Synopsis: A small cap Water Waste Management company bagged orders worth Rs 205 Cr from Rayzon Energy Private Limited and INOX Solar Limited for Ultrapure water systems, wastewater treatment systems and more
On Tuesday a small cap stock engaged in the business of water waste treatment and water processing was in the spotlight after it bagged a Rs 205 Cr order for wastewater treatment systems and more.
With a market cap of Rs 5,990 Cr Ion Exchange (India) Ltd saw its stock hit an intraday high of Rs 416.25 which is 8.9 percent higher than the previous close of Rs 382.65.
What’s the News?
On Monday, Ion Exchange (India) Limited announced that the company has secured an EPC order aggregating to approximately Rs 205 crore, strengthening its order book in the wastewater treatment segment.
The contracts have been awarded by Rayzon Energy Private Limited and INOX Solar Limited. Rayzon Energy has placed a Rs 95 crore order for ultrapure water systems for its 5.1 GW PV solar project in Surat, Gujarat. INOX Solar has awarded a Rs 110 crore contract for ultrapure water generation, wastewater treatment and & Zero Liquid discharge for a solar cell facility in Odisha, with execution timelines of 9- 10 months.
The company’s order book as of 30th September, 2025 stated that Ion Exchange (India) Limited’s total order book stands at Rs 2711 Cr, where Rs 2,269 Cr of Engineering Projects, Rs 338 Cr is Outstanding UP SWSM orders and Rs 104 Cr are Outstanding Sri Lankan orders. In the latest quarter the company got Rs 470 Cr worth of orders and bid pipeline stands at Rs 9011Cr.
Business and Financial Overview
Incorporated in 1964 and headquartered in Mumbai, Ion Exchange (India) Limited is one of the leading water and wastewater management companies offering end-to-end solutions across the entire water cycle, including pre-treatment, process water treatment, wastewater treatment, recycling, zero liquid discharge, sewage treatment, packaged drinking water solutions and seawater desalination.
In the latest quarter the company saw a YoY revenue growth of 13.88 percent, going from Rs 644 Cr in Q2FY25 to Rs 734 Cr in Q2FY26, while the QoQ went up by 25 percent from Rs 583 Cr in Q1FY25.
The YoY Net Profits fell by 2.77 percent, going from Rs 51 Cr in Q2FY25 to Rs 50 Cr in Q2FY26, while the QoQ growth stood at 4.1 percent from Rs 48 Cr in Q1FY25. The company saw its stock give a 5 year compounded return of 37 percent, while the same number for 3 years stands at 11 percent.
Written by Adithya Menon
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