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Ion Exchange (India) Limited (IONEXCHANG.NS)

INR440.55 -11.15 (-2.47%)
IN NSE Industrials Industrial - Pollution & Treatment Controls
Address Ion House 400011
Mumbai, IN
CEO Indraneel Dutt
IPO 2022-02-22
ISIN INE570A01022

Explore sections of this company profile

Also trades on Bombay Stock Exchange · IONEXCHANG.BO (INR) National Stock Exchange of India · IONEXCHANG.NS (INR)
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 Consumer Products segments, the company offers a comprehensive portfolio. This includes advanced systems for raw water treatment, process and post-treatment, potable water purification, wastewater management, recycling, and zero liquid discharge, utilizing technologies like ion exchange, various membrane processes, and 3D modeling. Its product lines feature specialized resins (for catalyst, adsorbent, pharmaceutical, nuclear, and sugar refining applications), diverse water purification equipment, and a range of membranes (e.g., nanofiltration, ultrafiltration, and RO membranes for sea water, fouling-resistant, and brackish-resistant uses). The company also provides INDION specialty chemical programs for industrial water treatment (such as cooling and boiler water) and supplies sophisticated online monitoring and control instruments for water quality and effluent management. Beyond products, Ion Exchange offers extensive services including consultancy, design engineering, project financing, installation, commissioning, plant automation, rehabilitation, and ongoing operations and maintenance, along with operator training. Its broad customer base extends to various heavy industries (e.g., automotive, cement, power, chemicals, steel, food & beverage, pharmaceuticals), institutional clients (e.g., educational, hospitals, defense), municipal bodies, and both residential and commercial establishments.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
INR440.55 -11.15 (-2.47%)
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Volume Profile
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Liquidity & share structure
Average Volume
450.7K
Beta
0.38
Float Shares
77.50M
Free Float %
63.0%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
-6.77% -2.14% -6.93% +4.39% +8.65% -0.13% -32.46% +1.26% +103.31% +103.31% +103.31%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
440.55
DCF (Unlevered) 522.48 +18.6%
DCF (Levered) 147.03 -66.6%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 100% Bullish
Rating 2026-05 Change
Strong Buy 0 0
Buy 1 0
Hold 0 0
Sell 0 0
Strong Sell 0 0
Quality scores
Altman Z-Score
2.71
Grey zone
Piotroski F-Score
3 / 9
Average
MOAT Score
5 / 10
Developing
Composite Rating
C-
Overall Score
1 / 5
Low
DCF Score
3 / 5
Medium
ROE Score
1 / 5
Low
ROA Score
1 / 5
Low
D/E Score
1 / 5
Low
P/E Score
2 / 5
Medium
P/Book Score
1 / 5
Low
Operational MOAT
✗ Below peers
  • Revenue growth Industrial - Pollution & Treatment Controls: +8.0%
    +6.5% Q1'26: +3.4% (vs Q1'25)
  • EPS growth Industrial - Pollution & Treatment Controls: +15.8%
    -31.4% Q1'26: -61.8% (vs Q1'25)
  • FCF margin FCF growth · Industrial - Pollution & Treatment Controls: +35.7%
    -2.1% Q1'26: -19.1% (vs Q1'25)
  • EBIT margin Industrial - Pollution & Treatment Controls: +10.2%
    +7.5% Q1'26: +5.0% (vs Q1'25)
  • ROIC Industrial - Pollution & Treatment Controls: +6.6%
    +10.8% Q1'26: +8.7% (vs Q1'25)
  • Share dilution Industrial - Pollution & Treatment Controls: 0.0%
    +0.0% Q1'26: +0.0% (vs Q1'25)
  • Debt / EBITDA Net debt/EBITDA · Industrial - Pollution & Treatment Controls: -0.39×
    1.71× Q1'26: 1.92× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.72) × ERP
WACC = 90% × Ke + 10% × Kd (5.0%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Intrinsic value (base): 204.96 Current price: 440.55
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Mar 2015
actual
Mar 2016
actual
Mar 2017
actual
Mar 2018
actual
Mar 2019
actual
Mar 2020
actual
Mar 2021
actual
Mar 2023
actual
Mar 2024
actual
Mar 2025
actual
Mar 2026
1 Rev. Ana.
1 EPS Ana.
Mar 2027
1 Rev. Ana.
1 EPS Ana.
Mar 2028
1 Rev. Ana.
1 EPS Ana.
Revenue
8.00B
est: 7.17B (+11.7%)
8.69B
est: 8.07B (+7.8%)
10.16B
est: 8.81B (+15.3%)
10.38B
est: 11.39B (-8.8%)
11.55B
est: 10.04B (+15.1%)
14.59B
est: 16.16B (-9.8%)
14.47B
est: 18.91B (-23.5%)
19.90B
est: 20.12B (-1.1%)
23.48B
est: 25.63B (-8.4%)
27.37B
est: 28.17B (-2.8%)
33.81B
33.81B – 33.81B
+20.0% YoY
30.21B
30.21B – 30.21B
-10.6% YoY
34.20B
34.20B – 34.20B
+13.2% YoY
EBITDA
528.64M
est: 1.06B (-50.1%)
644.53M
est: 1.19B (-46.0%)
844.09M
est: 1.30B (-35.2%)
1.01B
est: 1.68B (-39.9%)
1.43B
est: 1.48B (-3.8%)
1.73B
est: 2.39B (-27.5%)
2.37B
est: 2.80B (-15.1%)
2.99B
est: 2.98B (+0.5%)
3.19B
est: 3.79B (-15.8%)
3.42B
est: 4.17B (-17.8%)
5.00B
5.00B – 5.00B
+20.0% YoY
4.47B
4.47B – 4.47B
-10.6% YoY
5.06B
5.06B – 5.06B
+13.2% YoY
EBIT
376.82M
est: 940.19M (-59.9%)
495.60M
est: 1.06B (-53.2%)
699.29M
est: 1.16B (-39.5%)
822.91M
est: 1.49B (-44.9%)
1.19B
est: 1.32B (-9.8%)
1.45B
est: 2.12B (-31.5%)
2.10B
est: 2.48B (-15.4%)
2.70B
est: 2.64B (+2.2%)
2.83B
est: 3.36B (-15.9%)
2.98B
est: 3.70B (-19.4%)
4.44B
4.44B – 4.44B
+20.0% YoY
3.96B
3.96B – 3.96B
-10.6% YoY
4.49B
4.49B – 4.49B
+13.2% YoY
Net Income
97.60M
est: 190.64M (-48.8%)
153.14M
est: 264.02M (-42.0%)
283.46M
est: 154.12M (+83.9%)
401.75M
est: 317.61M (+26.5%)
652.59M
est: 421.82M (+54.7%)
936.22M
est: 874.10M (+7.1%)
1.44B
est: 1.06B (+35.9%)
1.97B
est: 1.67B (+17.9%)
1.96B
est: 2.19B (-10.7%)
2.08B
est: 1.81B (+14.6%)
2.18B
2.18B – 2.18B
+20.3% YoY
2.13B
2.13B – 2.13B
-2.2% YoY
2.56B
2.56B – 2.56B
+19.8% YoY
SGA
1.13B
est: 564.33M (+99.6%)
218.44M
est: 635.41M (-65.6%)
571.38M
est: 693.77M (-17.6%)
594.41M
est: 896.55M (-33.7%)
635.69M
est: 790.65M (-19.6%)
721.99M
est: 1.27B (-43.3%)
538.03M
est: 1.49B (-63.9%)
793.54M
est: 1.58B (-49.9%)
1.02B
est: 2.02B (-49.4%)
3.76B
est: 2.22B (+69.7%)
2.66B
2.66B – 2.66B
+20.0% YoY
2.38B
2.38B – 2.38B
-10.6% YoY
2.69B
2.69B – 2.69B
+13.2% YoY
EPS
0.69
est: 1.61 (-57.1%)
1.09
est: 2.23 (-51.1%)
2.50
est: 1.30 (+92.3%)
3.47
est: 2.68 (+29.5%)
5.64
est: 3.56 (+58.5%)
8.02
est: 7.37 (+8.8%)
12.14
est: 8.93 (+35.9%)
16.60
est: 14.08 (+17.9%)
16.53
est: 18.51 (-10.7%)
17.53
est: 15.30 (+14.6%)
18.40
18.40 – 18.40
+20.3% YoY
18.00
18.00 – 18.00
-2.2% YoY
21.57
21.57 – 21.57
+19.8% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-27 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-05-26 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-05-25 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-05-22 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-05-21 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-05-20 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-05-19 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-05-18 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-05-15 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-05-14 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-05-13 C 2/5 3/5 1/5 1/5 1/5 3/5 1/5
2026-05-12 C 2/5 3/5 1/5 1/5 1/5 3/5 1/5
2026-05-11 C 2/5 3/5 1/5 1/5 1/5 3/5 1/5
2026-05-08 C 2/5 3/5 1/5 1/5 1/5 3/5 1/5
2026-05-07 C 2/5 3/5 1/5 1/5 1/5 3/5 1/5
2026-05-06 C 2/5 3/5 1/5 1/5 1/5 3/5 1/5
2026-05-05 C 2/5 3/5 1/5 1/5 1/5 3/5 1/5
2026-05-04 C 2/5 3/5 1/5 1/5 1/5 3/5 1/5
2026-04-30 C 2/5 4/5 1/5 1/5 1/5 3/5 1/5
2026-04-29 C 2/5 4/5 1/5 1/5 1/5 3/5 1/5
2026-04-28 C 2/5 4/5 1/5 1/5 1/5 3/5 1/5
2026-04-27 C 2/5 4/5 1/5 1/5 1/5 3/5 1/5
2026-04-24 C 2/5 3/5 1/5 1/5 1/5 3/5 1/5
2026-04-23 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-04-22 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-04-21 C 2/5 4/5 1/5 1/5 1/5 2/5 1/5
2026-04-20 C 2/5 4/5 1/5 1/5 1/5 2/5 1/5
2026-04-17 C- 1/5 3/5 1/5 1/5 1/5 2/5 1/5
2026-04-16 C 2/5 4/5 1/5 1/5 1/5 2/5 1/5
2026-04-15 C 2/5 4/5 1/5 1/5 1/5 2/5 1/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
890.52M
OE per share TTM
7.09
Owner's Yield
1.98%
Maintenance CapEx ratio
46.20%
Maint CapEx / Avg PPE
16.4%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
Total invested
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
916.5K
Shares Outstanding
122.93M

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Rajesh Sharma Executive Chairman 76M male
Indraneel Dutt MD, Chief Executive Officer & Director 13M male
Nandkumar Manohar Ranadive Group Head of Financial Planning & Risk Management 6M male
Nikisha Solanki Company Secretary & Compliance Officer 2M female
Shashikant S. Raut Vice President of Projects & Sales
Ajay A. Popat President of Corporate Diversification, Technology & Marketing male
Vasant J. Naik Group Chief Financial Officer male
Prashant K. Chitnis Senior Vice President of Technology male
Rajesh Kumar Srivastava President & CHRO male
S. N. Iyengar Executive Vice President of Medium Industry Segment male
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits