IVP Ltd

IVP Limited trading window closed from Oct 1, 2026 until 48 hours after the unaudited financial results for the quarter and half year ended Sep 30, 2026 become generally available

Fraud matter update

• Ravi Ranjan Jha filed a Writ Petition against the FIR related to the matter.
• Company is taking all legal steps to safeguard its interests.
• Will continue monitoring developments and disclose material updates to exchanges.
• Further disclosures will be made as material developments occur.

Litigation update

• Hon'ble Bombay High Court verdict upholds IVP rent under Compromise Proposal rates through 31 March 2024.
• Quashes MBPA notices seeking revised SOR or arrears; rent regime to be fair post 31 March 2024.
• Future MBPA rent fixation to be fair, reasonable, and aligned with Supreme Court principles.

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.