Ion Exchange (India) Limited (IONEXCHANG.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-16.9%

₹282.97

vs ₹340.35 price

Levered DCF

-₹337.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	28.04×	26.88×	31.35×	20.57×	12.11×	15.4×	23.31×	33.15×
P/B	2.99×	4.63×	6.04×	4.86×	3.01×	4.38×	6.01×	8.32×
P/S	1.37×	2.04×	2.62×	2.03×	1.25×	1.53×	1.5×	1.87×
EV / EBITDA	15.26×	15.9×	19.24×	13.15×	7.51×	9.36×	13.4×	15.6×
Gross margin	36.4%	22.9%	37.0%	37.5%	39.3%	23.2%	32.6%	35.6%
Operating margin	5.1%	9.1%	22.9%	11.5%	11.9%	12.3%	7.8%	7.7%
Net margin	4.9%	7.6%	8.3%	9.9%	10.4%	9.9%	6.4%	5.6%
Current ratio	1.46×	1.49×	1.55×	1.55×	1.45×	1.33×	1.17×	1.1×
Debt / equity	0.36×	0.27×	0.15×	0.07×	0.08×	0.12×	0.34×	0.42×
Interest coverage	6.15×	18.52×	34.7×	18.92×	14.83×	12.14×	5.88×	4.16×
Dividend yield	0.5%	0.3%	0.3%	0.3%	0.6%	0.1%	0.6%	0.2%
Payout ratio	13.6%	9.0%	7.9%	6.3%	7.5%	2.0%	14.9%	7.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.7%	17.2%	19.3%	23.6%	24.8%	28.5%	25.8%	25.1%
Return on invested capital	5.8%	11.5%	31.9%	18.5%	18.9%	22.1%	15.8%	14.5%
Return on assets	4.2%	7.0%	8.0%	10.1%	10.0%	10.0%	6.8%	5.6%
Free cash flow yield	-7.1%	-4.7%	0.2%	0.1%	2.1%	7.5%	3.0%	4.4%
Earnings yield	3.6%	3.7%	3.2%	4.9%	8.3%	6.5%	4.3%	3.0%
Enterprise value	₹43B	₹54.4B	₹61.4B	₹39.3B	₹19.3B	₹22.2B	₹22.6B	₹22.3B
Net debt / EBITDA	1.06×	-0.42×	-0×	-0.39×	-0.15×	0.03×	0.47×	0.45×
Cash conversion cycle (days)	45	69	41	44	-4	-45	7	3