Ion Exchange (India) Ltd
Ion Exchange (India) is engaged in a wide range of solutions across the water cycle from pre-treatment to process water treatment, waste water treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc.(Source : 201903 Annual Report Page No: 63)
Weaknesses
- −Promoter holding is low: 25.5%
- −Company has high debtors of 162 days.
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 26.2% | 25.9%▼0.3 | 25.78%▼0.1 | 25.76%▼0.0 | 25.71%▼0.1 | 25.67%▼0.0 | 25.58%▼0.1 | 25.52%▼0.1 |
| FIIs | 5.43% | 5.44%▲0.0 | 5.83%▲0.4 | 5.5%▼0.3 | 5.27%▼0.2 | 4.85%▼0.4 | 4.68%▼0.2 | 4.63%▼0.0 |
| DIIs | 12.83% | 13.24%▲0.4 | 13.62%▲0.4 | 13.88%▲0.3 | 14.09%▲0.2 | 14.29%▲0.2 | 14.22%▼0.1 | 14.8%▲0.6 |
| Public | 39.36% | 39.26%▼0.1 | 38.58%▼0.7 | 38.69%▲0.1 | 38.77%▲0.1 | 39.01%▲0.2 | 39.34%▲0.3 | 38.86%▼0.5 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 484 | 512 | 735 | 516 | 589 | 650 | 785 | 518 | 678 | 669 |
| Expenses | 425 | 443 | 647 | 456 | 522 | 576 | 702 | 462 | 617 | 613 |
| Operating Profit | 59 | 69 | 88 | 61 | 67 | 74 | 83 | 56 | 61 | 56 |
| OPM % | 12% | 13% | 12% | 12% | 11% | 11% | 11% | 11% | 9% | 8% |
| Net Profit | 44 | 50 | 72 | 46 | 51 | 53 | 65 | 47 | 48 | 24 |
| EPS ₹ | 2.99 | 3.39 | 4.89 | 3.12 | 3.46 | 3.64 | 4.4 | 3.2 | 3.26 | 1.64 |
AI Insights
TTM revenue at ₹2,650Cr, up 4.3% YoY. OPM at 10%.
Borrowings at ₹335Cr. Debt-to-equity ratio: 0.25x. Healthy balance sheet.
CWIP at ₹202Cr (38% of fixed assets). Significant capex underway — growth runway building.
DIIs: 14.8% (+3.14pp change). FIIs: 4.63% (+2.19pp change). Promoters hold 25.52%.
ROCE improving from 16% (Mar 2014) to 23% (Mar 2025). Working capital days: 38.
PE 29.2x with 22.6% ROCE. Price is 319% above book value of ₹91.8. Dividend yield: 0.39%.
Recent Announcements
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 2d - Ion Exchange confirms it is not a Large Corporate as of March 31, 2026.
- Announcement Under Regulation 30 (LODR) 29 Apr - Ion Exchange signs technology transfer deal with MANN+HUMMEL for PVDF UF membranes and MBR systems.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Apr - ION Exchange (India) Limited has informed about Copy of Newspaper Publication pertaining to Notice of Postal Ballot and information on e-voting.
- Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 24 Apr
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 7 Apr - Compliance Certificate under Reg 74(5) of SEBI (DP) Regulations, 2018 for the fourth quarter and year ended March 31, 2026.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse