Industrials stocks · Micro cap · NSE
ION Exchange (India) Limited is a global leader in total water and environment management with 62+ years of expertise. Operating in 50+ countries, it provides solutions for process water, wastewater treatment, drinking water, and specialty chemicals to industries, institutions, homes, and communities, supported by world-class manufacturing and R&D.
RSI oversold · MACD −
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +20.1% · PAT -93.7% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
PAT -94% YoY · margin compression · Rev +20% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹700.5 Cr | +20.1% | -18.9% |
| EBITDA | ₹31.7 Cr | -49.2% | +60.8% |
| Operating margin | 4.5% | -619 bps | +224 bps |
| PAT | ₹3.1 Cr | -93.7% | -87.4% |
| PAT margin | 0.4% | -787 bps | -237 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 18/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Signals are conflicting — long-term trend down. RSI 29. Wait for confirmation.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
IONEXCHANG reported mixed FY2025-26 results. While Treatment Solutions, Lifecycle Services, Specialty Chemicals, and Consumer Products saw revenue growth, EBIT significantly declined in Treatment, Industrial, Specialty, and Consumer segments, with Consumer Products remaining loss-making.
Despite revenue growth in most segments, the widespread decline in EBIT across Treatment Solutions, Industrial Products, Specialty Chemicals, and Consumer Products in FY2025-26 indicates significant pressure on profitability. The persistent losses in the Consumer Products segment are a concern.
Latest issuer-disclosed distribution across 5 reported categories.
5X capacity expansion at Roha, targeting 10% global resin market share from 2.5%.
6X capacity expansion at Ankleshwar, targeting 17% market share from 3.5%.
3X business growth by 2024, full capacity utilization, second casting & coating line at Goa.
10% CAGR YoY, 60% growth over five years, 30,000+ customers served.
Roha facility saw 5X capacity expansion, establishing India's first Non-Solvent Resin manufacturing.
Ankleshwar facility expanded 6X, enhancing FDA Approved Manufacturing capacity for pharma resins.
Goa facility commissioned a second casting & coating line and indigenous UF hollow fiber membrane manufacturing.
Wada facility now produces 72,000 FRP vessels/year with a dedicated line for Culligan.
Developing High Purity DM Water Systems for Electrolyzers and containerized Hydrogen Skids.
Providing Ultra Pure Water (UPW) systems and advanced membrane systems for the sector.
Offering wastewater reuse, chemical recovery, and cooling water treatment solutions.
Recovering Lithium from battery waste and brines using advanced membrane & resin solutions.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The financial data is presented on an annual basis (FY2021-22 to FY2025-26), making year-over-year comparison the most appropriate method to assess performance trends and growth.
Revenue grew to Rs 1122 Cr in FY2025-26 from Rs 1069 Cr in FY2024-25.
EBIT declined to Rs 27 Cr in FY2025-26 from Rs 30 Cr in FY2024-25, with a -18% CAGR (FY22-26).
Revenue declined to Rs 437 Cr in FY2025-26 from Rs 473 Cr in FY2024-25.
EBIT declined to Rs 29 Cr in FY2025-26 from Rs 51 Cr in FY2024-25, with a -1% CAGR (FY22-26).
To be the leader in our business, vital to people’s lives & the environment.
Expand conventional resin capacity to support future growth and increase global resin market share.
Broaden resin offerings to address domestic and export demand, reducing dependence on outsourced products.
Building a future-ready membrane platform powered by technology leadership to capture high-growth opportunities.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Industrial Resins Global Market Share | 2.5% | Progress towards 10% target. |
| Pharma Resins Market Share | 3.5% | Progress towards 17% target. |
| Membrane Business Growth | 3X business growth by 2024 (validated) | Continued growth and full capacity utilization. |
| Consumer Products EBIT | Rs -10 Cr (FY2025-26) | Improvement towards profitability and CWS margin optimization. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 24th percentile within Industrials. Main check: financial discipline is weak at 38/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Industrials: 24th pctile, median 68 · Micro: 15th pctile, median 73
158 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
Source: Bse
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Source: Bse