ION Exchange (India) Limited (IONEXCHANG) Fair Value & Analysis
Industrials · IN · Market cap ₹51.2B
Risks
Fair value as of: Aug 13, 2026
From 16 valuation models · updated 8 days ago
Fair value updated Aug 13, 2026, revised from ₹197.30 to ₹355.14 (+80.0%) since Aug 6, 2026. Share price −13.2% over the past month.
Below-average quality, currently priced close to our fair value.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- Our model range runs from ₹261.52 (bear) to ₹443.92 (bull), base ₹355.14. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 42/100 (below-average quality) with high evidence: the data supports the verdict.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
54‑month range ₹155.01 – ₹727.91 · fair‑value band ₹261.52 – ₹443.92 · the ₹368.65 price screens above the ₹355.14 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
ION Exchange (India) Limited (IONEXCHANG) currently trades at ₹368.65, while our model-based Fair Value estimate is ₹355.14, implying the stock looks roughly 3.7% fairly valued today. The Quality Score stands at 42/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, ION Exchange (India) Limited generated revenue of ₹29.1B at a net margin of 4.9%. Revenue grew 3.4% year over year. It earns a return on equity of 11.2%. Net debt stands at ₹3.0B. Fundamentals as of Aug 13, 2026
Our scenario range runs from ₹261.52 (bear case) to ₹443.92 (bull case); at ₹368.65, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 36% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -31% fair-value upside, at -4%, IONEXCHANG screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 16 models by family
Widest divergence: Growth Earnings (₹217.55) versus Dividend Discount (₹25.35). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 41
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Ion Exchange (India) Limited, together with its subsidiaries, provides water and environmental management solutions in India and internationally. It operates through Engineering, Chemicals, and Consumer Products segments.
Full company description
Ion Exchange (India) Limited, together with its subsidiaries, provides water and environmental management solutions in India and internationally. It operates through Engineering, Chemicals, and Consumer Products segments. The company offers raw water, process, post, and drinking water treatment; waste water, water recycling, and zero liquid discharge systems; sludge dewatering and waste to energy systems; ion exchange process, membrane process, ion exchange membrane process, and 3D modelling systems; and resin, incudes water purification equipment; and catalyst grade, adsorbent grade, chemical and special process, pharma grade, nuclear grade, hydrometallurgy, food and beverage, bio diesel, and sugar refining resins. It also provides membranes, such asnano filtration, ultra-filtration, low pressure and seawater RO, fouling resistant, and brackish resistant membranes; and specialty chemical treatment programmes, including cooling and boiler water treatment products, fireside treatment products, coagulants, flocculants, membrane cleaning chemicals, and water testing kits. In addition, the company offers INDION online controllers and transmitters, water quality monitoring instruments, water quality measuring indicators, remote monitoring systems, and online effluent monitoring systems; and consultancy, operator training, design engineering, project financing, and operations and maintenance services, as well as installation, commissioning, rehabilitation, and plant automation services. It serves automotive, cement, chemicals, electronics, food and beverage, fertilizers, paper and pulp, pharma, power, refinery and petrochemicals, steel and metallurgy, mining and minerals, sugar, and textiles industries; educational, hospitality, hospital, laboratory, railway, and defense institutions; communities and municipalities; and residential and commercial establishments industries. The company was incorporated in 1964 and is based in Mumbai, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
ION Exchange (India) Limited reported revenue of ₹29.1B in FY2026 versus ₹15.7B in FY2022, a compound +16.7%/yr. Reported net income was ₹1.4B in FY2026, compounding −3.2%/yr from FY2022.
of which total revenue +12.9 pp · buybacks/dilution +2.4 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
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Peer Group
Pollution & Treatment Controls · 94 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Pollution & Treatment Controls median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Pollution & Treatment Controls stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Veralto Corporation VLTO | $97.68 | $67.62 | -31% |
| Zurn Elkay Water Solutions Corporation ZWS | $51.02 | $24.92 | -51% |
| Canmax Technologies Co 300390 | ¥61.99 | ¥10.07 | -84% |
| CECO Environmental Corp CECO | $79.59 | $15.19 | -81% |
| Fujian Longking Co 600388 | ¥17.41 | ¥15.59 | -10% |
| Munters Group MTRS | kr 183.90 | kr 48.58 | -74% |
| China Conch Venture Holdings 0586 | HK$8.69 | HK$10.70 | +23% |
| Mega Union Technology Inc 6944 | 747.00 TWD | 539.58 TWD | -28% |
| MayAir Technology (China) Co 688376 | ¥71.82 | ¥18.80 | -74% |
| Jingjin Equipment Inc 603279 | ¥12.41 | ¥18.97 | +53% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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