Ion Exchange (India) Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹4,957 Cr
- P/E
- 45.03
- ROE
- 12.04%
- PEG
- -5.61
- Price to sales
- 1.64
- Debt to equity
- 0.36
- 52W high / low
- ₹468 / ₹317
- Sales growth (5Y)
- 14.99%
- EBITDA margin
- 5.91%
- Net profit margin
- 5.28%
- Promoter holding
- 25.08%
- Sales (last year)
- ₹3,032 Cr
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)
Guidance scorecard · Q1 FY27 call
What Ion Exchange (India) Ltd's management guided
and where it ranks in Other Utilities
Other Utilities
RevenueQ1 FY27 call
10–20%- Expect 20% year-on-year consolidated operating income growth (INR 701 crores in Q1 FY27).
- Specialty chemicals segment revenue projected to increase substantially, with Roha plant utilization and capacity expansions driving growth (potential 50% increase over next 2 years).
- Resin capacity expected to expand up to 5x through Roha and Ankleshwar expansions, targeting a larger global market share.
- Treatment solutions segment focused on higher-value, advanced technology projects like resource recovery, hydrogen, ultra-pure water, and lithium extraction for medium to long-term growth.
- Lifecycle services and industrial products segments showing healthy growth, with lifecycle services growing 28% YoY and industrial products by 14% YoY.
- New contracts (e.g., Hyundai, Petroleum Development Oman) and geographic expansion, especially in North America and overseas markets, expected to boost revenues.
2 more points from Ion Exchange (India) Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Ion Exchange (India) Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Significant capacity expansion is underway at the Roha and Ankleshwar plants, aiming for approximately 5x the original resin capacity post expansion and de-bottlenecking.
- Phase I (Roha expansion) will double resin capacity; Phase II along with de-bottlenecking will reach 5x total output.
- Investment focus on advanced technologies in the treatment solutions business, including resource recovery, water electrolysis, lithium extraction, ultra-pure water, and high-purity water solutions.
- Strategic investments to strengthen presence in global markets, such as obtaining WQA certification for Americas market and appointing regional leadership across Americas, Asia Pacific, Middle East Africa, and Europe.
- Focus on asset-light models in BOT/BOOT projects, balancing capital intensity and better margin profiles.
2 more points from Ion Exchange (India) Ltd's call on capex
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FundraisingQ1 FY27 call
See what Ion Exchange (India) Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- As of June 2026, the total order backlog was approximately INR 2,473 crores.
- The unexecuted portion of the UP government-driven project is around 11% of this backlog.
- A significant part of a large legacy project (excluding UP) is behind completion, with a sizable portion still remaining.
- Management expects a significant part of the large legacy project's work to be completed in the financial year 2027, but full closure may span into the next financial year, due to funding flows.
2 more points from Ion Exchange (India) Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Other Utilities
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Other Utilities companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹1,488 Cr | 10.8 | |
| 2 | 40%+ | Flat | ₹807 Cr | 56.3 | |
| 3 | 40%+ | Flat | ₹690 Cr | 18.7 | |
| 4 | 40%+ | Flat | ₹334 Cr | 19.6 | |
| 5 | 40%+ | Flat | ₹94 Cr | 7.3 | |
| 6 | 20–40% | Flat | ₹3,521 Cr | 12.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Other Utilities rankingFinancials of Ion Exchange (India) Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Ion Exchange (India) Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 647 | 479 | 533 | 554 | 782 | 568 | 644 | 691 | 835 | 583 | 734 | 734 | 863 |
| Expenses + | 541 | 430 | 473 | 483 | 690 | 503 | 576 | 615 | 749 | 521 | 665 | 675 | 844 |
| Operating Profit | 106 | 49 | 60 | 71 | 92 | 64 | 68 | 75 | 86 | 63 | 68 | 59 | 20 |
| OPM % | 16% | 10% | 11% | 13% | 12% | 11% | 11% | 11% | 10% | 11% | 9% | 8% | 2% |
| Other Income + | 6 | 9 | 11 | 9 | 17 | 11 | 15 | 9 | 15 | 18 | 15 | -4 | 43 |
| Interest | 2 | 2 | 4 | 3 | 3 | 3 | 4 | 3 | 4 | 3 | 3 | 8 | 11 |
| Depreciation | 7 | 8 | 8 | 10 | 10 | 10 | 11 | 11 | 12 | 12 | 12 | 19 | 20 |
| Profit before tax | 102 | 48 | 59 | 67 | 95 | 62 | 68 | 70 | 85 | 66 | 68 | 29 | 32 |
| Tax % | 21% | 30% | 28% | 30% | 24% | 28% | 26% | 29% | 26% | 27% | 26% | 28% | 25% |
| Net Profit + | 81 | 33 | 42 | 47 | 72 | 45 | 51 | 50 | 63 | 48 | 50 | 21 | 24 |
| EPS in Rs | 5.57 | 2.27 | 2.90 | 3.24 | 4.96 | 3.07 | 3.47 | 3.31 | 4.32 | 3.32 | 3.38 | 1.38 | 1.65 |
Financials of Ion Exchange (India) Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 798 | 868 | 1,009 | 1,046 | 1,162 | 1,480 | 1,450 | 1,577 | 1,990 | 2,348 | 2,737 | 2,915 |
| Expenses + | 750 | 810 | 935 | 966 | 1,053 | 1,342 | 1,243 | 1,361 | 1,731 | 2,072 | 2,440 | 2,705 |
| Operating Profit | 49 | 58 | 74 | 80 | 109 | 138 | 207 | 216 | 258 | 275 | 297 | 210 |
| OPM % | 6% | 7% | 7% | 8% | 9% | 9% | 14% | 14% | 13% | 12% | 11% | 7% |
| Other Income + | 4 | 7 | 12 | 21 | 34 | 36 | 31 | 42 | 42 | 45 | 49 | 71 |
| Interest | 17 | 17 | 21 | 22 | 21 | 19 | 15 | 13 | 12 | 15 | 17 | 24 |
| Depreciation | 12 | 13 | 12 | 13 | 20 | 24 | 28 | 28 | 29 | 36 | 44 | 63 |
| Profit before tax | 24 | 35 | 54 | 66 | 102 | 131 | 195 | 217 | 259 | 269 | 285 | 195 |
| Tax % | 52% | 51% | 46% | 40% | 35% | 28% | 27% | 26% | 25% | 27% | 27% | 27% |
| Net Profit + | 11 | 17 | 29 | 40 | 66 | 94 | 143 | 162 | 195 | 195 | 208 | 143 |
| EPS in Rs | 0.67 | 1.05 | 2.07 | 2.74 | 4.45 | 6.38 | 9.81 | 11.10 | 13.41 | 13.37 | 14.17 | 9.73 |
| Dividend Payout % | 43% | 28% | 16% | 12% | 10% | 9% | 10% | 9% | 9% | 11% | 10% | 12% |
Financials of Ion Exchange (India) Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 142 | 156 | 153 | 186 | 246 | 349 | 492 | 641 | 819 | 1,004 | 1,194 | 1,325 |
| Borrowings + | 86 | 90 | 111 | 165 | 110 | 122 | 62 | 55 | 59 | 152 | 323 | 482 |
| Other Liabilities + | 437 | 456 | 689 | 699 | 795 | 896 | 875 | 914 | 1,047 | 1,271 | 1,449 | 1,559 |
| Total Liabilities | 679 | 715 | 967 | 1,064 | 1,164 | 1,382 | 1,443 | 1,625 | 1,939 | 2,441 | 2,979 | 3,380 |
| Fixed Assets + | 85 | 103 | 99 | 145 | 161 | 194 | 190 | 192 | 215 | 367 | 392 | 754 |
| CWIP | 14 | 2 | 34 | 7 | 12 | 12 | 15 | 20 | 42 | 61 | 323 | 175 |
| Investments | 2 | 2 | 3 | 4 | 5 | 5 | 5 | 9 | 10 | 12 | 13 | 16 |
| Other Assets + | 578 | 608 | 831 | 909 | 987 | 1,172 | 1,234 | 1,404 | 1,672 | 2,001 | 2,250 | 2,435 |
| Total Assets | 679 | 715 | 967 | 1,064 | 1,164 | 1,382 | 1,443 | 1,625 | 1,939 | 2,441 | 2,979 | 3,380 |
Financials of Ion Exchange (India) Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 45 | 50 | 176 | 86 | 127 | 102 | 197 | 91 | 63 | 130 | 32 | -28 |
| Cash from Investing Activity + | -17 | -25 | -75 | -167 | -70 | -17 | -27 | -93 | -41 | -160 | -165 | -44 |
| Cash from Financing Activity + | -29 | -17 | -3 | 31 | -79 | -28 | -75 | -27 | -15 | 8 | 128 | 100 |
| Net Cash Flow | -1 | 8 | 98 | -50 | -22 | 56 | 96 | -28 | 6 | -22 | -4 | 27 |
| Free Cash Flow | 29 | 21 | 132 | 57 | 96 | 70 | 167 | 42 | 3 | 10 | -287 | -280 |
| CFO/OP | 113% | 111% | 270% | 143% | 147% | 100% | 119% | 75% | 53% | 74% | 35% | 17% |
Financials of Ion Exchange (India) Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 164 | 153 | 151 | 153 | 133 | 124 | 113 | 118 | 128 | 145 | 151 | 135 |
| Inventory Days | 55 | 53 | 68 | 55 | 65 | 51 | 52 | 70 | 65 | 59 | 63 | 87 |
| Days Payable | 221 | 215 | 206 | 197 | 207 | 188 | 219 | 202 | 162 | 174 | 165 | 177 |
| Cash Conversion Cycle | -2 | -9 | 12 | 11 | -9 | -13 | -54 | -14 | 31 | 31 | 50 | 44 |
| Working Capital Days | 5 | 3 | -48 | -72 | -64 | -51 | -53 | -27 | 5 | 16 | 33 | 53 |
| ROCE % | 16% | 20% | 27% | 27% | 33% | 35% | 40% | 36% | 34% | 27% | 22% | 14% |
Guidance history
How Ion Exchange (India) Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | None planned | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q2 FY26 call → | 0–10% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
17 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −15.8% | 43% |
| Last 6 months | −14.6% | 30% |
| Last 3 months | −19.6% | 23% |
The price is 53.1% below its all-time high of ₹720.85 (23 Aug 2024). Stocks more than 20% below their peak have their score halved, so 34 became 17.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ion Exchange (India) Ltd: 0.4 × 43 + 0.4 × 30 + 0.2 × 23 = 34, halved to 17 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Ion Exchange (India) Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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