Your Directors take pleasure in presenting the 62^nd Annual Report and Accounts for the financial year ended 31^st March, 2026.
FINANCIAL HIGHLIGHTS

The highlights of the financial results are as follows:

OPERATIONS

During the financial year ended 31^st March 2026, the Company
reported a standalone net profit after tax of INR 13,837.92 Lacs,
as compared to INR 21,448.27 Lacs in the previous year. The
decline in profitability was primarily attributable to an increase
in interest and depreciation costs relating to the Roha plant,
higher raw material costs, and the impact of the enactment of
the new labour legislation.

The Company recorded a turnover of INR 2,679 crores during
the year, compared to INR 2,540 crores in the previous year,
representing a growth of approximately 5.5%.

DIVIDEND

For the financial year 2025-26, the Board has recommended
a dividend of INR 1.25 per Equity Share of face value of
INR 1/- each (previous year: INR 1.50 per Equity share of face
value of INR 1/- each).

FUTURE OUTLOOK

As we look ahead, we remain optimistic about the long-term
prospects of the global water and environmental management
industry. While businesses across the world continue to
navigate geopolitical uncertainties, evolving trade dynamics
and macroeconomic challenges, the fundamental drivers
shaping our industry have never been stronger. Water security,
sustainability, climate resilience and resource efficiency
are no longer environmental priorities alone—they have
become strategic imperatives for governments, industries and
communities worldwide.

Across global markets, we are witnessing a significant shift in
how water is valued and managed. Increasing water stress,
population growth, urbanization and stricter environmental
regulations are driving investments in advanced water
treatment, wastewater recycling, desalination, water reuse and
resource recovery solutions. At the same time, the transition
toward a circular economy is encouraging organizations to view
water not as a consumable resource, but as an asset that can
be recovered, reused and optimized throughout its lifecycle.

New-age industries are further reshaping the opportunity
landscape. Sectors such as semiconductors, electronics,
pharmaceuticals, biotechnology, data centres, battery
manufacturing and green hydrogen are creating unprecedented
demand for high-purity and ultrapure water systems, alongside
advanced wastewater management solutions.

Climate change continues to influence investment priorities
globally. The increasing frequency of droughts, floods and
extreme weather events is accelerating the need for resilient

and decentralized water infrastructure. Simultaneously, digital
technologies—including AI, IoT, automation and advanced
analytics—are transforming how water assets are managed,
enabling customers to improve efficiency, optimize costs and
enhance system reliability.

From an India perspective, the opportunity is particularly
compelling. India continues to be one of the fastest-growing
major economies, supported by strong infrastructure
development, manufacturing expansion and a sustained focus
on economic modernization. Government initiatives aimed at
improving water access, sanitation, industrial competitiveness
and environmental sustainability are creating a strong
foundation for long-term growth in the water sector.

We are seeing increasing momentum across municipal and
industrial markets, driven by programs such as Jal Jeevan
Mission, AMRUT and Namami Gange, as well as growing
adoption of water reuse and Zero Liquid Discharge (ZLD)
solutions. Furthermore, India's emergence as a global
manufacturing hub under initiatives such as Make in India,
coupled with investments in semiconductor fabrication,
electronics, pharmaceuticals, specialty chemicals, data centres
and clean energy, is expected to significantly increase demand
for advanced water and wastewater treatment technologies.

Growth Strategy

• Technology & Innovation

Innovation continues to be central element to your
Company's long-term growth strategy. As industries and
municipalities worldwide face increasingly complex
water quality, environmental and sustainability
challenges, the demand is shifting from conventional
treatment systems towards more advanced technologies
capable of delivering higher efficiency, regulatory
compliance and resource optimisation.

Your Company continues to strengthen its portfolio of
advanced water and environmental technologies across
ion exchange, membrane separation, advanced
oxidation processes, PFAS remediation, green
chemistry solutions and digitally enabled water
management systems. Investments in research &
development, application engineering and process
innovation are enabling your Company to deliver
integrated solutions that improved water recovery,
reduce chemical consumption, lower operating costs
and support customers in achieving their environmental
and sustainability objectives.

• Sunrise industrial sectors

Your Company continues to expand its presence in
emerging high-growth industry segments where water
quality is increasingly becoming a critical manufacturing
input.

• Global footprint

Internationally, your Company continues to strengthen
its presence across Southeast Asia, the Middle East,

Africa, Europe and the Americas through a balanced
strategy of expanding engineering solutions, specialty
Chemicals and lifecycle services. The Company
continues to leverage India's manufacturing strengths,
technology capabilities and engineering expertise while
strengthening local customer engagement, distribution
partnerships and technical support infrastructure in key
international markets. This integrated global operating
model enhances competitiveness, improves market
responsiveness and positions the Company to
participate in long-term growth opportunities across
developed and emerging economies.

FINANCIAL RESOURCES

Fixed Deposits

Your Company has not accepted any deposits during the year,
within the meaning of Section 73 of the Companies Act, 2013,
read with the Companies (Acceptance of Deposits) Rules,
2014.

Particulars of Loans, Guarantees or Investments

Pursuant to the provisions of Section 186 of the Companies Act,
2013, and as required to be disclosed under Section 134(3)(g)
of the Act, the details of loans, guarantees and investments
made during the financial year 2025-26 have been provided in
the Notes to the Financial Statements.

subsidiary companies

Aqua Investments (India) Ltd. and Watercare Investments
(India) Ltd

During the year ended 31^st March, 2026, the Subsidiary
Companies M/s. Aqua Investments (India) Limited posted
profit after tax of INR 46.88 Lacs compared to INR 46.63 Lacs
of the previous year and M/s. Watercare Investments (India)
Ltd. posted profit after tax of INR 35.48 Lacs compared to INR
34.59 Lacs of the previous year.

Ion Exchange Enviro Farms Limited (IEEFL)

The Company achieved total income of INR 288.21 Lacs
during the year 2025-26 as against previous year income of
INR 265.26 Lacs.

Pursuant to the appeal filed in Supreme Court against the
Securities Appellate Tribunal (SAT) Order of 19^th March 2021
and based on legal advice, the Company appointed SEBI
empaneled auditors to conduct Special Audit. This Special
Audit Report along with additional affidavit was submitted to
Supreme Court and after considering the Audit Report and
the Company's submissions, supreme Court granted liberty to
the Company to approach SEBI with additional material. The
Company accordingly made detailed presentation to SEBI
with a request for reconsideration of SEBI's earlier directions.
SEBI thereafter appointed another independent auditor, who
has confirmed that substantially the investors were transferred
developed land and submitted its report to SEBI. SEBI
thereafter sought certain clarifications from the company which
were provided. However, SEBI vide order dated 16^th May 2024
issued by Recovery Officer stated that transfer of developed

land cannot be considered as repayment of money and
directed the company to deposit an amount of INR 2,202 Lacs
towards repayment of money to the investors. The company
has once again represented with SEBI to reconsider the matter
and subsequently filed the appeal with Securities Appellate
Tribunal challenging the SEBI's order.

Ion Exchange Asia Pacific Pte Ltd., Singapore and Ion
Exchange Asia Pacific (Thailand) Ltd., Thailand and Pt Ion
Exchange Asia Pacific, Indonesia

The Company achieved consolidated operating income of INR
3,171.21 Lacs during the year under review as compared to
INR 3,071.39 Lacs in previous year representing a growth of
3% during the year. The Company made consolidated net profit
after tax of INR 83.18 Lacs as compared to net profit after tax
of INR 208.40 Lacs.

The company has continued its focus on product sales
especially for Chemicals and Resins and has acquired major
customer accounts and retained existing accounts. This, along
with potential projects under bidding & closure the company will
significantly improve revenue this year.

IEI Environmental Management [M] SDN.BHD, Malaysia

The Company has appointed an Official Liquidator for the
winding-up of the Company and has initiated the voluntary
winding-up process. The liquidation process is currently
underway and is expected to be completed in due course.

Ion Exchange Environment Management (BD) Limited,
Bangladesh

The Company achieved turnover of INR 560.12 Lacs during
the year as compared to INR 1,116.73 Lacs in the previous
year. The Company incurred net loss of INR 124.51 Lacs
as compared to net profit of INR 14.64 Lacs in the previous
year. Geopolitics has significantly impacted the business in
Bangladesh. However, the efforts at improving revenue from
products & consumables over capital goods is expected to
help turn around the Company in spite of local challenges. The
current improvement in the political situation is also showing
encouraging signs of revival in the Capital goods business.

Ion Exchange WTS (Bangladesh) Limited, Bangladesh

The Company is currently not in operation.

Ion Exchange & Co. LLC, Oman

During the year under review, the Company achieved a turnover
of INR 3,359.27 lacs, representing a significant increase from
INR 2,530.75 lacs in the previous year. The Company recorded
a net profit after tax of INR 201.22 lacs, as against INR 190.88
lacs in the previous year, reflecting sustained profitability and
operational efficiency. The Company's continued success in
executing and managing key Operations & Maintenance (O&M)
activities in Oman has contributed materially to its overall
performance. During the year, the Company was awarded a
long-term contract by Petroleum Development Oman (PDO)
under a Design, Build, Own, Operate and Maintain (DBOOOM)
agreement for the Potable Water Facility and Sewage Treatment
Facility in the South PDO Concession Area. The aggregate

contract value is OMR 73.46 million (approximately INR 1,730
crore over the contract period), with a tenure of twenty years.

Ion Exchange LLC, USA

The Company recorded a turnover of INR 5,204.50 Lacs for the
financial year under review, as against INR 6,113.92 Lacs in the
previous financial year. Net profit after tax is INR 203.28 Lacs
as compared to INR 379.54 Lacs in previous year.

The decline in turnover and profitability was primarily due to
changes in US customs duty policies, which impacted the
Company's operations and margins during the year.

The company's resin business is expected to grow much
faster with significant investment in manpower resources and
local distribution to help service our customers better. With
consolidation & growth of the resin business, the company will
also be identifying specific niche segments to target growth
through engineering projects and membranes.

Ion Exchange Projects and Engineering Limited

The Company achieved a turnover of INR 5,686.53 Lacs for the
year under review as against INR 3,379.00 Lacs in previous
year.

The Company made net profit after tax of INR 15.20 Lacs for
the year as against loss after tax of INR 1,021.67 Lacs. The
Company provides Project Management services and design
services to the parent company for its ongoing contracts.

Ion Exchange Safic (Pty) Limited, South Africa

The Company achieved a turnover of INR 3,564.18 Lacs during
the year under review as compared to INR 2,680.26 Lacs in
the previous year and the Company made a net profit after
tax of INR 421.95 Lacs for the year as compared INR 348.98
Lacs in the previous year. After years of growth & stabilisation
the company has now increased investment in robust sales
channels with separate focus on the South African market and
the rest of SADC region.

Ion Exchange Arabia for Water

The Company achieved turnover of INR 1,988.07 Lacs during
the year under review compared to INR 1,885.98 Lacs in
previous year. The company incurred loss of INR 269.17 Lacs
compared to loss of INR 227.43 Lacs in previous year.

Commissioning of the blending units in Dammam to make
available chemicals for the GCC region as well as new additions
to the product account are expected to improve the profitability
while major orders secured from blue chip Corporations like
Almarai and Ma'aden are expected to significantly improve
revenue & Cash flow.

Total Water Management Services (India) Ltd.

The Company achieved a turnover of INR 72.24 Lacs for the
year under review, as against INR 94.23 Lacs for the previous
year. Net profit after tax is INR 0.36 Lacs as compared to the
net profit of INR 14.22 Lacs in previous year.

The Company is in the business of providing total water
management consultancy across the spectrum.

Ion Exchange Purified Drinking Water Pvt. Ltd.

The Company achieved a turnover of INR 1,674.66 Lacs for
the year under review, as against INR 1,575.62 Lacs for the
previous year. The Company made profit after tax of INR
266.32 Lacs as compared to INR 142.66 Lacs in previous year.

The Company is set-up as a special purpose vehicle to
implement PPP (Public Private Partnership) project for
bottle water supply to Indian Railway Catering and Tourism
Corporation Limited (IRCTC).

Ion Exchange Europe, LDA

There are no business operations in the company for the
current year and previous year.

MAPRIL - Produtos Quimicos e Maquinas Para a Industria,
Lda

The Company achieved a turnover of INR 14,729.52 Lacs for
the year as compared to INR 12,365.74 Lacs in the previous
year. The Company made net loss after tax of INR 102.43 Lacs
as compared to net loss after tax incurred of INR 192.56 Lacs
in the previous year.

During the year under review, the Company undertook and
invested in a restructuring process, which included strengthening
manpower expanding channel distribution, entering new
markets, and restructuring existing loan arrangements. These
strategic initiatives are expected to enhance operational
efficiency and position the Company for improved performance
in the coming years.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
COMPANIES

A statement as required under Section 129 of the Companies
Act, 2013, is attached to the Annual Report in form AOC - 1.

DIRECTORS

Mr. Dinesh Sharma (DIN: 00051986), Vice-Chairman, retires
by rotation at the ensuing Annual General Meeting and, being
eligible, offers himself for re-appointment.

All Independent Directors have submitted declarations confirming
that they meet the criteria of independence prescribed under
Section 149(6) of the Companies Act, 2013 and Regulation 25
of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The Board is satisfied that the Independent
Directors possess the requisite integrity, expertise and
experience and continue to fulfil the conditions of independence
prescribed under the applicable laws.

BOARD PERFORMANCE EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board carried out the annual evaluation
of its performance, that of its Committees and individual
Directors. The evaluation was based on the criteria approved by
the Nomination and Remuneration Committee, covering, inter
alia, participation, contribution, effectiveness and governance.
The Independent Directors evaluated the performance of

the Chairman, Non-Independent Directors, the Board and its
Committees, while the Board evaluated the performance of the
Independent Directors. The Board expressed satisfaction with
the evaluation process and its outcome.

The Board has, on the recommendation of the Nomination
& Remuneration Committee framed a policy for selection
and appointment of Directors, Senior Management and their
remuneration. The Remuneration Policy is stated in the
Corporate Governance Report.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(3)(c) of the
Companies Act, 2013 with respect to Directors' Responsibility
Statement, it is hereby confirmed that:

• In the preparation of the annual accounts for the year
ended 31st March, 2026, the applicable accounting
standards have been followed along with proper
explanation given relating to material departures, if any;

• Appropriate accounting policies have been selected
and applied consistently and judgments and estimates
were made that were reasonable and prudent so as to
give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the
profit of the Company for that period;

• Proper and sufficient care for the maintenance of
adequate accounting records in accordance with the
provisions of the Companies Act, 2013, for safeguarding
the assets of the Company and for preventing and
detecting fraud and other irregularities have been taken
to the best of their knowledge;

• The annual accounts have been prepared for the
financial year ended 31^st March, 2026 on a going
concern basis.

• Proper internal financial controls were in place and that
the financial controls were adequate and were operating
effectively.

• The directors have devised proper systems to ensure
compliance with the provisions of all applicable laws
were in place and were adequate and operating
effectively.

KEY MANAGERIAL PERSONNEL

Your Company has following persons as Key Managerial
Personnel:

NUMBER OF MEETINGS OF THE BOARD

The Board met seven times during the financial year 2025-26,
and a separate meeting of the Independent Directors was also
held. Further details on these meetings are provided in the
Corporate Governance Report.

WHISTLE BLOWER POLICY

Your Company has a whistle blower policy to report genuine
concerns or grievances. The Whistle Blower Policy has been
posted on the website of the Company

https://ionexchangeglobal.com/pdf/ionindia/Whistle%20

Blower%20Policy.pdf

RELATED PARTY TRANSACTIONS

All transactions entered with related parties for the year
under review were on arm's length basis and in the ordinary
course of business and that the provisions of section 188 of
the Companies Act, 2013 are not attracted. Further, there are
no material related party transactions under review with the
promoters, directors or key managerial personnel. Hence, the
disclosure in Form AOC - 2 is not applicable. Your Company
has developed a related party transactions framework through
standard operating procedures for the purpose of identification
and monitoring of such transactions.

As per the policy on Related Party Transactions, the Audit
Committee granted omnibus approval for the transactions
which are repetitive in nature. The related party transactions
were placed before the Audit Committee and the Board on
quarterly basis for review, pursuant to omnibus approval.

The policy on related party transactions as approved by the
board of directors has been uploaded on the website of the
company. The web link of the same has been provided in the
corporate governance report. None of the directors has any
pecuniary relationship vis-a-vis the Company.

PARTICuLARS OF EMPLOYEES

The information required pursuant to Section 197 of the
Companies Act, 2013 read with Rule 5 of The Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of employees of the Company, will be
provided upon request. In terms of Section 136 of the Act, the
Report and Accounts are being sent to the Members and others
entitled thereto, excluding the information on employees'
particulars which is available for inspection by the Members
at the Registered Office of the Company during business
hours on working days of the Company up to the date of the
ensuing Annual General Meeting. If any Member is interested
in obtaining a copy thereof, such Member may write to the
Company Secretary in this regard.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY
THE REGuLATORS OR COuRTS

There are no significant material orders passed by the
Regulators/Courts which would impact the going concern
status of your Company and its future operations.

DISCLOSURE AS PER THE SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013

The Company is committed to maintaining a safe, inclusive,
and respectful workplace free from discrimination, bias, and
harassment. In compliance with the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013, the Company has implemented a Policy on
Prevention of Sexual Harassment and constituted Internal
Committee (IC), wherever applicable.

The Company conducts regular awareness initiatives to educate
employees on their rights, grievance redressal mechanisms,
and its zero-tolerance approach towards sexual harassment.

During the financial year 2025-26, no complaints were received
by the Internal Committee, and accordingly, no complaints
were disposed of or remained pending as at the end of the
financial year.

quality initiatives

Your Company continues to uphold the highest quality
standards, driven by a strong commitment to manufacturing
excellence, performance excellence, innovation, and
meritocracy. Quality remains central to the Company's strategic
priorities, enabling the delivery of reliable, sustainable and
high-performance solutions across its water, environment and
specialty chemicals businesses.

The Company has strengthened its focus on Total Quality
Management (TQM), Lean and Six Sigma, supported by Value
Stream Mapping (VSM), Quality Circles, Kaizen, 5S and Total
Productive Maintenance (TPM). These initiatives promote a
right-first-time culture and continuous improvement.

The Company continues to invest in R&D, process digitisation
and technology-driven solutions. Digital quality initiatives,
including SAP-enabled quality gates, KPI dashboards, audit
management platforms and automated data capture, are
improving traceability and data-driven decision-making.

All manufacturing, service and support divisions, including
technology functions, remain certified under ISO 9001:2015.
Standardised audits, Critical-to-Quality (CTQ) and Critical-to-
Process (CTP) monitoring, and Quality Councils strengthen
the quality framework and ensure alignment with customer and
regulatory requirements.

Cost of Quality (COQ), Daily Work Management (DWM)
and Supplier Quality Assurance programmes are being
implemented to improve execution, reduce quality costs and
strengthen supply reliability.

The Company's manufacturing and operational facilities
continue to maintain multiple quality, safety and sustainability
certifications:

• Resins facility, Ankleshwar, Gujarat: ISO 9001:2015,
ISO 14001:2015, WHO-GMP, Halal, FDCA GMP, FDCA
GLP, HACCP, NSF/ANSI/CAN, EU and Canadian
Health certifications, Kosher, ICIM, CDSCO, EIR-
i i.Qpna

• Chemical facility, Patanchuru, Telangana: ISO

9001:2015, ISO 14001:2015, ISO 45001:2018, ISO
22000:2018, ZDHC MRSL, Kosher, Halal, GOTS,
REACH, IIP-UN, DSIR

• Membrane facility, Goa: ISO 9001:2015, ISO
14001:2015, NSF/ANSI/CAN 61

• Engineering facility (SSD), Goa: ISO 9001:2015, ISO
45001:2018

• Engineering facility (SSD), Wada: ISO 9001:2015, NSF/
ANSI/CAN 61

• Engineering facility (SSD), Hosur: ISO 9001:2015, ISO
14001:2015, ISO 45001:2018, ISO 13485:2016

• Technology Division, Vashi: ISO 9001:2015, ISO
13485:2016, DSIR

• Environment Division, Vashi: ISO 9001:2015

• IESD, Bangalore: ISO 9001:2015

• CSD Laboratory, Bangalore: NABL accreditation

• CSD, Rabale: ISO 9001:2015

• Projects, Rabale: ISO 9001:2015

The Company's R&D centres at Patancheru and Vashi continue
to be recognised by DSIR, while the Bangalore laboratory
maintains NABL accreditation.

During the year, the Company accelerated its Industry 4.0
journey through automation, smart monitoring and advanced
analytics, enhancing process reliability, predictive maintenance
and lifecycle performance of water and wastewater treatment
systems.

Sustainability remains integral to operations, with focus on
water conservation, wastewater recycling, zero liquid discharge
(ZLD) and circular economy solutions.

Looking ahead, the Company will continue to strengthen TQM,
digitalisation, innovation and TPM excellence to enhance
customer satisfaction, operational performance and long-term
value creation.

AUDITORS

Statutory Auditors

Pursuant to the provisions of Section 139 of the Act and the
rules framed thereunder, M/s Deloitte Haskins & Sells LLP,
Chartered Accountants, (Firm Registration No. 117366W/W-
100018), were appointed as statutory auditors of the Company
for a period of five years from the conclusion of the 60^th
Annual General Meeting (AGM) of the Company held on 11^th
September, 2024 till the conclusion of the 65^th AGM to be held
in the year 2029. Consequent to amendment to Companies
Act, 2013, ratification of Statutory Auditor's appointment is not
required at every Annual General Meeting.

There is no incident of fraud requiring reporting by the Auditors
under Section 143(12) of the Act.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act,
2013 and The Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015,
your Company had appointed M/s. GMJ & Associates, a firm of
Company Secretaries in Practice to undertake the Secretarial
Audit of the Company for a period of five years from the
conclusion of the 61^st Annual General Meeting (AGM) held on
9^th September, 2025 till the conclusion of the 66^th AGM to be
held in the year 2030. The Secretarial Audit Report is annexed
herewith as “Annexure I”.

Cost Auditors

Pursuant to Section 148 of the Companies Act, 2013 read with
The Companies (Cost Records and Audit) Amendment Rules,
2014, the cost audit records maintained by the Company in
respect of its Chemicals, Membranes and Standard water
treatment plants manufacturing activity are required to be
audited. Your Directors had, on the recommendation of the
Audit Committee, appointed M/s. R. Nanabhoy & Co. to audit
the cost accounts of the Company for the financial year ending
31^st March, 2027. As required under the Companies Act, 2013,
the remuneration payable to the cost auditor is required to
be placed before the Members in a general meeting for their
ratification. Accordingly, a Resolution seeking Member's
ratification for the remuneration payable to M/s. R. Nanabhoy
& Co., Cost Auditors is included in the Notice convening the
Annual General Meeting.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Companies Act, 2013, read with the
Companies (Accounts) Rules, 2014, SEBI (Listing Regulations)
and Ind AS 110 - Consolidated Financial Statements and Ind
AS 28 - Investment in Associates and Joint Venture - the
audited consolidated financial statements are provided in this
report.

The consolidated financial statements have been prepared on
the basis of the audited financial statements of the company,
its Subsidiaries and Associate companies, as approved by their
Board of Directors.

Your Company will make available the Annual Accounts of the
subsidiary companies and the related detailed information to
any member of the Company who may be interested in obtaining
the same. The annual accounts of the subsidiary companies
are placed on Company's website and the same are open for
inspection at the Registered Office of the Company.

EMPLOYEE STOCK OPTION SCHEME

The Members of the Company approved, through Postal
Ballot, the 'Ion Exchange (India) Limited - Employee Stock
Option Scheme 2026', subsequent to the financial year-end
and prior to the approval of this Report. The Scheme shall
be implemented through the Trust route by way of secondary
acquisition of equity shares. The results of the Postal Ballot
were declared on 25^th May, 2026.

CORPORATE GOVERNANCE

A report on Corporate Governance as required under Regulation
34 of Listing Regulations read with Schedule V (Part C) forms
part of this annual report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A report on Management discussion and analysis as required
under Regulation 34 of Listing Regulations read with Schedule
V (Part B) forms part of this Annual Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT

Business Responsibility and Sustainability Report as Required
under Regulation 34 of Listing Regulations forms part of this
Annual Report.

ANNUAL RETURN

The annual return of your Company as required under the
Companies Act, 2013 will be available on the website of the
Company at https://ionexchangeglobal.com/investor-relation/
annual-return/

CORPORATE SOCIAL RESPONSIBILITY (CSR)

As a part of its initiative under the “Corporate Social
Responsibility” (CSR) drive, your Company has undertaken
projects in the areas of environment, education and safe
drinking water. These projects are in accordance with Schedule
VII of the Companies Act, 2013 and the Company's CSR Policy.
The Report on CSR activities as required under Companies
(Corporate Social Responsibility Policy) Rules, 2014 is set out
as “Annexure II” forming part of this report.

CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS &
OUTGO

The information in accordance with Section 134(3)(m) of the
Companies Act 2013 read with the Companies (Accounts)
Rules, 2014 relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, are set out
in “Annexure III” to this Report.

RISK MANAGEMENT

The Company has established a Risk Management Committee
to identify and assess key business risks and to oversee the
implementation of effective mitigation strategies. For further
details, please refer to the Corporate Governance section and
the Management Discussion and Analysis of this report.

MATERNITY BENEFIT ACT, 1961

Your Company has complied with the applicable provisions of
the Maternity Benefit Act, 1961.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Board of Directors of the Company hereby confirm that,
during the period under review the company has complied
with the provisions of the Secretarial Standards issued by the
Institute of Company Secretaries of India (ICSI).

GREEN INITIATIVE

In line with the Green Initiative of the Ministry of Corporate Affairs
and the Company's commitment to sustainability, shareholders
are encouraged to receive the Annual Report, AGM Notice,
and other communications in electronic mode. Shareholders
are requested to register or update their e-mail addresses with
their Depository Participants or the Company's Registrar and
Share Transfer Agent to facilitate electronic communication.
This initiative promotes paperless communication and supports
environmental conservation.

OTHER DISCLOSURES

During the year under review:

1. No amount was proposed to be transferred to reserves.

2. There was no change in the nature of the business of
the Company.

3. There are no defaults in loan payments or any instance
of one-time settlement.

4. There have been no material changes and commitments
affecting the Company's financial position between the
end of the financial year and the date of this report other
than those which have already been disclosed to the
Stock Exchanges.

5. There were no proceedings under the Insolvency and
Bankruptcy Code, 2016.

ACKNOWLEDGEMENTS

Your Board conveys its deep appreciation of the co-operation
extended by customers, suppliers, banks, financial institutions,
shareholders and contribution made by employees for the
Company's growth.

On behalf of the Board of Directors

Rajesh Sharma
Executive Chairman

Mumbai, 5^th August, 2026