IVP Q1 FY27 results: revenue Rs 154.73 crore, PAT Rs 14.02 crore, margins jump

IVP Limited reported a strong start to FY27 with double‑digit revenue growth and a sharp improvement in profitability for the quarter ended 30 June 2026.

Key Q1 FY27 numbers (vs Q1 FY26)
From the Summary of Profit and Loss Statement on page 18:

• Revenue from operations: Rs 154.73 crore vs Rs 138.19 crore, up 12.0% YoY (company table shows +12% in the Y‑o‑Y column).
• Total income: Rs 155.82 crore vs Rs 139.25 crore, up 11.9% YoY (rounded as +12% in the filing).
• EBITDA: Rs 21.68 crore vs Rs 5.31 crore, up 308% YoY.
• EBITDA margin: 14.01% vs 3.84%, an expansion of 1,017 bps YoY (10.17 percentage points).
• Profit before tax (PBT): Rs 18.76 crore vs Rs 1.70 crore, up 1,004% YoY.
• Profit after tax (PAT): Rs 14.02 crore vs Rs 1.19 crore, up 1,078% YoY.

Management commentary on page 17 reiterates these numbers in lakh terms: revenue from operations at Rs 15,473 lakh (Rs 154.73 crore) vs Rs 13,819 lakh (Rs 138.19 crore), PBT at Rs 1,876 lakh (Rs 18.76 crore) vs Rs 170 lakh, and PAT at Rs 1,402 lakh (Rs 14.02 crore) vs Rs 119 lakh.

The company also highlighted that earnings per share (EPS) improved to Rs 13.57 in Q1 FY27 from Rs 1.15 in Q1 FY26 (page 17).

On a sequential basis (Q1 FY27 vs Q4 FY26, page 18):

• Revenue from operations declined 6% Q‑o‑Q (Rs 154.73 crore vs Rs 164.44 crore).
• EBITDA rose 46% Q‑o‑Q (Rs 21.68 crore vs Rs 14.82 crore).
• EBITDA margin expanded from 9.01% to 14.01%, a 500 bps improvement.
• PAT increased 58% Q‑o‑Q (Rs 14.02 crore vs Rs 8.86 crore).

What drove the quarter

In his commentary on page 17, Whole Time Director and CEO Mandar Joshi said Q1 FY27 performance was “significantly improved”, driven primarily by:

• Better product mix and improved realisations.
• Efficient raw material procurement.
• Continued focus on cost optimisation and operational efficiencies.

He noted that while the Indian chemical industry faced a mixed operating environment with subdued demand across several user industries and volatility in raw material prices and currencies, IVP’s emphasis on operational excellence and disciplined cost management led to a “substantial improvement in profitability” during the quarter.

Business profile and segments

According to the business overview on pages 5 and 8:

• IVP operates in two core verticals: Phenolic resins (foundry applications) and polyurethane resins.
• Key application areas include foundry chemicals, footwear solutions (PU systems for shoe soles) and flexible packaging (PU laminating adhesives).
• Indicative revenue contribution (page 8):
  • Foundry applications: 30–40% of revenue.
  • Footwear solutions: 60–65%.
  • Flexible packaging: 5–10%.

The company runs manufacturing facilities at Tarapur and Bengaluru (pages 10–11), with an installed capacity of 50,000 tonnes per annum at Tarapur (page 5 and 10). The Tarapur plant produces foundry binders, coatings and polyurethane systems, while Bengaluru focuses on foundry coatings.

Balance sheet and longer‑term trends

While the investor presentation is primarily focused on Q1, it also provides a five‑year summary of financials and the balance sheet (pages 20–21):

• FY26 revenue from operations stood at Rs 595 crore, up from Rs 539 crore in FY25 (page 20).
• FY26 PAT was Rs 19 crore vs Rs 11 crore in FY25.
• Shareholders’ funds increased to Rs 157 crore in FY26 from Rs 139 crore in FY25 (page 21).
• Short‑term borrowings declined to Rs 65 crore in FY26 from Rs 104 crore in FY25, reflecting a leaner balance sheet (page 21).

The ratios chart on page 23 shows for FY26:

• EBITDA margin at 6%.
• PAT margin at 3%.
• Current ratio at 1.47x.
• Debt‑to‑equity at 0.42x.
• ROCE at 15% and ROE at 13%.

Outlook

Looking ahead, management remains “cautiously optimistic” about the long‑term prospects of the Indian economy and domestic chemical industry (page 17). Key priorities include:

• Strengthening customer engagement and deepening relationships in existing markets.
• Enhancing product mix and value‑added offerings to improve margins.
• Leveraging the diversified product portfolio to address evolving customer requirements.
• Improving operational efficiencies and cost competitiveness across the value chain.
• Maintaining prudent financial discipline and strong working capital management.

The strategy section on page 25 adds that IVP aims to maximise asset utilisation (using unutilised land reserves to expand polyurethane capacity), diversify further into higher‑margin non‑foam PU applications such as flexible packaging, and continue deleveraging to reinforce its balance sheet.