Ion Exchange (India) Ltd

ION Exchange Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Ion Exchange (India) Ltd

₹ 639 2.03%
25 Nov 9:39 a.m.
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 ₹ 9,378 Cr.
  • Current Price ₹ 639
  • High / Low ₹ 768 / 407
  • Stock P/E 43.0
  • Book Value ₹ 78.6
  • Dividend Yield 0.23 %
  • ROCE 27.4 %
  • ROE 20.8 %
  • Face Value ₹ 1.00
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Pros

Cons

  • Stock is trading at 7.98 times its book value
  • Promoter holding is low: 25.9%
  • Company has high debtors of 154 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

Sector: Capital Goods-Non Electrical Equipment Industry: Engineering

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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
365 378 466 358 418 496 619 449 484 512 735 516 589
325 336 387 325 374 436 521 397 425 443 647 456 522
Operating Profit 40 43 78 33 44 61 98 52 59 69 88 61 67
OPM % 11% 11% 17% 9% 11% 12% 16% 12% 12% 13% 12% 12% 11%
10 7 19 18 11 13 5 10 10 10 17 13 13
Interest 2 2 2 2 2 2 2 2 2 2 1 2 2
Depreciation 7 7 7 7 7 7 7 8 8 9 9 9 10
Profit before tax 41 41 89 42 46 65 93 52 59 69 94 62 68
Tax % 27% 26% 26% 27% 27% 27% 21% 26% 26% 28% 24% 26% 25%
30 30 66 31 34 47 73 39 44 50 72 46 51
EPS in Rs 2.05 2.08 4.51 2.12 2.32 3.23 5.01 2.65 2.99 3.39 4.89 3.12 3.46
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
767 712 732 802 926 986 1,102 1,407 1,402 1,509 1,892 2,180 2,352
719 669 680 740 848 913 1,009 1,283 1,205 1,310 1,652 1,910 2,068
Operating Profit 48 43 52 62 78 73 93 124 197 199 241 270 284
OPM % 6% 6% 7% 8% 8% 7% 8% 9% 14% 13% 13% 12% 12%
6 8 8 12 18 30 44 48 37 46 45 47 52
Interest 14 11 12 12 15 18 18 16 12 10 11 10 7
Depreciation 8 8 10 10 11 12 18 22 26 27 28 33 37
Profit before tax 32 31 38 51 71 73 101 134 196 209 246 274 293
Tax % 34% 35% 31% 33% 34% 34% 34% 26% 25% 26% 25% 26%
21 21 26 34 47 48 67 99 146 154 185 204 218
EPS in Rs 1.58 1.41 1.80 2.37 3.20 3.25 4.54 6.76 9.95 10.51 12.62 13.92 14.86
Dividend Payout % 12% 14% 17% 13% 11% 11% 10% 9% 10% 10% 10% 11%
Compounded Sales Growth
10 Years: 12%
5 Years: 15%
3 Years: 16%
TTM: 15%
Compounded Profit Growth
10 Years: 26%
5 Years: 25%
3 Years: 12%
TTM: 7%
Stock Price CAGR
10 Years: 39%
5 Years: 53%
3 Years: 43%
1 Year: 8%
Return on Equity
10 Years: 21%
5 Years: 23%
3 Years: 22%
Last Year: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 13 15 15 15 15 15 15 15 15 15 15 15 15
Reserves 171 186 206 236 256 299 360 467 612 753 872 1,060 1,137
62 73 52 62 87 139 86 100 41 38 49 59 125
329 328 360 387 625 656 755 855 828 861 998 1,197 1,237
Total Liabilities 575 602 632 700 982 1,108 1,215 1,437 1,496 1,667 1,934 2,331 2,514
83 77 70 80 90 136 144 177 174 177 204 263 272
CWIP 1 1 5 2 34 7 12 12 15 20 42 61 133
Investments 52 52 55 55 57 58 61 62 63 64 59 85 85
438 472 502 562 802 908 998 1,186 1,244 1,405 1,629 1,922 2,023
Total Assets 575 602 632 700 982 1,108 1,215 1,437 1,496 1,667 1,934 2,331 2,514

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
23 -2 42 24 158 80 105 65 192 75 55 124
-13 2 -6 -16 -65 -160 -57 7 -25 -81 -23 -161
-8 -2 -35 -4 4 33 -73 -23 -70 -22 -27 -12
Net Cash Flow 2 -1 1 4 98 -48 -25 49 97 -28 5 -48

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 127 149 163 153 154 159 142 133 118 123 135 154
Inventory Days 29 30 34 41 59 43 54 45 42 57 55 50
Days Payable 175 192 203 199 196 188 196 181 205 188 156 172
Cash Conversion Cycle -19 -12 -6 -5 17 14 0 -2 -46 -9 34 32
Working Capital Days 13 37 39 45 -6 -16 -25 -16 -25 0 19 27
ROCE % 20% 16% 18% 22% 26% 22% 26% 29% 33% 30% 30% 27%

Shareholding Pattern

Numbers in percentages

4 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
27.01% 27.01% 27.01% 27.01% 26.99% 26.95% 26.94% 26.76% 26.46% 26.38% 26.20% 25.92%
2.54% 2.66% 2.43% 0.71% 0.77% 1.95% 2.44% 3.94% 5.20% 5.63% 5.43% 5.44%
9.50% 9.68% 10.10% 10.82% 11.48% 11.58% 11.66% 11.90% 11.95% 12.21% 12.83% 13.24%
44.77% 44.47% 44.28% 45.28% 44.58% 43.34% 42.78% 41.20% 40.20% 39.59% 39.36% 39.24%
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 30,51132,09032,13431,48731,17931,15548,37362,68971,50775,49787,5861,15,663

* 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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