āagman

Not investment advice. Data and computed figures, for information only.

Ion Exchange (India) Ltd

NSE: IONEXCHANG
₹377.70
−₹10.05 (−2.59%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹5,731 Cr
CMP
₹377.70
52-wk High / Low
₹486 / 313
P/E
52.1
P/B
4.3
Book Value
₹91.3
Div Yield
0.32%
ROCE
14.0%
ROE
12.0%
Face Value
₹1
D/E
0.36

Price−5.5% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
2
/ 9
2 of 9 F-score tests passed
Graham Number
₹141
√(22.5 × EPS × book value per share)
ROIC
6.1%
vs 12.1% sector median
Cash flow to profit
−0.20
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−619
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
10.0%
ROE × earnings retention ratio
ROE stability
5.0
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −0.09FII +0.23DII +0.52
Latest quarter vs the previous one
Cash-accrual divergence
5.4%
of assets
Low = accruals track cash flow
Strengths
+FII holding rose by 2.9pp over the last year
Watch-outs
−Latest ROCE of 14% trails the sector median of 20.5%
−Borrowings are up 435.6% since FY2016 (90 to 482)
−Price trades below its 200-day moving average (1.0x)
−Promoter holding fell by 1.5pp over the last year
−Piotroski F-Score of 2/9 is in the weak band (≤3)

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales479533554782568644691835583734734863700
Expenses430473483690503576615749521665675844669
Operating Profit49607192646875866368592032
OPM %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%
Other Income91191711159151815−4436
Interest24333434338119
Depreciation891010101111121212192022
Profit before tax4859679562687085666829327
Net Profit3342477245515063485021243
EPS (₹)2.272.903.244.963.073.473.314.323.323.381.381.650.28

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7988681,0091,0461,1621,4801,4501,5771,9902,3482,7372,9153,032
Expenses7508109359661,0531,3421,2431,3611,7312,0722,4402,7012,853
Operating Profit49587480109138207216258275297214179
OPM %6.1%6.7%7.3%7.6%9.4%9.3%14.3%13.7%13.0%11.7%10.9%7.3%5.9%
Other Income471221343631424245497160
Interest17172122211915131215172830
Depreciation12131213202428282936446372
Profit before tax24355466102131195217259269285195136
Net Profit11172940669414316219519520814398
EPS (₹)0.671.052.072.744.456.389.8111.1013.4113.3714.179.736.69

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital141414141414141414141414—
Reserves1421561531862463494926418191,0041,1941,325—
Borrowings8690111165110122625559152323482—
Other Liabilities4374566896997958968759141,0471,2711,4491,550—
Total Liabilities6797159671,0641,1641,3821,4431,6251,9392,4412,9793,371—
Fixed Assets8510399145161194190192215367392753—
CWIP142347121215204261323176—
Investments2234555910121316—
Other Assets5786088319099871,1721,2341,4041,6722,0012,2502,427—
Total Assets6797159671,0641,1641,3821,4431,6251,9392,4412,9793,371—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity455017686127102197916313032−28
Cash from Investing Activity−17−25−75−167−70−17−27−93−41−160−165−36
Cash from Financing Activity−29−17−331−79−28−75−27−158128100
Net Cash Flow−1898−50−225696−286−22−435

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %16.020.027.027.033.035.040.036.034.027.022.014.0
ROE %———————————12.0
EPS (₹)0.671.052.072.744.456.389.8111.1013.4113.3714.179.73
Book Value (₹)———————————91.3
Face Value (₹)———————————1
P/E———————————52.1
Div Yield %———————————0.32
NPM %1.41.92.83.75.56.29.710.09.68.17.54.8
OPM %6.07.07.08.09.09.014.014.013.012.011.07.0
D/E0.550.530.660.830.420.340.120.080.070.150.270.36
P/B———————————4.3

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+13.0%
5 years+15.0%
3 years+14.0%
TTM+10.0%
Compounded profit growth
10 years+26.0%
5 years+1.0%
3 years−8.0%
TTM−48.0%
Stock price CAGR
10 years+30.0%
5 years+11.0%
3 years−10.0%
Last year−2.0%
Return on equity
10 years22.0%
5 years20.0%
3 years17.0%
Last year12.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.04%44.04%44.04%44.04%27.01%27.01%27.01%26.95%26.38%25.76%25.52%25.43%
FIIs0.05%0.05%0.24%0.17%1.63%0.85%2.66%1.95%5.63%5.50%4.63%4.86%
DIIs1.47%1.47%6.41%6.44%5.54%6.78%9.68%11.58%12.21%13.88%14.80%15.32%
Government————————————
Public54.44%54.44%49.31%49.35%49.64%49.18%44.47%43.34%39.59%38.69%38.86%38.21%
No. of shareholders14,56614,56614,34614,75920,95022,08832,09031,15575,4971,28,1641,16,9961,20,052
Change since Jun 2023 (pp)
Promoters −18.61FIIs +4.81DIIs +13.85Public −16.23

Documents

As of 11 Oct 2026
Announcements
ESOP Trust DeedCompliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement under Regulation 30 (LODR)-Newspaper PublicationClosure of Trading WindowShareholder Meeting / Postal Ballot-Scrutinizer''s Report
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026PPTAug 2026PPTAug 2026PPTAug 2026RecordingJun 2026TranscriptJun 2026PPTJun 2026Recording

Corporate actions

As of 31 Aug 2026
31 Aug 2026DIVIDENDDividend - Rs 1.25 Per Share—
2 Sep 2025DIVIDENDDividend - Rs 1.50 Per Share—
3 Sep 2024DIVIDENDAnnual General Meeting/Dividend - Rs 1.50 Per Share—
30 Aug 2023DIVIDENDAnnual General Meeting/Dividend - Rs 1.25 Per Share—
12 Jun 2023SPLITFace Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share10 : 1
29 Aug 2022DIVIDENDAnnual General Meeting/Dividend - Rs 10 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman