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.

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

Revenue mix

#SALES #GROWTH 5 Year CAGR: 15.1%

In FY25, the sales grew by 16.6% YoY to ₹2,737 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 ₹583 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 ₹2,664 cr. It includes outstanding Sri Lanka order of ₹125 cr and outstanding Uttar Pradesh Jal Nigam order of ₹366 cr.

#EBITDA #GROWTH 5 Year CAGR: 16.5% 

In FY25, the EBITDA grew by 8% YoY to ₹294 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 ₹109 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 ₹14.9 cr (v/s loss of ₹6 cr in FY24). In Q1 FY26, the EBITDA declined by 2.6% YoY to ₹63 cr. Segment wise, the engineering segment reported YoY growth which was offset by decline in chemicals business and consumer products business.

#PAT #MARGIN

In FY25, the PAT margin contracted by 68 bps YoY to 7.6%. The other income increased to ₹49 cr from ₹44 cr in FY24. During the year, the depreciation cost increased to ₹44 cr (v/s ₹36 cr in FY24). In Q1 FY26, the PAT margin expanded by 40 bps YoY to 8.2%.

#PAT #GROWTH 5 Year CAGR 17.3%

In FY25, the PAT grew by 6.9% YoY to ₹207 cr. The company’s share of profit of associates stood at ₹1 cr in FY25 (v/s ₹1.54 cr in FY24). Profit of the company has been showing good growth from FY15, as the company’s strategy is to focus on increasing order book with orders having better margins. In Q1 FY26, the PAT grew by 8% YoY to ₹48 cr supported by growth in other income.

#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 company’s 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%.

#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.

#ROE

In FY25, the return on equity was 18.7% because of the high increase in net worth. Order execution in the engineering business and ramp up of new roha plant in the chemicals business will drive profitability of the company and improved the ROE.

#Companies #sectorial #Potential

• India is one of the largest consumer of fresh water in the world today, accounting for about 750 billion cubic meters annually. The Central pollution control board (CPCB) estimates that by 2030, India’s water demand is expected to rise to 1.5 trillion cubic meters. • Demand for tertiary wastewater treatment plants in India is also surging on account of rising industrialization and development of residential sector that requires good quality of water in large quantities. • Strict sewage disposal directives issued by central pollution control board (CPCB) necessitate efficient waste management. The implementation of zero liquid discharge regulation by the government on industries is expected to stimulate the wastewater treatment market even further. investments in the municipal infrastructure segment. • Ongoing schemes like development of 100 smart cities, the Atal Mission for Rejuvenation and Urban Transformation of 500 habitations, the Namami Gange mission and the Swachh Bharat Mission are expected to pick up pace and will entail large • The Government’s ‘Nal se Jal’ scheme is expected to attract large investment in water and sanitation sector in coming years and the company hopes to benefit from it. • The global water treatment chemicals market size is projected to grow from USD 39.1 billion in 2021 to USD 61.1 billion by 2026, at a CAGR of 9.3%. • Increased investment by the government, industry and rapid urbanization is expected to lead to greater demand for water treatment chemicals.

#Management #Outlook

• In the engineering segment, the company continued its selective approach for orders both in India and abroad market. It is focusing on picking up good quality orders with healthy margins. • The company has a bid pipeline of ₹9,267 cr as of 30th June 2025 mostly in private sectors and public sector undertaking (PSUs). The average conversion rate from the enquiry bank to order book is ~15%. The enquiry book of the company is mostly from the core sector, i.e., steel, power and oil & gas. • The company expects the legacy project to close by the end of this financial year. • In Q1 FY26, the delay in finalizations of some large value opportunities had impacted the order inflow. • The company is looking for opportunities in solar, semiconductor and pharma segment. • The company is on track to commission the greenfield manufacturing plant at Roha for the manufacture of resins in Q2 FY26. The management expects to run the plant at full capacity utilization in the next 3 years. • In consumer products business, the company continued to witness consistent revenue growth on the back of greater penetration and acceptance of the company’s product profile. There is a good mix of commercial and residential. The significant portion of the revenue was from the residential market during the quarter. The service portion is in the range of ~20%-25% of the consumer products business.

𝗜𝗼𝗻 𝗘𝘅𝗰𝗵𝗮𝗻𝗴𝗲 290-340
Expected level 425
Support230

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Aegis Logistics Limited Company Details Report

Aegis Logistics Limited the flagship company under Aegis Group, is India’s leading oil, gas and chemical logistics company. It is engaged in both midstream and downstream segments of oil and gas industry. The company along with its subsidiaries, provides logistic solutions for oil, gas, chemicals and petrochemical industries. The company has two business segments, i.e., liquid logistics division and gas division. The liquid division owns and operates a network of bulk liquid storage terminals at Mumbai, Kochi, Haldia, Mangalore, Kandla and Pipavav port. The gas division is involved in the sourcing of LPG, owning and operating gas storage terminals, industrial and commercial distribution and auto gas retailing. The company has network of 142 Autogas stations in 10 states, and 290 LPG distributors across 140 cities in 15 states. Major clients of the firm are Bharat Petroleum, Hindustan Petroleum, Reliance Industries, Caltex, Supreme Industries, Jubilant Lifesciences, Bombay Dyeing and Laxmi Organics. Aegis Group International Pte. Ltd (AGI) is a Joint Venture (JV) between Aegis Logistics Ltd. (60%) and ITOCHU Petroleum Company, (Singapore) Pte. Ltd (40%) for LPG sourcing from Singapore. In July 2021, Aegis Logistics announced a Joint Venture (JV) with Royal Vopak to derive synergies in the LPG, chemical storage and handling business. Aegis Logistics holds 51% stake in the JV, whereas the balance 49% stake hold by Royal Vopak. Royal Vopak is the world’s leading independent tank storage company and is headquartered in Rotterdam, Netherlands.

Segment wise brekup

#SALES #GROWTH

In FY25, the sales declined by 4% YoY to ₹6,764 cr due to decline in gas terminal division sales. Segment wise, the liquid terminal division grew by 18% YoY to ₹650 cr led by volume growth in existing capacity and capacity additions from acquisition. The gas terminal division declined by 6% YoY to ₹6,114 cr because of decrease in sourcing volumes and distribution segment volume and lower LPG prices. Under gas terminal division, the LPG throughput volumes increased by 10% YoY to ~45,23,000 MT in FY25. The sourcing volume declined by 25% YoY to 5,97,000 MT and distribution segment volumes declined by 7% YoY to 5,20,000 MT in FY25.

#EBITDA #GROWTH 5 Year CAGR 31.7%

In FY25, the EBITDA grew by 19% YoY to ₹1,098 cr. The normalized EBITDA (before forex, hedging related expenses) grew by 16% YoY to ₹1,173 cr supported by profit growth in both the divisions. Segment wise, the normalized EBITDA of liquid division grew by 26% YoY to ₹498 cr and gas division grew by 10% YoY to ₹675 cr supported by record volume in logistics business.

#PAT #GROWTH 5 Year CAGR 42.5%

In FY25, the PAT grew by 17% YoY to ₹787 cr. The growth was led by continued volume growth in Kandla terminal and growth in liquid division through the addition of new capacity and full utilization of newly commissioned tanks. Excluding minority interest of ₹124 cr in FY25, the consolidated PAT grew by 17% YoY to ₹663 cr.

#EBITDA #MARGIN

In FY25, the EBITDA margin expanded by 314 bps YoY to 16.2%. The normalized EBITDA margin (before forex, hedging related expenses) expanded by 304 bps YoY to 17.3%. The margin expansion was led by lower low margin sourcing business volume as compared to previous year and high increase in profit margin of liquid business due to change in product mix, new capacity as well as acquisitions of liquid terminals. Segment wise, during the year the liquid division normalized EBITDA margin expanded by 460 bps YoY to 76.6% and gas division normalized EBITDA margin expanded by 162 bps YoY to 11%.

#PAT #MARGIN

In FY25, the PAT margin expanded by 210 bps YoY 11.6%. Excluding minority interest, the consolidated PAT margin expanded by 173 bps YoY to 9.8% (v/s 8.1% in FY24).