NSE: IVP · BSE: 507580
IVP LIMITED
Manufactures specialty chemicals from a single plant at MIDC Tarapur, Boisar (District Palghar), which was temporarily shut by the Maharashtra Pollution Control Board in late June 2026 over alleged Water Act and Air Act violations and allowed to reopen in early July 2026. FY26 revenue from operations was ₹594.55 crore, up about 10% year-on-year, with net profit of ₹18.68 crore and EBITDA margin around 6.5%. The cost structure is dominated by raw materials at 77.9% of revenue, with employee cost at 3.9% and other operating expenses at 10.9%, consistent with a chemicals compounder. The specific product portfolio, end-use industries and customer mix are not detailed in the available filings. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Specialty chemicals manufacturing. Asset-light specialty chemicals manufacturer with single-plant exposure and material-heavy costs.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 557 | 661 | 546 | 539 | 595 |
| EBITDA (ex other income) | 35 | 53 | 28 | 25 | 34 |
| margin % | 6.3 | 8.0 | 5.1 | 4.7 | 5.8 |
| Owners' profit | 18 | 28 | 12 | 11 | 19 |
| EPS, as reported (₹) | 17.07 | 27.13 | 11.89 | 10.96 | 18.09 |
| ROE % · ROCE % | 19.2 · 35.4 | 23.6 · 40.8 | 9.5 · 19.1 | 8.1 · 16.3 | 11.9 · 20.5 |
| Debt / equity (x) | 1.71 | 1.01 | 0.69 | 0.75 | 0.42 |
| Cash from operations | (21) | 41 | 45 | (2) | 53 |
| Capex | (3) | (6) | (4) | (5) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 122 | 129 | 149 | 138 | 147 | 145 | 164 | 155 |
| Profit before tax | 3 | 3 | 5 | 2 | 5 | 6 | 12 | 19 |
| Net profit | 2 | 2 | 4 | 1 | 4 | 5 | 9 | 14 |
| EPS (₹) | 2.09 | 1.84 | 3.71 | 1.15 | 3.87 | 4.48 | 8.58 | 13.57 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,60,507 | 60.6 | 14.53 | 42.5 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 75,735 | 35.0 | 5.39 | 23.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 50,160 | 81.9 | 6.34 | 39.7 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,479 | 55.0 | 10.94 | 39.2 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 21,738 | 92.2 | 8.85 | 59.0 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 21,715 | 27.7 | 3.70 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 18,033 | 34.0 | 3.03 | 19.0 | 7.0 | 4.4 | 13.0 | 16.2 |
| ATUL LTD | 17,908 | 22.5 | 2.84 | 14.5 | 10.9 | 13.3 | 10.9 | 23.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.3 | 23.7 | 9 of 104 | 92% |
| P/B | 1.5 | 2.8 | 21 of 99 | 80% |
| ROCE | 15.9 | 10.3 | 32 of 108 | 71% |
| ROE | 11.9 | 8.1 | 35 of 101 | 66% |
| Debt / Equity | 0.4 | 0.2 | 76 of 101 | 25% |
| EBITDA margin | 14.0 | 15.5 | 56 of 99 | 44% |
| Revenue growth | 12.0 | 24.4 | 72 of 94 | 24% |
| Profit growth | 1078.2 | 55.1 | 3 of 92 | 98% |
| Market cap | 231 | 707 | 72 of 108 | 34% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Update on employee fraud case - accused files writ petition | regulatory legal | high | — | — |
| 31 Aug 2026 · Bombay HC quashes port authority retrospective rent demands on IVP | regulatory legal | high | — | — |
| 24 Aug 2026 · IVP Limited Q1 FY27 investor presentation shows strong profit growth | investor communications | medium | — | — |
| 6 Aug 2026 · IVP re-appoints Rajendra and Co as Statutory Auditors for 5 years | management changes | medium | — | — |
| 6 Aug 2026 · Re-appointment of Two Independent Directors at AGM | management changes | medium | — | — |
| 6 Aug 2026 · IVP 97th AGM concludes, all 8 resolutions passed including Rs.1.5 dividend | board shareholder meetings | medium | — | — |
| 6 Aug 2026 · IVP Q1 FY27: PAT surges to Rs 14.02 cr, revenue up 12% YoY | results | high | — | — |
| 27 Jul 2026 · Board meeting on Aug 6 2026 to consider Q1 FY27 results | results | low | — | — |
| 25 Jul 2026 · Court quashes Estate Officer order, matter remanded for fresh hearing | regulatory legal | high | — | — |
| 22 Jul 2026 · IVP Limited informs shareholders on TDS rules for final dividend FY26 | 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.