Company Overview
IVP Limited, established in 1929 and part of the Allana Group, operates in industrial solutions with two core business verticals: Phenolic Resins for foundry applications and Polyurethane Resins for footwear solutions and flexible packaging. The company has state-of-the-art manufacturing facilities in Tarapur and Bengaluru with an annual production capacity of 50,000 tonnes, serving over 500 clients with 150+ products. The company employs 200+ dedicated employees.
Q1 FY27 Financial Performance
Profit and Loss Statement (₹ in Crores)
| Particulars | Q1FY26 | Q4FY26 | Q1FY27 | Q-o-Q | Y-o-Y |
| Revenue from Operations | 138.19 | 164.44 | 154.73 | -6% | 12% |
| Other Income | 1.06 | 1.12 | 1.09 | -3% | 3% |
| Total Income | 139.25 | 165.56 | 155.82 | -6% | 12% |
| Total Operating Expenses | 133.94 | 150.74 | 134.14 | -11% | 0% |
| EBITDA | 5.31 | 14.82 | 21.68 | 46% | 308% |
| EBITDA Margin (%) | 3.84% | 9.01% | 14.01% | 500 BPS | 1,017 BPS |
| Finance Cost | 2.11 | 1.37 | 1.38 | 1% | -35% |
| Depreciation and Amortization | 1.50 | 1.49 | 1.54 | 3% | 3% |
| Profit Before Tax | 1.70 | 11.96 | 18.76 | 57% | 1,004% |
| Profit After Tax | 1.19 | 8.86 | 14.02 | 58% | 1,078% |
| Earnings Per Share | ₹1.15 | Not disclosed | ₹13.57 | Not disclosed | 1,080% |
Historical Financial Performance (₹ in Crores)
Annual Profit and Loss (FY22-FY26)
| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 |
| Revenue from Operations | 557 | 661 | 546 | 539 | 595 |
| EBITDA | 38 | 42 | 31 | 29 | 39 |
| EBITDA Margin (%) | 7% | 6% | 6% | 5% | 6% |
| Profit Before Tax | 23 | 38 | 17 | 15 | 25 |
| Profit After Tax | 18 | 28 | 12 | 11 | 19 |
Annual Balance Sheet (FY22-FY26)
| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 |
| Current Liabilities | 276 | 261 | 198 | 206 | 184 |
| Short Term Borrowings | 157 | 120 | 89 | 104 | 65 |
| Trade Payables | 112 | 134 | 105 | 94 | 110 |
| Total Equity and Liabilities | 371 | 384 | 331 | 348 | 342 |
| Non-Current Assets | 80 | 77 | 75 | 74 | 71 |
| Net Block | 77 | 73 | 71 | 70 | 69 |
| Current Assets | 291 | 306 | 255 | 273 | 271 |
| Inventories | 79 | 92 | 76 | 83 | 74 |
| Trade Receivables | 208 | 208 | 171 | 182 | 186 |
| Cash & Bank Balances | 1 | 1 | 2 | 1 | 3 |
Annual Cash Flow Statement (FY22-FY26)
| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 |
| Cash Flow From Operating Activities | (21) | 41 | 45 | (2) | 53 |
| Cash Flow From Investing Activities | (3) | 10 | (3) | (5) | (3) |
| Cash Flow From Financing Activities | 23 | (51) | (41) | 6 | (48) |
| Net Cash Flow | (1) | 0 | 1 | (1) | 2 |
Management Commentary
Mr. Mandar Joshi, Whole Time Director and CEO, commented that India's macroeconomic environment remained resilient during Q1 FY27 supported by healthy domestic consumption and continued public infrastructure spending. The chemical industry experienced a mixed operating environment with fluctuations in raw material prices and competitive market conditions.
The significant improvement in earnings was driven primarily by better product mix, improved realizations, efficient raw material procurement, and continued focus on cost optimization and operational efficiencies.
Strategic Priorities and Outlook
The company remains cautiously optimistic about long-term growth prospects of the Indian economy and domestic chemical industry. Strategic priorities include:
- Strengthening customer engagement in existing markets
- Enhancing product mix and value-added offerings to improve margins
- Leveraging diversified product portfolio to address evolving customer requirements
- Improving operational efficiencies and cost competitiveness
- Maintaining prudent financial discipline and strong working capital management
Investment Merits
The presentation highlighted several investment merits:
- Consistent dividend payment record
- Commitment to strategic reduction of debt and lean balance sheet
- Expansion into rapidly growing flexible packaging sector for higher profit margins
- Proven track record of success with polyurethane vertical since 2018
- Established corporate legacy as part of the Allana Group
- Excellence in management with seasoned professionals
Manufacturing Facilities
Tarapur Facility: 12-acre site with 50,000 MT/annum installed capacity, producing foundry binders, coatings, and polyurethane. Comprehensive infrastructure including steam boilers, ETP, RO, STP units, fire safety systems, tank farms, and nitrogen plant.
Bengaluru Facility: Production capacity of 500 tons/month, manufacturing foundry coatings for metal castings with advanced warehousing and tank farm facilities.
Corporate Social Responsibility
The company is committed to social advancement through educational initiatives including support for underprivileged communities, teacher empowerment, digital literacy, infrastructure development near the Tarapur plant, and community engagement.
Certifications
The company holds EMS, OHSAS, and QMS certificates demonstrating commitment to quality, environmental, and safety standards.