Financial Performance Highlights

Quarterly Performance (Q4 FY26 vs Q4 FY25):

  • Revenue from Operations: ₹164.44 crores (up from ₹149.36 crores in Q4 FY25), representing 10% year-over-year growth
  • Profit After Tax (PAT): ₹8.86 crores (up sharply from ₹3.83 crores in Q4 FY25), representing 131% year-over-year growth
  • EBITDA: ₹14.82 crores (up from ₹8.71 crores in Q4 FY25), representing 70% year-over-year growth
  • EBITDA Margin: 9.01% (improved from 5.83% in Q4 FY25), a 318 basis points improvement
  • Finance Cost: ₹1.37 crores (down 35% from ₹2.10 crores in Q4 FY25)

Full Year Performance (FY26 vs FY25):

  • Revenue from Operations: ₹594.55 crores (up from ₹538.99 crores in FY25), representing 10% year-over-year growth
  • Profit After Tax (PAT): ₹18.68 crores (up from ₹11.31 crores in FY25), representing 65% year-over-year growth
  • EBITDA: ₹38.52 crores (up from ₹28.78 crores in FY25), representing 34% year-over-year growth
  • EBITDA Margin: 6.48% (improved from 5.34% in FY25), a 114 basis points improvement
  • Finance Cost: ₹7.37 crores (down 5% from ₹7.79 crores in FY25)
  • Other Income: ₹4.28 crores (up 20% from ₹3.58 crores in FY25)

Historical Financial Trend (₹ in crores):

| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |

| Revenue | 290 | 557 | 661 | 546 | 539 | 595 |

| PAT | 5 | 18 | 28 | 12 | 11 | 19 |

| EBITDA | 19 | 38 | 42 | 31 | 29 | 39 |

Exceptional Items

The company noted two one-off impacts affecting FY26 performance:

  • Exceptional provision on account of new labour codes
  • Provision relating to matter involving misrepresentation and falsification of customer records by a sales employee, which has been fully investigated and accounted for, with appropriate strengthening of internal controls and processes implemented

Balance Sheet Position (as of March 31, 2026)

  • Total Equity and Liabilities: ₹342 crores
  • Non-Current Assets: ₹71 crores
  • Net Block: ₹69 crores
  • Current Assets: ₹271 crores
  • Inventories: ₹74 crores
  • Trade Receivables: ₹186 crores
  • Cash & Bank Balances: ₹3 crores
  • Other Current Assets: ₹7 crores
  • Current Liabilities: ₹184 crores
  • Short Term Borrowings: ₹65 crores
  • Trade Payables: ₹110 crores
  • Other Current Liabilities: ₹8 crores
  • Long Term Borrowings: ₹0 crores

Cash Flow Statement (FY26)

  • Cash Flow From Operating Activities: ₹53 crores
  • Cash Flow From Investing Activities: (₹3) crores
  • Cash Flow From Financing Activities: (₹48) crores
  • Net Cash Flow: ₹2 crores
  • Cash at Beginning of Year: ₹1 crore
  • Cash at End of Year: ₹3 crores

Business Overview

IVP Limited, established in 1929 and part of the Allana Group, operates in two core business verticals: Phenolic Resins and Polyurethane Resins. The company serves diverse industries with specialized products.

Manufacturing Facilities:

1. Tarapur Facility: 12-acre site with 50,000 MT/annum installed capacity producing Foundry Binders, Coatings, and Polyurethane

2. Bengaluru Facility: Manufacturing Foundry Coatings with capacity of 500 tons/month

Product Applications:

  • Polyurethane Business: Focuses on foam solutions primarily for the footwear industry
  • PU Laminating Adhesives: Includes solventless and solvent-based two-component adhesive systems for flexible packaging industries

Operational Statistics:

  • 90+ years of industrial excellence
  • 2 state-of-the-art manufacturing sites
  • 200+ dedicated employees
  • 500+ clients
  • 50,000+ tonnes annual capacity
  • 150+ products

Management Commentary

Mr. Mandar Joshi, Whole Time Director and CEO, commented that India's macroeconomic environment remained resilient through FY26 with GDP growth sustaining around 7%. The Indian Chemical Industry experienced a mixed quarter with stable domestic demand but margin pressures due to raw material price volatility and exchange rate movements.

Outlook:

The company remains confident about the outlook supported by India's continued economic momentum. Focus areas include:

  • Driving domestic market share expansion
  • Leveraging diversified product portfolio
  • Monitoring global developments around input costs and trade dynamics
  • Maintaining disciplined and agile approach to operations

Strategic Initiatives

  • Maximizing Asset Utilization: Planning to expand Polyurethane business capabilities using substantial unutilized land reserves, avoiding greenfield capital expenditures
  • Diversification: Transitioning within Polyurethane domain from Foam to innovative Non-Foam applications such as Flexible Packaging to tap into faster growth rates and increased profit margins
  • Balance Sheet Optimization: Strategic reduction of debt, streamlining working capital requirements, and driving improvements in operational efficiency and cost structures

Corporate Governance

  • Board consists of experienced professionals
  • Company holds EMS, OHSAS, and QMS certifications
  • Committed to CSR initiatives focusing on educational excellence, teacher empowerment, digital literacy, infrastructure development, and community engagement

Disclaimer

The presentation includes forward-looking statements subject to risks and uncertainties. It does not constitute a prospectus or offer to acquire securities.