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)
Water Management CompanyThe company has completed over 100,000 installations worldwide. It is a pioneer in water and wastewater treatment and environmental solutions, serving various industries, institutions, homes, and communities.[1][2]Business Segments1) Engineering (58% in Q1 FY25 vs 61% in FY20):[3][4]Provides integrated services and solutions in water & wastewater treatment including Sea Water desalination, Recycle and Zero liquid discharge plants to diverse industries.Revenue grew 13% YoY, and EBIT rose 26% YoY in Q1 FY25 supported by steady medium-sized job orders and international contracts. The company expects faster execution of large EPC jobs in the coming quarters.[5]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Va Tech Wabag | 1193.30 | 23.19 | 7433.99 | 0.33 | 84.80 | 20.11 | 834.50 | 19.16 | 19.70 | 3535.70 | 11.97 | 320.30 | 84.80 | 3.19 | 5.86 | 0.10 |
| 2. | ION Exchange | 357.60 | 24.69 | 5244.81 | 0.42 | 47.87 | -5.66 | 678.24 | 15.16 | 22.58 | 2631.11 | 10.44 | 212.66 | 47.87 | 3.85 | 8.20 | 0.25 |
| 3. | Enviro Infra | 187.55 | 15.97 | 3292.09 | 0.00 | 49.50 | 44.54 | 227.35 | 6.73 | 31.68 | 1108.64 | 25.48 | 206.89 | 51.43 | 2.84 | 15.67 | 0.26 |
| 4. | Denta Water | 299.75 | 12.09 | 800.32 | 0.81 | 18.93 | 71.16 | 74.27 | 53.80 | 25.17 | 247.05 | 32.81 | 66.16 | 18.93 | 1.84 | 16.27 | 0.03 |
| 5. | JITF Infra Logis | 262.40 | – | 674.46 | 0.00 | -15.99 | -345.62 | 537.53 | 11.85 | 12.07 | 2406.92 | 19.73 | -73.25 | -17.93 | – | 3.43 | – |
| 6. | Felix Industries | 177.00 | 19.44 | 304.56 | 0.00 | 5.33 | 1445.16 | 17.38 | 116.98 | 14.31 | 58.81 | 34.81 | 15.68 | 4.79 | 2.12 | 8.09 | 0.13 |
| 7. | Apex Ecotech | 121.05 | 16.64 | 159.60 | 0.00 | 2.58 | 66.45 | 32.57 | 50.09 | 37.51 | 81.82 | 14.63 | 9.59 | 2.58 | 3.27 | 20.08 | 0.00 |
| – | Median: 8 Co. | 224.97 | 16.64 | 737.39 | 0.0 | 12.13 | 55.5 | 150.81 | 34.62 | 23.88 | 677.85 | 19.93 | 40.92 | 11.86 | 2.84 | 8.54 | 0.13 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 418 | 496 | 619 | 449 | 484 | 512 | 735 | 516 | 589 | 650 | 785 | 518 | 678 |
Expenses | 374 | 436 | 521 | 397 | 425 | 443 | 647 | 456 | 522 | 576 | 702 | 462 | 617 |
Operating Profit | 44 | 61 | 98 | 52 | 59 | 69 | 88 | 61 | 67 | 74 | 83 | 56 | 61 |
Other Income | 11 | 13 | 5 | 10 | 10 | 10 | 17 | 13 | 13 | 11 | 15 | 20 | 16 |
Profit before tax | 46 | 65 | 93 | 52 | 59 | 69 | 94 | 62 | 68 | 73 | 85 | 63 | 64 |
Tax % | 27% | 27% | 21% | 26% | 26% | 28% | 24% | 26% | 25% | 27% | 24% | 26% | 25% |
Net Profit | 34 | 47 | 73 | 39 | 44 | 50 | 72 | 46 | 51 | 53 | 65 | 47 | 48 |
EPS in Rs | 2.32 | 3.23 | 5.01 | 2.65 | 2.99 | 3.39 | 4.89 | 3.12 | 3.46 | 3.64 | 4.40 | 3.20 | 3.26 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 712 | 732 | 802 | 926 | 986 | 1,102 | 1,407 | 1,402 | 1,509 | 1,892 | 2,180 | 2,540 | 2,631 |
Expenses | 669 | 680 | 740 | 848 | 913 | 1,009 | 1,283 | 1,205 | 1,310 | 1,652 | 1,910 | 2,252 | 2,356 |
Operating Profit | 43 | 52 | 62 | 78 | 73 | 93 | 124 | 197 | 199 | 241 | 270 | 288 | 275 |
Other Income | 8 | 8 | 12 | 18 | 30 | 44 | 48 | 37 | 46 | 45 | 47 | 51 | 62 |
Interest | 11 | 12 | 12 | 15 | 18 | 18 | 16 | 12 | 10 | 11 | 10 | 11 | 8 |
Depreciation | 8 | 10 | 10 | 11 | 12 | 18 | 22 | 26 | 27 | 28 | 33 | 40 | 43 |
Profit before tax | 31 | 38 | 51 | 71 | 73 | 101 | 134 | 196 | 209 | 246 | 274 | 288 | 285 |
Net Profit | 21 | 26 | 34 | 47 | 48 | 67 | 99 | 146 | 154 | 185 | 204 | 214 | 213 |
EPS in Rs | 1.41 | 1.80 | 2.37 | 3.20 | 3.25 | 4.54 | 6.76 | 9.95 | 10.51 | 12.62 | 13.92 | 14.62 | 14.50 |
Dividend Payout % | 14% | 17% | 13% | 11% | 11% | 10% | 9% | 10% | 10% | 10% | 11% | 10% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
Reserves | 186 | 206 | 236 | 256 | 299 | 360 | 467 | 612 | 753 | 872 | 1,060 | 1,256 | 1,332 |
Borrowings | 73 | 52 | 62 | 87 | 139 | 86 | 100 | 41 | 38 | 49 | 59 | 244 | 335 |
Other Liabilities | 328 | 360 | 387 | 625 | 656 | 755 | 855 | 828 | 861 | 998 | 1,197 | 1,377 | 1,299 |
Total Liabilities | 602 | 632 | 700 | 982 | 1,108 | 1,215 | 1,437 | 1,496 | 1,667 | 1,934 | 2,331 | 2,891 | 2,981 |
Fixed Assets | 77 | 70 | 80 | 90 | 136 | 144 | 177 | 174 | 177 | 204 | 263 | 290 | 527 |
Gross Block | 173.31 | 70.00 | 195.06 | 100.75 | 158.68 | 183.91 | 231.04 | 254.26 | 280.72 | 336.28 | 425.43 | 497.17 | – |
Accumulated Depreciation | 96.21 | 0.00 | 114.87 | 10.75 | 22.66 | 40.02 | 54.12 | 80.22 | 103.49 | 132.44 | 162.29 | 207.36 | – |
CWIP | 1 | 5 | 2 | 34 | 7 | 12 | 12 | 15 | 20 | 42 | 61 | 322 | 202 |
Investments | 52 | 55 | 55 | 57 | 58 | 61 | 62 | 63 | 64 | 59 | 85 | 86 | 87 |
Other Assets | 472 | 502 | 562 | 802 | 908 | 998 | 1,186 | 1,244 | 1,405 | 1,629 | 1,922 | 2,193 | 2,166 |
Total Assets | 602 | 632 | 700 | 982 | 1,108 | 1,215 | 1,437 | 1,496 | 1,667 | 1,934 | 2,331 | 2,891 | 2,981 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -2 | 42 | 24 | 158 | 80 | 105 | 65 | 192 | 75 | 55 | 124 | 26 |
Cash from Investing Activity | 2 | -6 | -16 | -65 | -160 | -57 | 7 | -25 | -81 | -23 | -161 | -169 |
Cash from Financing Activity | -2 | -35 | -4 | 4 | 33 | -73 | -23 | -70 | -22 | -27 | -12 | 148 |
Net Cash Flow | -1 | 1 | 4 | 98 | -48 | -25 | 49 | 97 | -28 | 5 | -48 | 5 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 149 | 163 | 153 | 154 | 159 | 142 | 133 | 118 | 123 | 135 | 154 | 162 |
Inventory Days | 30 | 34 | 41 | 59 | 43 | 54 | 45 | 42 | 57 | 55 | 50 | 54 |
Days Payable | 192 | 203 | 199 | 196 | 188 | 196 | 181 | 205 | 188 | 156 | 172 | 164 |
Cash Conversion Cycle | -12 | -6 | -5 | 17 | 14 | 0 | -2 | -46 | -9 | 34 | 32 | 52 |
Working Capital Days | 5 | 21 | 27 | -25 | -49 | -40 | -31 | -33 | -6 | 13 | 26 | 38 |
ROCE % | 16% | 18% | 22% | 26% | 22% | 26% | 29% | 33% | 30% | 30% | 27% | 23% |
Direct from BSE filings, auto-summarised
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Stock Analysis
Ion Exchange (India) Limited is a prominent player in the water and environment management sector, offering solutions for water treatment, wastewater management, and process chemicals.
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