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Ion Exchange (India) Ltd.
(IONEXCHANG)
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Rating:56Neutral
Price Target:
₹348.00
▼(-18.19% Downside)
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 water and environment solutions
The company serves multiple points in the water-treatment value chain, spanning project design, equipment, chemicals, consumables, and lifecycle services. This breadth can support cross-selling, recurring service activity, and resilience across industrial, municipal, and process-water applications.
Negative Factors
Deteriorating cash conversion
Recent profits have not translated into cash, with operating cash flow turning negative and free cash flow remaining deeply negative. Persistent weak conversion can increase reliance on external funding, constrain investment flexibility, and amplify financial risk while the business continues to grow.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified water and environment solutions
The company serves multiple points in the water-treatment value chain, spanning project design, equipment, chemicals, consumables, and lifecycle services. This breadth can support cross-selling, recurring service activity, and resilience across industrial, municipal, and process-water applications.
Read all positive factors
Ion Exchange (India) Ltd. (IONEXCHANG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹49.61B
Dividend Yield0.37%
Average Volume (3M)10.28K
Price to Earnings (P/E)40.9
Beta (1Y)1.09
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. Volume10,196
30 Day Avg. Volume10,277
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...
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
Negative
425.40
Price Trends
391.71
Negative
395.83
Negative
382.71
Negative
Market Momentum
-18.08
Positive
29.11
Positive
26.61
Neutral
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 425.4 is above the 20-day moving average (MA) of 371.50, above the 50-day MA of 391.71, and above the 200-day MA of 382.71, indicating a bearish trend. The MACD of -18.08 indicates Positive momentum. The RSI at 29.11 is Positive, neither overbought nor oversold. The STOCH value of 26.61 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | ₹113.02B | 28.60 | ― | 0.50% | 20.45% | 28.59% | |
59 Neutral | ₹28.25B | 15.60 | ― | ― | 15.49% | -12.32% | |
56 Neutral | ₹49.61B | 40.87 | ― | 0.37% | 10.15% | -53.64% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹10.86B | 12.10 | ― | 0.39% | 37.86% | 57.21% | |
44 Neutral | ₹20.77B | -26.64 | ― | 6.23% | 8.81% | -248.88% | |
41 Neutral | ₹671.88M | 200.13 | ― | 0.95% | 7.77% | ― |
* General Sector Average
IN:IONEXCHANG
Ion Exchange (India) Ltd.
338.25
-64.54
-16.02%
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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.