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IVP - IVP

📊 NSE: IVP 🏢 Chemicals 📅 Last Updated: 12/14/2025 8:28

📢 Recent Corporate Announcements

IVP Limited Q3 FY26 PAT Surges 145% YoY to ₹4.63 Crore; Revenue Up 12%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Mar 2026, 05:24 PM

IVP Limited reported a strong financial performance for Q3 FY26, with revenue from operations growing 12% YoY to ₹144.97 crore. The company's profitability saw a massive boost as EBITDA rose 54% YoY to ₹9.86 crore and Profit After Tax (PAT) jumped 145% YoY to ₹4.63 crore. EBITDA margins improved significantly by 175 basis points to 6.48%, driven by operational efficiencies. For the nine-month period ended December 2025, PAT increased by 31% to ₹9.82 crore, reflecting steady growth across its foundry and polyurethane business verticals.

Q3 FY26 Revenue increased 12% YoY to ₹144.97 crore, while 9M FY26 revenue rose 10% to ₹430.11 crore.
Net Profit (PAT) for the quarter surged by 145% YoY to ₹4.63 crore compared to ₹1.89 crore in Q3 FY25.
EBITDA margin expanded by 175 bps YoY to 6.48% in Q3 FY26, up from 4.73% in the previous year.
Foundry applications contribute 55-60% of revenue, while the footwear solutions segment contributes 35-40%.
The company maintains a total annual production capacity of over 50,000 tonnes across Tarapur and Bengaluru sites.

💡 Investors should note the significant margin expansion and triple-digit PAT growth, which suggests strong operational leverage. The stock warrants a positive outlook if the company can sustain these improved margins amidst volatile raw material prices.

IVP Ltd Q3 PAT Surges 145% YoY to ₹4.63 Cr; Revenue Up 12% Despite Fraud Provision

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 29 Jan 2026, 04:53 PM

IVP Limited reported a robust performance for the quarter ended December 31, 2025, with net profit jumping 145% year-on-year to ₹4.63 crore. Revenue from operations grew by 12% to ₹144.97 crore, driven by steady demand in its chemicals segment. The company managed to deliver strong bottom-line growth despite an exceptional charge of ₹46 lakhs for new labour codes and a ₹52 lakh provision related to a sales employee fraud. Total provisions for the identified customer record falsification now stand at ₹1.95 crore, which the management claims is fully covered.

Net Profit increased by 145% YoY to ₹4.63 crore in Q3 FY26 compared to ₹1.89 crore in Q3 FY25.
Revenue from operations rose 12% YoY to ₹144.97 crore from ₹129.36 crore.
Earnings Per Share (EPS) improved significantly to ₹4.48 from ₹1.84 in the previous year's quarter.
Recognized an exceptional item of ₹46 lakhs due to the implementation of new Labour Codes effective November 2025.
Disclosed a ₹1.95 crore total provision for customer record falsification by a sales employee, with ₹52 lakhs recognized in the current quarter.

💡 Investors should view the strong operational growth and margin expansion positively, as the company has effectively absorbed the impact of one-time provisions. Monitor the ongoing investigation into the sales fraud to ensure no further material liabilities arise.

IVP Q3 PAT Surges 145% YoY to ₹4.63 Cr; Revenue Up 12% to ₹145 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 29 Jan 2026, 04:45 PM

IVP Limited reported a strong performance for Q3 FY26, with revenue from operations growing 12% year-on-year to ₹144.97 crore. Net profit saw a significant jump of 145%, reaching ₹4.63 crore compared to ₹1.89 crore in the same quarter last year. The company managed to improve its bottom line despite an exceptional charge of ₹46 lakhs related to new labor code regulations. However, the company also disclosed a sales-related fraud involving ₹1.95 crore, which has been fully provided for in the accounts.

Revenue from operations increased by 12% YoY to ₹14,497 lakhs in Q3 FY26.
Net Profit (PAT) grew by 145% YoY to ₹463 lakhs from ₹189 lakhs in the previous year.
Earnings Per Share (EPS) rose significantly to ₹4.48 from ₹1.84 YoY.
Exceptional item of ₹46 lakhs recognized due to the implementation of new Labour Codes effective Nov 2025.
Disclosed a sales employee fraud of ₹195 lakhs, with the final ₹52 lakhs provisioned this quarter.

💡 Investors should take note of the strong operational turnaround and margin expansion, while keeping a watch on the company's internal control measures following the fraud disclosure.

IVP Ltd Reports Employee Fraud of Rs. 1.95 Crore; FIR Filed Against Sales Employee

🔴 NEGATIVE ⭐ 7/10

LEGAL 📅 29 Jan 2026, 02:39 PM

IVP Limited has disclosed a fraud involving a sales employee, Mr. Ravi Ranjan Jha, who was found misrepresenting and falsifying customer records. The total financial impact has been quantified at Rs. 195 Lakhs (Rs. 1.95 Crores). The company has already made a full provision for this amount in its books, ensuring no further impact on regular operations. An FIR application has been filed with the Byculla Police Station, and the company has strengthened its customer onboarding processes to prevent future occurrences.

Total fraud amount quantified at Rs. 195 Lakhs (Rs. 1.95 Crores)
Fraud involved misrepresentation and falsification of customer documents by a sales employee
Company has filed an application for an FIR against the accused, Mr. Ravi Ranjan Jha
Full financial provision has been made in the books, mitigating future P&L shocks
Corrective measures include making the customer onboarding process more robust

💡 While the financial impact is limited and already provisioned, investors should monitor for any further disclosures regarding internal control weaknesses. The stock may face short-term sentiment pressure due to the nature of the event.

IVP Limited Reports Employee Fraud Involving Falsification of Customer Records

🔴 NEGATIVE ⭐ 8/10

LEGAL 📅 13 Jan 2026, 07:27 PM

IVP Limited has disclosed a fraud committed by a sales employee, Mr. Ravi Ranjan Jha, involving the misrepresentation and falsification of customer documents. The company identified the issue during a preliminary investigation and is currently in the process of filing a formal complaint against the individual. While the fraud occurred over an extended period, the exact financial impact and the duration of the activity have not yet been determined. The company has committed to providing further updates as the investigation concludes.

Fraud involves sales employee Mr. Ravi Ranjan Jha regarding falsification of customer records
Total financial impact is currently unascertained and pending further investigation
The fraudulent activities were committed over an extended period of time
Company is in the process of filing a formal complaint against the involved individual

💡 Investors should monitor subsequent disclosures for the quantified financial impact and evaluate the company's internal audit controls for potential systemic weaknesses.

IVP Limited Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 05:24 PM

IVP Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests received during the quarter ended December 31, 2025, were processed within prescribed timelines. It further verifies that security certificates were mutilated and cancelled after due verification, and the depositories' names were updated in the register of members. This is a standard procedural filing required to ensure the integrity of the shareholding process.

Compliance certificate submitted for the quarter ended December 31, 2025
Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Private Limited
Verified that dematerialized securities are listed on the stock exchanges where earlier securities were listed
Confirmed that security certificates were mutilated and cancelled as per SEBI regulations
Registration of depositories as owners in the register of members completed within timelines

💡 No action is required from investors as this is a routine regulatory filing confirming the company's adherence to standard administrative procedures.

IVP Limited Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 02:37 PM

IVP Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's quarterly earnings release. The window will remain closed until 48 hours after the unaudited financial results for the quarter ended December 31, 2025, are declared. This is a standard regulatory procedure for listed companies to prevent insider trading during the financial result finalization period.

Trading window closure effective from Thursday, January 1, 2026.
Closure is related to the declaration of unaudited financial results for the quarter ended December 31, 2025.
Restriction applies to Promoters, Directors, KMPs, and designated insiders.
The window will reopen 48 hours after the financial results are made public.
The specific date for the board meeting to approve results will be announced separately.

💡 No action is required as this is a routine regulatory filing. Investors should monitor for the upcoming board meeting date to review the Q3 FY2025-26 financial performance.

View All IVP Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall revenue grew 10% YoY in H1 FY26 to INR 285.14 Cr from INR 260.27 Cr. While segment-specific revenue figures are not provided, the company reported a revival in demand for Foundry Chemicals and Polyurethane (PU) Chemicals, which drove a 20% YoY revenue increase in Q2 FY26 (INR 146.95 Cr vs INR 122.01 Cr).

Profitability Margins

Gross margins are impacted by raw material costs which represent 80.6% of revenue (INR 229.75 Cr in H1 FY26). Net Profit After Tax (PAT) for H1 FY26 was INR 5.19 Cr, a 7% decline from INR 5.59 Cr in H1 FY25, primarily due to higher finance and operating costs.

EBITDA Margin

EBITDA margin for H1 FY26 stood at 5.02%, a decrease of 34 bps from 5.36% in H1 FY25. However, Q2 FY26 showed significant recovery with an EBITDA margin of 6.12%, up 94 bps YoY and 228 bps QoQ, driven by operational efficiencies and festive demand.

Capital Expenditure

Not disclosed in available documents, though the company is focusing on 'Balance Sheet Optimisation' and deleveraging rather than heavy new capital outlays.

Credit Rating & Borrowing

Current borrowings as of September 30, 2025, were INR 99.99 Cr. Finance costs increased 18% YoY to INR 4.30 Cr in H1 FY26 from INR 3.64 Cr, indicating an approximate annualized borrowing cost of 8.6%.

⚙️ Operational Drivers

Raw Materials

Commodity chemicals, specifically those used in Foundry Chemicals and Polyurethane (PU) production. Raw material costs represent 80.6% of total revenue.

Import Sources

Not disclosed in available documents, though the company mentions facing 'competitive pricing pressures from imports,' implying a global trade sensitivity.

Capacity Expansion

The company currently operates 2 state-of-the-art manufacturing sites. Specific MTPA capacity or planned expansion figures are not disclosed.

Raw Material Costs

Cost of materials consumed was INR 229.75 Cr in H1 FY26, a 10.4% increase from INR 208.03 Cr in H1 FY25, tracking closely with revenue growth.

Manufacturing Efficiency

Operational efficiencies were cited as a key driver for the 228 bps QoQ improvement in EBITDA margins during Q2 FY26.

📈 Strategic Growth

Growth Strategy

The company is transitioning from Foam to innovative Non-Foam applications like Flexible Packaging to tap into faster industry growth and higher margins. It aims to expand domestic market share by leveraging its 90-year legacy and the Allana Group's credibility while focusing on deleveraging to strengthen the balance sheet.

Products & Services

Foundry Chemicals, Polyurethane (PU) Chemicals, and Flexible Packaging solutions.

Brand Portfolio

IVP Limited.

New Products/Services

Flexible Packaging solutions (Non-Foam PU applications) are expected to be a major contributor to future margin expansion.

Market Expansion

Focusing on expanding domestic market share and enhancing customer engagement levels in the remainder of FY26.

Market Share & Ranking

First Indian company to produce Foundry Chemicals; specific market share % not disclosed.

Strategic Alliances

Part of the Allana Group, which provides enhanced market credibility and stakeholder trust.

🌍 External Factors

Industry Trends

The industry is shifting toward specialized chemical applications like Flexible Packaging. IVP is positioning itself to move away from low-margin commodity chemicals toward these high-growth segments.

Competitive Landscape

Faces intense competition from both domestic players and international imports in the commodity chemical space.

Competitive Moat

Durable advantages include a 90+ year track record, established manufacturing infrastructure, and the corporate legacy of the Allana Group. These provide a trust-based moat in a competitive industrial B2B market.

Macro Economic Sensitivity

Highly sensitive to rural consumption and monsoon patterns, which drive demand in the manufacturing and consumer goods sectors (8.2% GDP growth context).