IVP Limited PAT rises 65% to ₹18.68 crore in FY26
IVP Limited reported a 65% increase in Profit After Tax (PAT) to ₹18.68 crore for FY26, with revenue from operations growing 10% to ₹594.55 crore. Q4 FY26 PAT rose to ₹8.86 crore from ₹3.83 crore, supported by improved demand and cost management, despite one-off provisions.
*this image is generated using AI for illustrative purposes only.
IVP Limited reported a 65% increase in Profit After Tax (PAT) to ₹18.68 crore for the financial year ended March 31, 2026, compared to ₹11.31 crore in the previous year. Revenue from operations for FY26 stood at ₹594.55 crore, a 10% growth from ₹538.99 crore in FY25. The company’s strong performance was supported by improved demand and disciplined cost management, despite one-off impacts including provisions for new labour codes and a matter involving misrepresentation by a sales employee.
For the quarter ended March 31, 2026 (Q4 FY26), IVP Limited recorded revenue from operations of ₹164.44 crore, up from ₹149.36 crore in Q4 FY25. Profit After Tax for the quarter increased sharply to ₹8.86 crore, compared to ₹3.83 crore in the corresponding quarter of the previous year. EBITDA for Q4 FY26 rose to ₹14.82 crore, with an EBITDA margin of 9.01%, an expansion of 318 basis points year-on-year.
Financial Performance
The company’s full-year EBITDA improved to ₹38.52 crore in FY26 from ₹28.78 crore in FY25, resulting in an EBITDA margin expansion of 114 basis points to 6.48%. Total operating expenses for the year increased to ₹560.31 crore from ₹513.79 crore in the previous year. Finance costs decreased to ₹7.37 crore in FY26 from ₹7.79 crore in FY25.
| PARTICULARS (₹ IN CRORES) | FY25 | FY26 | Y-o-Y |
|---|---|---|---|
| Revenue from Operations | 538.99 | 594.55 | 10% |
| Total Income | 542.57 | 598.83 | 10% |
| Total Operating Expenses | 513.79 | 560.31 | 9% |
| EBITDA | 28.78 | 38.52 | 34% |
| Profit After Tax | 11.31 | 18.68 | 65% |
Operational Highlights
IVP Limited operates through two core business verticals: Phenolic Resins and Polyurethane Resins. The company serves diverse industries including foundry applications, footwear solutions, and flexible packaging. Management highlighted that the Indian macroeconomic environment remained resilient with GDP growth sustaining in the ~7% range, supporting the chemical industry’s demand trends.
Balance Sheet and Ratios
The company’s balance sheet remained lean with shareholders' funds increasing to ₹157 crore in FY26 from ₹139 crore in FY25. Short-term borrowings decreased significantly to ₹65 crore from ₹104 crore in the previous year. The debt-to-equity ratio improved to 0.42 times in FY26 from 0.75 times in FY25, while the Return on Capital Employed (ROCE) recovered to 15% from 9% in the prior year.
Historical Stock Returns for IVP
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.45% | -4.49% | -0.68% | +8.54% | -15.21% | +9.17% |
Will the reduction in short-term borrowings and improved debt-to-equity ratio enable IVP to fund future capital expenditures without raising external debt?
How sustainable is the 318 basis points EBITDA margin expansion in Q4 FY26 given the one-off provisions for new labour codes?
Does the 65% surge in Profit After Tax signal a potential turnaround or a new growth phase for the Phenolic and Polyurethane Resins verticals?
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