Stox
20
ION Exchange (India) Limited
NSE: IONEXCHANG · Utilities
₹303.60-2.86%06 Nov 2026
Ask the data
Instant answers about ION Exchange (India) Limited — computed from its filings, no language modelMarket cap₹4,320 cr
Current price₹303.60
High / Low₹468 / ₹304
P/E—
P/B3.46
Book value₹87.7
ROE-2.6%
ROCE-0.3%
Debt / equity0.36
Dividend yield0.45%
EPS (TTM)₹-2.28
Face value₹1
Price & valuation
split & bonus adjusted · pick a metric and rangeAnnual performance
annual · ₹ crore · line = operating margin| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | 1,577 | 1,990 | 2,348 | 2,737 | 2,915 |
| EBITDA | 213 | 255 | 272 | 294 | 210 |
| Operating margin | 13.5% | 12.8% | 11.6% | 10.7% | 7.2% |
| Interest | 10 | 9 | 12 | 13 | 24 |
| Depreciation | 28 | 29 | 36 | 44 | 63 |
| Profit before tax | 217 | 258 | 267 | 284 | 193 |
| Tax | 56 | 64 | 74 | 77 | 52 |
| Net profit | 163 | 197 | 196 | 208 | 143 |
| EPS ₹ | 137.30 | 165.95 | 16.53 | 17.53 | 12.03 |
| Operating cash flow | 91 | 63 | 130 | 32 | -28 |
| Capex | 50 | 60 | 120 | 320 | 254 |
| Dividend paid | 12 | 12 | 15 | 19 | 19 |
| Total assets | — | 1,940 | 2,449 | 2,987 | 3,380 |
| Equity | — | 833 | 1,018 | 1,208 | 1,339 |
Quarterly performance
last 19 quarters · ₹ crore| MAR '22 | JUN '22 | SEP '22 | DEC '22 | MAR '23 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 496 | 382 | 448 | 512 | 647 | 479 | 533 | 554 | 782 | 568 | 644 | 691 | 835 | 583 | 734 | 734 | 863 | 700 | 675 |
| Operating profit | 95 | 33 | 53 | 62 | 106 | 49 | 60 | 71 | 92 | 64 | 68 | 75 | 86 | 63 | 68 | 59 | 20 | 32 | -85 |
| Operating margin | 19.1% | 8.6% | 11.9% | 12.2% | 16.4% | 10.2% | 11.3% | 12.7% | 11.8% | 11.3% | 10.6% | 10.9% | 10.3% | 10.7% | 9.3% | 8.1% | 2.3% | 4.5% | -12.6% |
| Other income | 21 | 15 | 8 | 13 | 5 | 9 | 10 | 9 | 17 | 11 | 14 | 8 | 15 | 18 | 14 | 12 | 43 | 6 | 8 |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 4 | 3 | 3 | 3 | 4 | 3 | 4 | 3 | 3 | 8 | 11 | 9 | 9 |
| Depreciation | 7 | 7 | 7 | 7 | 7 | 8 | 8 | 10 | 10 | 10 | 11 | 11 | 12 | 12 | 12 | 19 | 20 | 22 | 22 |
| Profit before tax | 107 | 38 | 52 | 65 | 102 | 48 | 58 | 67 | 95 | 62 | 68 | 69 | 85 | 65 | 68 | 28 | 33 | 7 | -108 |
| Tax | 23 | 12 | 13 | 18 | 21 | 14 | 17 | 20 | 23 | 17 | 18 | 20 | 22 | 17 | 18 | 8 | 8 | 4 | -25 |
| Net profit | 83 | 28 | 39 | 48 | 82 | 33 | 42 | 47 | 73 | 45 | 51 | 49 | 63 | 49 | 50 | 20 | 24 | 4 | -81 |
| EPS ₹ | 70.07 | 23.64 | 32.89 | 40.53 | 68.90 | 2.81 | 3.59 | 4.00 | 6.14 | 3.79 | 4.30 | 4.10 | 5.34 | 4.11 | 4.18 | 1.71 | 2.04 | 0.35 | -6.84 |
| Revenue YoY | — | — | — | — | 30.4% | 25.3% | 19.1% | 8.1% | 20.7% | 18.4% | 20.9% | 24.7% | 6.7% | 2.8% | 13.9% | 6.4% | 3.4% | 20.1% | -8.1% |
| Profit YoY | — | — | — | — | -1.7% | 18.7% | 9.0% | -1.2% | -10.9% | 35.1% | 19.9% | 2.3% | -13.0% | 8.3% | -2.8% | -58.2% | -61.9% | -91.6% | -263.6% |
Earlier results (standalone, Sep '07 – Dec '21)
₹ crore · from BSE, before the NSE XBRL filings beginION Exchange (India) Limited reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.
Full years
| FY09† | FY12† | FY13† | FY14† | FY15† | FY16† | FY17† | FY18† | FY19† | FY20† | FY21† | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 431 | 652 | 767 | 712 | 732 | 800 | 935 | 994 | 1,102 | 1,407 | 1,402 |
| Operating profit | 16 | 33 | 44 | 40 | 49 | 60 | 80 | 70 | 91 | 121 | 195 |
| Operating margin | 3.6% | 5.0% | 5.8% | 5.6% | 6.6% | 7.5% | 8.5% | 7.1% | 8.3% | 8.6% | 13.9% |
| Other income | 4 | 7 | 8 | 10 | 10 | 12 | 14 | 30 | 44 | 49 | 37 |
| Interest | 10 | 8 | 12 | 10 | 11 | 11 | 13 | 16 | 16 | 13 | 10 |
| Depreciation | 5 | 6 | 8 | 8 | 10 | 10 | 11 | 12 | 18 | 22 | 26 |
| Profit before tax | 4 | 26 | 32 | 31 | 38 | 51 | 70 | 73 | 101 | 134 | 196 |
| Tax | 2 | 8 | 11 | 11 | 12 | 17 | 24 | 25 | 35 | 35 | 50 |
| Net profit | 1 | 18 | 21 | 21 | 26 | 34 | 46 | 48 | 67 | 99 | 146 |
Quarters
| SEP '07† | DEC '07† | MAR '08† | JUN '08† | SEP '08† | DEC '08† | MAR '09† | JUN '09† | SEP '09† | DEC '09† | JUN '10† | SEP '10† | DEC '10† | JUN '11† | SEP '11† | DEC '11† | MAR '12† | JUN '12† | SEP '12† | DEC '12† | MAR '13† | JUN '13† | SEP '13† | DEC '13† | MAR '14† | JUN '14† | SEP '14† | DEC '14† | MAR '15† | JUN '15† | SEP '15† | DEC '15† | MAR '16† | JUN '16† | SEP '16† | DEC '16† | MAR '17† | JUN '17† | SEP '17† | DEC '17† | MAR '18† | JUN '18† | SEP '18† | DEC '18† | MAR '19† | JUN '19† | SEP '19† | DEC '19† | MAR '20† | JUN '20† | SEP '20† | DEC '20† | MAR '21† | JUN '21† | SEP '21† | DEC '21† | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 122 | 108 | 153 | 90 | 120 | 101 | 120 | 96 | 131 | 115 | 115 | 142 | 132 | 133 | 160 | 155 | 204 | 146 | 182 | 185 | 254 | 155 | 172 | 171 | 213 | 124 | 174 | 198 | 235 | 163 | 196 | 203 | 239 | 190 | 202 | 193 | 350 | 208 | 217 | 243 | 326 | 206 | 229 | 250 | 418 | 304 | 397 | 378 | 328 | 260 | 375 | 334 | 433 | 301 | 365 | 378 |
| Operating profit | 5 | 5 | 6 | 4 | 4 | -0 | 8 | 5 | 5 | 5 | 6 | 6 | 5 | 7 | 7 | 7 | 12 | 8 | 9 | 9 | 19 | 7 | 6 | 8 | 19 | 8 | 9 | 11 | 22 | 8 | 10 | 13 | 28 | 12 | 13 | 12 | 42 | 12 | 11 | 14 | 33 | 10 | 12 | 19 | 50 | 22 | 30 | 37 | 33 | 31 | 42 | 42 | 80 | 36 | 40 | 43 |
| Operating margin | 4.3% | 4.3% | 4.1% | 4.4% | 3.3% | -0.3% | 6.7% | 5.5% | 4.1% | 4.3% | 5.2% | 4.1% | 3.9% | 5.1% | 4.4% | 4.4% | 6.0% | 5.2% | 5.1% | 4.7% | 7.4% | 4.4% | 3.6% | 4.4% | 9.1% | 6.3% | 4.9% | 5.3% | 9.2% | 5.1% | 5.3% | 6.6% | 11.6% | 6.3% | 6.6% | 6.4% | 12.1% | 5.7% | 5.0% | 5.9% | 10.2% | 4.7% | 5.4% | 7.6% | 12.1% | 7.2% | 7.5% | 9.7% | 10.0% | 11.8% | 11.3% | 12.6% | 18.5% | 12.1% | 10.9% | 11.2% |
| Other income | 1 | 1 | 4 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 4 | 1 | 1 | 1 | 1 | 4 | 2 | 1 | 2 | 2 | 4 | 4 | 0 | 2 | 2 | 3 | 3 | 3 | 3 | 4 | 3 | 2 | 4 | 3 | 4 | 4 | 6 | 9 | 6 | 9 | 16 | 15 | 8 | 5 | 10 | 12 | 10 | 16 | 8 | 9 | 10 | 10 | 10 | 10 | 7 |
| Interest | 2 | 2 | 1 | 2 | 3 | 3 | 2 | 3 | 2 | 2 | 2 | 1 | 1 | 1 | 2 | 2 | 3 | 2 | 3 | 3 | 4 | 2 | 3 | 2 | 2 | 3 | 3 | 3 | 3 | 2 | 3 | 3 | 3 | 3 | 3 | 4 | 3 | 3 | 4 | 4 | 5 | 4 | 4 | 4 | 4 | 3 | 3 | 4 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 2 | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 1 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 4 | 5 | 4 | 5 | 5 | 5 | 5 | 6 | 6 | 7 | 7 | 6 | 7 | 7 | 7 |
| Profit before tax | 3 | 2 | 8 | 1 | 1 | -4 | 6 | 2 | 3 | 2 | 3 | 6 | 4 | 5 | 5 | 4 | 12 | 6 | 5 | 6 | 15 | 6 | 5 | 4 | 16 | 4 | 5 | 8 | 20 | 7 | 9 | 11 | 25 | 10 | 10 | 10 | 40 | 11 | 13 | 14 | 35 | 17 | 19 | 19 | 46 | 24 | 33 | 38 | 39 | 29 | 42 | 43 | 82 | 37 | 41 | 41 |
| Tax | 2 | 1 | 1 | 1 | 0 | -0 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 1 | 1 | 4 | 2 | 2 | 2 | 5 | 2 | 2 | 1 | 6 | 1 | 2 | 2 | 6 | 2 | 3 | 3 | 8 | 4 | 3 | 4 | 14 | 4 | 5 | 5 | 12 | 6 | 7 | 6 | 15 | 8 | 6 | 10 | 10 | 8 | 11 | 12 | 19 | 10 | 11 | 11 |
| Net profit | 1 | 1 | 7 | 0 | 0 | -3 | 4 | 1 | 2 | 2 | 2 | 4 | 2 | 3 | 3 | 3 | 8 | 4 | 4 | 4 | 10 | 4 | 3 | 2 | 11 | 3 | 4 | 6 | 14 | 4 | 6 | 7 | 17 | 7 | 7 | 6 | 26 | 7 | 8 | 9 | 24 | 11 | 12 | 13 | 31 | 15 | 27 | 28 | 29 | 21 | 31 | 31 | 63 | 27 | 30 | 30 |
| EPS ₹ | 1.12 | 1.00 | 5.32 | 0.28 | 0.23 | -2.73 | 3.35 | 1.08 | 1.26 | 1.23 | 1.70 | 3.25 | 1.83 | 2.41 | 2.34 | 2.25 | 5.98 | 2.95 | 2.61 | 3.04 | 6.78 | 2.90 | 2.28 | 1.68 | 7.28 | 1.98 | 2.52 | 3.82 | 9.66 | 3.04 | 4.19 | 5.06 | 11.44 | 4.61 | 4.70 | 4.16 | 17.91 | 6.07 | 6.60 | 7.37 | 19.74 | 9.08 | 10.04 | 10.67 | 25.68 | 12.83 | 22.56 | 22.87 | 23.49 | 17.30 | 25.37 | 24.94 | 51.11 | 22.33 | 24.47 | 24.79 |
| Revenue YoY | — | — | — | — | -1.9% | -6.2% | -21.5% | 6.2% | 9.1% | 13.8% | 20.2% | 8.8% | 14.4% | 15.7% | 12.5% | 17.5% | — | 10.0% | 13.9% | 19.7% | 24.3% | 6.1% | -5.4% | -7.7% | -15.9% | -20.1% | 1.3% | 15.8% | 10.3% | 31.2% | 12.2% | 2.2% | 1.7% | 17.1% | 3.1% | -4.9% | 46.3% | 9.3% | 7.6% | 26.1% | -6.8% | -1.2% | 5.4% | 2.8% | 28.2% | 48.0% | 73.5% | 51.3% | -21.6% | -14.6% | -5.4% | -11.7% | 32.0% | 15.7% | -2.8% | 13.4% |
| Profit YoY | — | — | — | — | -78.7% | -376.8% | -35.7% | 280.6% | 451.7% | — | 61.3% | 168.7% | 57.3% | 47.1% | -26.5% | 23.5% | — | 23.4% | 12.0% | 35.4% | 21.3% | 5.0% | -6.8% | -40.9% | 7.7% | -31.4% | 10.9% | 127.9% | 32.8% | 52.6% | 66.4% | 32.2% | 18.5% | 52.6% | 12.8% | -16.9% | 57.7% | 8.3% | 15.3% | 44.8% | -9.7% | 49.5% | 52.1% | 44.7% | 30.1% | 41.3% | 124.7% | 116.6% | -6.3% | 38.1% | 15.2% | 10.5% | 117.5% | 29.1% | -3.6% | -0.7% |
Returns & margins
trailing-twelve-month, per quarter| DEC '22 | MAR '23 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 28.0% | 23.6% | 24.2% | 23.0% | 22.9% | 19.3% | 20.4% | 19.7% | 19.8% | 17.2% | 17.5% | 16.3% | 14.1% | 10.7% | 7.3% | -2.6% |
| ROCE | 35.5% | 30.1% | 31.1% | 28.7% | 29.0% | 24.2% | 25.5% | 23.6% | 23.8% | 19.7% | 19.9% | 17.7% | 15.5% | 12.1% | 9.2% | -0.3% |
| Net margin | 10.8% | 9.9% | 9.7% | 9.5% | 9.3% | 8.3% | 8.5% | 8.5% | 8.1% | 7.6% | 7.7% | 7.4% | 6.3% | 4.9% | 3.2% | -1.1% |
| EBITDA margin | 13.3% | 12.8% | 13.0% | 12.8% | 12.9% | 11.6% | 11.8% | 11.6% | 11.2% | 10.7% | 10.6% | 10.3% | 9.6% | 7.2% | 5.9% | 0.9% |
| Debt / equity | 0.08 | 0.06 | 0.06 | 0.10 | 0.10 | 0.14 | 0.14 | 0.18 | 0.18 | 0.25 | 0.25 | 0.31 | 0.31 | 0.34 | 0.34 | 0.36 |
| Interest coverage | 29.08 | 29.02 | 30.61 | 27.56 | 25.61 | 23.17 | 22.77 | 23.46 | 23.53 | 22.14 | 23.00 | 23.90 | 15.62 | 9.05 | 5.43 | -0.12 |
| Asset turnover | 1.08 | 1.03 | 1.08 | 1.04 | 1.06 | 0.96 | 0.99 | 0.97 | 1.02 | 0.92 | 0.92 | 0.91 | 0.93 | 0.86 | 0.90 | 0.87 |
Balance sheet
equity vs borrowings over time · ₹ crore| SEP '22 | MAR '23 | SEP '23 | MAR '24 | SEP '24 | MAR '25 | SEP '25 | MAR '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|
| Share capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Other equity / reserves | 692 | 819 | 879 | 1,004 | 1,082 | 1,194 | 1,278 | 1,325 | 1,234 |
| Total equity | 707 | 833 | 894 | 1,018 | 1,096 | 1,208 | 1,293 | 1,339 | 1,248 |
| Borrowings | 59 | 52 | 91 | 138 | 195 | 303 | 401 | 454 | 443 |
| Current liabilities | 945 | 1,051 | 1,064 | 1,259 | 1,309 | 1,468 | 1,410 | 1,613 | 1,772 |
| Non-current liabilities | 52 | 53 | 119 | 170 | 218 | 309 | 406 | 426 | 384 |
| Total assets | 1,706 | 1,940 | 2,081 | 2,449 | 2,625 | 2,987 | 3,110 | 3,380 | 3,403 |
| Property, plant & equipment | 182 | 205 | 303 | 340 | 349 | 367 | 615 | 730 | 706 |
| Capital work-in-progress | 25 | 42 | 34 | 61 | 133 | 318 | 203 | 175 | 243 |
| Investments | 9 | 10 | 11 | 12 | 13 | 13 | 14 | 16 | 18 |
| Inventories | 233 | 222 | 251 | 237 | 296 | 299 | 386 | 441 | 433 |
| Receivables | 528 | 701 | 695 | 939 | 982 | 1,135 | 1,045 | 1,075 | 1,058 |
| Cash & equivalents | 145 | 175 | 164 | 154 | 111 | 149 | 205 | 185 | 115 |
Cash flow
annual · ₹ crore · line = free cash flow| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 91 | 63 | 130 | 32 | -28 |
| Cash from investing | -92 | -40 | -160 | -165 | -44 |
| Cash from financing | -27 | -15 | 8 | 128 | 100 |
| Capex | 50 | 60 | 120 | 320 | 254 |
| Free cash flow | 41 | 3 | 10 | -288 | -283 |
| Dividends paid | 12 | 12 | 15 | 19 | 19 |
Where the assets sit
Sep '26 · ₹ croreFixed assets (PPE)₹706 cr21%
CWIP₹243 cr7%
Investments₹18 cr1%
Inventories₹433 cr13%
Receivables₹1,058 cr31%
Cash & equivalents₹115 cr3%
Other assets₹831 cr24%
Peer comparison
largest in Utilities · this company in bold| Company | Market cap ₹cr | Price | P/E | P/B | ROE |
|---|---|---|---|---|---|
| VA Tech Wabag Limited | 12,426 | 1,988.20 | 36.5 | 4.52 | 12.4% |
| ION Exchange (India) Limited | 4,320 | 303.60 | — | 3.46 | -2.6% |
| Refex Industries Limited | 3,105 | 226.25 | 12.0 | 1.94 | 16.2% |
| Enviro Infra Engineers Limited | 3,013 | 171.66 | 17.4 | 2.29 | 13.2% |
StoxGud checklist: Bearish setup · 2/10
- Price above 50-day average
- Price above 200-day average
- 50-day average above 200-day (uptrend)
- RSI in healthy 40–70 zone
- Positive 1-year return
- Return on equity above 15%
- Debt to equity below 1
- Revenue growing year on year
- Net profit margin above 10%
- P/E below industry median
A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.
Returns & technicals
1 month-24.6%
6 months-28.8%
1 year-23.7%
3Y CAGR-17.0%
5Y CAGR—
10Y CAGR—
50-day avg₹387.14
200-day avg₹382.85
RSI (14)18
FAQs
What is the share price of ION Exchange (India) Limited?
ION Exchange (India) Limited (IONEXCHANG) closed at ₹303.60 on NSE on 06 Nov 2026.
What is the market cap of ION Exchange (India) Limited?
₹4,320 crore at the latest close.
How fast is ION Exchange (India) Limited growing?
ION Exchange (India) Limited: revenue has compounded at 13.6% a year over three years; net profit at -10.2% a year. Latest-quarter revenue is down 8.1% year on year, profit down 263.6%.
How profitable is ION Exchange (India) Limited?
On a trailing-twelve-month basis return on equity is -2.6%, return on capital employed -0.3%, operating margin 0.9%, net margin -1.1%.
How much debt does ION Exchange (India) Limited have?
ION Exchange (India) Limited is lightly geared: debt to equity is 0.36 with borrowings of ₹443 cr against cash of ₹115 cr (balance sheet of 2026-09-30). Operating profit covers interest -0.1 times.
Financials parsed from ION Exchange (India) Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from MAR '22, annual from FY22, balance sheet from Sep '22. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.
ION Exchange (India) Limited · advanced chart