ION Exchange (India) financials and balance sheet

NSE: IONEXCHANGBSE: 500214Other UtilitiesSmall Cap

₹337.75₹10.05 (2.89%)BSE ₹338.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹347.80.

52-week range of traded prices to 23 Oct 2026

₹312.70Low, 23 Mar 2026₹486.00High, 13 Jul 2026

Market cap: ₹4,954 Cr749th largest listed
P/E: 50.5
P/E without one-offs: 43.1
P/B: 3.7
Dividend yield: 0.37%
ROE: 7.7%
ROE without one-offs: 9.0%
ROCE: 6.0%
Debt to equity: 0.34
Volume, NSE: 2,71,98655.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.ION Exchange (India) annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,915 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 3.8% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,915
Materials and goods−1,854
Employee costs−415
Other expenses−437
Operating profit210
Depreciation−63
Other income+87
One-off items−17
Finance costs−24
Profit before tax193
Tax−52
Joint ventures+1.7
Net profit143

What the company owns

Plant, investments and other assets₹1,545 Cr
Receivables₹1,075 Cr
Inventory₹441 Cr
Cash and bank₹319 Cr
Current investments₹1 Cr

What pays for it: net worth and liabilities

Net worth₹1,340 Cr
Owed to suppliers₹900 Cr
Other liabilities₹686 Cr
Borrowings₹454 Cr

ION Exchange (India) business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.ION Exchange (India) segment results by quarter

Revenue by segment

₹3,005 CrTotal

Engineering₹1,758 Cr58.5% of total
Chemicals₹868 Cr28.9% of total
Consumer Products₹379 Cr12.6% of total

Profit by segment

Engineering₹90 Cr33.1% of total
Chemicals₹182 Cr66.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Engineering
Revenue, ₹ crore
685
939
941
935
1,239
1,451
1,704
1,758
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
56
77
96
107
113
112
109
90
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Chemicals
Revenue, ₹ crore
423
469
440
558
621
708
818
868
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
56
73
106
121
155
176
207
182
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Consumer Products
Revenue, ₹ crore
110
126
108
137
193
254
290
379
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−3
−7
−4
−4
−2
−6
−15
−12
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
0
0
0
0
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
−1
−1
−1
−1
−1
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,218	1,533	1,489	1,630	2,053	2,414	2,812	3,005
Company revenue, as in its results	1,162	1,480	1,450	1,577	1,990	2,348	2,737	2,915
Revenue	685	939	941	935	1,239	1,451	1,704	1,758
Revenue growth	–	37.0%	0.2%	−0.6%	32.5%	17.1%	17.4%	3.2%
Profit	56	77	96	107	113	112	109	90
Profit growth	–	37.4%	24.6%	11.3%	6.0%	−1.1%	−2.5%	−17.3%
Margin	8.2%	8.2%	10.2%	11.4%	9.1%	7.7%	6.4%	5.1%
Return on capital	–	35.6%	30.4%	26.9%	21.8%	19.0%	14.3%	11.8%
Assets	–	938	1,004	1,118	1,367	1,560	1,822	1,840
Liabilities	–	722	688	722	848	971	1,057	1,074
Capital employed	–	216	316	397	520	589	764	766
Revenue	423	469	440	558	621	708	818	868
Revenue growth	–	10.8%	−6.3%	26.9%	11.3%	14.1%	15.5%	6.0%
Profit	56	73	106	121	155	176	207	182
Profit growth	–	30.1%	44.7%	13.8%	28.4%	13.5%	17.3%	−11.7%
Margin	13.3%	15.6%	24.2%	21.7%	25.0%	24.8%	25.2%	21.0%
Return on capital	–	46.0%	72.6%	74.9%	101.7%	78.3%	60.6%	39.8%
Assets	–	283	269	303	299	512	892	1,188
Liabilities	–	123	123	142	147	287	551	730
Capital employed	–	160	146	161	152	225	341	458
Revenue	110	126	108	137	193	254	290	379
Revenue growth	–	14.3%	−13.7%	25.9%	41.4%	31.4%	14.4%	30.8%
Profit	−3	−7	−4	−4	−2	−6	−15	−12
Margin	−2.4%	−5.6%	−3.4%	−2.7%	−1.2%	−2.3%	−5.1%	−3.0%
Return on capital	–	−70.2%	−208.5%	−233.5%	−213.9%	−72.7%	−126.5%	−38.6%
Assets	–	38	34	41	48	70	87	135
Liabilities	–	28	32	40	47	61	75	105
Capital employed	–	10	2	2	1	8	12	30
Revenue	0	0	0	0	0	0	0	0
Profit	0	−1	−1	−1	−1	−1	0	0
Margin	900.0%	−2,950.0%	–	–	–	−10,900.0%	−2,400.0%	–
Return on capital	–	−5.5%	−9.8%	−8.3%	−10.2%	−8.4%	−1.6%	−2.1%
Assets	–	13	12	11	15	15	16	17
Liabilities	–	2	2	2	2	2	2	2
Capital employed	–	11	10	9	13	13	15	15
Revenue	1	1	1	1	1	1	1	1
Profit	0	0	0	0	0	0	0	0
Assets	0	111	124	151	210	292	170	201
Liabilities	0	142	92	65	61	108	93	129

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.ION Exchange (India) quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 27 Jun	Mar 2021Filed 9 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 26 May
Revenue from operations	1,024	1,055	1,162	1,480	1,450	1,577	1,990	2,348	2,737	2,915
	946	978	1,056	1,345	1,247	1,364	1,735	2,076	2,443	2,705
Materials and goods bought	662	676	728	965	892	946	1,243	1,465	1,725	1,854
Employee costs	122	137	151	181	174	199	236	297	342	415
Other expenses	163	165	177	199	182	219	256	315	376	437
Operating profit before depreciation	78	77	107	135	202	213	255	272	294	210
Operating margin	7.6%	7.3%	9.2%	9.1%	14.0%	13.5%	12.8%	11.6%	10.7%	7.2%
Materials, % of revenue	64.6%	64.0%	62.6%	65.2%	61.5%	60.0%	62.5%	62.4%	63.0%	63.6%
Employee costs, % of revenue	11.9%	13.0%	13.0%	12.2%	12.0%	12.6%	11.9%	12.6%	12.5%	14.2%
Other expenses, % of revenue	15.9%	15.7%	15.2%	13.5%	12.5%	13.9%	12.9%	13.4%	13.7%	15.0%
Depreciation and amortisation	13	13	20	24	28	28	29	36	44	63
Operating profit after depreciation	64	64	87	111	175	185	226	236	249	148
Other income	6	21	33	35	33	42	41	44	49	87
Finance costs	16	19	19	16	13	10	9	12	13	24
Profit before one-off items and tax	54	66	101	130	195	217	258	267	284	210
One-off items	0	0	0	0	0	0	0	0	0	−17
Profit before tax	54	66	101	130	195	217	258	267	284	193
	−25	26	36	37	52	56	64	74	77	52
Current tax	−25	23	36	37	56	59	65	71	77	59
Deferred tax	0	4	0	−1	−5	−3	−1	3	0	−7
Share of profit of joint ventures and associates	1	0	1	0	0	0	1	2	1	2
	78	40	66	94	143	162	195	195	208	143
Belonging to the company's shareholders	–	–	65	93	144	163	197	196	208	143
Belonging to outside owners of subsidiaries	–	–	1	1	−1	−1	−2	−1	0	1
Other comprehensive income	–	–	0	0	0	−1	−2	0	0	7
Total comprehensive income	–	–	66	94	143	161	193	195	208	150
Net margin	7.7%	3.8%	5.7%	6.4%	9.9%	10.3%	9.8%	8.3%	7.6%	4.9%
Net margin without joint ventures and associates	7.6%	3.8%	5.6%	6.3%	9.9%	10.2%	9.8%	8.3%	7.6%	4.9%

Belonging to the company's shareholders is left blank for the years to Mar 2017 and Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 Jun	Mar 2020Filed 27 Jun	Mar 2021Filed 9 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 26 May
	262	365	506	655	836	1,020	1,209	1,340
	260	363	506	656	833	1,018	1,208	1,339
Share capital	14	14	14	14	14	14	14	14
Reserves	246	349	492	641	819	1,004	1,194	1,325
Belonging to outside owners of subsidiaries	2	2	0	−1	2	2	2	1
	93	113	41	48	52	138	303	454
Repayable after a year	26	27	8	12	16	109	252	358
Repayable within a year	67	86	33	36	37	29	51	97
	852	961	899	927	1,051	1,259	1,468	1,613
Trade payables	415	480	535	523	551	695	779	900
Other financial liabilities	43	54	48	37	44	67	100	99
Other liabilities	308	319	252	308	407	454	520	482
Provisions	4	6	5	7	7	8	8	28
Tax owed	15	17	26	15	6	6	11	8
	51	56	39	43	53	170	309	426
Other financial liabilities	8	10	13	12	12	26	28	30
Other liabilities	2	2	1	1	1	0	0	–
Provisions	13	16	17	19	24	26	21	30
Deferred tax	1	0	0	0	1	9	9	9
Total assets	1,165	1,382	1,443	1,625	1,940	2,449	2,987	3,380
	227	253	250	279	312	499	807	1,023
Plant in use, after depreciation	151	177	179	182	205	340	367	730
Plant being built	12	18	15	20	42	61	318	175
Intangible assets	1	2	2	2	2	16	15	13
Goodwill	9	9	9	9	9	10	10	10
Intangible assets being developed	0	0	0	0	–	–	6	1
Investments	1	1	1	4	5	5	6	7
Stakes in joint ventures and associates	3	4	4	4	5	6	7	8
Loans given	10	12	12	0	0	0	0	0
Other financial assets	7	6	6	17	15	16	15	18
Deferred tax	1	1	5	9	12	8	8	14
Trade receivables	14	6	5	5	5	4	1	0
Other assets	17	17	14	27	14	31	54	47
	939	1,129	1,193	1,347	1,628	1,951	2,180	2,357
Inventories	130	135	128	181	222	237	299	441
Trade receivables	424	502	449	508	697	935	1,134	1,075
Cash and cash equivalents	45	101	92	169	175	154	149	185
Other bank balances	245	272	413	367	373	434	317	134
Current investments	0	0	0	0	0	1	0	1
Loans given	9	17	15	20	15	8	5	7
Other financial assets	20	24	11	14	15	16	13	8
Tax paid in advance	1	1	1	0	0	1	1	2
Other assets	64	77	84	88	130	166	262	505
Net debt	−198	−260	−465	−488	−496	−451	−163	135

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 9 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 26 May
	197	91	63	130	32	−28
	247	163	137	205	104	36
	22	−76	−134	−84	−203	−205
Receivables	43	−64	−189	−228	−195	39
Inventories	7	−53	−41	3	−62	−142
Payables	41	−10	28	114	82	116
Other working capital	−69	52	68	27	−27	−217
Tax paid	−50	−71	−75	−75	−72	−65
Capital spending	30	50	60	120	320	254
Free cash flow	167	41	3	10	−288	−283
	−134	−92	−40	−160	−165	−44
Plant and property sold	0	0	0	0	1	3
Companies bought	0	0	−1	−12	−2	−2
Interest received	37	20	27	34	39	27
Dividends received	0	0	0	0	0	0
	−75	−27	−15	8	128	100
Borrowings raised	7	20	26	91	185	152
Borrowings repaid	−55	−19	−16	−50	−19	−8
Interest paid	−12	−8	−8	−12	−11	−22
Lease payments	0	−8	−6	−6	−7	−10
Dividends paid	3	12	12	15	19	19
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−12	−27	7	−22	−4	27

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.ION Exchange (India) dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 27 Jun	Mar 2021Filed 9 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 26 May
	₹1.99	₹3.45	₹5.70	₹8.06	₹12.14	₹13.73	₹16.60	₹16.53	₹17.53	₹12.03
As stated that year	₹19.94	₹34.46	₹56.99	₹80.55	₹121.41	₹137.30	₹165.95	₹16.53	₹17.53	₹12.03
	₹1.99	₹3.45	₹5.70	₹8.06	₹12.14	₹13.73	₹16.60	₹16.53	₹17.53	₹12.03
As stated that year	₹19.94	₹34.46	₹56.99	₹80.55	₹121.41	₹137.30	₹165.95	₹16.53	₹17.53	₹12.03
	–	–	–	–	–	₹1.00	₹1.25	₹1.50	₹1.50	₹1.25
As declared that year	–	–	–	–	–	₹10.00	₹1.25	₹1.50	₹1.50	₹1.25
	–	–	₹17.73	₹24.75	₹34.49	₹44.70	₹56.83	₹69.40	₹82.36	₹91.30
On that year's share count	–	–	₹177.29	₹247.54	₹344.88	₹447.04	₹568.29	₹69.40	₹82.36	₹91.30
Dividend payout	–	–	–	–	–	9.0%	9.3%	11.2%	10.6%	12.9%
Shareholder yield	–	–	–	–	0.2%	0.5%	0.2%	0.2%	0.3%	0.4%
Market cap at the year end (₹ crore)	570	730	584	883	1,916	2,439	5,007	7,431	6,852	4,698

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.ION Exchange (India) PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 27 Jun	Mar 2021Filed 9 Jun	Mar 2022Filed 30 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 26 May
Revenue growth	17.8%	3.0%	10.2%	27.3%	−2.0%	8.8%	26.2%	18.0%	16.6%	6.5%
Operating profit growth	39.4%	−0.7%	38.4%	26.3%	50.3%	5.4%	19.6%	6.7%	8.0%	−28.5%
Net profit growth	412.5%	−49.2%	65.4%	42.6%	52.5%	12.8%	20.6%	0.2%	6.6%	−31.2%
Earnings per share growth	83.6%	72.8%	65.4%	41.3%	50.7%	13.1%	20.9%	−0.4%	6.0%	−31.4%
	–	–	25.1%	30.0%	33.1%	28.0%	26.4%	21.2%	18.7%	11.2%
	–	–	–	4.9 pts	3.1 pts	−5.1 pts	−1.6 pts	−5.2 pts	−2.5 pts	−7.5 pts
From the net margin	–	–	–	3.1 pts	17.2 pts	1.3 pts	−1.2 pts	−4.1 pts	−1.9 pts	−6.6 pts
From asset turnover	–	–	–	4.7 pts	−5.5 pts	0.1 pts	2.3 pts	−0.9 pts	−1.1 pts	−1.1 pts
From borrowing	–	–	–	−2.9 pts	−8.5 pts	−6.5 pts	−2.7 pts	−0.2 pts	0.5 pts	0.3 pts
Return on capital employed	–	–	24.5%	23.2%	32.0%	26.3%	25.4%	20.4%	16.5%	8.2%
Cash conversion	–	–	–	–	137.5%	56.5%	32.2%	66.5%	15.4%	−19.9%
Interest cover	3.9	3.4	4.6	6.9	13.8	18.6	24.6	19.5	18.5	6.1
Debt to equity	–	–	0.35	0.31	0.08	0.07	0.06	0.13	0.25	0.34
Receivable days	–	–	133	124	113	118	128	145	151	135
Inventory days	–	–	65	51	52	70	65	59	63	87
Payable days	–	–	208	181	219	202	162	173	165	177
Cash conversion cycle, days	–	–	−10	−7	−54	−15	31	31	50	44
Working capital days	–	–	−43	−29	−45	−19	12	20	40	65
Asset turnover	–	–	1.00	1.16	1.03	1.03	1.12	1.07	1.01	0.92
Assets per rupee of net worth	–	–	4.48	4.09	3.25	2.64	2.39	2.37	2.44	2.50
Sales per rupee of plant	–	–	7.71	8.34	8.10	8.69	9.71	6.90	7.45	3.99
Capital spending to depreciation	–	–	–	–	1.08	1.78	2.06	3.30	7.20	4.06
Plant being built, % of plant in use	–	–	8.2%	10.1%	8.2%	11.0%	20.5%	17.8%	86.5%	23.9%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.5%
Cash from operations against operating profit: −13.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.9%	15.0%	13.6%
Profit growth, yearly rate	25.0%	−0.2%	−10.2%
Return on equity, average	–	21.1%	17.0%
Return on capital employed, average	–	19.4%	15.0%
Operating margin, average	10.3%	11.2%	9.8%
Net margin, average	7.4%	8.2%	6.9%
Asset turnover, average	–	1.03	1.00
Cash conversion cycle, days, average	–	28	42
Interest cover, average	12.0	17.5	14.7
Debt to equity, average	–	0.17	0.24

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	288	134	−28
Cash from investing	−501	−369	−44
Cash from financing	195	237	100
Capital spending	805	695	254
Dividends paid	78	54	19
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	474	428	152
Borrowings repaid	111	76	8

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	7	6	5	3	2
Altman Z-scorePublished threshold 1.1	–	–	2.17	2.71	3.98	4.63	5.05	4.70	4.25	3.84
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.79	−2.11	−1.81	−1.98	−1.50	−2.44
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	5.71	10.58	9.68	10.27	12.54	6.79
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.70	0.51	0.38	0.24
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−9.00	−8.49	4.30	11.07	16.15	4.72	−11.72
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−29.03	2.47	35.79	−8.56	−11.45	8.60	40.20
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.18	−0.48	0.41	2.18	1.60	3.39	8.20
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.36	0.50	0.65	0.80	0.35	4.43	0.41
Effective tax ratePublished threshold 17.16 per cent	−46.66	39.74	35.48	28.19	26.50	25.65	24.73	27.51	27.15	26.77
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−7.25	−4.24	−0.60	1.90	−6.70

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
20 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1Review, Other		1,241.78
20 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A+Review, Other	Stable	94.19

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.