NSE: IONEXCHANG · BSE: 500214
ION EXCHANGE (INDIA) LTD
Designs, builds and commissions water and wastewater treatment systems, manufactures water treatment chemicals and resins, and sells consumer water purification products. The Engineering segment — water and wastewater treatment plants and filtration units for industrial and municipal customers — generated ₹1,757.76 crore, or 58.5% of segment revenue in FY26, but earned only a 5.1% EBIT margin. The Chemicals segment, producing treatment chemicals and resins for industrial water users, brought in ₹867.72 crore (28.9% of segment revenue) at a 21.0% EBIT margin. The Consumer Products segment, selling home water purifiers and related items to retail buyers, earned ₹379.42 crore (12.6%) but recorded a small EBIT loss. The order book stands at ₹23,378 million with a bid pipeline of ₹95,090 million, supported by recent wins including a USD 52.83 million (~₹503 crore) contract from Hyundai Engineering & Construction for Middle East filtration units, commissioning of an IOCL Raw Water Treatment Plant, and a technology partnership with MANN + HUMMEL for UF membranes. Materials are the largest input cost at 61.5% of revenue, followed by employee costs at 14.2% and capex at 8.7%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Engineering (59%), Chemicals (29%), Consumer Products (13%). Project-driven engineering, specialty chemicals manufacturing, and consumer water products
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,577 | 1,990 | 2,348 | 2,737 | 2,915 |
| EBITDA (ex other income) | 213 | 255 | 272 | 294 | 193 |
| margin % | 13.5 | 12.8 | 11.6 | 10.7 | 6.6 |
| Owners' profit | 163 | 197 | 196 | 208 | 143 |
| EPS, as reported (₹) | 137.30 | 165.95 | 16.53 | 17.53 | 12.03 |
| ROE % · ROCE % | 24.7 · 32.5 | 23.3 · 30.0 | 19.2 · 23.5 | 17.2 · 19.6 | 10.7 · 12.3 |
| Debt / equity (x) | 0.07 | 0.06 | 0.13 | 0.25 | 0.34 |
| Cash from operations | 91 | 63 | 130 | 32 | (28) |
| Capex | (50) | (60) | (120) | (320) | (254) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 644 | 691 | 835 | 583 | 734 | 734 | 863 | 700 |
| Profit before tax | 68 | 69 | 85 | 65 | 68 | 28 | 33 | 7 |
| Net profit | 51 | 50 | 63 | 48 | 50 | 21 | 24 | 3 |
| EPS (₹) | 4.30 | 4.10 | 5.34 | 4.11 | 4.18 | 1.71 | 2.04 | 0.35 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Engineering | 1,758 | 58.5 |
| Chemicals | 868 | 28.9 |
| Consumer Products | 379 | 12.6 |
| Unallocated | 1 | 0.0 |
| Total, before eliminations | 3,006 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| VA TECH WABAG LTD | 11,279 | 23.5 | 4.38 | 18.9 | 14.4 | 15.5 | 6.8 | 14.8 |
| ION EXCHANGE (INDIA) LTD ◆ | 5,005 | 41.2 | 3.73 | 18.9 | 10.7 | 10.9 | 15.0 | 5.4 |
| ENVIRO INFRA ENGINEERS L | 2,914 | 16.1 | 2.35 | 10.6 | 15.2 | 16.5 | — | 22.7 |
| JITF INFRALOGISTICS LTD | 672 | — | — | 7.9 | 2.2 | 1.6 | 24.8 | 19.5 |
| DENTA WATER N INFRA SOL L | 618 | 9.9 | 1.35 | 7.2 | 13.3 | 17.8 | — | 26.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.2 | 13.7 | 14 of 14 | 0% |
| P/B | 3.7 | 2.0 | 9 of 11 | 20% |
| ROCE | 10.9 | 15.4 | 13 of 16 | 20% |
| ROE | 10.7 | 13.5 | 8 of 11 | 30% |
| Debt / Equity | 0.3 | 0.3 | 8 of 11 | 30% |
| EBITDA margin | 5.4 | 17.6 | 11 of 12 | 9% |
| Revenue growth | 20.1 | 20.8 | 9 of 13 | 33% |
| Profit growth | (93.7) | (16.7) | 8 of 10 | 22% |
| Market cap | 5005 | 725 | 2 of 16 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Earnings call set for Q2 and H1 FY27, with date discrepancy | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Board to approve Q2 and half-year results on November 3, 2026 | results | low | — | — |
| 9 Oct 2026 · Ion Exchange sets up irrevocable ESOP trust for Employee Stock Option Scheme 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · Compliance certificate for Q2 FY26 dematerialization filed with exchanges | compliance | minimal | — | — |
| 6 Oct 2026 · Newspaper notice on physical share transfer window and KYC update | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window closed from Oct 1 for H2 FY26 results | compliance | minimal | — | — |
| 11 Sept 2026 · Voting results of 62nd AGM - all 4 resolutions passed | board shareholder meetings | low | — | — |
| 11 Sept 2026 · 62nd AGM held on Sept 11, 2026; all 4 resolutions passed with majority | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Newspaper publication of 62nd AGM notice submitted to exchanges | compliance | minimal | — | — |
| 18 Aug 2026 · 62nd AGM on Sep 11, 2026; dividend record date Aug 31, 2026 | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.