NSE: IVP · BSE: 507580
IVP LTD
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 · standalone | 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 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 129 | 149 | 138 | 147 | 145 | 164 | 155 | 172 |
| Profit before tax | 3 | 5 | 2 | 5 | 6 | 12 | 19 | 6 |
| Net profit | 2 | 4 | 1 | 4 | 5 | 9 | 14 | 5 |
| EPS (₹) | 1.84 | 3.71 | 1.15 | 3.87 | 4.48 | 8.58 | 13.57 | 4.50 |
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 | 1,60,821 | 59.9 | 14.07 | 45.7 | 13.2 | 16.6 | 14.9 | 20.4 |
| SRF LTD | 73,182 | 31.9 | 4.78 | 22.8 | 8.3 | 8.6 | 13.4 | 19.3 |
| GUJARAT FLUOROCHEM LTD | 51,700 | 76.4 | 6.12 | 41.6 | 5.4 | 6.5 | 13.5 | 26.9 |
| NAVIN FLUORINE INT. LTD | 46,221 | 50.7 | 10.36 | 43.8 | 11.5 | 11.5 | 23.0 | 34.2 |
| DEEPAK NITRITE LTD | 20,937 | 19.7 | 3.21 | 22.7 | 11.4 | 12.6 | 12.6 | 20.4 |
| AETHER INDUSTRIES LIMITED | 20,745 | 83.0 | 8.00 | 58.3 | 5.0 | 5.9 | — | 31.8 |
| AARTI INDUSTRIES LTD | 16,004 | 21.4 | 2.55 | 17.4 | — | — | 13.0 | 13.1 |
| FINE ORGANIC IND. LTD. | 15,637 | 35.7 | 5.87 | 32.1 | 15.7 | 20.0 | 15.9 | 25.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.5 | 21.9 | 5 of 97 | 96% |
| P/B | 1.0 | 2.5 | 11 of 98 | 88% |
| ROCE | 14.1 | 7.3 | 20 of 97 | 80% |
| ROE | 10.7 | 6.5 | 28 of 94 | 71% |
| Debt / Equity | 0.5 | 0.2 | 75 of 98 | 24% |
| EBITDA margin | 5.1 | 12.5 | 89 of 106 | 16% |
| Revenue growth | 16.8 | 28.1 | 75 of 97 | 23% |
| Profit growth | 16.3 | 49.9 | 63 of 94 | 33% |
| Market cap | 176 | 697 | 77 of 108 | 29% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · IVP reconstitutes three board committees | management changes | medium | — | — |
| 4 Nov 2026 · IVP chairman Rajkumar Lekhwani resigns from the board | management changes | high | — | — |
| 4 Nov 2026 · Rajkumar Lekhwani steps down as chairman; Deepak Jajodia joins board | management changes | medium | — | — |
| 4 Nov 2026 · IVP profit rises 16%; chairman changed and new director proposed | board shareholder meetings | low | — | — |
| 4 Nov 2026 · IVP Q2 FY27 revenue up 16.8%, profit up 16.3%, half-year cash used in operations | results | high | — | — |
| 27 Oct 2026 · IVP to approve Q2 and H1 FY2026-27 results on November 4 | results | low | — | — |
| 8 Oct 2026 · Quarterly compliance certificate for dematerialisation of securities | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closes from October 1, 2026 for Q2 results | compliance | minimal | — | — |
| 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 | — | — |
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.