NSE: IONEXCHANG · BSE: 500214 · ISIN INE570A01022
ION Exchange (India) Limited stock analysis
ION Exchange (India) Limited ranks #4196 in the TickerSutra evidence-ranked universe with a score of 35/100 and 95% data confidence. The latest captured fundamentals show ROCE of 14.2%, quarterly sales growth of 20.1% and quarterly profit growth of -91.6%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
- Operating margin has compressed materially
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,577cr | ₹216cr | ₹162cr | 14.0% |
| 2023 | ₹1,990cr | ₹258cr | ₹195cr | 13.0% |
| 2024 | ₹2,348cr | ₹275cr | ₹195cr | 12.0% |
| 2025 | ₹2,737cr | ₹297cr | ₹208cr | 11.0% |
| 2026 | ₹2,915cr | ₹214cr | ₹143cr | 7.0% |
| TTM | ₹3,032cr | ₹179cr | ₹98cr | 6.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
The segment EBIT stood at INR 7 crores, an increase of 22% year -on-year. EBIT margin was 9.92% as compared with 10.55% in the previous year , Primarily reflecting higher input cost. We continue to focus on scaling our O&M and consumable business es while expanding our offerings across retrofit projects, BOO/BOOT models and digital solutions.
So, last year we had called out about INR 500 crores of resin revenue in our chemical business, roughly, give or take. So, when we say 5x capacity expansion, what does that mean? Indraneel Dutt: We are increasing resin capacity by expanding Roha and de ‑bottlenecking both Roha and Ankleshwar.
So that impact is almost around 3% to 4%. As we mentioned that because of the input cost increase, we have gone for the price increases across all the customers and the segments, but there is a time lag in passing of the cost increases. So that also has contributed to the overall margin erosion.
And as a result of which, now with Roha coming in, that gives us a lot of additional volume by which we can not only take care of our core bread-and-butter business that we have a significant high global demand, but this will also allow us to delve into more specialty resins for special purpose applications. There are other applications as well that the company would like to go after, which are typically more higher
On the operational front, dispatches to the GCC regions have resumed and are expected to progre ssively gain momentum. Our focus remains on executing the existing backlog while continuing to pursue opportunities across emerging segments and international markets. The industrial products delivered a strong performance during the quarter, with revenue growing 14% year -on-year to INR 105 crores.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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