IONEXCHANG
ION Exchange (India) share price & financials
- Price
- ₹435.4
- Market cap
- ₹5.5k Cr
- Sector
- Utilities
- Calls analysed
- 7
ION Exchange (India) Limited Q1 FY27
What went well
- Consolidated revenue increased by 20% YoY to INR 701 crores.
- Industrial Products segment revenue grew 14% YoY to INR 105 crores, with EBIT margin improving significantly to 11.89% from less than 6% in the corresponding quarter last year.
- Lifecycle Services revenue increased 28% YoY to INR 72 crores, with EBIT up 22% YoY to INR 7 crores.
What to watch
- Consolidated EBITDA declined 49% YoY to INR 32 crores, with EBITDA margin at 4.54%.
- Consolidated Net Profit was INR 3 crores, with PAT margin at 0.44%.
What ION Exchange (India) Limited does
Ion Exchange (India) designs, builds and services water and wastewater treatment plants for industry, institutions and municipalities, including desalination, recycling and zero-liquid-discharge systems, under its Engineering business. It also manufactures ion-exchange resins, membranes and specialty chemicals for water and non-water applications, and sells household and institutional water purification and treatment products under its Consumer Products business. The company serves industrial clients (e.g. NTPC, Reliance, IOCL, JSW, L&T), institutional clients (hotels, hospitals, defence establishments) and exports to Africa, the Middle East, Southeast Asia, Europe and North America.
Segments
- Engineering
- Chemicals
- Consumer Products
- Manufacturing & assembly facilities
- 8 in India + 1 in Portugal + 1 assembly facility each in UAE, Indonesia, Bangladesh and Saudi Arabia
- Products commercialized
- 100+
- Patents held
- 50+
- Sales & service centers
- 36+
- Channel partners
- 100+
- R&D and testing infrastructure
- 2 in-house R&D facilities plus 2 applications and testing centers
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 4 delivered 5 missed 11 open- Roha Plant Revenue Start delivered said Q3 FY25 Promised: The Roha revenues should start from the second quarter (Q2 FY26). Q1 FY27: Promise achieved in a prior quarter. No new updates.
- Onerous Contract Completion missed said Q3 FY25 Promised: Expecting substantial invoicing for this contract to get completed in the first half of the FY 25-26. Q1 FY27: The impact of legacy projects is explicitly cited as the reason for the new Treatment Solutions segment reporting an EBIT loss of INR 17 crores, confirming the continued drag from this missed promise.
- UP Jal Nigam Project Completion delayed said Q4 FY25 Promised: UP project which is going to spill over to the beginning of the ‘26-27. Q1 FY27: Management explicitly states the project will not be closed in FY27. The unexecuted portion is quantified at ~11% of the order backlog (approx. INR 272 Cr), confirming the significant delay.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 20.1%, net profit down 93.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 644 | 691 | 835 | 583 | 734 +14% | 734 +6% | 863 +3% | 700 +20% |
| EBITDA | 68 | 75 | 86 | 63 | 68 +0% | 59 −21% | 20 −77% | 32 −49% |
| Net profit | 51 | 50 | 63 | 48 | 50 −1% | 21 −59% | 24 −62% | 3 −94% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +7.7% 1Y
1Y: ₹413.65 on 10 Sept 2025 → ₹445.7. High ₹468.3 (10 Jul 2026), low ₹317.25 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +3.8%
- 10 Aug
- Q4 FY26
- −4.7%
- 29 May
- Q3 FY26
- −0.3%
- 2 Feb
- Q2 FY26
- −1.4%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 7.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.0k Cr | ₹2.3k Cr | ₹2.7k Cr | ₹2.9k Cr |
| Operating profit | ₹246 Cr | ₹272 Cr | ₹294 Cr | ₹210 Cr |
| Operating margin | 12.5% | 11.6% | 10.7% | 7.2% |
| Interest | ₹8 Cr | ₹12 Cr | ₹13 Cr | ₹24 Cr |
| Depreciation | ₹28 Cr | ₹36 Cr | ₹44 Cr | ₹63 Cr |
| Net profit | ₹187 Cr | ₹195 Cr | ₹208 Cr | ₹143 Cr |
| Net margin | 9.5% | 8.3% | 7.6% | 4.9% |
| Cash from operations | ₹63 Cr | ₹130 Cr | ₹32 Cr | ₹-28 Cr |
| Free cash flow | ₹3 Cr | ₹10 Cr | ₹-287 Cr | ₹-280 Cr |
| ROCE | 34.0% | 27.0% | 22.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr |
| Reserves | ₹492 Cr | ₹641 Cr | ₹819 Cr | ₹1.0k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Borrowings | ₹62 Cr | ₹55 Cr | ₹59 Cr | ₹152 Cr | ₹421 Cr | ₹482 Cr |
| Other liabilities | ₹875 Cr | ₹914 Cr | ₹1.0k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.6k Cr |
| Total liabilities | ₹1.4k Cr | ₹1.6k Cr | ₹1.9k Cr | ₹2.4k Cr | ₹3.1k Cr | ₹3.4k Cr |
| Fixed assets | ₹190 Cr | ₹192 Cr | ₹215 Cr | ₹367 Cr | ₹640 Cr | ₹753 Cr |
| Capital work in progress | ₹15 Cr | ₹20 Cr | ₹42 Cr | ₹61 Cr | ₹203 Cr | ₹176 Cr |
| Investments | ₹5 Cr | ₹9 Cr | ₹10 Cr | ₹12 Cr | ₹14 Cr | ₹16 Cr |
| Other assets | ₹1.2k Cr | ₹1.4k Cr | ₹1.7k Cr | ₹2.0k Cr | ₹2.3k Cr | ₹2.4k Cr |
| Total assets | ₹1.4k Cr | ₹1.6k Cr | ₹1.9k Cr | ₹2.4k Cr | ₹3.1k Cr | ₹3.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +1.23 pp while the public trimmed −0.56 pp. The shareholder count shrank 4% to 1,20,052.
- Promoters
- 25.4%
- FIIs
- 4.9%
- DIIs
- 15.3%
- Public
- 38.2%
- Others
- 16.2%
Since Jun 2025
- DIIs +1.23 pp
- Public −0.56 pp
- FIIs −0.41 pp
How it drifted, 12 quarters
Over this window DIIs went from 11.9% to 15.3% — +3.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 26.8%, FIIs 3.9%, DIIs 11.9%, Public 41.2%, Others 16.2%.Dec '23: Promoters 26.5%, FIIs 5.2%, DIIs 11.9%, Public 40.2%, Others 16.2%.Mar '24: Promoters 26.4%, FIIs 5.6%, DIIs 12.2%, Public 39.6%, Others 16.2%.Jun '24: Promoters 26.2%, FIIs 5.4%, DIIs 12.8%, Public 39.4%, Others 16.2%.Sep '24: Promoters 25.9%, FIIs 5.4%, DIIs 13.2%, Public 39.3%, Others 16.2%.Dec '24: Promoters 25.8%, FIIs 5.8%, DIIs 13.6%, Public 38.6%, Others 16.2%.Mar '25: Promoters 25.8%, FIIs 5.5%, DIIs 13.9%, Public 38.7%, Others 16.2%.Jun '25: Promoters 25.7%, FIIs 5.3%, DIIs 14.1%, Public 38.8%, Others 16.2%.Sep '25: Promoters 25.7%, FIIs 4.8%, DIIs 14.3%, Public 39.0%, Others 16.2%.Dec '25: Promoters 25.6%, FIIs 4.7%, DIIs 14.2%, Public 39.3%, Others 16.2%.Mar '26: Promoters 25.5%, FIIs 4.6%, DIIs 14.8%, Public 38.9%, Others 16.2%.Jun '26: Promoters 25.4%, FIIs 4.9%, DIIs 15.3%, Public 38.2%, Others 16.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Franklin India Small Cap Fund Mutual fund +0.33 pp 2.58% held
- HDFC Small Cap Fund Mutual fund +0.27 pp 3.28% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of ION Exchange (India) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rajesh Sharma | 5.65% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 4.95% | unchanged |
| Mahabir Prasad Patni | 4.68% | unchanged |
| Dinesh Sharma | 3.90% | unchanged |
| HDFC Small Cap Fund Mutual fund | 3.28% | +0.27 pp |
| Franklin India Small Cap Fund Mutual fund | 2.58% | +0.33 pp |
| Bimal Jain | 2.48% | unchanged |
| Aankur Patni | 2.01% | unchanged |
| Abakkus Emerging Opportunities Fund-1 AIF | 1.85% | unchanged |
| Aqua Investments (India) Limited | 1.73% | unchanged |
| Watercare Investments (India) Limited | 1.26% | unchanged |
| Sundaram Mutual Fund A/C Sundaram Small Cap Fund Mutual fund | 1.09% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in IONEXCHANG
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 1 sold out — net −0.89 L shares (−0.7%).
- Held by funds
- ₹463 Cr
- 2 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹261 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹261 Cr | held | Feb '17 |
| HDFC Small Cap Fund HDFC Mutual Fund | ₹202 Cr | held | Nov '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net −88,728 shares (−0.7%)
- Funds are sitting on
- +70%
- vs est. average cost
- Held by funds
- ₹463 Cr
- 2 schemes · ≈ 9.5% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹261 Cr · 0.3% of that fund
Shares held by these funds +68%
Aug '23 1.21 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse ION Exchange (India) Limited
Guides on how to read this kind of business and the numbers that matter.