ION Exchange (India) Limited (IONEXCHANG) fair value: what the stock is really worth
As of Oct 6, 2026: fair value of ION Exchange (India) Limited ₹355, price ₹409, upside -13.2%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
55‑month range ₹155.01 – ₹727.91 · fair‑value band ₹261.52 – ₹443.92 · the ₹409.20 price screens above the ₹355.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 1, 2026.
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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.
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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.
Stock analysis
ION Exchange (India) Limited (IONEXCHANG) currently trades at ₹409.20, while our model-based Fair Value estimate is ₹355.14, 13.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹217.55 per share, and 0 of the 16 models we run sit above the ₹409.20 price.
Bear case: the Economic Profit group reads lowest at ₹56.79, and 16 of the 16 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹261.52 (bear) to ₹443.92 (bull), the price of ₹409.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 42/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
Key figures
Market cap ₹52.9B (≈ $549M) · P/E ratio 49.2 · P/S ratio 2.41 · EPS (TTM) ₹8.26 · Dividend yield 0.3% · Net margin 4.9% · Return on equity 11.2% · Return on assets (EBIT) 11.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 29% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −18% fair-value upside, at −13%, IONEXCHANG screens cheaper than that median.
Fair Value models
Bear ₹261.52Fair Value ₹355.14Bull ₹443.92
Price ₹409.20 · Upside -13.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹3.63 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+6.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.0%
Start year 2021 (pandemic). Over 10 years: +12.9% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.2%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+0.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.2%
Dividend (yield on the price)0.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.2% vs 27.5%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 5%
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Peer Groupⓘ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.Pollution & Treatment Controls · 87 stocks
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Is ION Exchange (India) Limited (IONEXCHANG) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of ₹355.14 versus a price of ₹409.20, about −13% upside (overvalued).
What is the fair value of IONEXCHANG?
Our model-based fair value for ION Exchange (India) Limited is ₹355.14 (as of Oct 1, 2026), built from audited fundamentals. The current price: ₹409.20.
What is the quality score of IONEXCHANG?
ION Exchange (India) Limited has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ION Exchange (India) Limited (IONEXCHANG)?
Our model-based price target is the fair value of ₹355.14 (as of Oct 1, 2026) from 16 valuation models. Cautious scenario ₹261.52, optimistic scenario ₹443.92. It is a calculation from audited fundamentals, not an analyst target.
What is the ION Exchange (India) Limited stock forecast for 2026?
Our models put fair value at ₹355.14, about −13% upside versus a price of ₹409.20 (overvalued). Cautious scenario ₹261.52, optimistic scenario ₹443.92. The calculation is refreshed regularly with new filings.
What is the revenue of ION Exchange (India) Limited (IONEXCHANG)?
ION Exchange (India) Limited reported trailing-twelve-month revenue of about ₹30.3B (latest available figure, as of Oct 1, 2026).
Does ION Exchange (India) Limited pay a dividend?
ION Exchange (India) Limited currently shows a dividend yield of about 0.31% relative to its recent price (as of Oct 1, 2026).
What is the intrinsic value of ION Exchange (India) Limited (IONEXCHANG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ION Exchange (India) Limited it is ₹355.14 per share (as of Oct 1, 2026), against a price of ₹409.20. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is ION Exchange (India) Limited stock overvalued or undervalued in 2026?
As of Oct 1, 2026, IONEXCHANG trades above its calculated fair value: price ₹409.20, fair value ₹355.14, a gap of about −13% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IONEXCHANG?
No. The price is what the market pays today (₹409.20); the fair value is what the company's own numbers justify (₹355.14). For ION Exchange (India) Limited the two are ₹54.06 per share apart. That gap is exactly why we show both numbers side by side.
How much is ION Exchange (India) Limited worth?
The market values ION Exchange (India) Limited at about ₹52.9B (market capitalisation, as of Oct 1, 2026). Per share that is ₹409.20; our models calculate a fair value of ₹355.14 per share.
What do the bullish and bearish scenarios say about IONEXCHANG?
Our models span a range for ION Exchange (India) Limited: cautious scenario ₹261.52, base ₹355.14, optimistic ₹443.92 per share (as of Oct 1, 2026, price ₹409.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IONEXCHANG?
ION Exchange (India) Limited trades at a price-to-earnings ratio of 49.2 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹355.14 is built from several models across several years. Other multiples: P/B 4.0, P/S 1.7, EV/EBITDA 30.8.
How solid is the balance sheet of ION Exchange (India) Limited (IONEXCHANG)?
Balance-sheet figures for ION Exchange (India) Limited (as of Oct 1, 2026): return on equity 11.2%, debt of 0.27 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is IONEXCHANG from its 52-week high?
ION Exchange (India) Limited trades at ₹409.20, about 13% below its 52-week high of ₹468.30 and 29% above the low of ₹317.25 (as of Oct 6, 2026). Distance from the high says nothing about value: that is what the fair value of ₹355.14 is for.
Which stocks are comparable to ION Exchange (India) Limited?
From the same area (Industrials) we also value Veralto Corporation, Zurn Elkay Water Solutions Corporation, CECO Environmental Corp, Fujian Longking Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ION Exchange (India) Limited stock attractive at the current price?
The data as of Oct 1, 2026: price ₹409.20, calculated fair value ₹355.14 (−13%), Quality Score 42/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IONEXCHANG calculated?
We run ION Exchange (India) Limited through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹355.14, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0 % above its aggregate fair value. ION Exchange (India) Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ION Exchange (India) Limited (IONEXCHANG)?
The closing price on Oct 6, 2026 was ₹409.20. Our model-based fair value is ₹355.14, about −13% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ION Exchange (India) Limited right now?
The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of ION Exchange (India) Limited (IONEXCHANG) come from?
Earnings per share at ION Exchange (India) Limited grew +32.3 % a year from 2015 to 2026. Broken into its drivers: revenue per share +15.3 %, EBIT margin +7.9 %, tax rate +4.5 %, residual (interest, one-offs) +1.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of ION Exchange (India) Limited
How large is the market capitalisation of ION Exchange (India) Limited (IONEXCHANG)?
The market capitalisation of ION Exchange (India) Limited is ₹52.9B (≈ $549M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ION Exchange (India) Limited (IONEXCHANG)?
The price-to-sales ratio of ION Exchange (India) Limited is 2.41 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ION Exchange (India) Limited (IONEXCHANG)?
Earnings per share at ION Exchange (India) Limited are ₹8.26 (price ÷ EPS = P/E 49.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ION Exchange (India) Limited (IONEXCHANG)?
The dividend yield of ION Exchange (India) Limited is 0.3% (payout 15.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ION Exchange (India) Limited (IONEXCHANG)?
The net margin of ION Exchange (India) Limited is 4.9% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ION Exchange (India) Limited (IONEXCHANG)?
The return on equity (ROE) of ION Exchange (India) Limited is 11.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ION Exchange (India) Limited (IONEXCHANG)?
On an EBIT basis the return on assets of ION Exchange (India) Limited is 11.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ION Exchange (India) Limited (IONEXCHANG)?
The operating margin of ION Exchange (India) Limited is 1.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ION Exchange (India) Limited (IONEXCHANG)?
Revenue at ION Exchange (India) Limited is growing +20.1% versus a year earlier (3y avg +13.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ION Exchange (India) Limited (IONEXCHANG)?
Earnings per share at ION Exchange (India) Limited are growing −91.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ION Exchange (India) Limited (IONEXCHANG) generate?
The free cash flow of ION Exchange (India) Limited is −₹2.8B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ION Exchange (India) Limited (IONEXCHANG) carry?
The net debt of ION Exchange (India) Limited is ₹3.0B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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