NSE: IPRINGLTD · BSE: 523638
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). AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manufacture of Auto Components (100%). Single-segment, asset-heavy auto component manufacturer exposed to automotive demand cycles.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 273 | 323 | 317 | 303 | 337 |
| EBITDA (ex other income) | 33 | 26 | 23 | 22 | 29 |
| margin % | 12.1 | 8.0 | 7.3 | 7.3 | 8.5 |
| Owners' profit | 0 | 0 | 0 | (4) | 0 |
| EPS, as reported (₹) | 6.47 | 1.32 | (2.55) | (3.49) | 1.36 |
| ROE % · ROCE % | 7.3 · 12.3 | 1.5 · 8.3 | (3.0) · 5.9 | (4.4) · 4.8 | 1.7 · 10.9 |
| Debt / equity (x) | 0.97 | 0.86 | 0.79 | 0.98 | 1.16 |
| Cash from operations | 25 | 43 | 38 | 13 | 16 |
| Capex | (26) | (12) | (10) | (15) | (23) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 82 | 79 | 58 | 84 | 82 | 84 | 85 | 87 |
| Profit before tax | 0 | (1) | (5) | 1 | 1 | 1 | 1 | 2 |
| Net profit | 0 | (1) | (4) | 0 | 0 | 0 | 0 | 1 |
| EPS (₹) | 0.20 | (0.76) | (3.10) | 0.27 | 0.13 | 0.24 | 0.09 | 0.89 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 103.6 | 25.3 | 111 of 119 | 7% |
| P/B | 1.7 | 3.2 | 28 of 117 | 77% |
| ROCE | 2.4 | 12.6 | 110 of 125 | 12% |
| ROE | 1.7 | 11.7 | 107 of 117 | 9% |
| Debt / Equity | 1.2 | 0.3 | 109 of 117 | 7% |
| EBITDA margin | 11.3 | 12.2 | 68 of 118 | 43% |
| Revenue growth | 2.8 | 20.2 | 100 of 113 | 12% |
| Profit growth | 230.4 | 24.4 | 7 of 115 | 95% |
| Market cap | 177 | 1460 | 98 of 126 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Routine compliance certificate for share dematerialization filed | compliance | minimal | — | — |
| 7 Oct 2026 · Board meeting on 13 Nov 2026 to approve Q2 and H1 FY27 results | results | low | — | — |
| 26 Sept 2026 · Trading window closed for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 24 Aug 2026 · IP Rings shareholders approve director changes at AGM | management changes | medium | — | — |
| 24 Aug 2026 · IP Rings shareholders approve all four resolutions at 35th AGM | board shareholder meetings | medium | — | — |
| 24 Aug 2026 · IP Rings shareholders approve all four AGM resolutions | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · Q1 FY27 results: Revenue up 18%, PAT jumps over 3 times YoY | results | high | — | — |
| 13 Aug 2026 · The Board of Directors of the Company at its meeting held today Viz, Thursday, August 13, 2026, considered and approved the unaudited (Standalone and Consolidated) Financial Results for .... | results | high | — | — |
| 1 Aug 2026 · IP Rings signs lease for additional manufacturing facility | capex operations | medium | — | — |
| 28 Jul 2026 · Notice of 35th AGM on August 24, 2026 via video conferencing | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.