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Consolidated Standalone

ION Exchage

₹519.7 3.8 | 0.7%

Market Cap ₹7622 Cr.

Stock P/E 36.1

P/B 8.1

Current Price ₹519.7

Book Value ₹ 64.1

Face Value 1

52W High ₹3950.9

Dividend Yield 0.24%

52W Low ₹ 374.4

Edit Ratio

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Equity Research: IEIL

Overview Inc. Year: 1964Industry: Engineering - Industrial Equipments

Ion Exchange (India) Ltd, together with its subsidiaries, provides water treatment and surroundings control solutions in Indian and internationally. It operates through Engineering, Chemicals, and Consumer Products segments. The business enterprise offer pretreatment, process water/liquid treatment, waste water remedy, water recycle and product restoration using numerous physico-chemical tactics for settling, filtration, clarification and disinfection, membrane and ion exchange technology; ion exchange resins, membranes, polymers and polyelectrolytes for water and non-water approaches; boiler cooling water remedy and fireside chemical compounds; and additives. It also affords process chemicals for sugar and paper manufacturing commercial enterprise; specialized structures for removal of excessive fluoride, arsenic, iron, and nitrates from water; water purifiers and water conditioners; and drinking water and sewage remedy systems. In addition, the organisation offers numerous services, such as consultancy, operator training, design engineering, assignment management, and operations and maintenance services, in addition to set up, commissioning, rehabilitation, and automation of plant. It serves numerous industries, inclusive of automotive, cement, chemical compounds, electronics, food and beverage, fertilizers, paper and pulp, pharma, refinery, power and petrochemical, steel and metallurgy, mining and minerals, sugar, and textiles; academic, hospitality, hospital, laboratory, railway, and defense institutions; communities and municipalities; and residential and industrial institutions. Ion Exchange (India) Ltd incorporated in 1964 and is based in Mumbai, India.

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ION Exchage Share Price

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Peer Comparison

ION Exchage Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 378 388 496 382 448 512 647 479 533 554
Other Income 8 5 21 15 8 13 5 9 10 9
Total Income 386 394 518 397 456 525 653 488 543 563
Total Expenditure 338 345 401 349 394 450 541 430 473 483
Operating Profit 48 48 116 48 61 75 112 57 70 79
Interest 2 2 2 2 2 2 2 2 4 3
Depreciation 7 7 7 7 7 7 7 8 9 10
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 38 39 107 39 52 65 102 48 58 67
Provision for Tax 11 11 23 12 13 18 21 14 17 20
Profit After Tax 27 28 83 27 39 47 81 33 41 47
Adjustments 0 1 -0 1 0 1 1 -0 1 1
Profit After Adjustments 27 28 83 28 39 48 82 33 43 47
Adjusted Earnings Per Share 1.9 2 5.8 2 2.7 3.4 5.7 2.3 3 3.3

ION Exchage Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 857 793 800 871 1009 1046 1162 1480 1450 1577 1990 2213
Other Income 5 5 4 7 12 21 33 35 33 42 41 33
Total Income 862 798 805 878 1021 1067 1196 1515 1483 1619 2031 2247
Total Expenditure 805 757 749 812 935 966 1053 1342 1245 1362 1732 1927
Operating Profit 57 41 56 65 87 101 142 173 237 258 299 318
Interest 19 16 20 18 21 22 21 19 15 13 12 11
Depreciation 12 11 12 13 12 13 20 24 28 28 29 34
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 26 15 24 35 54 66 102 131 195 217 259 275
Provision for Tax 11 10 12 18 25 26 36 37 52 56 64 72
Profit After Tax 15 5 11 17 29 40 66 94 143 162 195 202
Adjustments -1 -0 -2 -2 2 0 -1 -1 1 1 2 3
Profit After Adjustments 14 5 10 15 30 40 65 94 144 163 197 205
Adjusted Earnings Per Share 1.1 0.3 0.7 1.1 2.1 2.8 4.6 6.6 10.1 11.4 13.8 14.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 26% 10% 14% 9%
Operating Profit CAGR 16% 20% 24% 18%
PAT CAGR 20% 28% 37% 29%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 36% 53% 69% 49%
ROE Average 26% 29% 29% 20%
ROCE Average 34% 37% 36% 28%

ION Exchage Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 151 152 156 170 167 200 260 363 506 656 833
Minority's Interest 8 8 8 6 4 3 2 2 -0 -1 2
Borrowings 11 11 20 23 30 33 26 19 8 12 16
Other Non-Current Liabilities 20 20 27 29 19 23 24 36 26 22 26
Total Current Liabilities 493 463 468 487 745 804 852 961 899 927 1051
Total Liabilities 682 655 679 715 965 1064 1164 1381 1438 1616 1929
Fixed Assets 101 94 85 103 99 145 161 194 190 192 215
Other Non-Current Assets 76 73 91 85 86 57 65 57 55 77 85
Total Current Assets 505 488 504 527 780 862 939 1129 1193 1347 1628
Total Assets 682 655 679 715 965 1064 1164 1381 1438 1616 1929

ION Exchage Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 10 14 12 11 19 117 67 45 101 197 169
Cash Flow from Operating Activities 31 5 45 50 176 86 127 102 197 91 63
Cash Flow from Investing Activities -17 -1 -17 -25 -72 -166 -70 -18 -29 -92 -40
Cash Flow from Financing Activities -10 -7 -29 -17 -3 31 -79 -28 -75 -27 -15
Net Cash Inflow / Outflow 4 -2 -1 8 101 -49 -23 56 93 -27 7
Closing Cash & Cash Equivalent 14 12 11 19 117 67 45 101 197 169 175

ION Exchage Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 1.09 0.32 0.69 1.08 2.14 2.82 4.59 6.58 10.12 11.44 13.83
CEPS(Rs) 2.08 1.09 1.67 2.09 2.86 3.72 6.01 8.27 12.02 13.33 15.75
DPS(Rs) 0.2 0.2 0.3 0.3 0.35 0.35 0.45 0.6 1 1 1.25
Book NAV/Share(Rs) 11.35 10.68 10.95 11.94 11.72 14.06 18.27 25.52 35.55 46.08 58.58
Core EBITDA Margin(%) 5.87 4.4 6.21 6.51 7.1 7.6 9.37 9.32 14.1 13.64 12.96
EBIT Margin(%) 5.02 3.7 5.28 5.84 7.13 8.35 10.6 10.15 14.47 14.59 13.61
Pre Tax Margin(%) 2.93 1.81 2.87 3.83 5.12 6.28 8.76 8.84 13.46 13.78 13
PAT Margin (%) 1.65 0.58 1.37 1.87 2.75 3.78 5.67 6.36 9.89 10.25 9.8
Cash Profit Margin (%) 3.04 1.88 2.83 3.27 3.88 5.02 7.36 7.95 11.8 12.03 11.26
ROA(%) 2.22 0.72 1.71 2.42 3.43 3.93 5.92 7.4 10.17 10.59 11
ROE(%) 10.39 3.21 7.48 10.47 17.2 21.73 28.65 30.22 32.99 27.84 26.18
ROCE(%) 20.13 12.5 17.89 21.02 27.82 27.43 33.54 35.97 41.04 36.48 34.06
Receivable days 146.05 157.65 155.28 145.62 135.79 147.62 135.23 114.2 119.71 110.72 110.48
Inventory Days 28.48 33.02 34.01 32.44 36.65 39.82 36.26 32.59 33 35.71 36.99
Payable days 204.36 222.65 220.48 209.47 200.7 203.99 195.41 171.79 210.53 204.32 157.85
PER(x) 9.21 29.5 37.55 28.51 18.19 17.63 8.68 9.15 12.92 14.37 24.68
Price/Book(x) 0.88 0.89 2.37 2.59 3.32 3.54 2.18 2.36 3.67 3.57 5.83
Dividend Yield(%) 1.99 2.1 1.15 0.97 0.9 0.7 1.13 1 0.77 0.61 0.37
EV/Net Sales(x) 0.22 0.26 0.53 0.57 0.49 0.58 0.33 0.4 0.97 1.17 2.19
EV/Core EBITDA(x) 3.34 5.05 7.62 7.54 5.73 6.02 2.71 3.38 5.92 7.18 14.59
Net Sales Growth(%) 18.61 -7.5 0.94 8.82 15.82 3.66 11.14 27.32 -2.05 8.79 26.17
EBIT Growth(%) 24.99 -32.03 44.86 20.33 41.6 17.95 39.82 21.86 39.71 9.65 17.72
PAT Growth(%) 25.13 -67.39 138.66 48.14 70.63 38.19 65.36 42.85 52.23 12.81 20.58
EPS Growth(%) 49.62 -70.37 114.4 56.62 97.07 32.1 62.44 43.46 53.74 13.09 20.87
Debt/Equity(x) 0.58 0.64 0.56 0.53 0.66 0.82 0.42 0.28 0.1 0.07 0.06
Current Ratio(x) 1.02 1.05 1.08 1.08 1.05 1.07 1.1 1.17 1.33 1.45 1.55
Quick Ratio(x) 0.88 0.89 0.91 0.92 0.87 0.95 0.95 1.04 1.19 1.26 1.34
Interest Cover(x) 2.41 1.95 2.19 2.91 3.55 4.03 5.77 7.8 14.25 18.15 22.47
Total Debt/Mcap(x) 0.63 0.69 0.23 0.2 0.19 0.23 0.19 0.12 0.03 0.02 0.01

ION Exchage Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 27.01 27.01 27.01 27.01 26.99 26.95 26.94 26.76 26.46 26.38
FII 2.54 2.66 2.43 0.71 0.77 1.95 2.44 3.94 5.2 5.63
DII 9.49 9.68 10.1 10.82 11.48 11.58 11.66 11.9 11.94 12.21
Public 60.96 60.65 60.46 61.46 60.76 59.52 58.96 57.4 56.39 55.78
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 37% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29%
  • Debtor days have improved from 204.32 to 157.85days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 26.38%.
  • Stock is trading at 8.1 times its book value.

* 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.

ION Exchage News

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