Ion Exchange (India) Ltd. (IONEXCHANG) AI Stock Analysis

Ion Exchange (India) Ltd.

(NSE:IONEXCHANG)

Select Model

Rating:69Neutral

Price Target:INR 370.00▲(7.48% Upside)

Action:reiterated

Date:09/08/26

The overall score reflects a balance between strong revenue growth and a robust, still‑conservative balance sheet, and significant weaknesses in cash generation, an expensive valuation, and technically stretched price action that together point to moderate upside with heightened execution and near‑term correction risk.

Positive Factors

Diversified water solutions platformThe company operates across engineered projects, treatment chemicals and resins, and recurring operation and maintenance services. This breadth gives it multiple routes to serve industrial and municipal customers, supports cross-selling, and can make revenue more resilient across water-treatment applications.

Negative Factors

Profitability compressionThe sharp decline in net margin, alongside compressed operating and EBITDA margins, shows that strong revenue growth is not translating proportionately into earnings. Persistent cost or below-the-line pressure could reduce reinvestment capacity and weaken the quality and durability of future growth.

Ion Exchange (India) Ltd. (IONEXCHANG) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 47.21B
Dividend Yield: 0.36%
Average Volume (3M): 26.82K
Price to Earnings (P/E): 41.6
Beta (1Y): 1.09
Revenue Growth: 10.15%
EPS Growth: -53.64%
Country: India
Employees: 3,108
Sector: General
Sector Strength: 55
Industry: Industrial - Pollution & Treatment Controls

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 Consum...

Ion Exchange (India) Ltd. Financial Statement Overview

Summary

Strong multi‑year revenue growth and a solid, moderately levered balance sheet support a high score, but margin compression and persistently weak, negative free cash flow materially reduce financial quality.

Income Statement

78Positive

Balance Sheet

82Very Positive

Cash Flow

55Neutral

Financial statement breakdown
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	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	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

Technical Analysis SentimentNegative

Last Price344.25

Price Trends

50DMA391.17Negative

100DMA395.82Negative

200DMA382.59Negative

Market Momentum

MACD-17.55Positive

RSI33.97Neutral

STOCH32.20Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IONEXCHANG, the sentiment is Negative. The current price of 344.25 is below the 20-day moving average (MA) of 368.40, below the 50-day MA of 391.17, and below the 200-day MA of 382.59, indicating a bearish trend. The MACD of -17.55 indicates Positive momentum. The RSI at 33.97 is Neutral, neither overbought nor oversold. The STOCH value of 32.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:IONEXCHANG.

Ion Exchange (India) Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:IONEXCHANG against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:IONEXCHANG	69Neutral	INR 49.61B	41.58	―	0.36%	10.15%	-53.64%
IN:WABAG	63Neutral	INR 113.02B	28.99	―	0.49%	20.45%	28.59%
IN:SPMLINFRA	60Neutral	INR 10.86B	12.70	―	―	37.86%	57.21%
IN:EIEL	57Neutral	INR 28.25B	16.24	―	―	15.49%	-12.32%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:JISLDVREQS	48Neutral	INR 20.77B	-26.05	―	―	8.81%	-248.88%
IN:BANKA	39Underperform	INR 671.88M	209.70	―	―	7.77%	―

* General Sector Average

Performance Comparison

IN:IONEXCHANG and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:IONEXCHANG	Ion Exchange (India) Ltd.	344.45	-50.97	-12.89%
IN:BANKA	Banka BioLoo Ltd.	64.40	-22.40	-25.81%
IN:EIEL	Enviro Infra Engineers Limited	167.30	-84.20	-33.48%
IN:JISLDVREQS	Jain Irrigation Systems Limited	18.84	-12.01	-38.93%
IN:SPMLINFRA	SPML Infra Limited	136.95	-96.35	-41.30%
IN:WABAG	VA Tech Wabag Limited	1826.80	430.01	30.79%

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.

Date of analysis: Sep 08, 2026

Ion Exchange (India) Ltd. AI Stock Analysis