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    ION Exchange: Better risk-reward play after recent correction

    Recovery in both domestic and international markets and increased industrial activity augur well for the company

    Jitendra Kumar Gupta
    March 19, 2024 / 04:59 PM IST
    ION Exchange: Better risk-reward play after recent correction

    This year, ION Exchange is expected to add about Rs 80 crore to its consolidated revenue. Next year, it could be higher with improved utilisation and better product mix

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Highlights

    • Valuation at 18 times fiscal 2026 estimated earnings attractive

    • Strong orders in hand, increasing order pipeline to support growth visibility

    • Domestic market to witness recovery in the coming months

    • Earnings visibility, backed by capex in chemicals business and recent acquisition, good

    ION Exchange (CMP: Rs 442, Market capitalisation: Rs 6,485 crore, Stock Rating: Overweight), with over 50 years of experience in the water treatment business, is riding on the strong capex cycle in the water and environment space.

    Interestingly, the stock

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