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IVP Q2 FY27 results: net profit up 16.3% to ₹4.65 crore, revenue up 16.8%
IVP Limited reported standalone revenue of ₹171.68 crore for Q2 FY27, up 16.8% from ₹146.95 crore a year earlier. Net profit rose 16.3% to ₹4.65 crore and basic EPS was ₹4.50, but profit and EBITDA margin fell from the previous quarter as total expenses rose faster than revenue.
Key points
- Q2 FY27 standalone revenue was ₹171.68 crore, up ₹24.73 crore or 16.8% from Q2 FY26.
- EBITDA was ₹8.69 crore at a 5.1% margin, against ₹8.10 crore and 5.5% a year earlier.
- Net profit was ₹4.65 crore, up ₹0.65 crore or 16.3% year on year, and basic EPS was ₹4.50.
- Against Q1 FY27, revenue rose 11.0% while net profit fell 66.8% to ₹4.65 crore.
- In H1 FY27, revenue was ₹326.41 crore and net profit was ₹18.67 crore, against ₹285.14 crore and ₹5.19 crore in H1 FY26.
How did IVP perform in Q2 FY27?
IVP Limited reported standalone revenue of ₹171.68 crore for Q2 FY27, up ₹24.73 crore or 16.8% from ₹146.95 crore in Q2 FY26. Total income was ₹172.57 crore against ₹147.84 crore, while EBITDA rose to ₹8.69 crore from ₹8.10 crore. The EBITDA margin was 5.1%, 0.4 percentage points lower than the 5.5% reported a year earlier.
Profit before tax was ₹6.27 crore, up ₹0.97 crore or 18.3% from ₹5.30 crore. After tax of ₹1.62 crore, net profit was ₹4.65 crore, up ₹0.65 crore or 16.3% from ₹4 crore. Basic EPS was ₹4.50 against ₹3.87, and the profit margin was unchanged at 2.7%.
Sequentially, revenue rose ₹16.95 crore or 11.0% from ₹154.73 crore in Q1 FY27, while EBITDA fell 57.8% to ₹8.69 crore from ₹20.59 crore and the EBITDA margin fell 8.2 percentage points to 5.1%. Net profit fell 66.8% to ₹4.65 crore from ₹14.02 crore, and basic EPS fell to ₹4.50 from ₹13.57. The figures are standalone; no consolidated basis is given.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 171.68 | 154.73 | 146.95 | +16.8% | +11.0% |
| Other income | 0.89 | 1.09 | 0.89 | +0.0% | −18.3% |
| Total expenses | 166.30 | 137.06 | 142.54 | +16.7% | +21.3% |
| EBITDA | 8.69 | 20.59 | 8.10 | +7.3% | −57.8% |
| EBITDA margin | 5.1% | 13.3% | 5.5% | −0.4 pp | −8.2 pp |
| Profit before tax | 6.27 | 18.76 | 5.30 | +18.3% | −66.6% |
| Tax | 1.62 | 4.74 | 1.30 | +24.6% | −65.8% |
| Net profit | 4.65 | 14.02 | 4 | +16.3% | −66.8% |
| EPS (₹) | 4.50 | 13.57 | 3.87 | +16.3% | −66.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in IVP's costs and profit?
Total expenses rose ₹23.76 crore or 16.7% to ₹166.30 crore from ₹142.54 crore in Q2 FY26. Cost of materials consumed was the largest increase, up ₹18.81 crore or 16.1% to ₹135.79 crore, while employee cost rose ₹1.17 crore or 21.6% to ₹6.59 crore and depreciation rose ₹0.05 crore or 3.3% to ₹1.55 crore.
Finance costs fell ₹0.43 crore or 19.6% to ₹1.76 crore, and other expenses fell ₹0.62 crore or 3.9% to ₹15.46 crore. Other income was unchanged at ₹0.89 crore. Tax rose ₹0.32 crore or 24.6% to ₹1.62 crore. There was no exceptional item in the quarter, and the filing does not state why the cost lines moved as they did.
Against Q1 FY27, total expenses rose ₹29.24 crore or 21.3% to ₹166.30 crore. Cost of materials consumed rose ₹6.13 crore or 4.7%, employee cost ₹0.34 crore or 5.4%, finance costs ₹0.38 crore or 27.5% and depreciation ₹0.01 crore or 0.6%, while other expenses fell ₹0.56 crore or 3.5%. Other income fell ₹0.20 crore or 18.3% to ₹0.89 crore and tax fell ₹3.12 crore or 65.8% to ₹1.62 crore. No exceptional item was reported.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 135.79 | 116.98 | +18.81 | +16.1% |
| Employee cost | 6.59 | 5.42 | +1.17 | +21.6% |
| Finance costs | 1.76 | 2.19 | −0.43 | −19.6% |
| Depreciation | 1.55 | 1.50 | +0.05 | +3.3% |
| Other expenses | 15.46 | 16.08 | −0.62 | −3.9% |
| Total expenses | 166.30 | 142.54 | +23.76 | +16.7% |
| Other income | 0.89 | 0.89 | 0 | +0.0% |
| Tax | 1.62 | 1.30 | +0.32 | +24.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue was ₹326.41 crore, up ₹41.27 crore or 14.5% from ₹285.14 crore in H1 FY26. Total income was ₹328.39 crore against ₹287.09 crore, an increase of ₹41.30 crore or 14.4%.
Profit before tax for the half year was ₹25.03 crore, up ₹18.03 crore or 257.6% from ₹7.00 crore, and net profit was ₹18.67 crore, up ₹13.48 crore or 259.7% from ₹5.19 crore. Basic EPS for the half year was ₹18.07 against ₹5.02.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 326.41 | 285.14 | +14.5% |
| Profit before tax | 25.03 | 7 | +257.6% |
| Net profit | 18.67 | 5.19 | +259.7% |
| EPS (₹) | 18.07 | 5.02 | +260.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹356.90 crore against ₹342.08 crore at 31 March 2026. Total equity rose to ₹174.77 crore from ₹157.09 crore, while borrowings increased to ₹78.51 crore from ₹65.37 crore and cash fell to ₹0.67 crore from ₹3.14 crore. Inventories were ₹86.64 crore against ₹73.85 crore, trade receivables ₹194.47 crore against ₹186.30 crore, and trade payables ₹92.50 crore against ₹109.98 crore.
For H1 FY27, operating cash flow was negative ₹9.35 crore, against ₹9.61 crore a year earlier, and investing cash flow was negative ₹2.20 crore against negative ₹0.64 crore. Financing cash flow was positive ₹9.14 crore, against negative ₹9.76 crore, and capital expenditure was ₹2.28 crore compared with ₹0.71 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 356.90 | 342.08 |
| Total equity | 174.77 | 157.09 |
| Borrowings | 78.51 | 65.37 |
| Cash and equivalents | 0.67 | 3.14 |
| Inventories | 86.64 | 73.85 |
| Trade receivables | 194.47 | 186.30 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −9.35 | 9.61 |
| Cash from investing | −2.20 | −0.64 |
| Cash from financing | 9.14 | −9.76 |
| Capital expenditure | 2.28 | 0.71 |
Source: Company's results filing (XBRL).
How has IVP done over the last 8 quarters?
Revenue rose in each of the last five quarters on a year-on-year basis and profit also rose year on year in each of those quarters. Revenue reached its highest point of the period shown at ₹171.68 crore in Q2 FY27, while the lowest was ₹129.36 crore in Q3 FY25.
Profit after tax bottomed at ₹1.19 crore in Q1 FY26 and peaked at ₹14.02 crore in Q1 FY27 before falling to ₹4.65 crore in Q2 FY27. The EBITDA margin followed a similar shape, bottoming at 3.1% in Q1 FY26, peaking at 13.3% in Q1 FY27 and easing to 5.1% in the latest quarter.
What else did the company announce?
The board approved the unaudited financial results for the quarter and half year ended 30 September 2026, along with the limited review report of Rajendra & Co., Chartered Accountants. It also approved the appointment of Deepak Kumar Jajodia as an additional non-executive, non-independent director with effect from 4 November 2026, subject to shareholder approval, and approved the notice of a postal ballot for that appointment.
The board took on record Rajkumar Lekhwani's request to step down as director and chairman of the board and of the company with effect from the close of business hours on 4 November 2026, and from all committee positions. Ranjeev Lodha, a non-executive independent director, was designated chairman of the board and of the company with effect from 4 November 2026. The board also reconstituted the Nomination & Remuneration, Stakeholders Relationship and Corporate Social Responsibility committees.
How did IVP shares react?
After the filing on 4 November 2026, the IVP share price fell 5.0% within 5 minutes, 6.1% within 15 minutes and 5.7% within 30 minutes. By the close of the reaction day, the stock was down 6.3% from its pre-results close of ₹182.51. The Specialty Chemicals sector's median move over the same close was 0.7%, so IVP underperformed the industry median by 7.0 percentage points.
Earlier reaction-day moves were mixed: the stock was down 0.3% on 13 July 2026, up 6.3% on 21 May 2026, up 9.3% on 29 January 2026, up 3.4% on 5 November 2025, down 5.5% on 31 July 2025 and down 0.5% on 15 May 2025. It was up 0.5% on 30 January 2025 and down 6.2% on 11 November 2024.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | −5.0% | |
| 15 minutes | −6.1% | |
| 30 minutes | −5.7% | |
| Reaction day | −6.3% | +0.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 July 2026 | −0.3% |
| 21 May 2026 | +6.3% |
| 29 January 2026 | +9.3% |
| 5 November 2025 | +3.4% |
| 31 July 2025 | −5.5% |
| 15 May 2025 | −0.5% |
| 30 January 2025 | +0.5% |
| 11 November 2024 | −6.2% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
Among the 64 Specialty Chemicals companies compared for this quarter, the median revenue growth was 28.9%. Of the other companies, 51 grew revenue faster than IVP and 13 grew revenue more slowly. Profit was higher at 51 of the 60 companies for which profit was compared.
| IVP revenue growth (YoY) | +16.8% |
|---|---|
| Median of 64 other Specialty Chemicals companies | +28.9% |
| Companies with slower revenue growth than IVP | 13 of 64 |
| Companies with faster revenue growth than IVP | 51 of 64 |
| Companies whose net profit rose | 51 of 60 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was IVP's revenue in Q2 FY27?
Revenue from operations was ₹171.68 crore, up 16.8% from ₹146.95 crore in Q2 FY26 (standalone).
Did IVP make a profit in Q2 FY27?
Yes. Net profit was ₹4.65 crore, against a net profit of ₹4 crore in Q2 FY26.
What was IVP's EPS in Q2 FY27?
Basic earnings per share were ₹4.50, against ₹3.87 in Q2 FY26.
How did IVP shares react to the Q2 FY27 results?
On the reaction day the stock moved −6.3% from the previous close; the median Specialty Chemicals stock moved +0.7%.
When did IVP announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.