Recent Price Movement and Market Context
On 21 Nov 2025, Ion Exchange (India) touched its lowest price point in the last year at Rs.353.05. This level represents a notable drop from its 52-week high of Rs.744, indicating a depreciation of over 52% from the peak. The stock has underperformed its sector, registering a day change of -0.61%, which is 0.31% below the sector’s performance on the same day.
Over the last four trading days, Ion Exchange (India) has declined by approximately 4.95%, trading within a narrow price range of Rs.3.05. The stock currently trades below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling a persistent bearish momentum.
In contrast, the broader market has shown relative resilience. The Sensex opened lower at 85,347.40 points, down 285.28 points or 0.33%, but has since recovered slightly to trade at 85,512.03, a marginal decline of 0.14%. The Sensex remains close to its 52-week high of 85,801.70, just 0.34% away, and is supported by bullish moving averages with the 50-day DMA above the 200-day DMA.
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Performance Over the Past Year
Ion Exchange (India) has experienced a return of -44.28% over the last 12 months, a stark contrast to the Sensex’s positive return of 10.79% during the same period. This underperformance extends beyond the past year, with the stock lagging behind the BSE500 index over the last three years, one year, and three months.
The stock’s 52-week high of Rs.744 was recorded earlier in the year, highlighting the extent of the decline to the current low. The sustained downward trajectory has been accompanied by subdued profit trends, with reported profits falling by 2.8% over the past year.
Financial Metrics and Valuation
Despite the price decline, Ion Exchange (India) maintains certain financial strengths. The company’s return on equity (ROE) stands at a robust 22.36%, indicating effective utilisation of shareholder funds. Additionally, the average debt-to-equity ratio remains at zero, reflecting a debt-free capital structure.
The company’s valuation metrics show a price-to-book value of 4, which is considered attractive relative to its peers’ historical averages. However, operating cash flow for the year is reported at Rs.32.05 crores, marking the lowest level in recent periods and signalling limited cash generation capacity.
Operating profit growth over the last five years has averaged 14.51% annually, a figure that suggests moderate expansion but falls short of more dynamic growth benchmarks within the sector.
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Shareholding and Sector Position
The majority of Ion Exchange (India)’s shares are held by non-institutional investors, which may influence trading patterns and liquidity. The company operates within the Other Utilities sector, which has seen mixed performance relative to broader market indices.
While the Sensex and many large-cap indices have maintained upward momentum, Ion Exchange (India) has not mirrored this trend, reflecting sector-specific or company-specific factors impacting its valuation.
Summary of Current Situation
Ion Exchange (India)’s fall to a 52-week low of Rs.353.05 underscores a period of subdued market performance and valuation pressures. The stock’s position below all major moving averages and its recent consecutive declines highlight ongoing challenges in price momentum.
Financial indicators present a mixed picture, with strong return on equity and a debt-free balance sheet contrasting with limited cash flow generation and modest profit contraction. The stock’s valuation remains in line with historical peer averages, though the recent price action reflects investor caution.
Overall, Ion Exchange (India) continues to navigate a difficult market environment, with its stock price reflecting the cumulative impact of recent performance trends and sector dynamics.
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