Ion Exchange (India) Ltd(IONEXCHANG)

NSE: IONEXCHANGBSE: 500214

₹ 331.4-1.98%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 4,861 crWebsite: www.ionexchangeglobal.comUpdated: 27 Oct 2026

About

Ion Exchange (India) Ltd is a water and environment solutions company operating for over six decades, describing itself as the single largest provider of solutions in the water and environment sector in India. It operates across three segments - Engineering (EPC water/wastewater projects), Chemicals (ion exchange resins and specialty chemicals), and Consumer Products (home water purification) - serving customers in 67 countries. Consolidated revenue was Rs 2,914.84 crore in FY26, with international revenue contributing 26% of consolidated revenue in FY26.^[1][2][3][4]

Business segments

Engineering: 58.5% of consolidated revenue (Rs 1,757.76 cr) in FY26, delivering EPC water, wastewater and waste-to-energy solutions; EBIT margin 5.1%.^[3]
Chemicals: 28.9% of consolidated revenue (Rs 867.72 cr) in FY26, making ion exchange resins, adsorbents and specialty process chemicals; EBIT margin 21.0%.^[3]
Consumer Products: 12.6% of consolidated revenue (Rs 379.42 cr) in FY26, providing home and institutional water purification; EBIT margin -3.0%.^[3]
From Q1 FY27, the Engineering segment is reorganised into three reportable sub-segments: Treatment Solutions, Industrial Products and Lifecycle Services, with management expecting Treatment Solutions to be ~40% and the products/chemicals/services mix ~60% of company revenues.^[5]

Operations and manufacturing

Seven national manufacturing plants and 11 national offices; plant locations include Ankleshwar (resin), Navi Mumbai (assembly), Hosur (standard plants), Patancheru (chemicals), Goa (consumer products and membranes) and Wada (SSD manufacturing).^[1]
Greenfield resin plant at Roha, Maharashtra commenced stage-wise commissioning in the last week of September 2025; all manufacturing lines were fully commissioned by Q4 FY26.^[6][4]
Total Roha project capex ~Rs 450 cr, funded in part by a Rs 345 cr term loan; the facility's payback period is expected within 4 - 5 years from commissioning.^[7]
Membrane manufacturing at Goa produces the HYDRAMEM range; a second plant for UF/MBR membranes is being set up, targeting being the only Indian manufacturer with a full integrated membrane range.^[5]
R&D laboratories at Patancheru and Vashi are DSIR-certified; the Bangalore lab is NABL-certified; the Technology Division holds ISO 13485:2016 for medical devices.^[1]

Key operating numbers

Engineering order book: INR 2,473 cr in Q1 FY27 (vs ~INR 26,433 Mn at end-Q4 FY26); bid pipeline INR 9,777 cr in Q1 FY27, with a guided win ratio of 15 - 20%.^[5][4][6]
Treatment Solutions revenue INR 210 cr in Q1 FY27 (+14% YoY); EBIT loss of INR 17 cr, dragged by legacy projects including UP Jal Nigam (~11% of order book).^[5]
Industrial Products revenue INR 105 cr in Q1 FY27 (+14% YoY); EBIT margin improved to 11.89% from less than 6% in the prior year quarter.^[5]
Lifecycle Services revenue INR 72 cr in Q1 FY27 (+28% YoY); EBIT margin 9.92% vs 10.55% in the prior year quarter.^[5]
Specialty Chemicals revenue INR 230 cr in Q1 FY27 (+21% YoY); EBIT fell 52% YoY to INR 22 cr, with Roha ramp costs accounting for ~6% segment margin impact.^[5]
Consumer Products revenue INR 112 cr in Q1 FY27 (+33% YoY); segment loss narrowed to ~INR 34 lakhs from INR 45 lakhs in the prior year quarter.^[5]
International revenue share: 30% of consolidated revenue in Q1 FY27; 26% of consolidated revenue in FY26.^[5][4]

Customers and distribution

The company serves customers across 67 countries internationally as of FY25; exports contributed 31% of standalone turnover in FY25.^[1]
UP Jal Nigam represents ~11% of the Q1 FY27 order book (INR 2,473 cr); its execution is expected to spill into FY28 as government fund flows have commenced but remain slow.^[5]
A ~$52 Mn contract with Hyundai (EPC supply, FOB Mumbai terms) was won post Q1 FY27 quarter-close and is not included in the June 2026 order book.^[5]
WQA certification obtained for resins manufactured at Roha, enabling sales in the Americas market, supported by newly appointed Americas regional leadership.^[5][4]

Expansion and capex

Specialty Chemicals revenue expected to increase by at least 50% over the next couple of years as the Roha plant achieves full capacity (base: ~INR 900 cr FY26); Roha to reach full proposed capacity over 3 - 4 years from commissioning start.^[5][6]
Pharma resins capacity expansion at Ankleshwar: asset-light, technology/IP-driven investment targeting 5 - 6x capacity increase, to be completed within ~12 months of Q1 FY27.^[5]
20-year DBOOT contract in Oman worth OMR 73.46 Mn (~INR 17,300 Mn) won by subsidiary Ion Exchange and Company LLC, Oman from Petroleum Development Oman; proceeding on schedule as of Q4 FY26.^[4]
Project JV with a local Malawi partner for a USD 18.1 Mn water treatment package awarded by Northern Region Water Board Malawi.^[4]
Two large-scale desalination projects of 60 MLD and 40 MLD in the MENA region in advanced stages of execution as of FY25, following commissioning of a 40 MLD plant in North Africa.^[1]

Recent developments

Technology transfer and manufacturing collaboration signed with MANN+HUMMEL Water & Membrane Solutions for hollow-fibre UF membranes and MBR technology to be manufactured locally at Goa under HYDRAMEM/MANN+HUMMEL co-branding; Ion Exchange funds the capex.^[6][4]
Two domestic solar sector EPC contracts aggregating INR 2,050 Mn secured in Q3 FY26 covering ultra-pure water systems, effluent treatment plants and ZLD solutions.^[7]
Labour Codes notified on 21 November 2025 triggered an exceptional provision of INR 169 Mn for gratuity and leave-related past service costs, recognised in Q3 FY26.^[7]
GCC engineering dispatches, disrupted by the West Asia crisis in Q4 FY26, resumed in Q1 FY27 following receipt of customer clearances.^[4][5]
Global regional leadership structure being built: Americas and Asia Pacific and Middle East Africa leaders appointed; Europe leader being recruited with country leaders below each region.^[5]

Market Cap

₹4,861 Cr

High / Low

₹486 / 312

Stock P/E

50.8

Price / Book

3.7

Book Value

₹91

EPS

₹9.7

No. of Shares

14.67 Cr

ROCE

14.0%

ROE

11.2%

OPM

7.8%

Debt / Equity

0.34

Sales

₹2,915 Cr

Net Profit

₹143 Cr

Promoter holding

25.1%

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Ion Exchange (India) Ltd(IONEXCHANG)

About

Business segments

Operations and manufacturing

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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