Ion Exchange (India) Ltd

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Ion Exchange (India) Ltd

₹ 544 -0.36%
04 Jul - close price
ionexchangeglobal.com BSE: 500214 NSE: IONEXCHANG
About

Ion Exchange (India) is engaged in a wide range of solutions across the water cycle from pre-treatment to process water treatment, waste water treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc.(Source : 201903 Annual Report Page No: 63)

Key Points

Water Management Company
The company has completed over 100,000 installations worldwide. It is a pioneer in water and wastewater treatment and environmental solutions, serving various industries, institutions, homes, and communities. [1] [2]
Business Segments
1) Engineering (58% in Q1 FY25 vs 61% in FY20): [3] [4] Provides integrated services and solutions in water & wastewater treatment including Sea Water desalination, Recycle and Zero liquid discharge plants to diverse industries.

Revenue grew 13% YoY, and EBIT rose 26% YoY in Q1 FY25 supported by steady medium-sized job orders and international contracts. The company expects faster execution of large EPC jobs in the coming quarters. [5]

Website BSE NSE
  • Market Cap ₹ 7,974 Cr.
  • Current Price ₹ 544
  • High / Low ₹ 768 / 401
  • Stock P/E 38.4
  • Book Value ₹ 82.4
  • Dividend Yield 0.28 %
  • ROCE 22.1 %
  • ROE 18.7 %
  • Face Value ₹ 1.00
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Pros

Cons

  • Promoter holding is low: 25.8%
  • Company might be capitalizing the interest cost
  • Company has high debtors of 151 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Utilities Utilities Other Utilities Water Supply & Management

Part of BSE SmallCap BSE Allcap BSE Utilities Nifty Microcap 250 Nifty Total Market

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
496 382 448 512 647 479 533 554 782 568 644 691 835
402 349 394 450 541 430 473 483 690 503 576 615 749
Operating Profit 95 33 53 62 106 49 60 71 92 64 68 75 86
OPM % 19% 9% 12% 12% 16% 10% 11% 13% 12% 11% 11% 11% 10%
21 15 8 13 6 9 11 9 17 11 15 9 15
Interest 2 2 2 2 2 2 4 3 3 3 4 3 4
Depreciation 7 7 7 7 7 8 8 10 10 10 11 11 12
Profit before tax 106 39 52 65 102 48 59 67 95 62 68 70 85
Tax % 22% 30% 26% 27% 21% 30% 28% 30% 24% 28% 26% 29% 26%
83 27 39 48 81 33 42 47 72 45 51 50 63
EPS in Rs 5.66 1.91 2.66 3.28 5.57 2.27 2.90 3.24 4.96 3.07 3.47 3.31 4.32
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
787 798 868 1,009 1,046 1,162 1,480 1,450 1,577 1,990 2,348 2,737
751 750 810 935 966 1,053 1,342 1,243 1,361 1,731 2,072 2,443
Operating Profit 36 49 58 74 80 109 138 207 216 258 275 294
OPM % 5% 6% 7% 7% 8% 9% 9% 14% 14% 13% 12% 11%
5 4 7 12 21 34 36 31 42 42 45 50
Interest 15 17 17 21 22 21 19 15 13 12 15 13
Depreciation 11 12 13 12 13 20 24 28 28 29 36 44
Profit before tax 15 24 35 54 66 102 131 195 217 259 269 285
Tax % 68% 52% 51% 46% 40% 35% 28% 27% 26% 25% 27% 27%
5 11 17 29 40 66 94 143 162 195 195 208
EPS in Rs 0.31 0.67 1.05 2.07 2.74 4.45 6.38 9.81 11.10 13.41 13.37 14.17
Dividend Payout % 62% 43% 28% 16% 12% 10% 9% 10% 9% 9% 11% 10%
Compounded Sales Growth
10 Years: 13%
5 Years: 13%
3 Years: 20%
TTM: 17%
Compounded Profit Growth
10 Years: 36%
5 Years: 17%
3 Years: 9%
TTM: 6%
Stock Price CAGR
10 Years: 36%
5 Years: 51%
3 Years: 44%
1 Year: -17%
Return on Equity
10 Years: 24%
5 Years: 24%
3 Years: 21%
Last Year: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 14 14 14 14 14 14 14 14 14 14 14 14
Reserves 138 142 156 153 186 246 349 492 641 819 1,004 1,194
96 86 90 111 165 110 122 62 55 59 152 323
407 437 456 689 699 795 896 875 914 1,047 1,271 1,456
Total Liabilities 655 679 715 967 1,064 1,164 1,382 1,443 1,625 1,939 2,441 2,987
94 85 103 99 145 161 194 190 192 215 367 398
CWIP 1 14 2 34 7 12 12 15 20 42 61 318
Investments 3 2 2 3 4 5 5 5 9 10 12 13
557 578 608 831 909 987 1,172 1,234 1,404 1,672 2,001 2,258
Total Assets 655 679 715 967 1,064 1,164 1,382 1,443 1,625 1,939 2,441 2,987

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
5 45 50 176 86 127 102 197 91 63 130 32
-1 -17 -25 -75 -167 -70 -17 -27 -93 -41 -160 -165
-7 -29 -17 -3 31 -79 -28 -75 -27 -15 8 128
Net Cash Flow -2 -1 8 98 -50 -22 56 96 -28 6 -22 -4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 162 164 153 151 153 133 124 113 118 128 145 151
Inventory Days 51 55 53 68 55 65 51 52 70 65 59 63
Days Payable 212 221 215 206 197 207 188 219 202 162 174 165
Cash Conversion Cycle 0 -2 -9 12 11 -9 -13 -54 -14 31 31 50
Working Capital Days 37 30 27 -24 -33 -43 -30 -41 -18 13 21 40
ROCE % 12% 16% 20% 27% 27% 33% 35% 40% 36% 34% 27% 22%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
27.01% 27.01% 26.99% 26.95% 26.94% 26.76% 26.46% 26.38% 26.20% 25.90% 25.80% 25.76%
2.43% 0.71% 0.77% 1.95% 2.44% 3.94% 5.20% 5.63% 5.43% 5.44% 5.83% 5.50%
10.10% 10.82% 11.48% 11.58% 11.66% 11.90% 11.95% 12.21% 12.83% 13.24% 13.62% 13.88%
44.28% 45.28% 44.58% 43.34% 42.78% 41.20% 40.20% 39.59% 39.36% 39.26% 38.56% 38.69%
16.18% 16.18% 16.18% 16.18% 16.18% 16.18% 16.18% 16.18% 16.18% 16.18% 16.18% 16.18%
No. of Shareholders 32,13431,48731,17931,15548,37362,68971,50775,49787,5861,15,6641,19,0361,28,164

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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