Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Ion Exchange (India)BOM:500214 -0.24%74 Altman Z-Score is 2.91 as of Jul. 21, 2026, which is 4% above its 10-year median of 2.80. GuruFocus rates BOM:500214 with a GF Score™ of 74/100 and a GF Value™ of ₹648.98 (Possible Value Trap). The stock has 11 warning signs investors should review. Among 3,007 Industrial Products companies, Ion Exchange (India) ranks worse than 56.1% on this metric.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Warning Sign:
Altman Z-score of 2.91 is in the grey area. This implies that the company is under some kind of financial stress. If it is below 1.8, the company may face bankruptcy risk.
Ion Exchange (India) has a Altman Z-Score of 2.91, indicating it is in Grey Zones. This implies that Ion Exchange (India) is in some kind of financial stress. If it is below 1.81, the company may face bankrupcy risk.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Ion Exchange (India)'s Altman Z-Score or its related term are showing as below:
BOM:500214'
s Altman Z-Score Range Over the Past 10 Years
Min: 1.82 Med: 2.8 Max: 4.81
Current: 2.91
During the past 13 years, Ion Exchange (India)'s highest Altman Z-Score was 4.81. The lowest was 1.82. And the median was 2.80.
Ion Exchange (India) (BOM:500214) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Altman Z-Score does not apply to financial companies.
Ion Exchange (India) Altman Z-Score Related Terms
Ion Exchange (India) Altman Z-Score Historical Data
* Premium members only.
The historical data trend for Ion Exchange (India)'s Altman Z-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BOM:500214 vs VLTO, ZWS, CECO: Altman Z-Score Comparison
For the Pollution & Treatment Controls subindustry, Ion Exchange (India)'s Altman Z-Score, along with its competitors' market caps and Altman Z-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Ion Exchange (India) Altman Z-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Ion Exchange (India)'s Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Ion Exchange (India)'s Altman Z-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
Ion Exchange (India)'s Altman Z-Score for today is calculated with this formula:
Z
=
1.2
*
X1
+
1.4
*
X2
+
3.3
*
X3
+
0.6
*
X4
+
1.0
*
X5
=
1.2
*
0.2199
+
1.4
*
0
+
3.3
*
0.0648
+
0.6
*
2.6155
+
1.0
*
0.8624
=
2.91
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
Ion Exchange (India) (BOM:500214) has a Altman Z-Score of 2.91 as of Jul. 21, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Ion Exchange (India) and its competitors. This is near median its historical median of 2.80. Over the past decade, Ion Exchange (India)'s Altman Z-Score has ranged from 1.82 to 4.81. According to the industry distribution chart, Ion Exchange (India) ranks #1687 out of 3007 companies in the Industrial Products industry, placing it in the top 56.1%.
Is Ion Exchange (India)'s Altman Z-Score too high?
Ion Exchange (India)'s current Altman Z-Score of 2.91 is near median its 10-year median of 2.80. Over the past 10 years, this metric has ranged from a low of 1.82 to a high of 4.81. The Industrial Products industry median Altman Z-Score is 3.21. Ion Exchange (India)'s value of 2.91 is 9.3% below this industry median. Based on the distribution chart, Ion Exchange (India) ranks #1687 out of 3007 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Ion Exchange (India) has a GF Score™ of 74/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Ion Exchange (India)'s Altman Z-Score compare to VLTO and ZWS?
According to the Industrial Products industry distribution chart, Ion Exchange (India) ranks #1687 out of 3007 companies for Altman Z-Score. This places Ion Exchange (India) in the lower half of its industry. The industry median Altman Z-Score is 3.21. Ion Exchange (India)'s value of 2.91 is 9.3% below this benchmark. Historically, Ion Exchange (India)'s own Altman Z-Score has ranged from 1.82 to 4.81 over the past decade. While the company's 10-year median is 2.80 vs. the industry median of 3.21, Ion Exchange (India) has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z-Score for an Industrial Products company?
The median Altman Z-Score among Industrial Products companies is 3.21, based on 3,007 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Ion Exchange (India)'s current Altman Z-Score of 2.91 is 9.3% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on Ion Exchange (India) and its competitors. For the Industrial Products industry, the median Altman Z-Score is 3.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ion Exchange (India)'s current Altman Z-Score is 2.91, which is near median its own 10-year median of 2.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ion Exchange (India) stock overvalued right now?
Based on GuruFocus' analysis, Ion Exchange (India) (BOM:500214) is currently considered Possible Value Trap. The stock's GF Value™ is ₹648.98, compared to a current price of ₹433.95 — trading 33.1% below its estimated fair value. The current Altman Z-Score is 2.91, which is near median its 10-year median of 2.80 and 9.3% below the Industrial Products industry median of 3.21. Ion Exchange (India)'s overall GF Score™ is 74/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Ion Exchange (India) (BOM:500214), the current Altman Z-Score is 2.91 as of Jul. 21, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Ion Exchange (India) (BOM:500214) Overvalued in 2026?
Based on GuruFocus' analysis, Ion Exchange (India) stock appears to be undervalued.
The current stock price of ₹433.95 is trading 33.1% below its estimated GF Value™ of ₹648.98.
GuruFocus considers Ion Exchange (India) to be Possible Value Trap.
Key valuation signals for BOM:500214:
Altman Z-Score: 2.91 (near median its 10-year median of 2.80)
GF Value™: ₹648.98 vs. price of ₹433.95 (33.1% below fair value)
Industry Position: 9.3% below the Industrial Products median (#1687 of 3007)
No single metric tells the full story. See the BOM:500214 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ion Exchange (India) Ltd offers a wide range of solutions across the water cycle from pre-treatment to process water treatment, wastewater treatment, recycling, zero liquid discharge, sewage treatment, packaged drinking water, seawater desalination, etc. It also engaged in manufacturing resins, and specialty chemicals for water and wastewater treatment as well as non-water applications. It operates its business through the Engineering segment, which is a key revenue driver that comprises water treatment plants, spares, and services in connection with the plants; the Chemicals segment consists of resins, water treatment chemicals, sugar chemicals, and paper chemicals; and the Consumer Products segment comprises domestic water purifiers. It caters to both domestic and international markets.
74GF Score
Get the complete analysis for BOM:500214
Altman Z-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BOM:500214 has been successfully added to your 
