What happens after a factory reset?

[Perenista]

I have an iPAD 4. It has iOS 9. Will this factory reset return to the original conditions, which means the older iOS installed in iPAD 4?

 

[twerppoet]

No. A factory reset (restore without backup), only deletes all data and settings. Whatever version of iOS that is currently installed will still be installed.

There is no way to roll back an iOS version once Apple stops signing it. Currently only iOS 8.4.1 and iOS 9 can be installed; and installing iOS 8.4.1 requires a few non-standard steps.