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

• Market Cap: ₹58.19B
• Dividend Yield: 0.43%
• Average Volume (3M): 15.37K
• Price to Earnings (P/E): 22.4
• Beta (1Y): 1.15
• Revenue Growth: 11.56%
• EPS Growth: -2.78%
• Country: IN
• Employees: 2,389
• Sector: Services
• Sector Strength: N/A
• Industry: Industrial - Pollution & Treatment Controls
• EPS (TTM): 4.18
• Shares Outstanding: 146,666,600
• 10 Day Avg. Volume: 11,482
• 30 Day Avg. Volume: 15,371
• PEG Ratio: 4.44
• Price to Book (P/B): 4.63
• Price to Sales (P/S): 2.04
• P/FCF Ratio: -21.43
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: ₹379.00 ▲(8.27% Upside)

Ion Exchange (India) Ltd. has a solid financial foundation with strong revenue growth and profitability. However, bearish technical indicators and moderate valuation metrics suggest caution. The lack of earnings call data and corporate events limits further insights.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, supporting long-term business expansion and stability.

Market Position

As a leader in water treatment, the company benefits from a strong market position, enabling it to leverage industry trends and secure significant contracts.

Profitability

Improving profit margins reflect efficient cost management and pricing power, enhancing long-term financial health and shareholder value.

Negative Factors

Cash Flow Challenges

Negative free cash flow due to high capital expenditures can strain liquidity and limit the company's ability to invest in growth opportunities.

Decreased Operating Cash Flow

Declining operating cash flow indicates potential inefficiencies in operations, which may impact the company's ability to sustain cash generation.

Decreased Gross Profit

A decrease in gross profit and EBIT suggests challenges in cost control or pricing power, potentially affecting future profitability.

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

Company Description

Ion Exchange (India) Ltd. (IONEXCHANG) is a leading provider of water and wastewater treatment solutions, specializing in the design and manufacture of ion exchange resins, water treatment plants, and various related services. The company operates primarily in the water management sector, catering to industries such as power, pharmaceuticals, food and beverage, and municipal water supply. Core products include ion exchange resins, water treatment chemicals, and integrated water treatment systems, aimed at ensuring the safe and efficient management of water resources.

How the Company Makes Money

Ion Exchange (India) Ltd. generates revenue through multiple streams, primarily from the sale of water treatment products and services. Key revenue sources include the sale of ion exchange resins, which are essential for water purification and softening, as well as the development and execution of turnkey water treatment projects. The company also earns income from providing maintenance and operational services for installed systems. Significant partnerships with government and private sector entities in various sectors bolster its earnings, as they often involve long-term contracts for water management solutions. Additionally, Ion Exchange benefits from a growing demand for sustainable water management solutions, enhancing its growth potential in both domestic and international markets.

Ion Exchange (India) Ltd. Financial Statement Overview

Summary

Ion Exchange (India) Ltd. demonstrates strong financial performance with robust revenue growth and profitability. However, challenges in cash flow generation and increased capital expenditures in 2025 suggest the need for strategic adjustments.

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	27.37B	27.37B	23.48B	19.90B	15.72B	14.47B
Gross Profit	9.11B	6.26B	8.69B	7.47B	6.18B	3.35B
EBITDA	3.32B	3.42B	3.19B	2.99B	2.58B	2.37B
Net Income	2.08B	2.08B	1.96B	1.97B	1.63B	1.44B
Balance Sheet
Total Assets	29.87B	29.87B	24.49B	19.40B	16.25B	14.43B
Cash, Cash Equivalents and Short-Term Investments	4.66B	4.66B	3.70B	3.40B	5.36B	3.36B
Total Debt	3.23B	3.23B	1.52B	592.30M	552.22M	623.26M
Total Liabilities	17.77B	17.77B	14.30B	11.04B	9.71B	9.38B
Stockholders Equity	12.08B	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: 350.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: 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 350.05 is below the 20-day moving average (MA) of 367.73, below the 50-day MA of 390.56, and below the 200-day MA of 472.47, indicating a bearish trend. The MACD of -13.31 indicates Positive momentum. The RSI at 29.74 is Positive, neither overbought nor oversold. The STOCH value of 20.73 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JUSTDIAL	73 Outperform	₹64.64B	11.38	―	―	6.97%	12.91%
TCI	70 Outperform	₹90.61B	20.83	―	0.91%	9.97%	16.28%
IONEXCHANG	60 Neutral	₹58.19B	22.38	―	0.43%	11.56%	-2.78%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
ITDC	53 Neutral	₹49.57B	68.61	―	0.50%	6.56%	4.21%
SAMMAANCAP	52 Neutral	₹154.72B	11.51	―	―	-4.78%	―
SPICEJET	41 Neutral	₹47.20B	-8.61	―	―	-26.46%	46.14%

Ion Exchange (India) Ltd. Corporate Events

Ion Exchange Announces 61st AGM and E-Voting Details

Ion Exchange (India) Ltd. has announced the publication of a newspaper notice regarding its 61st Annual General Meeting, book closure, and e-voting information. This announcement is part of the company’s compliance with SEBI regulations, ensuring transparency and communication with its stakeholders.