Company Overview

IVP Limited (BSE: 507580, NSE: IVP) has filed its Annual Report for FY2025-26 and notice for its 97th Annual General Meeting, showcasing strong financial performance alongside significant corporate governance developments.

Financial Performance

IVP Limited reported robust growth in FY26 with revenue from operations increasing 10.3% to ₹594.55 crores (₹53,885 lakhs in FY25) and profit after tax surging 65.2% to ₹18.68 crores (₹11.31 crores in FY25). The company achieved EBITDA of ₹38.52 crores, representing 33.8% growth, driven by operational efficiency improvements. Key financial ratios showed significant improvement: debt-equity ratio declined to 0.42 from 0.75, interest coverage ratio improved to 4.41 from 2.96, and return on equity increased to 13% from 8%.

Fraud Incident and Controls

The company identified a fraud involving misrepresentation and falsification of customer records by a sales employee, with total financial impact assessed at ₹6.13 crores. The amount has been fully provided for in the financial statements as per Ind AS 109, with ₹2.54 crores provided during FY26. Recovery steps have been initiated and internal controls significantly strengthened to prevent recurrence.

Dividend and Capital Structure

The Board recommended a final dividend of ₹1.50 per equity share (15%) on 1,03,26,263 equity shares, totaling ₹1.55 crores, subject to shareholder approval at the AGM. The company maintained a stable capital structure with promoter holding at 71.32% as of March 31, 2026, and no changes in share capital during the year.

97th AGM Resolutions

The 97th Annual General Meeting is scheduled for August 6, 2026, with e-voting available through CDSL's platform. Key resolutions include:

  • Re-appointment of M/s. Rajendra & Co as statutory auditors for a second five-year term until 2031 AGM at remuneration of ₹13 lakhs for FY27
  • Re-appointment of Mr. Ranjeev Lodha and Ms. Mala Todarwal as independent directors for second five-year terms
  • Ratification of remuneration for cost auditors M/s. Kishore Bhatia & Associates at ₹1.80 lakhs for FY27
  • Approval for commission to non-executive directors not exceeding 1% of net profits for FY2027-2032

Corporate Governance and Compliance

The company has maintained full compliance with SEBI Listing Regulations and Companies Act requirements. The board underwent changes with Mr. Rajkumar Lekhwani appointed as Non-Executive Director and Chairman following Mr. T.K. Gowrishankar's resignation. CSR expenditure totaled ₹37.50 lakhs focused on education initiatives.

Operational Highlights

Total borrowings decreased 37.4% to ₹65.37 crores, comprising working capital loans, foreign currency buyer's credit, and inter-corporate deposits. Capital expenditure of ₹2.56 crores was incurred for factory buildings, plant & machinery, and IT infrastructure. The company employed 202 permanent employees with cordial industrial relations throughout the year.

Contingent Liabilities

Significant contingent liabilities include a disputed rent demand from Mumbai Port Trust of ₹92.59 crores based on market value of property, along with other disputed liabilities of ₹1.04 crores and income tax disputes of ₹0.27 crores under appeal.

The combined documents present a comprehensive view of IVP Limited's financial health, governance practices, and strategic direction as the company navigates growth opportunities while maintaining regulatory compliance and shareholder value creation.