IVP Ltd(IVP)

NSE: IVPBSE: 507580

₹ 186.6-1.45%refreshed 26 Oct, 12:46 pm ISTMarket cap: ₹ 193 crWebsite: www.ivpindia.comUpdated: 24 Oct 2026

About

IVP Ltd makes specialty chemicals, reporting a single chemicals segment, with products for footwear polyurethane (PU), foundry phenolic resins and flexible packaging adhesives. In FY26 it reported revenue of 594.55 crore rupees. Its installed capacity at Tarapur is 50,000 MT/annum.^[1][2][3]

Business segments

In Q1 FY27, footwear PU made up 60-65% of revenue, foundry phenolic resins 30-40% and flexible packaging adhesives 5-10%.^[2]
In Q3 FY26, footwear PU made up 55-60% of revenue at a 5-7% margin and foundry 35-40% at 3-5%. Flexible packaging was 5-7% of revenue at about a 10% margin.^[4]
The company reports a single segment, Chemicals, with revenue of 538.99 crore rupees in FY25.^[1]

Operations and capacity

Installed capacity at Tarapur is 50,000 MT/annum (Q1 FY27 call).^[2]
The company holds land at Tarapur that it has not yet used (Q1 FY27 call).^[2]
The company moved to the SAP S/4HANA Public Cloud platform in October 2024.^[1]

Key operating numbers

Working capital days were 86 in FY26, compared with 112 in H1 FY26.^[2][5]
Debt to equity was 0.42x in FY26, compared with 0.69x in H1 FY26.^[2][5]
Short-term borrowings fell from 104 crore rupees in FY25 to 65 crore rupees in FY26.^[2]
Management said the better results in Q1 FY27 came from a better product mix, higher realisations and efficient raw material buying.^[2]

Demand drivers

In Q2 FY26, demand for foundry and PU chemicals recovered as customers raised production for the festive season, helped by GST rationalisation.^[5]
In Q1 FY26, demand for foundry and PU chemicals was weak because customers produced less after an early monsoon.^[6]
The FY25 annual report names low-cost imports, especially from China, as a threat. It also names regional competition in foundry chemicals and swings in raw material prices and exchange rates.^[1]

Expansion and capex

The company plans to expand PU capacity on its unused Tarapur land without greenfield capex. No investment figure or target date has been given (Q1 FY27).^[2]
It plans to shift PU from foam to non-foam uses such as flexible packaging (Q1 FY27).^[2]
Capex in FY25 was 643 lakh rupees, spent on buildings, plant and IT.^[1]

Market Cap

₹193 Cr

High / Low

₹249 / 111

Stock P/E

6.2

Price / Book

1.2

Book Value

₹152

EPS

₹18.1

No. of Shares

1.03 Cr

ROCE

14.1%

ROE

12.6%

OPM

5.5%

Debt / Equity

0.42

Sales

₹595 Cr

Net Profit

₹19 Cr

Promoter holding

71.3%

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