Ion Exchange has scheduled its 62nd Annual General Meeting (AGM) for Friday, September 11, 2026, at 11:00 am. The meeting will be conducted through Video Conferencing or Other Audio-Visual Means (VC/OAVM) in compliance with Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of India (SEBI) regulations.

Meeting Agenda

The primary business items for the AGM include:

• Adoption of the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026.
• Declaration of dividend on equity shares.
• Re-appointment of Mr. Dinesh Sharma as a Non-Executive Non-Independent Director, who retires by rotation.

Under special business, shareholders will vote to ratify the remuneration of M/s. R. Nanabhoy & Co., Cost Accountants, Mumbai, as the Cost Auditors for the financial year ending March 31, 2027. The approved remuneration is INR 4,75,000 plus applicable taxes and out-of-pocket expenses.

Director Profile

Mr. Dinesh Sharma, Vice-Chairman, seeks re-appointment. He holds a B.Sc. degree and possesses extensive experience in business management and marketing. Mr. Sharma holds 57,12,710 shares in the company and is related to Mr. Rajesh Sharma, the Executive Chairman. He attended 6 out of 7 board meetings during the relevant period.

Voting and Logistics

Remote e-voting will be facilitated by National Securities Depository Limited (NSDL). The voting window opens on Monday, September 7, 2026, at 9:00 am and closes on Thursday, September 10, 2026, at 5:00 pm. The record date for determining voting eligibility is September 4, 2026.

Key logistical details:

• Proxy Facility: Not available for this AGM per MCA Circular No. 14/2020. Body corporates may appoint authorized representatives.
• Dividend Payment: Dividends, if declared, will be paid electronically only, subject to tax deduction at source (TDS). Physical warrants are discontinued.
• Unclaimed Shares: The company transferred 83,526 shares to the Investor Education and Protection Fund (IEPF) during FY26 for unclaimed dividends over seven consecutive years.

Shareholders are advised to update their KYC details and bank mandates with their Depository Participants or the Registrar and Transfer Agent (RTA), M/s. MUFG Intime India Private Limited, to ensure smooth processing of dividends and service requests.

Ion Exchange reported a mixed financial performance for the first quarter of FY27, balancing robust revenue growth with significant profitability pressures. Consolidated operating income rose 20% year-on-year to ₹701 crore, reflecting double-digit growth across all business segments. However, net profit fell 94% to ₹3 crore, with EBITDA declining 49% to ₹32 crore. The margin compression was primarily attributed to legacy project execution challenges in the treatment solutions segment and higher initial costs at the newly commissioned Roha resin plant.

Segment Reclassification

The company introduced a granular reporting structure for the engineering division, splitting it into three standalone segments: Treatment Solutions, Industrial Products, and Lifecycle Services. This change aims to provide greater transparency into the company's shift from pure project execution toward product-led and recurring revenue models.

What the Numbers Show

A critical divergence exists between top-line momentum and bottom-line realization. While every segment posted double-digit revenue growth—Consumer Products leading at 33% and Lifecycle Services at 28%—the consolidated net profit collapsed. The Specialty Chemicals segment, which contributes over one-third of total revenue, saw its EBIT drop 52% despite a 21% revenue increase. This indicates that the operational leverage from volume growth is currently being entirely offset by the step-up in fixed and variable costs associated with the Roha facility ramp-up and geopolitical input cost fluctuations.

Operational Updates

Management highlighted that the Roha plant is undergoing stabilization, with utilization expected to improve as debottlenecking continues. The company secured a new contract worth approximately $52 million from Hyundai, adding to an order book of ₹2,473 crore as of June 2026. However, the treatment solutions segment remains under pressure from legacy projects, including a government-funded initiative in Uttar Pradesh where fund flows have been constrained. Management indicated that while significant work on these legacy contracts remains, the focus is shifting toward higher-margin advanced solutions and international markets.

Looking ahead, the company plans to leverage its expanded capacity in resins and membranes to capture share in global markets, particularly North America, following the acquisition of Water Quality Association certifications. The leadership emphasized a strategic pivot toward asset-light service models and high-tech emerging solutions, such as lithium extraction and ultrapure water systems, to restore double-digit profitability margins over the medium term.