IVP Limited (IVP)
₹218.85 -3.24% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, IVP's revenue was ₹155 Cr (+12.0% year on year, -5.9% on the previous quarter), and net profit ₹14.0 Cr; the operating margin was 13.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹155 | +12.0% | -5.9% |
| Operating profit | ₹20.6 | +384.5% | +50.3% |
| Net profit | ₹14.0 | — | +58.2% |
| EPS (₹) | 13.57 | — | +58.2% |
| Operating margin | 13.3% | — | — |
IVP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.81% of the IVP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.88%. That is close to its usual level. Turnover was only ₹54 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 45.5% · 56.2% · 60.4% · 61.4% · 50.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
IVP Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate from Registrar and Transfer Agent MUFG Intime India confirms that all securities received for dematerialisation during the quarter were duly processed, accepted/rejected, and listed on the exchanges. Additionally, physical certificates were cancelled and mutilated as per required regulatory timelines. This is a recurring administrative compliance filing with no impact on operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018 for the quarter ended September 30, 2026.
- RTA MUFG Intime India confirmed verification and mutilation of physical certificates within prescribed timelines.
- Filing officially submitted to BSE and NSE on October 8, 2026.
IVP Limited has announced an update regarding an ongoing employee fraud matter under SEBI Regulation 30. The accused individual, Ravi Ranjan Jha, has filed a Writ Petition challenging the FIR and legal proceedings initiated by the company. IVP stated it is taking necessary legal steps to safeguard its interests, with no financial exposure quantified in this disclosure. Given IVP's TTM net profit of Rs 7 Cr and market cap of Rs 222 Cr, any unrecovered losses from the fraud remain an area to monitor.
- Intimation filed on September 9, 2026, under Regulation 30(7) of SEBI LODR Regulations
- Accused employee Ravi Ranjan Jha filed a Writ Petition against the FIR and legal actions initiated by IVP
- Company is pursuing legal steps to protect its interests; further updates to be disclosed as they occur
- Financial quantum of the fraud was not disclosed in the filing
The Hon'ble Bombay High Court has ruled in favor of IVP Limited in Writ Petition No. 3530 of 2022 against the Mumbai Port Authority (MBPA). The court quashed all notifications, orders, and demand notices seeking revised Scale of Rates (SOR) and retrospective rent arrears from 2012 up to March 31, 2024. Rent payable up to March 31, 2024 will continue under Compromise Proposal rates. For the period starting April 1, 2024, MBPA is permitted to determine rent provided it is fair, reasonable, and non-profiteering.
- Bombay High Court quashed MBPA demand notices and revised SOR seeking retrospective arrears from 2012 to March 31, 2024.
- Rent up to March 31, 2024 confirmed to continue under Compromise Proposal rates upheld by the Supreme Court.
- MBPA permitted to fix fresh rent from April 1, 2024 onwards under fair, reasonable, and non-profiteering principles.
IVP Limited has published its latest corporate investor presentation detailing its strategic focus and historical financial track record. In FY26, the company reported revenue of ₹595 crore with an EBITDA of ₹39 crore (6% margin) and PAT of ₹19 crore. The business operates across two core segments (Phenolic and PU Resins) with over 50,000 tonnes annual production capacity. Total short-term borrowings declined to ₹65 crore in FY26, lowering the debt-to-equity ratio to 0.42x from 0.75x in FY25.
- Installed manufacturing capacity stands at 50,000+ tonnes per annum across Tarapur and Bengaluru facilities
- FY26 revenue reached ₹595 crore with PAT improving to ₹19 crore (3% net margin)
- Short-term borrowings reduced to ₹65 crore in FY26, improving Debt/Equity to 0.42x
- Footwear solutions represent 60-65% of revenue, Foundry applications 30-40%, and Flexible Packaging 5-10%
- Operating cash flow stood at ₹53 crore in FY26 compared to negative ₹2 crore in FY25
IVP Limited shareholders approved the re-appointment of two Independent Directors, Mr. Ranjeev Lodha and Ms. Mala Todarwal, during the 97th AGM held on August 6, 2026. Both directors have been appointed for a second consecutive five-year term, ensuring board continuity as the company transitions toward high-margin flexible packaging. Mr. Lodha's term extends to July 2031, while Ms. Todarwal's term extends to June 2031. This administrative update confirms the stability of the board's oversight for the Rs 166 Cr market cap company.
- Re-appointment of 2 Independent Directors for second 5-year terms approved by Special Resolution
- Mr. Ranjeev Lodha re-appointed from July 28, 2026, to July 27, 2031
- Ms. Mala Todarwal re-appointed from June 11, 2026, to June 10, 2031
- Approvals obtained at the 97th Annual General Meeting held on August 6, 2026
IVP Limited has received shareholder approval at its 97th Annual General Meeting for the re-appointment of two Independent Directors, Mr. Ranjeev Lodha and Ms. Mala Todarwal. Both directors will serve a second consecutive five-year term, ensuring board continuity as the company navigates its transition into high-margin flexible packaging. The re-appointments were passed via special resolutions on August 6, 2026. This is a routine governance action for the small-cap chemical firm, which has a TTM revenue of ₹267 Cr.
- Re-appointment of Mr. Ranjeev Lodha for a second 5-year term effective from July 28, 2026, to July 27, 2031.
- Re-appointment of Ms. Mala Todarwal for a second 5-year term effective from June 11, 2026, to June 10, 2031.
- Approvals were finalized during the 97th Annual General Meeting held on August 6, 2026.
- Both appointments were secured through the passing of Special Resolutions by the members.
IVP Limited concluded its 97th Annual General Meeting on August 6, 2026, where shareholders approved all eight proposed resolutions with a requisite majority. Key approvals included the adoption of FY26 audited financial statements, declaration of a dividend, and the re-appointment of three directors. Total voting participation stood at 69.63% of the total share capital, heavily driven by the promoter group which cast 7,188,399 votes (97.6% of their holding) in favor of all resolutions. Public non-institutional participation remained low, with only 2,184 votes polled.
- 97th Annual General Meeting successfully conducted on August 6, 2026, via video conferencing.
- Total of 7,190,583 votes were polled, representing 69.63% of the company's total shares.
- Promoter group participation was 97.61% of their total 7,364,316 shares, with 100% voting in favor.
- Shareholders approved the re-appointment of Mr. Ranjeev Lodha and Ms. Mala Todarwal as Independent Directors.
- Public non-institutional shareholders polled only 2,184 votes out of a possible 2,954,435 shares (0.07% participation).
IVP Limited reported a stellar Q1 FY27 with net profit surging to ₹14.02 Cr from ₹1.19 Cr YoY, driven by a 12% revenue growth and significantly improved margins. A major legal risk was mitigated as the City Civil Court quashed a ₹136.81 Cr demand from the Mumbai Port Authority, which represented nearly 82% of the company's market cap. Operationally, the company successfully resolved a brief 10-day regulatory closure at its Tarapur unit in July 2026. The results reflect the company's strategic shift toward higher-margin flexible packaging solutions.
- Net Profit increased 1078% YoY to ₹14.02 Cr in Q1 FY27.
- Revenue from operations grew 12% YoY to ₹154.73 Cr.
- City Civil Court quashed a ₹136.81 Cr eviction and damage demand on July 24, 2026.
- Finance costs decreased by 34.6% YoY to ₹1.38 Cr.
- Tarapur manufacturing unit resumed operations on July 9, 2026, after a brief MPCB closure.
The Hon'ble City Civil Court, Mumbai, has quashed and set aside an earlier order passed by the Estate Officer of the Mumbai Port Trust (MBPT) against IVP Limited. The court's order, dated July 24, 2026, remands the matter back to the Estate Officer for fresh adjudication on its merits. This provides procedural relief to the company, as the previous adverse order is no longer in effect, though the final outcome remains pending. Given IVP's small market cap of ₹156 Cr and TTM PAT of ₹7 Cr, property-related disputes at its Mumbai premises could have material financial implications.
- City Civil Court, Mumbai, issued an order on July 24, 2026, quashing the Estate Officer's previous decision.
- The matter has been remanded back to the Estate Officer for fresh consideration and determination.
- The company is required to be granted an adequate opportunity for a hearing during the fresh adjudication.
- The dispute involves the Mumbai Port Trust (MBPT), relevant to the company's registered office location in Mumbai.
IVP Limited has announced the procedural details for its FY 2025-26 dividend of Rs 1.5 per share, representing a 15% payout on the face value of Rs 10. The record date to determine eligibility is July 30, 2026, with the 97th Annual General Meeting scheduled for August 06, 2026. Shareholders must ensure their PAN is linked with Aadhaar to avoid a higher TDS rate of 20% instead of the standard 10%. Dividend payouts are expected to commence from August 10, 2026, following shareholder approval.
- Recommended dividend of Rs 1.5 per equity share for the financial year ended March 31, 2026.
- Record date for determining shareholder eligibility is fixed for July 30, 2026.
- Standard TDS rate of 10% for resident shareholders with valid PAN; 20% for those without or with unlinked Aadhaar.
- Exemption from TDS for resident individuals if the total dividend received during the tax year does not exceed Rs 10,000.
- Dividend payout is scheduled to begin from August 10, 2026, post-AGM approval.
IVP Limited has announced a final dividend of ₹1.5 per equity share for the financial year 2025-26, representing a 15% payout on its ₹10 face value. The company has fixed July 30, 2026, as the record date to determine eligible shareholders. This dividend is subject to approval at the upcoming 97th Annual General Meeting (AGM) on August 6, 2026. Based on the TTM EPS of ₹6.57, the proposed dividend reflects a payout ratio of approximately 23%.
- Final dividend declared at ₹1.5 per equity share of ₹10 face value
- Record date for determining eligibility is July 30, 2026
- 97th Annual General Meeting scheduled for August 6, 2026
- Dividend payout ratio stands at approximately 22.8% of TTM EPS of ₹6.57
- Payment to be completed within 30 days of the AGM declaration
IVP Limited has scheduled its 97th Annual General Meeting (AGM) for August 6, 2026, to be conducted via video conferencing. The company has dispatched letters to shareholders who have not registered their email addresses, providing them with the web-link to access the Annual Report for the Financial Year 2025-26. This filing is a procedural requirement under SEBI Regulation 30 and 36. Additionally, the company reminded shareholders to update their KYC details to remain eligible for electronic dividend payments.
- 97th Annual General Meeting scheduled for August 6, 2026, at 11:00 AM IST
- Annual Report for the Financial Year 2025-26 made available via web-link for non-registered shareholders
- Compliance with SEBI Regulation 36(1)(b) regarding shareholder communication
- Mandatory KYC update reminder for physical shareholdings as per SEBI circular dated February 6, 2026
IVP Limited has scheduled its 97th Annual General Meeting (AGM) for August 6, 2026, to be conducted virtually. Key agenda items include the approval of a ₹1.50 per share final dividend for FY26 and the re-appointment of statutory auditors for a five-year term. The company is also seeking shareholder approval for the re-appointment of two independent directors and a proposal to pay commissions to non-executive directors capped at 1% of net profits. This follows a financial period where the company recorded TTM revenue of ₹267 Cr and a PAT of ₹7 Cr.
- Proposed final dividend of ₹1.50 per equity share of ₹10 each for the financial year ended March 31, 2026.
- Re-appointment of M/s. Rajendra & Co as Statutory Auditors for a second 5-year term until the 102nd AGM in 2031.
- Proposal to pay commission to Non-Executive Directors not exceeding 1% per annum of net profits starting April 1, 2027.
- Re-appointment of Independent Directors Mr. Ranjeev Lodha and Ms. Mala Todarwal for second 5-year terms.
- AGM scheduled for August 6, 2026, at 11:00 AM IST via Video Conferencing.
IVP Limited has received a revocation order from the Maharashtra Pollution Control Board (MPCB) on July 09, 2026, allowing the immediate restart of its Tarapur manufacturing facility. This follows a closure direction issued on June 29, 2026, which resulted in an approximately 11-day operational halt. As the company operates only two manufacturing sites, the resumption is vital for maintaining its TTM revenue of Rs 267 Cr and its strategic shift toward high-margin flexible packaging.
- MPCB granted revocation of closure directions on July 09, 2026, for the Tarapur facility.
- Operations at the D-19/20, MIDC Area, Tarapur plant to recommence with immediate effect.
- The facility was under closure directions for approximately 11 days since the June 29, 2026, disclosure.
- IVP operates only 2 state-of-the-art manufacturing sites, making this facility critical to production.
- The company reported TTM revenue of Rs 267 Cr and a PAT of Rs 7 Cr prior to this event.
IVP Limited has secured a stay from the City Civil Court, Mumbai, against an order previously issued by the Estate Officer of the Mumbai Port Authority (MBPA). The court order, dated July 07, 2026, halts the execution and operation of the MBPA's directive until the final disposal of the company's statutory appeal. This provides temporary relief regarding a dispute likely related to the company's premises in the Mumbai Port area. While the specific financial impact of the original order was not disclosed, the stay prevents immediate disruption to the status quo.
- Stay order granted by City Civil Court, Mumbai on July 07, 2026
- The stay halts the execution of an order from the Estate Officer, Mumbai Port Authority (MBPA)
- The stay remains in effect until the final disposal of the statutory appeal
- Company operates with a TTM revenue of ₹267 Cr and a Net Worth of ₹157 Cr
- Promoter holding remains stable at 71.32% as of March 2026
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).
Consumer Behavior
Shift toward flexible packaging in consumer goods is driving the company's R&D and product strategy.
Geopolitical Risks
Global trade dynamics and raw material sourcing are monitored closely as they affect the cost of imported chemical inputs.
Regulatory & Governance
Industry Regulations
Subject to chemical manufacturing standards and GST 2.0 reforms which have supported recent economic activity in the sector.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 25.8% (INR 1.81 Cr tax on INR 7.00 Cr PBT).
Risk Analysis
Key Uncertainties
Volatility in raw material prices (80% of costs) and the ability to pass on these costs in a competitive import-heavy market.
Geographic Concentration Risk
Manufacturing is concentrated in 2 sites in India; regional revenue concentration not disclosed.
Technology Obsolescence Risk
Risk of traditional foam applications being replaced by newer materials, which the company is mitigating by moving into Flexible Packaging.
Credit & Counterparty Risk
Trade payables stand at INR 78.50 Cr, while current borrowings are INR 99.99 Cr, indicating a high reliance on short-term credit lines.
