Ion Exchange India: Building Scale in Water Treatment, Resins, Membranes and Specialty Chemicals
Ion Exchange (India) Limited has outlined an ambitious growth roadmap for FY2026-27, built around capacity expansion, technology leadership, international growth and increasing demand for water and environmental management solutions.
With more than 62 years of experience, operations across 50+ countries, over 200,000 installations worldwide and more than 3,000 core industry projects, the company is positioning itself as an integrated player across the water and environmental management value chain.
The company’s August 2026 investor presentation highlights investments in resins, membranes, standard systems, services, specialty chemicals and consumer water solutions, while also identifying emerging opportunities in areas such as lithium extraction, PFAS treatment, hydrogen, semiconductors and data centres.
A 360-Degree Water and Environment Management Platform
Ion Exchange operates across a broad range of water and environmental solutions, covering the complete lifecycle from water treatment to wastewater recycling and zero liquid discharge.
Its portfolio includes:
- Process water treatment
- High-purity and ultrapure water
- Industrial wastewater treatment
- Sewage treatment
- Water recycling and reuse
- Zero Liquid Discharge (ZLD)
- Sea-water desalination
- Ion exchange resins
- Membranes
- Water treatment chemicals
- Lifecycle services
- Digital water-management solutions
- Home water solutions
The company serves industries, institutions, homes and communities, giving it exposure to multiple end markets rather than relying on a single business segment.
Ion Exchange also has global manufacturing and assembly hubs in the UAE, Saudi Arabia, South Africa, Indonesia and Bangladesh, supporting its international operations.
Global Presence Continues to Be a Key Strength
The company currently serves 50+ countries, with international revenue accounting for around 30% of revenue according to the presentation.
Ion Exchange has 14 global manufacturing facilities and assembly centres, along with a large service network.
Its global footprint extends across South Asia, Southeast Asia, West Asia, Africa, Europe and Latin America.
The company has manufacturing and assembly capabilities at locations including:
- Ankleshwar, Gujarat – Resins manufacturing
- Verna, Goa – Membrane manufacturing
- Roha, Maharashtra – Non-solvent resins
- Patancheru, Telangana – Chemicals manufacturing
- Hosur, Tamil Nadu – Standard systems assembly
- Wada, Maharashtra – Standard systems assembly
- Palaspe, Maharashtra – Large system assembly
- Portugal – MAPRIL manufacturing facility
- Saudi Arabia – Chemical blending facility
- UAE – Assembly facility
- Indonesia – Assembly and testing centre
- Bangladesh – Fabrication and assembly centre
- South Africa – Manufacturing facility
This manufacturing network gives the company greater control over production and supports its strategy of expanding both domestic and export markets.
Investments in Resins: Building Manufacturing Scale
One of the major areas of investment is the company’s industrial resin business.
Ion Exchange has expanded conventional resin capacity and established India’s first non-solvent resin manufacturing capability.
The company is targeting a 5X capacity expansion in industrial resins and aims to increase its share from 2.5% to 10%.
The investment programme includes:
- Expansion of conventional resin capacity
- India’s first non-solvent resin manufacturing facility
- Integrated spent acid recovery
- Greater domestic and export capacity
- Circular manufacturing initiatives
- Improved production efficiency
The company describes integrated spent acid recovery as a global first, aimed at supporting resource efficiency and circular manufacturing.
Pharma Resins Also Getting a Major Push
Ion Exchange is also expanding its pharma resin capabilities.
The presentation highlights a planned 6X expansion in pharma resin capabilities and capacity, with the company targeting an increase in its share from 3.5% to 17%.
The expansion includes new Weak Acid Cation and Acrylic Anion resin grades, increased FDA-approved manufacturing capacity, and higher pulverizer capacity.
The objective is to increase in-house manufacturing, reduce dependence on outsourced products and create a scalable platform for domestic and export growth.
Membranes: A Strategic Growth Opportunity
Membranes are another important area where Ion Exchange has invested heavily.
The company has developed an integrated membrane manufacturing platform covering RO, UF, NF and MBR technologies.
Its membrane strategy includes:
- India’s first integrated RO membrane manufacturing platform
- Second casting and coating line
- UF hollow-fibre technology
- Strategic RO membrane capacity expansion
- Indigenous UF hollow-fibre membrane manufacturing
- Strategic partnership with Mann+Hummel
The company says its membrane business achieved 3X business growth by 2024, demonstrating the potential of the expanded manufacturing platform.
The strategy is focused on building a future-ready membrane business with greater manufacturing self-reliance and the ability to participate in high-growth water-treatment opportunities.
Expansion of Standard Systems Manufacturing
Ion Exchange is also expanding its standard systems manufacturing capabilities across Wada, Goa and Hosur.
The company highlights:
- 72,000 FRP vessels per year capacity
- ₹2 crore monthly revenue potential from a dedicated manufacturing line for Culligan
- 50% increase in stainless-steel fabrication capacity
- 3X improvement in loading and dispatch capacity
- 25% expansion in RO/UF assembly capability
- 7X warehouse capacity growth
- 0.8 acres of additional production space
- 500+ man-hours saved annually through plant-layout optimisation
These investments are intended to help the company execute larger and more complex projects while improving manufacturing and logistics efficiency.
Services Business Provides Recurring Revenue Potential
Lifecycle services represent another important pillar of Ion Exchange’s business.
The company describes itself as having one of India’s most comprehensive lifecycle services platforms for water and wastewater treatment.
Its services include:
- Energy and water efficiency solutions
- Consulting
- Audits and troubleshooting
- Asset management
- BOO and BOOT solutions
- Water-as-a-Service (WaaS)
- Spares and consumables
- Operations and maintenance
The company has served more than 30,000 customers, with over 1,100 service contracts, more than 200 operations and maintenance contracts, and a nationwide network.
Ion Exchange says its service business has delivered approximately 10% year-on-year CAGR and 60% growth over the last five years.
The company also has more than 3,000 trained service personnel deployed at customer sites, 12 service branches, 50+ channel partners and 50+ service locations.
Digital initiatives such as remote asset management and preventive-maintenance software are expected to further strengthen the services platform.
ZeroB: Expanding the Consumer Water Business
Ion Exchange’s ZeroB brand provides the company with exposure to the residential and consumer water purification market.
According to the presentation, ZeroB has more than 4 lakh happy customers, with products spanning:
- Water purifiers
- Water softeners
- Filters
- On-the-go purifiers
- Commercial purifiers
- Lab water purifiers
- Heat pumps
- Wellness solutions
- Hydrogen and alkaline water products
The company operates a nationwide network covering 700+ cities, supported by more than 2,000 trained engineers and a pan-India distribution network.
Going forward, Ion Exchange plans to expand its alkaline and hydrogen water portfolio, improve consumer-water margins through product optimisation and expand adjacent categories such as on-the-go products, heat pumps, pressure pumps and advanced RO/UV purifiers.
The company also plans to strengthen ZeroB through a broader omnichannel marketing strategy and greater digitalisation of service operations.
New Growth Areas: Lithium, PFAS, Hydrogen, Semiconductors and Data Centres
Beyond its established businesses, Ion Exchange is developing solutions for several emerging industries.
Lithium Extraction
The company is developing solutions to recover lithium from battery waste and brines using advanced membrane and resin technologies.
The objective is to produce high-purity lithium streams suitable for battery-grade conversion.
PFAS Treatment
Ion Exchange is also developing end-to-end solutions for PFAS destruction and treatment.
This could become an important opportunity as industries and regulators increasingly focus on persistent contaminants in water.
Hydrogen
The company is developing water-treatment solutions for the new-energy sector, including:
- High-purity demineralised water systems for electrolyzers
- Integrated electrolyzer and balance-of-plant solutions
- Containerised hydrogen skids
Semiconductor Industry
The semiconductor industry requires extremely high-quality water.
Ion Exchange is targeting this market with ultrapure water systems, condensate polishing and advanced membrane systems.
Data Centres
The company’s data-centre solutions include:
- Ultra-pure water systems
- Condensate polishing
- Wastewater reuse
- Chemical recovery
- Cooling-water treatment
These emerging markets could provide additional growth opportunities as investments in renewable energy, semiconductor manufacturing, digital infrastructure and data centres increase.
Financial Performance Shows Mixed Trends Across Segments
Ion Exchange’s presentation provides five-year financial trends across its major reporting segments.
Treatment Solutions
Revenue increased from ₹488 crore in FY2021-22 to ₹1,122 crore in FY2025-26.
However, EBIT declined from ₹60 crore to ₹27 crore over the same period.
The presentation indicates a revenue CAGR of 23%, while EBIT CAGR was -18%.
This highlights the company’s strong revenue expansion in the segment but also the pressure on profitability.
Industrial Products
Industrial Products revenue increased from ₹312 crore in FY2021-22 to ₹437 crore in FY2025-26.
EBIT moved from ₹30 crore to ₹29 crore over the same period.
The presentation shows a revenue CAGR of 9% and EBIT CAGR of -1%.
Lifecycle Services
Lifecycle Services revenue increased consistently from ₹198 crore in FY2021-22 to ₹289 crore in FY2025-26.
EBIT increased from ₹18 crore to ₹38 crore.
The segment delivered a revenue CAGR of 10% and EBIT CAGR of 21%, making services one of the stronger contributors to profitability growth.
Specialty Chemicals
Specialty Chemicals revenue increased from ₹558 crore to ₹868 crore between FY2021-22 and FY2025-26.
EBIT increased from ₹121 crore to ₹177 crore.
The presentation reports a revenue CAGR of 12% and EBIT CAGR of 10%.
Consumer Products
Consumer Products revenue recorded the fastest growth among the major segments, increasing from ₹115 crore in FY2021-22 to ₹343 crore in FY2025-26.
The presentation shows a revenue CAGR of 31%.
However, the segment remained loss-making, with EBIT at negative ₹10 crore in FY2025-26, compared with negative ₹5 crore in FY2021-22. The presentation reports an EBIT CAGR of -19%.
The numbers indicate that the consumer business has achieved significant revenue scale but still has work to do on profitability.
Human Capital Supporting the Expansion Strategy
Ion Exchange has more than 3,500 professionals across 15+ countries.
The workforce is organised across six major capability areas:
- EPC and projects – approximately 650 professionals
- Products and manufacturing – approximately 600
- Chemicals and technology – approximately 200
- Services – approximately 350
- Consumer and retail – approximately 1,400
- Corporate functions – approximately 300
This workforce supports the company’s engineering, manufacturing, R&D, services, consumer and international operations.
Strong R&D and Technology Legacy
Research and development remain central to Ion Exchange’s strategy.
The company highlights a technology legacy going back to 1965, making it one of India’s oldest water-focused research organisations.
Its R&D capabilities include:
- Resins
- Membranes
- Microbiology
- Enzymes
- Systems design
- Application testing
- Consulting
The company says its research centres have launched more than 100 products and hold 50+ patents.
Its R&D infrastructure includes facilities at Patancheru in Telangana and Vashi in Maharashtra.
Changing Reporting Structure
The company has also outlined a new reporting structure.
The existing reporting segments are:
- Engineering
- Chemicals
- Consumer Products
The new structure is expected to provide greater visibility across five business areas:
- Treatment Solutions
- Industrial Products
- Lifecycle Services
- Specialty Chemicals
- Consumer Products
The Treatment Solutions business includes water treatment, ultrapure water, high-purity water, desalination, wastewater treatment and recycling, ZLD, PFAS and standard water-treatment solutions.
Industrial Products includes membranes and institutional water-treatment products, while Lifecycle Services covers O&M, rehabilitation, modification, spares, consumables, BOO/BOOT/WaaS, rentals, audits and remote monitoring.
What Could Drive Ion Exchange’s Next Phase of Growth?
The investor presentation points towards several potential growth drivers.
Capacity expansion: Investments in resins, membranes and standard systems are designed to increase manufacturing capacity and support higher demand.
International expansion: With operations across 50+ countries and international revenue contributing around 30%, exports remain an important growth avenue.
Water scarcity and environmental regulation: Growing demand for water recycling, wastewater treatment, desalination and ZLD creates a structural opportunity for the company’s core businesses.
Industrial capex: Investments in sectors such as pharmaceuticals, semiconductors, data centres, power and new energy can create demand for high-purity and specialised water-treatment systems.
Services: The lifecycle-services business provides a potentially more recurring component of the company’s overall revenue mix.
Emerging technologies: Lithium extraction, PFAS treatment, hydrogen, semiconductor water systems and data-centre solutions could provide additional long-term opportunities.
Ion Exchange’s FY2026-27 strategy is centred on building manufacturing scale, expanding technology capabilities and capturing emerging water-treatment opportunities.
The company has a diversified portfolio spanning treatment solutions, industrial products, specialty chemicals, lifecycle services and consumer products. Its large installed base, international presence, manufacturing footprint and R&D capabilities provide a strong platform for future expansion.
The financial trends, however, show that growth has not been uniform across businesses. While segments such as Treatment Solutions, Lifecycle Services, Specialty Chemicals and Consumer Products have expanded revenue significantly, profitability trends differ considerably. In particular, the consumer business continues to require improvement in profitability, while Treatment Solutions has experienced a decline in EBIT despite strong revenue growth.
The next phase for Ion Exchange will therefore be important not only for revenue growth, but also for converting its investments in capacity, technology and manufacturing into better margins and sustainable profitability.
With water security, wastewater recycling, industrial water efficiency and environmental sustainability becoming increasingly important globally, Ion Exchange is positioning itself to participate in several long-term structural growth themes.
For investors, the key factors to monitor will be capacity utilisation, order execution, international revenue growth, margins in Treatment Solutions, profitability of Consumer Products, growth in Lifecycle Services and the commercialisation of emerging businesses such as lithium extraction, PFAS, hydrogen, semiconductor and data-centre solutions.
This article is based on the company’s August 2026 Investor Presentation. It is intended for informational purposes only and should not be considered investment advice.