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EARNINGS PRESENTATION – Q3/9M-FY26
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2 Executive Summary • Ion Exchange (India) Ltd (Ion Exchange), formed in 1964, is a pioneer in water, wastewater treatment & environment solutions and caters to various industries, institutions, homes & communities. • Headquartered in Mumbai, the company has 8 manufacturing and assembly facilities across India, 1 manufacturing facility in Portugal and 1 assembly facility each in UAE, Indonesia, Bangladesh and Saudi Arabia . It also has presence across other key geographies. • Engineering (61%) – Provides comprehensive and integrated services and solutions in water & wastewater treatment including Sea Water desalination, Recycle and Zero liquid discharge plants to diverse industries. • Chemicals (29%) – Provides a comprehensive range of resins, speciality chemicals and customized chemical treatment programmes for water, non-water and specialty applications. • Consumer Products (10%) – Caters to individuals, hotels, spas, educational institutions, hospitals, laboratories, railway and defence establishments providing safe drinking water and a clean environment. FY25: Operating Income* INR 27,371 Mn FY25: Operating EBITDA* INR 2,939 Mn FY25: PAT* INR 2,083 Mni BUSINESS & FY25 REVENUE MIX (%) - CONSOLIDATED *Consolidated • Industrial – NTPC, NPC, Reliance, IOCL, JSW , CPCL, L&T , ArcelorMittal, Nippon Steel, Nayara Energy, IRCTC , BHEL, Tata Group. • Institutional – Leela, Military Engineering Services, Taj Hotels, Holiday Inn, Hyatt Regency, Oberoi Hotels, Apollo Hospitals, Escorts Heart Institute, DLF , Puravankara. • International – Cargill, Technip France, Unilever Group, Jurong, Thyssenkrupp (Uhde), Jacobs, Kawasaki, Mitsubishi, PDO Oman, Emirates Steel, IKPP Indonesia, JESA, Hyundai Engineering, MCT Dubai and Saudi Arabian Mining. MARQUEE CLIENTS
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3 Consumer Products 10% Chemicals 29% Engineering 61% FY25 CONSOLIDATED REVENUE BREAKUP* FY25 CONSOLIDATED GEOGRAPHICAL BREAKUP Exports 35% Domestic 65% Company Overview • Ion Exchange was originally formed as a subsidiary of Permutit, UK in 1964. It became a wholly owned Indian company in 1985. • The company has a global presence with diverse product portfolio, offering comprehensive water and non-water treatment solution for industries, institution, municipalities, homes and communities across urban and rural. • It offers a wide range of solutions across the water cycle from pre-treatment to process water treatment, wastewater treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc. • Ion Exchange is also engaged in manufacturing ion exchange resins, membranes, speciality chemicals for water and wastewater treatment as well as non-water applications. • It has two facilities for in-house R&D and two applications and testing centers. • It has over 50 patents to their credit and 100+ products commercialized. • It has a global presence apart from presence in major cities in India with 36+ sales & service centers and 100+ Channel Partners. • It exports to Africa, Japan, Middle East, Russia, Southeast Asia, Europe, UK, USA, Canada and neighbouring countries.
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4 Q3/9M-FY26 Financial Highlights INR 6,689 Mn Operating Income INR 562 Mn Operating EBITDA 8.40% Operating EBITDA Margins INR 241 Mn Net Profit 3.60% PAT Margins INR 1.957/Share Diluted EPS Q3-FY26 Performance (Standalone) INR 7,344 Mn Operating Income INR 593 Mn Operating EBITDA 8.07% Operating EBITDA Margins INR 206 Mn Net Profit 2.81% PAT Margins INR 1.712 /Share Diluted EPS Q3-FY26 Performance (Consolidated) 9M-FY26 Performance (Standalone) 9M-FY26 Performance (Consolidated) INR 18,650 Mn Operating Income INR 1,732 Mn Operating EBITDA 9.29% Operating EBITDA Margins INR 1,188 Mn Net Profit 6.37% PAT Margins INR 9.665 /Share Diluted EPS INR 20,516 Mn Operating Income INR 1,902 Mn Operating EBITDA 9.27% Operating EBITDA Margins INR 1,189 Mn Net Profit 5.80% PAT Margins INR 9.998 /Share Diluted EPS
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5 Q3/9M-FY26 Operational Highlights ENGINEERING • The enquiry bank continues to be steady. There has been a sequential and year on year growth in order flow during the quarter, driven primarily by medium- sized opportunities. • During the quarter, the company secured two domestic contracts for solar projects totaling INR 205 crores, encompassing ultra-pure water systems, ETP , and ZLD. • Ultra-pure and high-purity water projects in solar segment continue to see traction • Planned dispatches of certain high value Engineering contracts for international market got deferred to 4th quarter FY 25-26 which impacted the quarter performance. • The execution of the UP Jal Nigam Order remained muted. CHEMICALS • The Company recorded sequential and year on year improvement in the turnover. • The stage wise commissioning of the Roha facility is showing steady progress. We expect gradual scale up in volumes in the coming months. • The margins for the quarter were impacted due to product mix and Roha facility costs. • Roha facility is gearing to become an industry bench mark for product quality and sustainability. CONSUMER PRODUCTS • The segment continues to record volume growth. • We continue to invest in the business to achieve significantly higher revenue platform. ^Excluding Sri Lanka Order & UP SWSM. Engineering projects^ ~ INR 2,423 Cr Total Orderbook ~ INR 2,833 Cr Outstanding Sri Lanka ~ INR 90 Cr Outstanding UP SWSM ~ INR 320 Cr Bid Pipeline ~ INR 9,556 Cr ENGINEERING ORDER BOOK AND PIPELINE (As on 31st December, 2025) Order Inflow for the quarter ~ INR 516 Cr
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FINANCIAL OVERVIEW
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7 Quarterly Standalone Financial Performance INCOME STATEMENT (INR Mn) Q3-FY26 Q3-FY25 Y-o-Y Q2-FY26 Q-o-Q Operating Income 6,689 6,499 2.9% 6,782 (1.4)% Expenses 6,127 5,755 6.5% 6,174 (0.8)% Operating EBITDA 562 744 (24.5)% 608 (7.6)% Operating EBITDA Margins (%) 8.40% 11.45% (305) Bps 8.96% (56) Bps Depreciation 172 102 68.6% 110 56.4% Finance Cost 66 21 NA 22 NA Other Income 142 108 31.5% 165 (13.9)% PBT before Exceptional Items 466 729 (35.9)% 641 (27.1)% Exceptional Items 145 - NA - NA PBT 321 729 (56.0)% 641 (49.9)% Tax 80 196 (59.2)% 162 (50.6)% Profit After Tax 241 533 (54.8)% 479 (49.7)% PAT Margins (%) 3.60% 8.20% (460) Bps 7.06% (346) Bps Other Comprehensive Income (1) (2) (50.0)% (1) 0.0% Total Comprehensive Income 240 531 (54.8)% 478 (49.8)% Diluted EPS (INR)# 1.957 4.338 (54.9)% 3.894 (49.7)% #Earnings per equity share includes impact of equity shares held by IEI Shareholding (Staff Welfare) Trusts. & HMIL Shareholding (Staff Welfare) Trusts: (No. of Shares- 2,37,36,140)
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8 Quarterly Standalone Segmental Breakup ENGINEERING (INR Mn) CHEMICALS (INR Mn) CONSUMER PRODUCTS (INR Mn) R E V E N U E E B I T 4,173 4,044 Q3-FY25 Q3-FY26 1,715 1,905 Q3-FY25 Q3-FY26 772 987 Q3-FY25 Q3-FY26 284 249 Q3-FY25 Q3-FY26 499 400 Q3-FY25 Q3-FY26 (31) (34) Q3-FY25 Q3-FY26
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9 YTD Standalone Financial Performance INCOME STATEMENT (INR Mn) 9M-FY26 9M-FY25 Y-o-Y Operating Income 18,650 17,550 6.3% Expenses 16,918 15,530 8.9% Operating EBITDA 1,732 2,020 (14.3)% Operating EBITDA Margins (%) 9.29% 11.51% (222) Bps Depreciation 392 293 33.8% Finance Cost 105 59 78.0% Other Income 503 360 39.7% PBT before Exceptional Items 1,738 2,028 (14.3)% Exceptional Items 145 - NA PBT 1,593 2,028 (21.4)% Tax 405 529 (23.4)% Profit After Tax 1,188 1,499 (20.7)% PAT Margins (%) 6.37% 8.54% (217) Bps Other Comprehensive Income (1) (7) (85.7)% Total Comprehensive Income 1,187 1,492 (20.4)% Diluted EPS (INR)# 9.665 12.194 (20.7)% #Earnings per equity share includes impact of equity shares held by IEI Shareholding (Staff Welfare) Trusts. & HMIL Shareholding (Staff Welfare) Trusts: (No. of Shares- 2,37,36,140)
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10 YTD Standalone Segmental Breakup 11,010 11,351 9M-FY25 9M-FY26 4,955 5,203 9M-FY25 9M-FY26 2,123 2,747 9M-FY25 9M-FY26 741 733 9M-FY25 9M-FY26 1,413 1,348 9M-FY25 9M-FY26 (101) (73) 9M-FY25 9M-FY26 ENGINEERING (INR Mn) CHEMICALS (INR Mn) CONSUMER PRODUCTS (INR Mn) R E V E N U E E B I T
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11 Quarterly Consolidated Financial Performance INCOME STATEMENT (INR Mn) Q3-FY26 Q3-FY25 Y-o-Y Q2-FY26 Q-o-Q Operating Income 7,344 6,905 6.4% 7,339 0.1% Expenses 6,751 6,151 9.8% 6,654 1.5% Operating EBITDA 593 754 (21.4)% 685 (13.4)% Operating EBITDA Margins (%) 8.07% 10.92% (285) Bps 9.33% (126) Bps Depreciation 186 113 64.6% 122 52.5% Finance Cost 76 33 NA 31 NA Other Income 115 84 36.9% 143 (19.6)% PBT before Exceptional Items 446 692 (35.5)% 675 (33.9)% Exceptional Items 169 - NA - NA PBT 277 692 (60.0)% 675 (59.0)% Share of Profit of equity accounted Investee 10 6 66.7% 4 NA Tax 81 202 (59.9)% 180 (55.0)% Profit After Tax 206 496 (58.5)% 499 (58.7)% PAT Margins (%) 2.81% 7.18% (437) Bps 6.80% (399) Bps Other Comprehensive Income 7 (9) NA 27 (74.1)% Total Comprehensive Income 213 487 (56.3)% 526 (59.5)% Diluted EPS (INR)# 1.712 4.096 (58.2)% 4.178 (59.0)% #Earnings per equity share includes impact of equity shares held by IEI Shareholding (Staff Welfare) Trusts. & HMIL Shareholding (Staff Welfare) Trusts: (No. of Shares- 2,37,36,140) and shares held by Subsidiary companies: (No of Shares: 43,78,740)
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12 Quarterly Consolidated Segmental Breakup ENGINEERING (INR Mn) CHEMICALS (INR Mn) CONSUMER PRODUCTS (INR Mn) R E V E N U E E B I T 4,301 4,297 Q3-FY25 Q3-FY26 1,993 2,307 Q3-FY25 Q3-FY26 772 987 Q3-FY25 Q3-FY26 257 186 Q3-FY25 Q3-FY26 523 431 Q3-FY25 Q3-FY26 (29) (33) Q3-FY25 Q3-FY26
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13 YTD Consolidated Financial Performance INCOME STATEMENT (INR Mn) 9M-FY26 9M-FY25 Y-o-Y Operating Income 20,516 19,026 7.8% Expenses 18,614 16,946 9.8% Operating EBITDA 1,902 2,080 (8.5)% Operating EBITDA Margins (%) 9.27% 10.93% (165) Bps Depreciation 430 327 31.5% Finance Cost 131 99 32.3% Other Income 434 338 28.4% PBT before Exceptional Items 1,775 1,992 (10.8)% Exceptional Items 169 - NA PBT 1,606 1,992 (19.4)% Share of Profit of equity accounted Investee 18 11 63.6% Tax 435 553 (21.3)% Profit After Tax 1,189 1,450 (18.0)% PAT Margins (%) 5.80% 7.62% (182) Bps Other Comprehensive Income 55 (7) NA Total Comprehensive Income 1,244 1,443 (13.8)% Diluted EPS (INR)# 9.998 12.185 (17.9)% #Earnings per equity share includes impact of equity shares held by IEI Shareholding (Staff Welfare) Trusts. & HMIL Shareholding (Staff Welfare) Trusts: (No. of Shares- 2,37,36,140) and shares held by Subsidiary companies: (No of Shares: 43,78,740)
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14 YTD Consolidated Segmental Breakup 11,485 12,039 9M-FY25 9M-FY26 5,956 6,380 9M-FY25 9M-FY26 2,123 2,747 9M-FY25 9M-FY26 679 688 9M-FY25 9M-FY26 1,543 1,489 9M-FY25 9M-FY26 (98) (69) 9M-FY25 9M-FY26 ENGINEERING (INR Mn) CHEMICALS (INR Mn) CONSUMER PRODUCTS (INR Mn) R E V E N U E E B I T
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HISTORICAL FINANCIAL OVERVIEW
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16 Historical Standalone Financial Performance INCOME STATEMENT (INR Mn) FY22 FY23 FY24 FY25 9M-FY26 Operating Income 15,094 18,923 21,800 25,401 18,650 Expenses 13,123 16,544 19,129 22,549 16,918 Operating EBITDA 1,971 2,379 2,671 2,852 1,732 Operating EBITDA Margins (%) 13.06% 12.57% 12.25% 11.23% 9.29% Depreciation 268 281 330 400 392 Finance Cost 76 90 67 84 105 Other Income 461 450 470 512 503 PBT before Exceptional Items 2,088 2,458 2,744 2,880 1,738 Exceptional Items - - - - 145 PBT 2,088 2,458 2,744 2,880 1,593 Tax 545 607 703 735 405 Profit After Tax 1,542 1,851 2,041 2,145 1,188 PAT Margins (%) 10.22% 9.78% 9.36% 8.44% 6.37% Other Comprehensive Income (15) (23) (9) (1) (1) Total Comprehensive Income 1,527 1,828 2,032 2,144 1,187 Diluted EPS (INR) @ 12.544 15.060 16.603 17.447 9.665 @Earnings per equity share includes impact of equity shares held by IEI Shareholding (Staff Welfare) Trusts. & HMIL Shareholding (Staff Welfare) Trusts: (No. of Shares- 2,37,36,140)
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17 Historical Standalone Balance Sheet PARTICULARS (INR Mn) FY24 FY25 H1-FY26 EQUITIES & LIABILITIES Equity (A) Equity Share Capital 147 147 147 (B) Other Equity 10,597 12,556 13,319 Total Equity 10,744 12,703 13,466 Non-Current Liabilities (A) Financial Liabilities (i) Borrowings 438 1,980 2,848 (ii) Lease Liabilities 87 125 119 (iii) Other financial Liabilities 146 134 121 (B) Provisions 231 173 212 Total Non – Current Liabilities 902 2,412 3,300 Current Liabilities (A) Financial Liabilities (i) Borrowings 34 290 330 (ii) Lease Liabilities 33 46 56 (iii) Trade Payables 6,508 7,346 6,669 (iv) Other Financial Liabilities 589 891 734 (B) Other Current Liabilities 4,383 5,071 5,087 (C) Provisions 72 68 84 (D) Liabilities for current tax (Net) 43 87 86 Total Current Liabilities 11,662 13,799 13,046 GRAND TOTAL - EQUITIES & LIABILITES 23,308 28,914 29,812 PARTICULARS (INR Mn) FY24 FY25 H1-FY26 ASSETS Non-Current Assets (A) Property, Plant and Equipment 2,149 2,414 4,809 (B) Capital Work-in-progress 607 3,170 2,016 (C) Right-of-Use Assets 357 374 362 (D) Other Intangible Assets 125 165 101 (E) Financial Assets (i) Investments 842 855 862 (ii) Trade Receivables 9 7 6 (iii) Loans 220 618 629 (iv) Other Financial Assets 87 91 109 (F) Other Non-Current Assets 242 469 415 (G) Deferred Tax Assets 78 73 50 Total Non – Current Assets 4,716 8,236 9,359 Current Assets (A) Inventories 1,887 2,410 3,302 (B) Financial Assets (i) Investments 5 4 6 (ii) Trade Receivables 9,217 11,254 10,112 (iii) Cash & Cash Equivalents 1,104 1,158 1,644 (iv) Bank Balances 4,246 3,086 1,761 (v) Loans 408 122 180 (vi) Other Financial Assets 142 107 58 (C) Other current assets 1,583 2,537 3,390 Total Current Assets 18,592 20,678 20,453 GRAND TOTAL – ASSETS 23,308 28,914 29,812
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18 Historical Consolidated Financial Performance @Earnings per equity share includes impact of equity shares held by IEI Shareholding (Staff Welfare) Trusts. & HMIL Shareholding (Staff Welfare) Trusts: (No. of Shares- 2,37,36,140) and shares held by Subsidiary companies: (No. of Shares- 43,78,740) INCOME STATEMENT (INR Mn) FY22 FY23 FY24 FY25 9M-FY26 Operating Income 15,769 19,896 23,479 27,371 20,516 Expenses 13,637 17,346 20,759 24,432 18,614 Operating EBITDA 2,132 2,550 2,720 2,939 1,902 Operating EBITDA Margins (%) 13.52% 12.82% 11.58% 10.74% 9.27% Depreciation 280 291 364 445 430 Finance Cost 100 92 121 135 131 Other Income 417 411 439 486 434 PBT before Exceptional Items 2,169 2,578 2,674 2,845 1,775 Exceptional Items - - - - 169 PBT 2,169 2,578 2,674 2,845 1,606 Share of Profit of equity accounted Investee 4 9 15 10 18 Tax 556 637 735 772 435 Profit After Tax 1,617 1,950 1,954 2,083 1,189 PAT Margins (%) 10.25% 9.80% 8.32% 7.61% 5.80% Other Comprehensive Income (10) (17) (3) 1 55 Total Comprehensive Income 1,607 1,933 1,951 2,084 1,244 EPS Diluted (INR) @ 13.730 16.595 16.534 17.530 9.998
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19 Historical Consolidated Balance Sheet PARTICULARS (INR Mn) FY24 FY25 H1-FY26 EQUITIES & LIABILITIES Equity (A) Equity Share Capital 142 142 142 (B) Other Equity 10,037 11,937 12,784 Equity attributable to owners 10,179 12,079 12,926 Non Controlling Interest 19 16 22 Total Equity 10,198 12,095 12,948 Non-Current Liabilities (A) Financial Liabilities (i) Borrowings 1,091 2,521 3,463 (ii) Lease liabilities 110 143 135 (iii) Other Financial Liabilities 146 133 121 (B) Provisions 261 208 248 (C) Deferred Tax Liabilities (Net) 93 88 88 (D) Other Non-Current Liabilities 4 Total Non – Current Liabilities 1,705 3,093 4,055 Current Liabilities (A) Financial Liabilities (i) Borrowings 285 510 546 (ii) Lease liabilities 38 53 63 (iii) Trade Payables 6,946 7,790 7,281 (iv) Other Financial Liabilities 633 944 799 (B) Other Current Liabilities 4,545 5,199 5,195 (C) Provisions 84 78 106 (D) Liabilities for current tax (Net) 60 107 112 Total Current Liabilities 12,591 14,681 14,102 GRAND TOTAL - EQUITIES & LIABILITES 24,494 29,869 31,105 PARTICULARS (INR Mn) FY24 FY25 H1-FY26 ASSETS Non-Current Assets (A) Property, Plant and Equipment 3,018 3,280 5,770 (B) Capital Work-in-progress 607 3,178 2,028 (C) Right-of-Use Assets 383 394 381 (D) Other Intangible Assets 162 203 145 (E) Goodwill 102 102 102 (F) Investment accounted using Equity Method 62 68 76 (G) Financial Assets (i) Investments 55 59 62 (ii) Trade Receivables 42 7 6 (iii) Other Financial Assets 158 154 168 (H) Deferred Tax Assets (Net) 85 77 54 (I) Other Non-Current Assets 308 536 483 (J) Non-Current Tax Assets 6 8 6 Total Non – Current Assets 4,988 8,066 9,281 Current Assets (A) Inventories 2,365 2,990 3,861 (B) Financial Assets (i) Investments 5 4 6 (ii) Trade Receivables 9,348 11,339 10,446 (iii) Cash & Cash Equivalents 1,536 1,493 2,045 (iv) Bank Balances 4,343 3,165 1,856 (v) Loans 79 53 104 (vi) Other Financial Assets 160 133 83 (C) Current Tax Assets (Net) 11 5 6 (D) Other Current Assets 1,659 2,621 3,417 Total Current Assets 19,506 21,803 21,824 GRAND TOTAL – ASSETS 24,494 29,869 31,105
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20 REVENUES (INR Mn) OPERATING EBITDA (INR Mn) PAT (INR Mn) NET DEBT/ EQUITY RETURN RATIOS WORKING CAPITAL DAYS 15,769 19,896 23,479 27,371 20,516 FY22 FY23 FY24 FY25 9M-FY26 2,132 2,550 2,720 2,939 1,902 13.52% 12.82% 11.58% 10.74% 9.27% FY22 FY23 FY24 FY25 9M-FY26 EBITDA EBITDA Margins 1,617 1,950 1,954 2,083 1,189 10.25% 9.80% 8.32% 7.61% 5.80% FY22 FY23 FY24 FY25 9M-FY26 PAT PAT Margins (0.7) (0.6) (0.4) (0.1) 0.01 FY22 FY23 FY24 FY25 H1-FY26 24.7% 23.3% 21.1% 18.7% 32.5% 30.0% 26.9% 22.0% FY22 FY23 FY24 FY25 ROE ROCE ROE = Net Profit/Net worth, ROCE = EBIT/Capital Employed 83 91 99 94 FY22 FY23 FY24 FY25 Consolidated Financial Performance
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21 SHAREHOLDING PATTERN (As on 31st December 2025) Market Data (Bloomberg – ION IN, Reuters – IONX.BO) -60% -50% -40% -30% -20% -10% 0% 10% 20% Jan-25 Jan-25 Feb-25 Mar-25 Apr-25 May-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Oct-25 Nov-25 Dec-25 Ion Exchange Sensex PRICE DATA (As on 31st December 2025) Face value (INR) 1.0 Market Price (INR) 381.0 52 Week H/L (INR) 676.0 / 331.3 Market Cap (INR Mn) 55,880.0 Equity Shares Outstanding (Mn) 146.7 1 Year Avg. trading volume (‘000) 261.6 1 YEAR SHARE PRICE MOVEMENT (UP TO 31st December 2025) Promoter 25.6% Mutual Funds 11.6% Alternative Investment Funds, 2.6% Foreign Portfolio Investors, 4.7% Employee Trust, 16.2% Others, 39.3%
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22 Disclaimer Ion Exchange (India) Limited No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of Ion Exchange (India) Limited (“Company” or “IONEX” ), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. Valorem Advisors Disclaimer: Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review. For further details please contact our Investor Relations Representatives: VALOREM ADVISORS Mr. Anuj Sonpal Tel: +91-22-49039500 Email: ion@valoremadvisors.com Investor kit link: https://valoremadvisors.com/ion
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THANK YOU