IVP Ltd

Business Overview

• Core: Foundry chemicals and polyurethane resins; Tarapur and Bengaluru plants.

Key Operational Highlights

• Q1 FY27 revenue ₹154.73 crore; EBITDA ₹21.68 crore; PAT ₹14.02 crore.
• Margin expansion driven by better product mix, realizations, and cost optimization.

Financial Performance

• Q1 FY27 revenue from operations ₹154.73 crore; Total Income ₹155.82 crore.
• Q1 FY27 EBITDA margin 14.01%; Q1 PAT ₹14.02 crore.
• FY26 revenue ₹595 crore; EBITDA ₹39 crore; PAT ₹19 crore; EBITDA margin 6%.

Capital Structure & Liquidity

• Long-term borrowings zero; short-term borrowings ₹65 crore (FY26).
• Cash and bank balances ₹3 crore (FY26).
• Shareholders' funds ₹157 crore (FY26).

Strategic Priorities & Outlook

• Deepen customer relationships; enhance product mix and value-added offerings.
• Deleverage balance sheet and optimize working capital.
• Expand PU capacity using unutilised land without new greenfield capex.
• Maintain consistent dividend payments.

Governance & Leadership

• Board includes Mandar Joshi (CEO), Rajkumar Lekhwani (Chairman).
• Independent directors: Ranjeev Lodha, Pratik Kadakia, Mala Todarwal.
• Certifications: ISO 14001:2015 and QMS maintained.

Risks & Mitigation

• Near-term demand subdued; mitigated by cost efficiencies and portfolio optimization.

Auditor re-appointment

• At the 97th AGM, Rajendra & Co was re-appointed as statutory auditors for a 5-year term.
• Term runs from AGM 2026 to AGM 2031.
• Disclosures under SEBI Listing Regulations, Regulation 30, have been provided to the stock exchanges.

Re-appointment of Independent Directors

• Re-appoints Ranjeev Lodha as Independent Director for second five-year term (28 Jul 2026–27 Jul 2031) by Special Resolution.
• Re-appoints Mala Todarwal as Independent Director for second five-year term (Jun 2026–Jun 2031) by Special Resolution.
• AGM held Aug 6, 2026 approved these re-appointments via Special Resolution.

AGM details

• Date, time and mode: Aug 6, 2026 at 11:00 IST, VC/OAVM.
• Remote e-voting window: Aug 3–5, 2026.
• AGM conducted in compliance with MCA/SEBI circulars.

Resolutions put to vote

• Adopt audited financial statements for year ended March 31, 2026.
• Declare final dividend on equity shares.
• Re-appoint Anwar Chauhan as Director, retiring by rotation.
• Re-appoint Statutory Auditors of the company.
• Commission payable to Non-Executive Directors.
• Ratify remuneration payable to Cost Auditors for FY 2027.
• Re-appoint Ranjeev Lodha as Independent Director.
• Re-appoint Mala Todarwal as Independent Director.

Voting results

• All resolutions passed with requisite majority; 7,190,583 votes in favour, 0 against.

Dividend

• Final dividend of Rs 1.5 per equity share approved.

Directors

• Anwar Chauhan re-appointed as Director (retiring by rotation).
• Ranjeev Lodha re-appointed as Independent Director.
• Mala Todarwal re-appointed as Independent Director.

Auditors

• Statutory Auditors re-appointed.
• Remuneration payable to Cost Auditor for FY 2027 ratified.

Financial performance

• Q1 FY27 revenue from operations ₹15,473 lakh; total income ₹15,582 lakh.
• PBT ₹18.76 crore; PAT ₹14.02 crore; tax ₹4.74 crore.
• Cost of materials ₹12,966 lakh.
• Inventory changes: ₹−1,779 lakh.
• Total expenses ₹13,706 lakh.
• EPS (not annualised) ₹13.57.
• YoY revenue growth: +11.9%.
• QoQ revenue: −5.9%.
• Chemicals is the sole reportable segment per Ind AS 108.

Operational & regulatory updates

• Tarapur unit: MPCB closure order on 29 Jun 2026; revoked 9 Jul 2026.
• Temporary closure not expected to impact operations materially.
• MBPA eviction/demand ₹13,681 lakh; court quashed on 24 Jul 2026.

Auditors & disclosures

• Unaudited results reviewed by Audit Committee; limited review unmodified.
• New Labour Codes led to incremental employee benefit obligation of ₹46 lakh.
• Ind AS 34 interim financial reporting applicable.

Meeting Details

• Board meeting scheduled for August 6, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited financial results with limited review for Q1 ended June 30, 2026.

Other Notes

• Trading window closed from July 1, 2026, to 48 hours after results announcement.

MBPT matter remanded

• Hon'ble City Civil Court quashed the Estate Officer's order and remanded for fresh adjudication.
• Proceedings will be reconsidered and adjudicated afresh with opportunity for hearing.
• Court order dated July 24, 2026; prior order set aside.
• Matter to be disposed on merits under applicable law.
• IVP will announce material developments to the Exchange as required.
• Annexure A provides regulatory detail accompanying the update.

Record date details

• Record date: 30 July 2026 for final dividend eligibility for FY 2025-26.
• Dividend: ₹1.5 per equity share of ₹10, subject to AGM approval.
• Payable within 30 days from declaration; TDS as applicable.
• AGM date: 6 August 2026.
• Eligibility for electronic/physical holders as on record date.

Financials

• Revenue from operations: ₹594.55 crore in FY26.
• Total income: ₹598.83 crore.
• EBITDA: ₹38.52 crore; EBITDA margin ~6%.
• PBT: ₹25.14 crore; PAT: ₹18.68 crore.
• Earnings per share: ₹18.09.
• Cash flow from operations: ₹52.71 crore.
• Net worth: ₹157.09 crore; borrowings: ₹65.37 crore; debt/equity 0.42x.
• Dividend proposed: ₹1.50 per share; total ₹155 lakh.
• Capex incurred: ₹2.56 crore.
• R&D expenses: ₹52.15 lakh.
• Revenue growth YoY ~10%; PAT up ~65% YoY.

Operations & capacity

• Capacity: 50,000 tonnes per annum at Tarapur and Bengaluru.
• SAP S/4HANA Public Cloud deployed; real-time visibility improved.
• Product portfolio spans foundry chemicals, footwear PU systems, flexible packaging adhesives, composites, insulation, refractories.
• ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 maintained.
• Digital transformation underpinned by SAP; efficiency and operations visibility improved.

Dividends & capital allocation

• Dividend proposed: ₹1.50 per equity share; ₹1,03,26,263 shares; cash outflow ₹155 lakh.
• Full amount of ₹11,575 lakh retained in reserves.
• AGM scheduled for 6 August 2026; dividend payout from 10 August 2026.
• Share capital unchanged at ₹1,033 lakh; no new equity issued.

Capital & liquidity

• Borrowings: ₹6,537 lakh; down from ₹10,442 lakh in FY25.
• Supplier finance: ₹1,437 lakh outstanding; average interest 4.64% p.a.
• Current ratio: 1.47x; Debt/equity: 0.42x (improved from 0.75x).
• Dematerialisation: 99.98% of shares.
• Cash & cash equivalents: ₹3.14 crore.
• Forward contracts: USD buy outstanding roughly ₹57.39 crore; fair value ₹0.90 crore asset.
• Interest-rate sensitivity: 1% rate change ≈ ₹65 lakh impact on P&L.

Governance & risk

• Board size: six directors; 1 Executive, 3 Independent Non-Executive, 2 Non-Independent Non-Executive.
• Rajkumar Lekhwani appointed Chairman w.e.f. 6 Jun 2025; Gowrishankar resigned 1 Aug 2025.
• Independent Directors Lodha and Todarwal reappointed for 5 years; Anwar Chauhan to retire by rotation.
• Statutory auditors Rajendra & Co. reappointed for second term (2026–2031).
• Cost auditors Kishore Bhatia reappointed for 2027; Secretarial Auditor A. A. Mulla with no qualifications.
• Fraud incident: ₹613 lakh misrepresentation; ₹254 lakh provided in FY26; controls strengthened.
• CSR Committee active; CSR policy on website; Vigil mechanism in place; no whistleblower complaints.

CSR & ESG

• CSR spend: ₹37.50 lakh; 2% average net profit threshold ₹38.06 lakh.
• CSR obligation after set-off: ₹37.47 lakh; excess spent ₹0.03 lakh; no carry forward.
• FY26 CSR: two new multi-disciplinary classrooms, scholarships for 10 economically disadvantaged students, teacher enrichment.
• Students empowered in FY26: 1,000+.

Fraud & controls

• Fraud event: misrepresentation by a sales employee; total impact ₹613 lakh.
• ₹254 lakh provided in FY26; recovery steps initiated; internal controls strengthened.

Outlook & AGM

• Market backdrop: resilient global economy; India remains growth driver; inputs volatile.
• Strategy: expand value-added products; improve margins; continue import substitution and localisation.
• 97th AGM by VC/OAVM; remote e-voting window 3–5 Aug 2026; cut-off 30 Jul 2026.