| ₹ crore | Q1 FY27 | Q1 FY26 | Change |
|---|---|---|---|
| Revenue | 700 | 583 | +20.1% |
| EBITDA | 31.7 | 62.5 | −49.2% |
| EBITDA margin | 4.5% | 10.7% | −6.2 pts |
| Profit before tax | 7.0 | 65.5 | −89.3% |
| Net profit | 3.1 | 48.4 | −93.7% |
| EPS | ₹0.35 | ₹4.11 | −91.5% |
Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.
| Tap a line for its trend | Currentlast 12M | FY26Mar 2026 | FY25Mar 2025 | FY24Mar 2024 | FY23Mar 2023 | FY22 and earlierAlpha Plus |
|---|
| 4,881 | — | — | — | — | FY22 and earlierEvery year the company has filed comes with Alpha Plus. | |
| 185 | 185 | 150 | 154 | 176 | ||
| 1.3 | 1.3 | 1.6 | 1.9 | 2.3 | ||
| 454 | 454 | 303 | 138 | 52.5 | ||
| 5,151 | — | — | — | — | ||
| 3,032 | 2,915 | 2,737 | 2,348 | 1,990 | ||
| — | +6.5% | +16.6% | +18.0% | — | ||
| 179 | 210 | 294 | 272 | 255 | ||
| 5.9% | 7.2% | 10.7% | 11.6% | 12.8% | ||
| 107 | 148 | 249 | 236 | 226 | ||
| 97.8 | 143 | 208 | 195 | 195 | ||
| 3.2% | 4.9% | 7.6% | 8.3% | 9.8% | ||
| ₹6.89 | ₹10.03 | ₹14.60 | ₹13.78 | ₹13.83 | ||
| — | −31.3% | +6.0% | −0.4% | — | ||
| — | −28.5 | 32.1 | 130 | 62.7 | ||
| — | −254 | −320 | −120 | −59.9 | ||
| −283 | −283 | −288 | 9.6 | 2.9 | ||
From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.
In ₹ Crore except Per Share 12 Months Ending | FY23 31/03/2023 | FY24 31/03/2024 | FY25 31/03/2025 | FY26 31/03/2026 | Current/LTM TTM · last close | |
|---|---|---|---|---|---|---|
| Market Capitalization | — | — | — | — | 4,880.9 | |
| - Cash, Equiv & ST Investments | 175.7 | 154.2 | 149.7 | 185.2 | 185.2 | |
| + Minority Interest | 2.3 | 1.9 | 1.6 | 1.3 | 1.3 | |
| + Total Debt | 52.5 | 137.6 | 303.0 | 454.4 | 454.4 | |
| Enterprise Value | — | — | — | — | 5,151.4 | |
| Revenue | 1,989.6 | 2,347.9 | 2,737.1 | 2,914.8 | 3,032.1 | |
| Growth %, YoY | — | +18.0 | +16.6 | +6.5 | — | |
| EBITDA | 255.0 | 272.0 | 293.8 | 210.2 | 179.4 | |
| Margin % | 12.82 | 11.58 | 10.73 | 7.21 | 5.92 | |
| EBIT | 225.9 | 235.5 | 249.3 | 147.6 | 107.3 | |
| Net Income | 195.0 | 195.4 | 208.3 | 143.2 | 97.8 | |
| Margin % | 9.80 | 8.32 | 7.61 | 4.91 | 3.23 | |
| EPS, Adj (current shares) | 13.83 | 13.78 | 14.60 | 10.03 | 6.89 | |
| Growth %, YoY | — | -0.4 | +6.0 | -31.3 | — | |
| Cash from Operations | 62.7 | 129.9 | 32.1 | -28.5 | — | |
| Capital Expenditures | -59.9 | -120.3 | -320.4 | -254.1 | — | |
| Free Cash Flow | 2.9 | 9.6 | -288.3 | -282.6 | -282.6 | |
Prices at the 29 October 2026 close · figures from the company's filings with NSE
Ion Exchange (NSE: IONEXCHANG) had a market capitalisation of ₹4,940 crore at the 29 October 2026 close (₹347.15 a share), a PE ratio of 50.4 on the last four quarters' profit and a price-to-book ratio of 3.69. In FY26 its consolidated net profit attributable to shareholders was ₹143 crore on revenue of ₹2,915 crore; in Q1 FY27 (April–June 2026) it was ₹4.1 crore, down 91.6% year on year. Its debt-to-equity ratio was 0.34 on 31 March 2026. Promoters held 25.08% of the shares on 30 September 2026.
Ion Exchange's PE ratio is 50.4 at the 29 October 2026 close (₹347.15 a share): a market capitalisation of ₹4,940 crore divided by consolidated net profit attributable to shareholders of ₹98.1 crore over the last four quarters (Q2 FY26 to Q1 FY27). On FY26 net profit attributable to shareholders (₹143 crore) it is 34.6.
Ion Exchange's price-to-book (PB) ratio is 3.69 at the 29 October 2026 close: a market capitalisation of ₹4,940 crore divided by shareholders' equity (book value) of ₹1,339 crore on 31 March 2026. That is a book value of ₹94.10 per share against a share price of ₹347.15.
Ion Exchange's net worth — shareholders' equity in its consolidated balance sheet — was ₹1,339 crore on 31 March 2026, up 10.9% from ₹1,208 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹4,940 crore at the 29 October 2026 close.
Ion Exchange's market capitalisation was ₹4,940 crore at the 29 October 2026 close: 14.23 crore shares at ₹347.15 each.
Ion Exchange's basic earnings per share (EPS) were ₹12.03 in FY26, against ₹17.53 in FY25. Over the last four quarters (Q2 FY26 to Q1 FY27) they add up to ₹8.28.
In 2026, Ion Exchange has declared one dividend: ₹1.25 with record date 31 August 2026.
No. Ion Exchange had borrowings of ₹454 crore on 31 March 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.34. Its cash and current investments were ₹319 crore, so its net debt was ₹135 crore.
Ion Exchange's debt-to-equity ratio was 0.34 on 31 March 2026: borrowings of ₹454 crore against total equity of ₹1,340 crore. A year earlier, on 31 March 2025, it was 0.25.
Ion Exchange's book value per share was ₹94.10 on 31 March 2026: shareholders' equity of ₹1,339 crore divided by the 14.23 crore shares in issue, up 10.9% from ₹84.88 a year earlier. The share price at the 29 October 2026 close was ₹347.15.
In FY26, Ion Exchange's return on equity (ROE) was 11.2% and its return on capital employed (ROCE) was 9.0%. ROE is net profit attributable to shareholders divided by average shareholders' equity (the start and end of the year); ROCE is operating profit (EBIT) divided by average capital employed (total assets less current liabilities). In FY25, ROE was 18.7% and ROCE 18.4%.
On 30 September 2026, Ion Exchange's shares were held by promoters 25.08%, foreign portfolio investors (FII/FPI) 4.93%, domestic institutions (DII) 15.70% (including mutual funds at 12.86%) and retail and other non-institutional investors 38.11%. Over the year, FII holding was up 0.08 percentage points from 4.85% and DII holding was up 1.41 percentage points from 14.29%.
Ion Exchange's latest results are for Q1 FY27 (April–June 2026), filed on 5 August 2026: consolidated net profit attributable to shareholders ₹4.1 crore, down 91.6% from ₹48.7 crore in Q1 FY26; revenue from operations ₹700 crore, up 20.1% year on year.
Ion Exchange's dividend yield is 0.36% at the 29 October 2026 close: dividends of ₹1.25 a share that went ex-dividend in the 12 months before that day, divided by the share price of ₹347.15. They were ₹1.25 on 31 August 2026.
Promoters held 25.08% of Ion Exchange on 30 September 2026, down 0.35 percentage points from 25.43% the previous quarter and down 0.58 percentage points from 25.66% a year earlier, according to the shareholding pattern filed with NSE.
In FY26, Ion Exchange generated ₹28.5 crore of cash from operations and spent ₹254 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of −₹283 crore. In FY25 it was −₹288 crore.
In FY26 (April 2025–March 2026), Ion Exchange's consolidated net profit attributable to shareholders was ₹143 crore, down 31.3% from ₹208 crore in FY25, on revenue from operations of ₹2,915 crore (up 6.5%). Over three years, from FY23, net profit was down 27.5%.
At the 29 October 2026 closing prices, on FY26 net profit attributable to shareholders, Ion Exchange's PE ratio is 34.6, the second highest of the four: Thermax 49.9, KPI Green Energy 12.0 and GMR Power and Urban Infra 12.0, a peer average of 24.7. Each is the company's market capitalisation at that price divided by its FY26 net profit.
In FY26, Ion Exchange earned net profit attributable to shareholders of ₹143 crore on revenue of ₹2,915 crore, against ₹721 crore on ₹10,694 crore for Thermax. Ion Exchange's operating margin was 5.1% (Thermax 7.7%) and its return on equity 11.2% (Thermax 13.7%). At the 29 October 2026 close, Ion Exchange's market capitalisation was ₹4,940 crore against ₹35,970 crore for Thermax, and its PE ratio on FY26 profit 34.6 against 49.9.
Ion Exchange will announce its Q2 FY27 results (July–September 2026) on Tuesday, 3 November 2026, the date of the board meeting it has notified to the exchanges.
On FY26 consolidated figures, against Thermax, KPI Green Energy and GMR Power and Urban Infra: Ion Exchange's operating margin of 5.1% is the lowest of the four (Thermax 7.7%, KPI Green Energy 30.6%, GMR Power and Urban Infra 12.8%; peer average 17.0%); its return on equity of 11.2% is the lowest of the four (Thermax 13.7%, KPI Green Energy 16.9%, GMR Power and Urban Infra 48.2%; peer average 26.3%); its revenue growth over three years of 13.6% a year is the second highest of the four (Thermax 9.8% a year, KPI Green Energy 61.2% a year, GMR Power and Urban Infra 9.9% a year; peer average 26.9% a year).
From Ion Exchange's own consolidated results, balance sheets and shareholding patterns filed with NSE, and NSE prices (the latest used here: the 29 October 2026 close). Ratios are calculated by Alphave from those filings as each answer describes.
Consolidated figures from the company's filings with NSE; prices are NSE closing prices.