ION Exchange (India) Limited

Utilities · Other Utilities

NSE: IONEXCHANG BSE: 500214

₹411.15

Sept. 30, 2026 · NSE · nse_bhavcopy

Peers in Other Utilities

The largest companies in the same industry by market cap. This company ranks #2 of 13. PE, ROE, 1Y return and scores come from the daily/weekly precomputed snapshot.

Company	Market cap (₹ Cr)	PE (TTM)	ROE	1Y return	Div. yield	Quality	Valuation	Momentum
VA Tech Wabag Limited	12,854	36.5	14.9%	44.0%	—	77	34	50
ION Exchange (India) Limited (this stock)	6,030	49.1	10.7%	1.1%	—	53	15	49
Refex Industries Limited	3,640	12.5	13.5%	-27.4%	—	77	87	63
Enviro Infra Engineers Limited	3,328	20.0	15.2%	-22.8%	—	77	63	29
EMS Limited	1,872	28.3	8.6%	-38.4%	0.44%	51	56	26
Antony Waste Handling Cell Limited	1,035	76.9	10.0%	-34.0%	0.14%	40	49	48
Eco Recycling Limited	763	32.1	21.3%	—	0.25%	77	23	20
JITF Infralogistics Limited	717	3982.9	2.2%	-18.2%	—	34	0	62

Valuation multiples

Current only. Market cap is the whole company's; sales/EBITDA are trailing-twelve-month standalone; debt and cash come from the latest filed standalone balance sheet (March 31, 2026). EBITDA = PBT + interest + depreciation.

Enterprise value

₹6,273 Cr

EV / EBITDA

26.9x

EV / Sales

2.24x

Market cap / Sales

2.16x

Earnings yield

2.04%

Quarterly Financials

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Standalone Consolidated

↑ Positive

Quarterly Revenue

Jun 2026 quarterly revenue is Rs 649 Cr, up 20.7% YoY.

↓ Negative

Quarterly Net Profit

Jun 2026 quarterly net profit is Rs 11 Cr, down 75.7% YoY.

Period end	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)	Basic EPS
June 30, 2026	636	15	11	₹0.9300
March 31, 2026	814	27	20	₹1.5900
Dec. 31, 2025	669	32	24	₹1.9600
Sept. 30, 2025	678	64	48	₹3.8900
June 30, 2025	518	63	47	₹3.8100
March 31, 2025	785	85	65	₹5.2500
Dec. 31, 2024	650	73	53	₹4.3380
Sept. 30, 2024	589	68	51	₹4.1270
June 30, 2024	516	62	46	₹3.7290
March 31, 2024	735	94	72	₹5.8370
Dec. 31, 2023	512	68	49	₹4.0010
Sept. 30, 2023	483	59	43	₹3.5260
June 30, 2023	449	52	38	₹3.1230

Quarterly income statement (standalone, ₹ Cr)

Indicator	Jun 26	Mar 26	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Jun 24	Mar 24	Dec 23	Sep 23	Jun 23
Total income (before exceptional items)	649	859	683	695	537	800	661	602	529	752	523	494	459
Operating revenue	636	814	669	678	518	785	650	589	516	735	512	483	449
Other income	13	45	14	16	20	15	11	13	13	17	11	11	11
Operating expenses	605	803	613	617	462	702	576	522	456	647	444	426	398
Operating profit	31	11	56	61	56	83	74	67	61	88	68	57	51
Operating profit margin	4.8%	1.4%	8.4%	9.0%	10.9%	10.6%	11.5%	11.4%	11.7%	11.9%	13.2%	11.9%	11.3%
Depreciation	20	18	17	11	11	11	10	10	9	9	8	8	8
Interest	8	10	7	2	2	3	2	2	2	1	2	2	2
Exceptional items, gain / (loss)	—	—	-15	—	—	—	—	—	—	—	—	—	—
Profit before tax	15	27	32	64	63	85	73	68	62	94	68	59	52
Tax	4	8	8	16	16	21	20	17	16	23	19	15	13
Net profit	11	20	24	48	47	65	53	51	46	72	49	43	38
EPS	0.93	1.59	1.96	3.89	3.81	5.25	4.34	4.13	3.73	5.84	4.00	3.53	3.12
Net profit (TTM)	103	138	183	213	216	214	222	218	210	203	203	201	192
EPS (TTM)	8.37	11.25	14.91	17.29	17.53	17.44	18.03	17.69	17.09	16.49	69.36	103.89	128.06

Total income excludes exceptional items, which are shown on their own row. Trendlyne and Screener fold exceptional items into revenue or other income, so their totals differ from this table by exactly that row.

Annual Financials

Year ended	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)
March 31, 2026	2,679	187	138
March 31, 2025	2,540	288	214
March 31, 2024	2,180	274	204
March 31, 2023	1,892	245	185

Annual income statement (standalone, ₹ Cr; CAGR to the latest year)

Indicator	CAGR 3Y	CAGR 5Y	Mar 26	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Total income (before exceptional items)	12.7%	14.0%	2,774^†	2,591^†	2,230^†	1,939^†	1,555^†	1,439^†	1,456^†	1,146^†	1,024^†	949^†
Operating revenue	12.3%	13.8%	2,679	2,540	2,180	1,892	1,509^†	1,402^†	1,407^†	1,102^†	994^†	935^†
Other income	—	—	95^†	51^†	50^†	47^†	46^†	37^†	49^†	44^†	30^†	14^†
Operating expenses	—	—	2,495^†	2,255^†	1,916^†	1,659^†	1,312^†	1,207^†	1,286^†	1,011^†	924^†	845^†
Operating profit	-7.5%	-1.1%	184^†	285^†	265^†	233^†	197^†	195^†	121^†	91^†	70^†	89^†
Operating profit margin	—	—	6.9%^†	11.2%^†	12.1%^†	12.3%^†	13.0%^†	13.9%^†	8.6%^†	8.3%^†	7.1%^†	9.5%^†
Depreciation	—	—	58^†	40^†	33^†	28^†	27^†	26^†	22^†	18^†	12^†	11^†
Interest	—	—	21^†	8^†	7^†	6^†	8^†	10^†	13^†	16^†	16^†	13^†
Exceptional items, gain / (loss)	—	—	-15^†	0^†	0^†	0^†	0^†	0^†	0^†	0^†	0^†	0^†
Profit before tax	-8.7%	-1.0%	187	288	274	245	209^†	196^†	134^†	101^†	73^†	70^†
Tax	—	—	48^†	74^†	70^†	61^†	55^†	50^†	35^†	35^†	25^†	24^†
Net profit	-9.2%	-1.1%	138	214	204	185	154^†	146^†	99^†	67^†	48^†	46^†
EPS	-57.9%	-37.6%	11.25^†	17.44^†	16.49^†	150.25^†	125.45^†	118.72^†	81.75^†	—	—	—

^† Derived: the sum of that fiscal year's four quarterly filings (a real annual filing is used wherever one exists). Checked against filed annual figures, the sum lands within 0.5% for about 94% of company-years.

Annual ratios (standalone)

Ratio	Mar 26	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19	Mar 18	Mar 17
Operating margin	6.9%^†	11.2%^†	12.1%^†	12.3%^†	13.0%^†	13.9%^†	8.6%^†	8.3%^†	7.1%^†	9.5%^†
EBIT margin	7.7%^†	11.7%^†	12.9%^†	13.3%^†	14.3%^†	14.7%^†	10.5%^†	10.6%^†	8.9%^†	8.9%^†
PBT margin	7.0%	11.3%	12.6%	13.0%	13.8%^†	14.0%^†	9.5%^†	9.2%^†	7.3%^†	7.5%^†
Net margin	5.2%	8.4%	9.4%	9.8%	10.2%^†	10.4%^†	7.0%^†	6.0%^†	4.8%^†	4.9%^†
Interest coverage	10.09x^†	35.37x^†	41.89x^†	39.58x^†	28.58x^†	20.78x^†	11.17x^†	7.23x^†	5.63x^†	6.47x^†
Dividend payout	—	—	—	—	—	—	—	—	—	—
Earnings retention	—	—	—	—	—	—	—	—	—	—
Current ratio	1.49x	1.50x	—	—	—	—	—	—	—	—
Quick ratio	1.23x	1.32x	—	—	—	—	—	—	—	—
Debt to equity	0.28x	0.18x	—	—	—	—	—	—	—	—
Return on equity	10.0%	16.9%	—	—	—	—	—	—	—	—
Return on assets	4.2%	7.4%	—	—	—	—	—	—	—	—
Return on capital employed	11.8%^†	19.6%^†	—	—	—	—	—	—	—	—
Asset turnover	0.82x	0.88x	—	—	—	—	—	—	—	—

Margins and asset turnover use operating revenue (interest earned for banks, excluding other income), not total income. Liquidity, leverage and return ratios need a filed standalone balance sheet, which exists only for recent years; returns use year-end equity/assets. Dividend payout is shown only for companies with a dividend record. † = built from a summed fiscal year.

Revenue Mix

Data unavailable.

Cash Flow

Year ended	Operating (₹ Cr)	Investing (₹ Cr)	Financing (₹ Cr)	Capex (₹ Cr)	Free Cash Flow (₹ Cr)
March 31, 2026	-56	-38	111	252	-307
March 31, 2025	26	-169	148	319	-293
March 31, 2024	124	-161	-12	115	9
March 31, 2023	43	-13	-24	58	-15
March 31, 2022	75	-80	-22	49	26

Balance Sheet (standalone)

Year ended	Total Assets (₹ Cr)	Total Equity (₹ Cr)	Reserves (₹ Cr)	Borrowings, Current (₹ Cr)	Borrowings, Non-current (₹ Cr)	Current Assets (₹ Cr)	Current Liabilities (₹ Cr)	Cash & Equivalents (₹ Cr)	Net Block (₹ Cr)	Inventory (₹ Cr)
March 31, 2026	3,260	1,390	1,375	76	308	2,241	1,508	141	628	386
March 31, 2025	2,891	1,270	1,256	29	198	2,068	1,380	116	279	241
March 31, 2024	—	—	—	—	—	—	—	—	—	—
March 31, 2023	—	—	—	—	—	—	—	—	—	—
March 31, 2022	—	—	—	—	—	—	—	—	—	—

Financial charts

Trend charts drawn from the standalone income-statement and ratio tables above (oldest year on the left); a gap means that period has no figure. Annual years marked † in the tables are derived from four quarters.