Ion Exchange (India) Ltd. (IN:IONEXCHANG)
:IONEXCHANG
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Ion Exchange (India) Ltd.
(IONEXCHANG)
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Rating:60Neutral
Price Target:
₹402.00
▲(7.16% Upside)
Action:ReiteratedDate:11/21/25
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
Diversified revenue mix & recurring streams
A mix of EPC projects plus repeat consumables and O&M creates durable revenue diversification. The installed base drives recurring chemical, resin and service demand, reducing cyclical exposure from projects and supporting predictable annuity-like cash inflows over multiple years.
Negative Factors
Negative free cash flow in 2025
Negative free cash flow driven by elevated capex weakens near-term financial flexibility. Sustained negative FCF can limit ability to self-fund projects, reduce buffers for working capital variability in EPC businesses, and increase reliance on external financing if not reversed.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue mix & recurring streams
A mix of EPC projects plus repeat consumables and O&M creates durable revenue diversification. The installed base drives recurring chemical, resin and service demand, reducing cyclical exposure from projects and supporting predictable annuity-like cash inflows over multiple years.
Read all positive factors
Ion Exchange (India) Ltd. (IONEXCHANG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹51.01B
Dividend Yield0.4%
Average Volume (3M)15.37K
Price to Earnings (P/E)55.6
Beta (1Y)1.19
Revenue Growth11.56%
EPS Growth-2.78%
CountryIN
Employees2,389
SectorServices
Sector StrengthN/A
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)1.71
Shares Outstanding146,666,600
10 Day Avg. Volume11,482
30 Day Avg. Volume15,371
Financial Highlights & Ratios
PEG Ratio4.44
Price to Book (P/B)4.63
Price to Sales (P/S)2.04
P/FCF Ratio-21.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 offe...
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 sof...
Ion Exchange (India) Ltd. Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
72
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.59B | 27.37B | 23.48B | 19.90B | 15.72B | 14.47B |
| Gross Profit | 6.10B | 6.26B | 8.69B | 7.47B | 6.18B | 3.35B |
| EBITDA | 2.68B | 3.42B | 3.19B | 2.99B | 2.58B | 2.37B |
| Net Income | 1.61B | 2.08B | 1.96B | 1.97B | 1.63B | 1.44B |
Balance Sheet | ||||||
| Total Assets | 31.10B | 29.87B | 24.49B | 19.40B | 16.25B | 14.43B |
| Cash, Cash Equivalents and Short-Term Investments | 3.91B | 4.66B | 3.70B | 3.40B | 5.36B | 3.36B |
| Total Debt | 4.21B | 3.23B | 1.52B | 592.30M | 552.22M | 623.26M |
| Total Liabilities | 18.16B | 17.77B | 14.30B | 11.04B | 9.71B | 9.38B |
| Stockholders Equity | 12.93B | 12.08B | 10.18B | 8.33B | 6.56B | 5.06B |
Cash Flow | ||||||
| Free Cash Flow | -1.65B | -2.61B | 96.14M | 28.80M | 413.58M | 1.67B |
| Operating Cash Flow | -82.60M | 596.30M | 1.30B | 627.30M | 913.81M | 1.97B |
| Investing Cash Flow | -101.60M | -2.04B | -1.60B | -404.10M | -919.98M | -1.34B |
| Financing Cash Flow | 709.70M | 1.40B | 83.64M | -153.10M | -268.63M | -747.04M |
Ion Exchange (India) Ltd. Technical Analysis
Neutral
375.15
Price Trends
357.81
Negative
360.83
Negative
408.97
Negative
Market Momentum
-7.38
Negative
50.57
Neutral
59.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IONEXCHANG, the sentiment is Neutral. The current price of 375.15 is above the 20-day moving average (MA) of 340.67, above the 50-day MA of 357.81, and below the 200-day MA of 408.97, indicating a neutral trend. The MACD of -7.38 indicates Negative momentum. The RSI at 50.57 is Neutral, neither overbought nor oversold. The STOCH value of 59.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:IONEXCHANG.
Ion Exchange (India) Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹43.80B | 11.09 | ― | ― | 6.97% | 12.91% | |
70 Outperform | ₹79.79B | 18.01 | ― | 0.94% | 9.97% | 16.28% | |
60 Neutral | ₹51.01B | 55.57 | ― | 0.40% | 11.56% | -2.78% | |
56 Neutral | ₹34.72B | 44.72 | ― | 0.50% | 6.56% | 4.21% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
52 Neutral | ₹122.17B | 9.43 | ― | ― | -4.78% | ― | |
39 Underperform | ₹15.69B | -4.18 | ― | ― | -26.46% | 46.14% |
* Services Sector Average
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Ion Exchange (India) Ltd. Corporate Events
Ion Exchange India Board Clears New ESOP 2026 and Revamps Oversight Panel
Mar 18, 2026
Ion Exchange (India) Ltd. has approved a new Employee Stock Option Scheme 2026, to be implemented via an irrevocable employee welfare trust, subject to shareholder and regulatory approvals. The scheme aligns with Indian company and securities regu...
Ion Exchange’s Oman Arm Wins ₹1,730-Crore 20-Year Water Project from Petroleum Development Oman
Feb 10, 2026
Ion Exchange’s Omani subsidiary, Ion Exchange and Company LLC, has secured a long-term international contract from Petroleum Development Oman for water and wastewater infrastructure in the South PDO Concession Area. The deal, structured as a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.