IVP Limited , a leading manufacturer of industrial chemicals, has released its investor presentation for the quarter ended June 30, 2025, revealing a challenging start to the fiscal year. The company, which specializes in Phenolic Resins and Polyurethane Resins, faced headwinds in both its core business verticals.

Financial Performance

For Q1 FY26, IVP Limited reported:

The company's revenue remained nearly flat year-over-year, while profitability metrics showed significant declines. EBITDA fell by 30% to ₹5.31 crores, with the EBITDA margin contracting by 168 basis points to 3.84%. Profit after tax saw a sharp 65% drop to ₹1.19 crores.

Challenges and Market Conditions

IVP Limited attributed the weak performance to several factors:

1. Subdued demand in the chemical industry
2. Volatile prices of imported raw materials
3. Reduced customer production due to early monsoon onset
4. Intense competition from lower-priced imports

These challenges put pressure on both volumes and margins across the company's product lines.

Business Verticals and Operations

IVP Limited operates in two main business segments:

1. Phenolic Resins (Foundry Chemicals): Used in metal casting processes, known for thermal stability and mechanical strength.
2. Polyurethane Resins: Focused on foam solutions for the footwear industry and adhesives for flexible packaging.

The company maintains state-of-the-art manufacturing facilities in Tarapur and Bengaluru, with a combined annual production capacity of 50,000 tonnes.

Management Outlook

Mandar Joshi, Whole Time Director and CEO of IVP Limited, commented on the results: "The chemical industry in India in general was affected by weak demand during Q1FY26. Imported raw material prices remained volatile considering the volatility in crude prices, forex rates and geo-political situations."

Looking ahead, Mr. Joshi expressed cautious optimism: "India's healthy GDP growth is expected to support domestic demand. IVP, with its focus on the domestic market, aims to grow volumes and increase market share. Our installed capacities, diverse product portfolio, and R&D efforts position us well to capitalize on emerging opportunities and drive improved performance as demand recovers."

Strategic Initiatives

To address the challenges and improve performance, IVP Limited is focusing on:

1. Maximizing asset utilization, particularly in the Polyurethane business
2. Diversifying into higher-margin segments within the Polyurethane domain
3. Optimizing the balance sheet through deleveraging and working capital management

The company believes these strategies will help in navigating the current market conditions and position it for future growth.

As IVP Limited navigates through these challenging times, investors and industry observers will be keenly watching how the company's strategies unfold in the coming quarters to reverse the trend of declining profitability.

IVP Limited , a prominent player in the chemicals manufacturing sector, has announced significant changes to its board composition along with its financial results for the first quarter of the fiscal year 2026.

Board Restructuring

At the 96th Annual General Meeting (AGM) held on July 31, 2025, IVP Limited shareholders approved two crucial board appointments:

1. Rajkumar Lekhwani was appointed as a Non-Executive Director, effective June 6, 2025. Lekhwani, a 49-year-old Chartered Accountant, brings over 24 years of experience in finance and business leadership across various sectors, including FMCG, pharmaceuticals, and capital goods. His impressive career includes a 14-year tenure at Procter & Gamble and senior roles at ACG and Crompton Greaves.

2. Mandar P. Joshi was re-appointed as Whole-Time Director & Chief Executive Officer for a three-year term, effective August 1, 2025. Joshi, who initially joined as CEO in 2015 and became Whole-Time Director & CEO in 2016, holds a B.Tech from IIT Mumbai and boasts 29 years of experience in the chemical industry, including previous roles at Gharda Chemicals and BASF Group.

In a subsequent development, the company announced that T. K. Gowrishankar will step down from his position as Director and Chairman of the Board, effective August 1, 2025. The Board of Directors expressed their highest appreciation for Gowrishankar's guidance, support, and leadership during his tenure.

Following this change, Rajkumar Lekhwani has been appointed as the new Chairman of the Board, effective August 1, 2025.

Q1 FY2026 Financial Results

IVP Limited also released its unaudited financial results for the quarter ended June 30, 2025:

The company's revenue from operations for Q1 FY2026 stood at ₹13,819.00 lakhs, slightly lower than the previous quarter but in line with the same quarter last year. The profit for the period was ₹119.00 lakhs, showing a decrease compared to both the previous quarter and the same quarter last year.

Other Developments

The shareholders also approved the appointment of Mr. A. A. Mulla, Proprietor of M/s. A. A. Mulla & Associates, as the Secretarial Auditor of the Company for a term of five consecutive years.

IVP Limited continues to focus on its core business of manufacturing chemicals, which remains its only reportable operating segment as per Ind AS 108.

The company's management and newly restructured board are expected to guide IVP Limited through the evolving market conditions and capitalize on growth opportunities in the chemical manufacturing sector.