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Prices as of 9 Oct 2026 close · Not investment advice

ION Exchange (India) Limited

NSE: IONEXCHANGWater Supply & Management

Share price

₹390.75

-0.36% close of 9 Oct 2026

Market cap ₹5,471 CrP/E 49.7

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

51

out of 100 · worked out 9 Oct 2026

How the business score works

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹5,471 Cr

P/E ratio

49.7

P/B ratio

4.3

ROCE

14.2%

ROE

12.0%

Dividend yield

0.3%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹468.3052-week low ₹317.25

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 10.1% over the past year, and 11.0% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 12.3% to 6.1% over the last four years.

Whether it grew faster than its sector

It grew 11.0% a year against a sector median of 13.4% — 2.4 percentage points slower.

Room to re-rate, or risk of de-rating

At 49.7× earnings it costs 2.1× the market, which pays 24.1× across 2199 companies we can price. Its own industry sits at 23.2×, across 4 companies. It is against its own five-year median of 31.4×, the 97th percentile of its own range.

Whether growth justifies the valuation

Its earnings are falling, so growth cannot justify the price.

Profit growthPrice per ₹1 profitPer 1% growth
ION Exchange (India) Limited — this one-8%/yr49.7×—
VA Tech Wabag Limited93%/yr29.2×₹0.31
Enviro Infra Engineers Limited50%/yr17.2×₹0.34
Technocraft Ventures Limited60%/yr43.7×₹0.73
Denta Water and Infra Solutions Limited5%/yr13.1×₹2.6
JITF Infralogistics Limited16%/yr——

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Water Supply & Management), it ranks 6 of 6 on returns, 4 of 6 on growth, 6 of 6 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 14.2% on capital, ahead of 0% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years it made ₹288 crore of cash from the business but spent ₹799 crore on plant and equipment, ₹511 crore more than it made; the gap was mostly borrowed — borrowings rose from ₹55 crore to ₹482 crore. And the profit is real: of every 100 rupees it reported over 12 years, about 82 arrived as cash. Its cash comes back more slowly than it used to: it went from being paid 27 days before it paid its own suppliers to waiting 53 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

8 of 10 checks clear · 80%

How the profit check works

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Sales grew 20% but profit fell to ₹3 crore as new-plant costs, stalled legacy projects and a lost currency gain wiped out margins

Announced 5 Aug 2026 · Consolidated · Unaudited

Revenue

₹700 Cr

Revenue vs last year

+20.1%

Revenue vs last quarter

-18.9%

Net profit

₹3 Cr

Profit vs last year

-93.7%

Profit vs last quarter

-87.4%

Net margin

0.4%

EPS

₹0.35

Earnings call transcript · 10 Aug 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹5,471 Cr
Prev close
₹390.75
52w High
₹486
52w Low
₹313
Enterprise value
₹5,633 Cr
Beta
1.0
Price CAGR 1y
0.0%
Price CAGR 3y
-9.0%
Price CAGR 5y
11.0%
Price CAGR 10y
30.0%

Ratios

Return on assets
4.2%
PEG ratio
-6.5
P/E ratio
49.7
P/B ratio
4.3
EV / EBITDA
31.4
Industry P/E
30.4
ROCE
14.2%
ROCE 5y average
26.6%
ROE
12.0%
Debt / Equity
0.4
Interest coverage
8.0
Dividend yield
0.3%
ROE 3y average
17.0%
ROE last year
12.0%

Annual P&L

Annual revenue
₹2,915 Cr
Annual profit
₹143 Cr
Operating margin
7.0%
Net profit margin
4.9%
EBITDA margin
7.3%
Sales growth 3y
13.6%
Sales growth 5y
15.0%
Profit growth 3y
-8.0%
Profit growth 5y
1.0%
EPS
₹9.7
Sales growth TTM
10.0%
Profit growth TTM
-48.0%
Dividend payout
12.0%

Quarter P&L

Sales latest quarter
₹700 Cr
Profit latest quarter
₹3 Cr
YoY quarterly sales growth
20.1%
YoY quarterly profit growth
-93.7%
OPM latest quarter
4.5%

Balance Sheet

Book Value
₹95.6
Face Value
₹1.0
Total debt
₹482 Cr
Total cash
₹319 Cr
Borrowings
₹482 Cr
Reserves / Equity
94.6

Cash Flow

Operating cash flow
-₹28 Cr
Free cash flow
-₹280 Cr
FCF yield
-5.6%
Net cash flow
₹35 Cr

Shareholding

Promoter holding
25.4%
FII holding
4.9%
DII holding
15.3%
Public holding
38.2%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Va Tech Wabag1,934.1030.312,0810.2690.136.9886.820.821.3
ION Exchange394.0052.55,7740.323.1-91.6700.520.114.2
Enviro Infra180.9617.33,1780.0045.2-12.5359.249.120.2
Technocraft Ven.472.5042.01,8740.0010.714.492.72.2
JITF Infra Logis269.556960.00-2.1171.0664.020.715.4
Denta Water258.7012.96910.9711.2-39.858.7-12.818.4
Felix Industries190.0016.33270.005.553.728.236.919.3
Median258.7018.26960.0010.717.0116.120.719.7

Competes with: Denta Water and Infra Solutions Limited, Enviro Infra Engineers Limited, JITF Infralogistics Limited, Technocraft Ventures Limited, VA Tech Wabag Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales479533554782568644691835583734734863700
Expenses430473483690503576615749521665675844669
Material Cost523318453436586413
Change in Inventories-12-4.32-29-13-39-7.01
Purchases of Stock-in-Trade302935394340
Employee Cost899699105115109
Other Expenses11981107109139113
Operating Profit49607192646875866368592032
OPM %1011131211111110119.338.072.294.53
Other Income8.69119.441711158.91151815-4.43436.36
Exceptional items (within Other Income)000-170.080
Interest2.053.563.223.232.933.623.303.612.563.087.57118.95
Depreciation7.878.509.6210101111121212192022
Profit before tax4859679562687085666829327.40
Tax %30283024282629262726282559
Net Profit3342477245515063485021243.06
EPS in Rs2.272.903.244.963.073.473.314.323.323.381.381.650.28
Diluted EPS in Rs5.344.114.181.712.040.35

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7988681,0091,0461,1621,4801,4501,5771,9902,3482,7372,9153,032
Expenses7508109359661,0531,3421,2431,3611,7312,0722,4402,7012,853
Material Cost1,6361,793
Change in Inventories-18-85
Purchases of Stock-in-Trade108146
Employee Cost342415
Other Expenses376437
Operating Profit49587480109138207216258275297214179
OPM %677899141413121176
Other Income471221343631424245497160
Exceptional items (within Other Income)0-17
Interest17172122211915131215172830
Depreciation12131213202428282936446372
Profit before tax24355466102131195217259269285195136
Tax %525146403528272625272727
Net Profit11172940669414316219519520814398
EPS in Rs0.671.052.072.744.456.389.81111313149.736.69
Diluted EPS in Rs1812
Dividend Payout %432816121091099111012

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
13%
5 years
15%
3 years
14%
TTM
10%

Compounded profit growth

10 years
26%
5 years
1%
3 years
-8%
TTM
-48%

Stock price CAGR

10 years
30%
5 years
11%
3 years
-9%
1 year
0%

Return on equity

10 years
22%
5 years
20%
3 years
17%
Last year
12%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital141414141414141414141414
Reserves1421561531862463494926418191,0041,1941,325
Borrowings8690111165110122625559152323482
Other Liabilities4374566896997958968759141,0471,2711,4491,550
Minority Interest1.611.29
Total Liabilities6797159671,0641,1641,3821,4431,6251,9392,4412,9793,371
Fixed Assets8510399145161194190192215367392753
CWIP142347121215204261323176
Investments2234555910121316
Other Assets5786088319099871,1721,2341,4041,6722,0012,2502,427
Total Assets6797159671,0641,1641,3821,4431,6251,9392,4492,9873,380

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity455017686127102197916313032-28
Cash from Investing Activity-17-25-75-167-70-17-27-93-41-160-165-36
Cash from Financing Activity-29-17-331-79-28-75-27-158128100
Net Cash Flow-1898-50-225696-286-22-435
Free Cash Flow292113257967016742310-287-279

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days164153151153133124113118128145148135
Inventory Days555368556551527065596387
Days Payable221215206197207188219202162174165177
Cash Conversion Cycle-2-91211-9-13-54-1431314644
Working Capital Days53-48-72-64-51-53-275163353
ROCE %162027273335403634272214

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters272626262626262626262625
FIIs3.945.205.635.435.445.835.505.274.854.684.634.86
DIIs121212131314141414141515
Public414040393939393939393938
Others161616161616161616161616
No. of Shareholders62,68971,50775,49787,5861,15,6641,19,0371,28,1641,25,6511,19,1391,20,4881,16,9961,20,052

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -2.2% (₹399.60 → ₹390.75)Brick size ₹15.14 (fixed)Bricks 40
₹350₹450₹391Dec '25Feb '26Apr '26Jun '26Aug '26Oct '26
Price moved up one brickPrice moved down one brickLast close ₹390.75 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

162inr_cr

2026-03-31

order book, Rs crore

2,473inr_cr

2026-06-30

guarantees / comfort given for promoter, promoter group, directors and KMP

11.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

90,04,739inr

2026-03-31

News

News and filings about ION Exchange (India) Limited. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • styrene

Depends on the price of

  • sulphuric_acid

Sells to

  • Apollo Hospitals · water & wastewater treatment systems/chemicals (institutional; seed default-kept)
  • ArcelorMittal Nippon Steel India · industrial water/wastewater treatment (steel; JV, unlisted)
  • Bharat Heavy Electricals · water & wastewater treatment systems/chemicals
  • Chennai Petroleum Corporation Limited · water & wastewater treatment systems/chemicals
  • DLF Limited · water & wastewater treatment systems/chemicals (institutional; seed default-kept)
  • Emirates Steel · industrial water/wastewater treatment (steel)
  • Indian Oil Corporation · raw water treatment plant (Panipat refinery); water/wastewater treatment
  • Indian Railway Catering & Tourism · water & wastewater treatment / packaged drinking water
  • JSW Steel · water & wastewater treatment systems/chemicals
  • Larsen & Toubro · water & wastewater treatment systems/chemicals
  • NTPC Limited · water & wastewater treatment systems/chemicals/resins
  • Nayara Energy · industrial water/wastewater treatment (refinery; Indian, unlisted)
  • Nippon Steel · industrial water/wastewater treatment (steel)
  • Nuclear Power Corporation of India Limited (NPCIL) · industrial water/wastewater treatment
  • Petroleum Development Oman · engineering water/wastewater treatment project (Oman)
  • Reliance Industries · water & wastewater treatment systems/chemicals/resins

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Utilities
Industry
Water Supply & Management
Classification
Utilities › Water Supply & Management
ISIN
INE570A01022

Business segments

  • Engineering · 59%
  • Chemicals · 29%
  • Consumer Products · 13%

Plants

  • Ankleshwar resin plant
  • Hosur assembly plant
  • Patancheru chemical plant
  • Rabale export-oriented unit
  • Roha resin plant
  • Verna fabrication & assembly unit
  • Verna membrane plant (HYDRAMEM)
  • Wada FRP plant

News impact

Big market events that reach ION Exchange (India) Limited, and how the effect spreads.

No recent market events reach this company.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

31 Aug 2026unspecified₹1.25
2 Sep 2025unspecified₹1.5
3 Sep 2024unspecified₹1.5
30 Aug 2023unspecified₹1.25
12 Jun 2023split₹0
29 Aug 2022unspecified₹10

Splits, bonuses & buybacks

  • daily-prices repair: 7 rows from NSE's archive (replace 2, delete 0, insert 5), 2023-11-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Nov 2023

Insider trades

DisclosedWhoTypeSharesValue ₹ Cr
18 Sep 2026Dinesh Sharma · Promoter GroupSELL3,50,45015.46
25 Aug 2026Dinesh Sharma · Promoter GroupSELL2,30,000—
25 Aug 2026Dhruv Dinesh Trigunayat · Promoter GroupBUY2,30,000—

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.