IVP Limited has announced its unaudited financial results for the third quarter and nine months ended December 31, 2025, demonstrating strong operational performance across key financial metrics. The Board of Directors approved these results at their meeting held on January 29, 2026, following review by the Audit Committee and limited review by statutory auditors Rajendra & Co., Chartered Accountants.

Financial Performance Overview

The company delivered robust financial results for Q3 FY26, with significant improvements in both revenue and profitability metrics compared to the corresponding period of the previous year.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, IVP Limited maintained its growth trajectory with consistent improvements across all major financial parameters.

Operational Highlights

The company's operational efficiency showed marked improvement during the quarter. Cost of materials consumed stood at ₹10,775 lakhs for Q3 FY26 compared to ₹10,994 lakhs in Q3 FY25. Employee benefits expense increased to ₹605 lakhs from ₹544 lakhs, while finance costs decreased to ₹170 lakhs from ₹205 lakhs in the corresponding quarter.

Exceptional Items and Provisions

The results included exceptional items totaling ₹46 lakhs related to the implementation of new labour codes. The Government of India consolidated 29 existing labour legislations into four unified codes effective from November 21, 2025. This resulted in a one-time increase in employee benefit provisions, with ₹46 lakhs pertaining to past services rendered up to March 31, 2025.

Additionally, the company identified customer record misrepresentation by a sales employee during a preliminary investigation in January 2026. The total amount involved is ₹195 lakhs, which has been fully provided in accordance with IND AS 109, including an additional ₹52 lakhs recognized during the quarter in other expenses.

Comprehensive Income and Equity Position

Total comprehensive income for Q3 FY26 reached ₹459 lakhs compared to ₹179 lakhs in Q3 FY25. For the nine-month period, comprehensive income stood at ₹1,031 lakhs versus ₹715 lakhs in the previous year. The company maintained its paid-up equity share capital at ₹1,033 lakhs with a face value of ₹10 per share.

Business Segment and Outlook

IVP Limited operates in the chemicals manufacturing business, which represents its only reportable operating segment as per Ind AS 108. The company has initiated measures to strengthen its internal control framework to prevent recurrence of the identified irregularities and continues to focus on operational excellence in its core chemical manufacturing operations.

IVP Limited has reported a significant fraud case involving Rs. 195 lakhs committed by one of its sales employees. The company disclosed the matter to stock exchanges in compliance with SEBI regulations, revealing that the fraud involved misrepresentation and falsification of customer documents.

Fraud Details and Financial Impact

The fraud was perpetrated by Mr. Ravi Ranjan Jha, a sales employee of the company, who engaged in misrepresentation and falsification of customer records over a period of time. The company has now ascertained the exact amount involved in the fraudulent activities.

Legal Action and Regulatory Compliance

IVP Limited has taken swift legal action against the fraudulent employee. The company filed an application for FIR at Byculla Police Station in Mumbai, Maharashtra. The fraud was initially revealed on January 12, 2026, following a preliminary investigation that uncovered the employee's involvement in document falsification.

The company has been providing regular updates to BSE Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring full compliance with regulatory requirements.

Corrective Measures and Risk Management

In response to the fraud incident, IVP Limited has implemented corrective measures to prevent similar occurrences in the future. The company has made its customer onboarding process more robust to strengthen internal controls and reduce the risk of document falsification.

Company Response and Future Disclosures

IVP Limited has confirmed that the full provision of Rs. 195 lakhs has been made in the company's books, ensuring that there will be no impact on the regular operations of the business. The company's management, led by Whole Time Director & CEO Mandar Joshi, has been actively managing the situation and maintaining transparency with stakeholders.

The company has committed to providing any further material developments in this matter to the stock exchanges in a timely manner, in accordance with applicable regulatory requirements. This demonstrates IVP Limited's commitment to maintaining transparency and regulatory compliance throughout the resolution of this fraud case.