Ion Exchange India500214Quarterly results
Board approves unaudited results for quarter and half year ended September 30, 2026; auditor review unmodified
Board of Ion Exchange (India) Limited met on Tuesday, November 3, 2026 and approved the unaudited financial results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 3 min read
- Results approved for period
- quarter and half year ended September 30, 2026 (unaudited, Standalone and Consolidated)
- SEBI-directed deposit on subsidiary
- Rs. 22.02 crores towards repayment to investors
- Next SAT hearing
- 4th November, 2026
What the board decided
- The Board of Ion Exchange (India) Limited met on Tuesday, November 3, 2026, from 02:30 p.m. to 07:15 p.m.
- It considered and approved the unaudited financial results, Standalone and Consolidated, for the second quarter and half year ended September 30, 2026.
- The Limited Review Report of Deloitte Haskins & Sells LLP on those results forms part of the same update.
What the auditors said
- The conclusion is unmodified: nothing came to the auditors' attention that causes them to believe the statements contain any material misstatement.
- This is a review, not a full audit. A review is substantially less in scope than an audit and does not express an audit opinion.
- The conclusion is also not modified in respect of reliance on interim financial information certified by the management for certain units.
The one item flagged for attention
- The auditors included an Emphasis of Matter relating to Ion Exchange Enviro Farms Limited (IEEFL), a subsidiary, in connection with a long-running investor refund matter.
- By letter dated 16th May 2024, SEBI directed the company to deposit an amount of Rs. 22.02 crores towards repayment to investors. IEEFL asked SEBI to reconsider the matter; that request was rejected by email dated 7th August 2024.
- The company has shared an appeal before SAT. At the hearing on 17th October 2024, counsel for SEBI stated that SEBI will not initiate any recovery proceedings till the next date of hearing. The matter is pending, with the next hearing scheduled for 4th November, 2026.
- Separately, a SEBI order dated 25th April 2019 appointed an Administrator to sell the company's land at Goa (Quepem) and recover dues. Those proceedings remain in abeyance and continue to be on hold.
- An Emphasis of Matter draws attention to a matter already disclosed in the accounts; the auditors' conclusion is not modified because of it.
What sits inside the consolidated numbers
- The consolidated statement covers the parent along with its subsidiaries, step-down subsidiaries and associates.
- Three subsidiaries were not reviewed by the auditors. Their interim financial information reflects total assets of Rs. 19,486.03 lacs as at 30th September, 2026, total revenues of Rs. 4,474.30 lacs and Rs. 9,550.29 lacs for the quarter and half year, and total comprehensive loss of Rs. 987.02 lacs and Rs. 1,225.04 lacs respectively.
- Twelve subsidiaries were not reviewed by their auditors. Their interim financial information reflects total assets of Rs. 37,516.82 lacs as at 30th September, 2026 and total revenue of Rs. 5,045.07 lacs and Rs. 9,999.82 lacs for the quarter and half year.
- The IEI Shareholding (Staff Welfare) Trusts and HMIL Shareholding (Staff Welfare) Trusts are also included; their interim information reflects total assets of Rs. 5,499.40 lacs as at 30th September, 2026.
- Management has stated that this interim financial information is not material to the Company / the Group.
How to read this
- The core board outcome is the approval of the quarterly and half-yearly results, which is the routine quarterly disclosure.
- The auditors have signed off with an unmodified conclusion, which is the cleanest form of review conclusion.
- The point that stands apart is the Emphasis of Matter at a subsidiary level, tied to a SEBI-directed deposit of Rs. 22.02 crores and an appeal that is still pending. An emphasis of matter is a pointer to a disclosed item rather than a change in the auditors' conclusion.
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More numbers
- Deposit directed by SEBI on Ion Exchange Enviro Farms LimitedRs. 22.02 crores
- Total assets of three subsidiaries not reviewed by auditorsRs. 19,486.03 lacs
- Total assets of twelve subsidiaries not reviewed by auditorsRs. 37,516.82 lacs
- Total comprehensive loss of three subsidiaries, half yearRs. 1,225.04 lacs
- Total comprehensive income of twelve subsidiaries, half yearRs. 2,789.48 lacs
- Total assets of IEI and HMIL staff welfare trustsRs. 5,499.40 lacs
Source: BSE · 3 Nov 2026
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