IP RINGS LTD.

Manufactures piston rings, differential gears, pole wheels and transmission components for the automotive industry. In FY26, revenue from operations grew 11% year-on-year to Rs 336.79 crore, and the company swung back to a consolidated net profit of Rs 1.72 crore from a loss in the prior year. The entire business sits under a single "Manufacture of Auto Components" reporting segment. In June 2026, it signed a Business Transfer Agreement to acquire, on a slump sale, the Exhaust After Treatment Systems business of its 50% joint venture IPR Eminox Technologies, which had an FY26 turnover of Rs 39 crore; IP Rings will take on fixed assets of Rs 2.67 crore, working capital of Rs 2.08 crore and bank liabilities of Rs 3.45 crore for a token Rs 1 consideration. In August 2026 it signed a lease to set up an additional manufacturing facility to add production capacity. It operates through a subsidiary, IPR North America Inc., and a joint venture, PREMILEX Technologies. The original technology collaboration with Nippon Piston Ring Co., Ltd. was mutually terminated following NPR's merger with RIKEN in Japan, though IP Rings continues to use the existing NPR technology royalty-free and retains access to future technologies such as PVD coating and advanced oil ring designs. The biggest cost line is raw materials at 33.3% of revenue (Rs 112.05 crore), followed by other operating expenses at 51% (Rs 171.82 crore) and employee costs at 11.6% (Rs 39.22 crore).