#Management of the company
The management of the company continues to focus on profitable growth, besides introducing innovative solutions and enhancing its digitalization offerings across all business segments. Management is optimistic of government introduced reforms to stimulate Indiaโs GDP and believes to benefit from its various initiatives like Make in India, Digital India, Power for AII, Smart cities, Modernization of the railways and Atmanirbhar Bharat.
The management of the company continues to focus on profitable growth, besides introducing innovative solutions and enhancing its digitalization offerings across all business segments. Management is optimistic of government introduced reforms to stimulate Indiaโs GDP and believes to benefit from its various initiatives like Make in India, Digital India, Power for AII, Smart cities, Modernization of the railways and Atmanirbhar Bharat.
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#COMPANY #POTENTIAL
โข The Government has announced a projected capex of โน11.1 trillion in the Budget 2024, ~11% higher than the prior year. โข Growing population along with increasing electrification and per-capita usage will provide further impetus to the power sector. โข Innovation and investment in infrastructure is the key to scaling up manufacturing and growth. India's GDP is expected to grow on the back of innovation, globalization, favorable demographics, and reforms. Domestic demand and consumption will remain the country's strongest economic engine and India has an opportunity to catapult itself as a specialized manufacturing hub in select sectors. โข Demand continues to grow in the manufacturing industry for automation, cloud-based digital services, data analytics solutions and digitalization in its push towards Industry 4.0. โข Foreign participation in the development and financing of generation and transmission assets, engineering services, equipment supply and technology collaboration in nuclear and clean coal technologies is also expected to increase. โข Under Mobility business, Indian Railways has been allocated a capital outlay of ~โน2,620 cr during the budget 2024-2025. The Governmentโs capital outlay and initiatives that are aimed at improving logistics efficiency and improving operations provides huge opportunities for the transportation solutions from Mobility - for instance, Metros, locomotives, trainsets, bogies, signaling and electrification. While the Mobility Business participates in many of these opportunities, its order position is largely dependent on the timing when these opportunities are tendered.
โข The Government has announced a projected capex of โน11.1 trillion in the Budget 2024, ~11% higher than the prior year. โข Growing population along with increasing electrification and per-capita usage will provide further impetus to the power sector. โข Innovation and investment in infrastructure is the key to scaling up manufacturing and growth. India's GDP is expected to grow on the back of innovation, globalization, favorable demographics, and reforms. Domestic demand and consumption will remain the country's strongest economic engine and India has an opportunity to catapult itself as a specialized manufacturing hub in select sectors. โข Demand continues to grow in the manufacturing industry for automation, cloud-based digital services, data analytics solutions and digitalization in its push towards Industry 4.0. โข Foreign participation in the development and financing of generation and transmission assets, engineering services, equipment supply and technology collaboration in nuclear and clean coal technologies is also expected to increase. โข Under Mobility business, Indian Railways has been allocated a capital outlay of ~โน2,620 cr during the budget 2024-2025. The Governmentโs capital outlay and initiatives that are aimed at improving logistics efficiency and improving operations provides huge opportunities for the transportation solutions from Mobility - for instance, Metros, locomotives, trainsets, bogies, signaling and electrification. While the Mobility Business participates in many of these opportunities, its order position is largely dependent on the timing when these opportunities are tendered.
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#Company #Outlook
โข The margins are currently lower due to investments and is expected to improve going forward. โข A consortium between Siemens AG, Siemens Mobility GmbH, Siemens Limited and Alstom Transport India Limited has been awarded the contract for the electrical and mechanical system works of a project by Pune IT City Metro Rail Limited. The project is to be completed in 39 months. Siemens Ltd will provide project management, turnkey electrification, signaling, communications and depot works (equipment) for this project. The order size of Siemens Ltd is to the extent of โน900 cr. โข They received the third export order from their parent company for bogies, to be distributed across different parts of the world. While the bogies business is relatively slower from a domestic perspective, they continue to receive orders in terms of exports, aiding them to grow the business. โข Among the large orders secured in FY24, the company received an order for the electrification of Bengaluru Metro Phase 2 from Bangalore Metro Rail Corporation Limited (BMRCL) worth ~โน7.7 billion.
โข The margins are currently lower due to investments and is expected to improve going forward. โข A consortium between Siemens AG, Siemens Mobility GmbH, Siemens Limited and Alstom Transport India Limited has been awarded the contract for the electrical and mechanical system works of a project by Pune IT City Metro Rail Limited. The project is to be completed in 39 months. Siemens Ltd will provide project management, turnkey electrification, signaling, communications and depot works (equipment) for this project. The order size of Siemens Ltd is to the extent of โน900 cr. โข They received the third export order from their parent company for bogies, to be distributed across different parts of the world. While the bogies business is relatively slower from a domestic perspective, they continue to receive orders in terms of exports, aiding them to grow the business. โข Among the large orders secured in FY24, the company received an order for the electrification of Bengaluru Metro Phase 2 from Bangalore Metro Rail Corporation Limited (BMRCL) worth ~โน7.7 billion.
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Siemens 2700-3100
Expected level 4000
Support 2451
Expected level 4000
Support 2451
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Adani Port 1050-1190 Expected level 1500 Support 890
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Bharat forge 1000-1120 Expected level 1400 Support 850
1400๐ฅ๐ฅLong term level hit
๐ฏ7
๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Persistent Systems 4200-4890 Expected level 6000 Support 4000
6100โก๏ธโก๏ธLong term level hit
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Gail 120-155 Expected level 200 Support 95
184๐๐
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Ion Exchange (India) Ltd company details
Ion Exchange (India) Ltd. is a pioneer in water, waste water treatment & environment solutions and caters to various industries, homes & communities. The company offers a wide range of solutions across the water cycle from pre-treatment to process water treatment, waste water treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc. The company is also engaged in manufacturing ion exchange resins, specialty chemicals for water and waste water treatment as well as non water applications. MARQUEE CLIENTS:- Industrial - NTPC, Reliance, IOCL, JSW, CPCL, L&T, Arcelormittal, Nippon Steel, Nayara Energy, IRCTC , BHEL, Tata Group and NPC. Institutional - Leela, Military Engineering Services, Taj Hotels, Holiday Inn, Hyatt Regency, Oberoi Hotels, Apollo Hospitals, Escorts Heart Institute, DLF, Puravankara. International - Cargill, Technip France, Unilever Group, Jurong, Thyssenkrupp (Uhde), Jacobs, Kawasaki, Mitsubishi, PDO Oman, Emirates Steel, IKPP Indonesia, JESA and Hyundai Engineering.
Ion Exchange (India) Ltd. is a pioneer in water, waste water treatment & environment solutions and caters to various industries, homes & communities. The company offers a wide range of solutions across the water cycle from pre-treatment to process water treatment, waste water treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc. The company is also engaged in manufacturing ion exchange resins, specialty chemicals for water and waste water treatment as well as non water applications. MARQUEE CLIENTS:- Industrial - NTPC, Reliance, IOCL, JSW, CPCL, L&T, Arcelormittal, Nippon Steel, Nayara Energy, IRCTC , BHEL, Tata Group and NPC. Institutional - Leela, Military Engineering Services, Taj Hotels, Holiday Inn, Hyatt Regency, Oberoi Hotels, Apollo Hospitals, Escorts Heart Institute, DLF, Puravankara. International - Cargill, Technip France, Unilever Group, Jurong, Thyssenkrupp (Uhde), Jacobs, Kawasaki, Mitsubishi, PDO Oman, Emirates Steel, IKPP Indonesia, JESA and Hyundai Engineering.
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The company has seven manufacturing & assembly facilities across India, and one each in Bangladesh, UAE, Bahrain and Indonesia. It has a global presence apart from presence in major cities in India with 36+ sales & service centers and 100+ channel partners. The company exports to Africa, Japan, Middle East, Russia, South East Asia, Europe, UK, USA, Canada and neighbouring countries. The company has three business segments:- Engineering segment: In this segment, the company designs, builds and maintains medium and large sized water and wastewater treatment plants which includes seawater desalination, recycling, and zero liquid discharge plants. It caters to diverse industries like Petrochemical & Refinery, Power, Steel, Auto, Sugar, Pharma, Pulp & Paper, Cement, Textile etc. Chemicals segment: In this segment, the company manufactures ion-exchange resins and industrial chemicals and sells them in India and the US, the Middle East, Europe, and South-East Asia. Resins are used for softening and demineralization for water treatment. They are also used in non water separation across many verticals such as pharma, biotech, food and beverages etc. Consumer Products: This division for homes, hotels, spa, hospitals, laboratories and educational institutions under the Zero-B brand. offers a range of water-care products
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#SALES #GROWTH 5 Year CAGR: 15.1%
In FY25, the sales grew by 16.6% YoY to โน2,737 cr supported by double-digit growth in all the business segments. Segment wise, the engineering business sales grew by 17% YoY largely led by execution of some of the large EPC contracts. The chemicals business sales grew by 16% YoY and consumer products business sales grew by 14% YoY. In Q1 FY26, the sales grew by 2.8% YoY to โน583 cr. The growth was led by consumer products segment. The engineering and chemicals segment witnessed a decline YoY. The company witnessed a revenue loss in April month due to migration to the SAP environment in the chemical segment. As on 30th June 2025, the company has a total order book of โน2,664 cr. It includes outstanding Sri Lanka order of โน125 cr and outstanding Uttar Pradesh Jal Nigam order of โน366 cr.
In FY25, the sales grew by 16.6% YoY to โน2,737 cr supported by double-digit growth in all the business segments. Segment wise, the engineering business sales grew by 17% YoY largely led by execution of some of the large EPC contracts. The chemicals business sales grew by 16% YoY and consumer products business sales grew by 14% YoY. In Q1 FY26, the sales grew by 2.8% YoY to โน583 cr. The growth was led by consumer products segment. The engineering and chemicals segment witnessed a decline YoY. The company witnessed a revenue loss in April month due to migration to the SAP environment in the chemical segment. As on 30th June 2025, the company has a total order book of โน2,664 cr. It includes outstanding Sri Lanka order of โน125 cr and outstanding Uttar Pradesh Jal Nigam order of โน366 cr.
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#EBITDA #GROWTH 5 Year CAGR: 16.5%
In FY25, the EBITDA grew by 8% YoY to โน294 cr. The growth in the operating profit was partly offset by increase in raw material cost and other expenses. Segment wise, the engineering business EBIT declined by 3% YoY to โน109 cr due to higher cost in one of its industrial engineering, procurement and construction (EPC) contract. The chemicals business EBIT grew by 17% YoY. The consumer products business reported an EBIT loss of โน14.9 cr (v/s loss of โน6 cr in FY24). In Q1 FY26, the EBITDA declined by 2.6% YoY to โน63 cr. Segment wise, the engineering segment reported YoY growth which was offset by decline in chemicals business and consumer products business.
In FY25, the EBITDA grew by 8% YoY to โน294 cr. The growth in the operating profit was partly offset by increase in raw material cost and other expenses. Segment wise, the engineering business EBIT declined by 3% YoY to โน109 cr due to higher cost in one of its industrial engineering, procurement and construction (EPC) contract. The chemicals business EBIT grew by 17% YoY. The consumer products business reported an EBIT loss of โน14.9 cr (v/s loss of โน6 cr in FY24). In Q1 FY26, the EBITDA declined by 2.6% YoY to โน63 cr. Segment wise, the engineering segment reported YoY growth which was offset by decline in chemicals business and consumer products business.
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#PAT #GROWTH 5 Year CAGR 17.3%
In FY25, the PAT grew by 6.9% YoY to โน207 cr. The companyโs share of profit of associates stood at โน1 cr in FY25 (v/s โน1.54 cr in FY24). Profit of the company has been showing good growth from FY15, as the companyโs strategy is to focus on increasing order book with orders having better margins. In Q1 FY26, the PAT grew by 8% YoY to โน48 cr supported by growth in other income.
In FY25, the PAT grew by 6.9% YoY to โน207 cr. The companyโs share of profit of associates stood at โน1 cr in FY25 (v/s โน1.54 cr in FY24). Profit of the company has been showing good growth from FY15, as the companyโs strategy is to focus on increasing order book with orders having better margins. In Q1 FY26, the PAT grew by 8% YoY to โน48 cr supported by growth in other income.
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#EBITDA #MARGIN
In FY25, the EBITDA margin contracted by 85 bps YoY to 10.7%. The contraction in margin was due to increase in raw material cost and other expenses as a percent of sales. Segment wise, the engineering business EBIT margin contracted by 131 bps YoY to 6.4% due to impact from one domestic EPC legacy contract and mix change in Q3 FY25. The chemicals business EBIT margin expanded by 40 bps YoY to 25.2%. The companyโs cost of raw material constitutes ~67% of the total expenses, purchase of stock in trade ~4%, other expenses ~15% and employee benefits expense ~14% of the total expenses. In Q1 FY26, the EBITDA margin contracted by 59 bps YoY to 10.7%. Segment wise, the engineering business EBIT margin expanded by 293 bps YoY to 8.7% while the chemicals business EBIT margin contracted by 26 bps YoY to 24.7%.
In FY25, the EBITDA margin contracted by 85 bps YoY to 10.7%. The contraction in margin was due to increase in raw material cost and other expenses as a percent of sales. Segment wise, the engineering business EBIT margin contracted by 131 bps YoY to 6.4% due to impact from one domestic EPC legacy contract and mix change in Q3 FY25. The chemicals business EBIT margin expanded by 40 bps YoY to 25.2%. The companyโs cost of raw material constitutes ~67% of the total expenses, purchase of stock in trade ~4%, other expenses ~15% and employee benefits expense ~14% of the total expenses. In Q1 FY26, the EBITDA margin contracted by 59 bps YoY to 10.7%. Segment wise, the engineering business EBIT margin expanded by 293 bps YoY to 8.7% while the chemicals business EBIT margin contracted by 26 bps YoY to 24.7%.
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#ROCE
In FY25, the return on capital employed was at 22.7%. It declined because of high increase in capital employed on account of increase in retained earnings and long-term borrowings.
In FY25, the return on capital employed was at 22.7%. It declined because of high increase in capital employed on account of increase in retained earnings and long-term borrowings.
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