Below is a structured extraction and summary of the relevant and actionable financial information from the Ion Exchange (India) Limited results filing dated November 4, 2025:

1. Auditor’s Note

• No qualifications or adverse remarks in the auditor’s review reports for both standalone and consolidated results.
• The auditors have issued Emphasis of Matter regarding a subsidiary, Ion Exchange Enviro Farms Limited (IEEFL), related to ongoing legal/regulatory matters with SEBI concerning refund orders and appeals.
• The matter is under appeal with the Securities Appellate Tribunal (SAT) and Supreme Court, with no liability currently envisaged by the company.
• Interim financial information of certain trusts and subsidiaries not reviewed by auditors are considered not material to the Group.
• Conclusion: Auditor’s reports are clean with no modifications affecting the financial results.

2. Financial Performance

Standalone Financials (INR Lacs)

Consolidated Financials (INR Lacs)

3. Detailed Notes / Management Commentary

• Legal/Regulatory Matter:

  • Ion Exchange Enviro Farms Limited (IEEFL), a subsidiary, is involved in a long-standing SEBI-related legal matter concerning refund of monies to investors.
  • SEBI has directed a deposit of Rs. 22.02 crores; the company has appealed and is awaiting further hearings (next hearing Jan 20, 2026).
  • The company does not envisage any liability on this matter currently.
  • Auditors included an Emphasis of Matter on this issue but no modification to audit opinion.

• Accounting Policies:

  • Financials prepared as per Ind AS 34 (Interim Financial Reporting) and other Indian GAAP principles.
  • No changes in accounting policies or material adjustments reported.

• Trusts’ Financials:

  • Interim financials of IEI Shareholding (Staff Welfare) Trusts and HMIL Shareholding (Staff Welfare) Trusts included but not audited; considered immaterial.

• Earnings per share:

  • EPS includes impact of consolidation of shares held by Staff Welfare Trusts.

4. Segment Information (Standalone & Consolidated)

• Total Segment Revenue (Net of inter-segment):

  • Standalone Q2 FY26: Rs. 67,824 Lacs
  • Consolidated Q2 FY26: Rs. 73,394 Lacs

• Segment Results:

  • Chemicals segment is the largest contributor to profit, followed by Engineering.
  • Consumer Products segment is loss-making.

• Segment Assets (Consolidated):

  • Engineering: Rs. 174,890 Lacs
  • Chemicals: Rs. 104,594 Lacs
  • Consumer Products: Rs. 12,529 Lacs

5. Capex, Projects, and Corporate Activity

• Capital Expenditure:

  • Significant capex during H1 FY26: Rs. 15,514 Lacs (Standalone), Rs. 15,639 Lacs (Consolidated) on property, plant, equipment, capital work-in-progress, and intangible assets.
  • Capital work-in-progress decreased from Rs. 31,695 Lacs (Standalone Mar 2025) to Rs. 20,158 Lacs (Sep 2025), indicating ongoing project execution.

• Borrowings:

  • Increase in borrowings (Standalone Non-current borrowings increased from Rs. 19,795 Lacs to Rs. 28,483 Lacs).
  • Consolidated non-current borrowings increased from Rs. 25,206 Lacs to Rs. 34,626 Lacs.

• Cash Flows:

  • Operating cash flow negative for H1 FY26: Standalone Rs. (1,427) Lacs, Consolidated Rs. (826) Lacs.
  • Investing cash flow negative due to capex and deposits.
  • Financing cash flow positive due to borrowings raised.

• No mention of acquisitions, disposals, restructuring, writedowns, or impairments in the current period.

6. Standalone vs Consolidated

• Consolidated results include 17 subsidiaries and 3 associates.
• Consolidated revenue and profit are higher than standalone, reflecting group operations.
• EPS higher on consolidated basis due to different share capital base (1,423 Lacs shares vs 1,467 Lacs shares standalone).

Summary for Investment Analysis Team

This structured data and commentary provide a clear snapshot of Ion Exchange (India) Limited’s financial health, operational segments, and key risks for investment decision-making.