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Ion Exchange (India) Ltd.
(IONEXCHANG)
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Rating:56Neutral
Price Target:
₹452.00
▲(6.25% Upside)
Action:Reiterated
Date:09/08/26
The score is held back primarily by weakening profitability and a sharp deterioration in cash conversion (negative operating cash flow and deeply negative free cash flow) alongside rising leverage. Technicals are supportive due to a clear uptrend, but overbought signals raise near-term risk. Valuation is a headwind given the high P/E and low dividend yield.
Positive Factors
Diversified recurring business model
The combination of project sales with replenishment-based consumables and service revenue gives Ion Exchange multiple earnings streams. Its installed treatment base can support repeat purchases, maintenance, upgrades, and O&M contracts, improving customer lifetime value and revenue durability.
Negative Factors
Profitability deterioration
The decline in net, operating, and EBITDA margins shows that strong revenue growth is not translating proportionally into earnings. Persistent cost or below-the-line pressure could reduce reinvestment capacity and weaken the profitability of future project and service growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified recurring business model
The combination of project sales with replenishment-based consumables and service revenue gives Ion Exchange multiple earnings streams. Its installed treatment base can support repeat purchases, maintenance, upgrades, and O&M contracts, improving customer lifetime value and revenue durability.
Read all positive factors
Ion Exchange (India) Ltd. (IONEXCHANG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹63.81B
Dividend Yield0.28%
Average Volume (3M)41.65K
Price to Earnings (P/E)53.8
Beta (1Y)1.04
Revenue Growth10.15%
EPS Growth-53.64%
CountryIN
Employees3,108
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)8.28
Shares Outstanding146,666,600
10 Day Avg. Volume65,925
30 Day Avg. Volume41,645
Financial Highlights & Ratios
PEG Ratio-0.89
Price to Book (P/B)2.99
Price to Sales (P/S)1.37
P/FCF Ratio-14.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Ion Exchange (India) Ltd. Business Overview & Revenue Model
Company Description
Ion Exchange (India) Limited, established in Mumbai in 1964, is a prominent provider of water treatment and environmental management solutions, serving clients both in India and internationally. Operating across its Engineering, Chemicals, and Con...
How the Company Makes Money
Ion Exchange (India) Ltd. primarily makes money through a combination of project-based system sales, recurring consumables/chemicals sales, and service/operations revenue tied to installed treatment assets.
1) Engineering/Projects (capital equipm...
Ion Exchange (India) Ltd. Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
74
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 30.32B | 29.15B | 27.37B | 23.48B | 19.90B | 15.72B |
| Gross Profit | 7.11B | 10.61B | 6.26B | 8.69B | 7.47B | 6.18B |
| EBITDA | 2.31B | 2.82B | 3.42B | 3.19B | 2.99B | 2.58B |
| Net Income | 980.80M | 1.43B | 2.08B | 1.96B | 1.97B | 1.63B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 33.80B | 29.87B | 24.49B | 19.40B | 16.25B |
| Cash, Cash Equivalents and Short-Term Investments | 3.19B | 3.27B | 4.66B | 3.70B | 3.40B | 5.36B |
| Total Debt | 0.00 | 4.82B | 3.23B | 1.52B | 592.30M | 552.22M |
| Total Liabilities | -13.40B | 20.40B | 17.77B | 14.30B | 11.04B | 9.71B |
| Stockholders Equity | 13.40B | 13.39B | 12.08B | 10.18B | 8.33B | 6.56B |
Cash Flow | ||||||
| Free Cash Flow | -1.65B | -2.83B | -2.61B | 96.14M | 28.80M | 413.58M |
| Operating Cash Flow | -82.60M | -284.70M | 596.30M | 1.30B | 627.30M | 913.81M |
| Investing Cash Flow | -101.60M | -444.60M | -2.04B | -1.60B | -404.10M | -919.98M |
| Financing Cash Flow | 709.70M | 1.00B | 1.40B | 83.64M | -153.10M | -268.63M |
Ion Exchange (India) Ltd. Technical Analysis
Positive
425.40
Price Trends
404.29
Positive
395.13
Positive
378.02
Positive
Market Momentum
11.93
Negative
70.45
Negative
83.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IONEXCHANG, the sentiment is Positive. The current price of 425.4 is above the 20-day moving average (MA) of 389.89, above the 50-day MA of 404.29, and above the 200-day MA of 378.02, indicating a bullish trend. The MACD of 11.93 indicates Negative momentum. The RSI at 70.45 is Negative, neither overbought nor oversold. The STOCH value of 83.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:IONEXCHANG.
Ion Exchange (India) Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹138.13B | 35.95 | ― | 0.40% | 20.45% | 28.59% | |
65 Neutral | ₹37.17B | 20.09 | ― | ― | 15.49% | -12.32% | |
56 Neutral | ₹63.81B | 53.83 | ― | 0.28% | 10.15% | -53.64% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹14.57B | 16.25 | ― | 0.39% | 37.86% | 57.21% | |
41 Neutral | ₹851.93M | 275.26 | ― | 0.95% | 7.77% | ― | |
37 Underperform | ₹21.85B | -28.83 | ― | 6.23% | 8.81% | -248.88% |
* General Sector Average
IN:IONEXCHANG
Ion Exchange (India) Ltd.
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8.06%
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Ion Exchange (India) Ltd. Corporate Events
Ion Exchange Discloses Newspaper Notices on Transfer of Shares and Unpaid Dividends to IEPF
Jul 25, 2026
Ion Exchange (India) Ltd. operates in the water and environment management industry, offering solutions for water treatment, wastewater treatment, and related services across industrial and municipal segments. The company is listed on both BSE and...
Ion Exchange closes trading window ahead of Q1 FY27 results
Jun 26, 2026
Ion Exchange (India) Ltd. has announced the closure of its trading window for designated persons and their immediate relatives from July 1, 2026, in line with SEBI’s Prohibition of Insider Trading Regulations, 2015. The restriction will rema...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.