the market today. Serving diverse utility applications across industries, these solutions enable efficient water treatment, process optimization and increasingly, circular resource recovery, turning waste streams into recoverable inputs.
- Consumer Product Segment: This segment brings safe, purified, health enhanced drinking water and sustainable waste management directly to households, real estate developments and institutional customers, including hotels, hospitals, educational institutions, laboratories, railways, and defence establishments. With a growing emphasis on decentralised solutions, the segment addresses the last-mile challenges of water access and waste management systems in both urban and peri-urban contexts, making sustainability tangible at the individual and community level.
| Sector | Utilities |
| Industry | Water Supply & Management |
| Sub-industry | Water Supply & Management |
| Symbol | IONEXCHANG |
| BSE code | 500214 |
| ISIN | INE570A01022 |
| Face value | ₹1.0 |
| Incorporated | 1964-03-06 |
| Website | www.ionexchangeglobal.com |
| Plants (India / abroad) | 8 / 1 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.