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

• Market Cap: ₹59.65B
• Dividend Yield: 0.37%
• Average Volume (3M): 17.85K
• Price to Earnings (P/E): 22.8
• Beta (1Y): 1.15
• Revenue Growth: 12.99%
• EPS Growth: 1.85%
• Country: IN
• Employees: 2,389
• Sector: Services
• Sector Strength: N/A
• Industry: Industrial - Pollution & Treatment Controls
• EPS (TTM): 4.11
• Shares Outstanding: 146,666,600
• 10 Day Avg. Volume: 17,449
• 30 Day Avg. Volume: 17,850
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹509.00
• Price Target Upside: 25.15% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 59 Neutral
• Price Target: ₹509.00 ▲(25.15% Upside)

The overall stock score is primarily driven by the company's strong financial performance, reflecting solid revenue growth and profitability despite cash flow challenges. Technical analysis indicates a bearish market sentiment, while valuation metrics show moderate value relative to peers, with limited dividend yield.

Ion Exchange (India) Ltd. Business Overview & Revenue Model

Company Description

Ion Exchange (India) Limited, together with its subsidiaries, provides water treatment and environment management solutions in Indian and internationally. It operates through Engineering, Chemicals, and Consumer Products segments. The company offers raw water treatment, process treatment, post treatment, drinking water treatment, waste water systems, water recycle, zero liquid discharge, Ion Exchange process, membrane process, ion exchange membrane process, and 3D modelling systems; water purification equipment; and catalyst grade, adsorbent grade, chemical and special process, pharma grade, nuclear grade, hydrometallurgy, and sugar refining resins. It also provides nano filtration, ultra-filtration, sea water RO, fouling resistant, and brackish resistant membranes; and INDION specialty water treatment programme includes cooling water treatment, boiler water treatment, fireside treatment, coagulants, flocculants, membrane cleaning chemicals, and water testing kits. In addition, the company offers INDION online controllers and transmitters, water quality monitoring instruments, water quality measuring indicators, remote monitoring systems, and online effluent monitoring systems; and provides various services, such as consultancy, operator training, design engineering, project financing, and operations and maintenance services, as well as installation, commissioning, rehabilitation, and automation of plant. It serves various industries, such as automotive, cement, chemicals, electronics, food and beverage, fertilizers, paper and pulp, pharma, power, refinery and petrochemical, steel and metallurgy, mining and minerals, sugar, and textiles; educational, hospitality, hospital, laboratory, railway, and defense institutions; communities and municipalities; and residential and commercial establishments. Ion Exchange (India) Limited was incorporated in 1964 and is based in Mumbai, India.

How the Company Makes Money

Ion Exchange (India) Ltd. generates revenue through multiple streams, primarily from the sale of water treatment chemicals, resins, and filtration equipment. The company also earns significant income from providing turnkey engineering solutions, which involve designing, constructing, and maintaining water and wastewater treatment plants. Service contracts and maintenance agreements provide a steady flow of recurring revenue. Strategic partnerships and collaborations with global technology providers enhance their offerings and expand market reach. Additionally, the company's focus on research and development enables it to introduce new, innovative products that meet evolving market demands, further boosting its revenue potential.

Ion Exchange (India) Ltd. Financial Statement Overview

Summary

Ion Exchange (India) Ltd. demonstrates strong overall financial health, with robust revenue growth and improving profitability. However, challenges with free cash flow and increased capital expenditures in 2025 require attention to ensure sustainable financial health.

Income Statement

Ion Exchange (India) Ltd. has shown a robust revenue growth with a consistent increase in revenue over the years, reaching a total revenue of 27,371.1 million INR in 2025. The company exhibits a healthy gross profit margin and an improving net profit margin, suggesting efficient cost management and profitability enhancement. The EBIT and EBITDA margins also reflect a positive trajectory, indicating strong operational performance. However, there was a decrease in gross profit and EBIT in 2025 compared to 2024, which might signal potential challenges in cost control or pricing power.

Balance Sheet

The balance sheet of Ion Exchange (India) Ltd. reflects a stable financial position with a moderate debt-to-equity ratio, indicating controlled leverage. The equity ratio showcases a solid proportion of equity financing, which enhances financial stability. A strong return on equity highlights effective use of shareholders’ funds. However, the company should continue monitoring its debt levels to maintain its financial health.

Cash Flow

The cash flow analysis indicates challenges with free cash flow, which turned negative in 2025, suggesting high capital expenditures. The operating cash flow to net income ratio shows the company’s ability to convert net income into cash, which is a positive sign. Nonetheless, the decrease in operating cash flow from the previous year necessitates attention to operational efficiencies to ensure sustainable cash generation.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	26.84B	27.37B	23.48B	19.90B	15.72B	14.36B
Gross Profit	7.99B	6.26B	8.69B	7.47B	6.04B	5.28B
EBITDA	3.40B	3.42B	3.19B	2.99B	2.58B	2.37B
Net Income	2.17B	2.08B	1.96B	1.97B	1.63B	1.44B
Balance Sheet
Total Assets	0.00	29.87B	24.49B	19.40B	16.25B	14.43B
Cash, Cash Equivalents and Short-Term Investments	4.91B	4.66B	3.70B	5.63B	3.39B	3.01B
Total Debt	0.00	3.23B	1.52B	592.30M	552.22M	623.26M
Total Liabilities	-10.98B	17.77B	14.30B	11.04B	9.71B	9.38B
Stockholders Equity	10.98B	12.08B	10.18B	8.33B	6.56B	5.06B
Cash Flow
Free Cash Flow	0.00	-2.61B	96.14M	28.80M	413.58M	1.67B
Operating Cash Flow	0.00	596.30M	1.30B	627.30M	913.81M	1.97B
Investing Cash Flow	0.00	-2.04B	-1.60B	-404.10M	-919.98M	-1.34B
Financing Cash Flow	0.00	1.40B	83.64M	-153.10M	-268.63M	-747.04M

Ion Exchange (India) Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 406.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

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 406.7 is below the 20-day moving average (MA) of 419.17, below the 50-day MA of 445.04, and below the 200-day MA of 525.63, indicating a bearish trend. The MACD of -7.74 indicates Negative momentum. The RSI at 34.33 is Neutral, neither overbought nor oversold. The STOCH value of 14.21 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JUSTDIAL	80 Outperform	₹69.66B	11.56	12.68%	―	7.68%	43.22%
TCI	70 Outperform	₹91.55B	21.44	19.48%	0.84%	11.32%	20.27%
IONEXCHANG	59 Neutral	₹59.65B	22.79	―	0.37%	12.99%	1.85%
ITDC	58 Neutral	₹50.03B	62.72	22.42%	0.50%	18.45%	24.02%
SAMMAANCAP	52 Neutral	₹114.61B	-4.33	-8.28%	1.45%	-1.00%	-236.83%
SPICEJET	38 Underperform	₹38.18B	-6.97	-3.23%	―	-30.23%	45.36%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%