Ion Exchange (India) Limited

NSE: IONEXCHANG · Other Utilities

52W Range₹313 ₹486

Snapshot

Unlock Ion Exchange (India) Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Ion Exchange (India) Limited provides comprehensive water and environment management solutions, including water treatment systems, specialty chemicals, and consumer purification products. The company serves a diverse range of industrial sectors, institutions, and municipalities globally.

Business Model

The company generates revenue through the engineering and installation of water treatment plants, the sale of specialty resins and chemicals, and the provision of long-term operations and maintenance services. It operates through three primary segments: Engineering, Chemicals, and Consumer Products.

Growth Outlook

Growth is driven by increasing industrial demand for zero liquid discharge systems, water recycling solutions, and stringent environmental regulations. Expansion into international markets and the continuous development of advanced membrane technologies further support the company's long-term prospects.

Key Risks

  • Project Execution Risk. Delays in large-scale engineering, procurement, and construction projects can adversely impact revenue recognition and profit margins.
  • Raw Material Price Volatility. Fluctuations in the cost of chemicals and polymers used in resin manufacturing can affect the company's operating margins.
  • Regulatory Compliance. Changes in environmental policies or water usage regulations in India and abroad may necessitate costly adjustments to product offerings.
  • Competitive Pressure. The water treatment sector is highly competitive, with potential margin erosion from both domestic players and international technology providers.

Price

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Key Metrics

REVENUE

₹2,915 Cr

TTM · consolidated

+6.5%YoY

NET PROFIT

₹143 Cr

TTM · consolidated

-31.2%YoY

EPS

₹12.04

TTM · consolidated

-31.3%YoY

RETURN ON EQUITY

11.5%

TTM · consolidated

-8.0 ppYoY

RETURN ON CAPITAL EMPLOYED

13.7%

TTM · consolidated

-9.7 ppYoY

P/E

36.2x

Q4 FY26 · consolidated

36.2 vs 14.0x5Y avg

EV/EBITDA

19.0x

Q4 FY26 · consolidated

19.0 vs 18.3x5Y avg

EBITDA MARGIN

10.2%

TTM · consolidated

-2.3 ppYoY

NET PROFIT MARGIN

2.8%

Q4 FY26 · consolidated

-4.8 ppYoY

DEBT TO EQUITY

0.3x

Q4 FY26 · consolidated

+0.09xYoY

Peers · Other Utilities

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Ion Exchange (India) LimitedIONEXCHANG
4,88736.2118.976.5%10.2%11.5%13.7%-23.2%
VA Tech Wabag LimitedWABAG
7,58228.1018.0542.0%14.5%19.4%23.5%+40.5%
Enviro Infra Engineers Ltd.EIEL
2,56121.7513.6327.9%17.9%23.8%-19.3%
EMSEMSLIMITED
1,58826.5616.65-23.0%20.8%9.2%13.0%-28.9%
Antony Waste hanAWHCL
1,19216.996.7612.8%22.4%13.5%11.7%-31.7%
JITF Infra LogisJITFINFRA
776-19.217.7314.1%21.5%1.9%14.9%-2.3%

As of Q4 FY26

Financials