IVP Ltd (IVP) AI Stock Analysis

• Market Cap: ₹1.31B
• Dividend Yield: 0.68%
• Average Volume (3M): 1.22K
• Price to Earnings (P/E): 8.1
• Beta (1Y): 1.55
• Revenue Growth: 7.44%
• EPS Growth: -9.39%
• Country: IN
• Employees: 208
• Sector: Technology
• Sector Strength: 88
• Industry: Chemicals - Specialty
• EPS (TTM): 4.48
• Shares Outstanding: 10,326,263
• 10 Day Avg. Volume: 1,545
• 30 Day Avg. Volume: 1,221
• PEG Ratio: -1.76
• Price to Book (P/B): 1.12
• Price to Sales (P/S): 0.29
• P/FCF Ratio: -21.38
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: ₹136.00 ▼(-12.71% Downside)
• Action: Reiterated Date: 01/31/26
• Date: Action: Reiterated 01/31/26

The score is driven primarily by mixed financial performance—manageable leverage and moderate margins are offset by weak cash flow conversion, declining free cash flow, and revenue decline. Technicals are also a headwind with the stock below key longer-term moving averages and a negative MACD. Valuation helps support the score due to a low P/E, while the dividend yield is only modest.

Positive Factors

Manageable leverage & balanced financing

A debt-to-equity of 0.75 and a 40.1% equity ratio indicate a balanced capital structure that supports operations and investment without extreme leverage. This level of gearing provides financial flexibility to fund growth or cushion shocks while keeping refinancing risk moderate over the medium term.

Moderate gross and EBITDA margins

A near-20% gross margin and positive EBITDA margin indicate the business retains a meaningful spread over direct costs, reflecting production efficiency or pricing power in specialty chemicals. These margins provide a foundation to cover fixed costs and invest in product/market development over the coming months if maintained or improved.

Reasonable return on equity

An ROE of 8.1% shows management is generating returns on shareholder capital that, while not high, reflect the company's ability to earn a positive return in its current operating environment. Sustaining ROE supports shareholder value and signals competent capital allocation if cash conversion and growth stabilize.

Negative Factors

Weak cash flow conversion

Negative operating cash flow and declining free cash flow indicate the company struggles to convert accounting profits into actual cash. This undermines the ability to self-fund capex, pay down debt, or return capital to shareholders and increases reliance on external financing, elevating medium-term execution risk.

Revenue decline and volatility

A multi-year revenue decline reduces economies of scale, pressures margins, and suggests weakening demand or competitive displacement. Persistent revenue contraction limits reinvestment capacity and makes margin recovery and deleveraging harder, implying management must address structural demand, pricing, or product issues.

Thin net and operating margins

Very low EBIT and net margins leave little buffer against input cost increases or pricing pressure. Thin profitability constrains internal cash generation, limits room for strategic investment, and heightens vulnerability to cyclical downturns or raw material shocks, challenging sustainable margin improvement.

IVP Ltd Business Overview & Revenue Model

Company Description

IVP Limited manufactures and sells foundry chemicals in India. The company offers resins, foundry coatings, and other allied products used in various fields, such as foundry, composites, insulation, and refractory, as well as ferrous and non-ferrous foundries. It also provides polyurethane systems for use of footwear industry and flexible packaging industry, as well as composite, insulation and refractory resins. In addition, the company exports its products. IVP Limited was incorporated in 1929 and is headquartered in Mumbai, India.

How the Company Makes Money

IVP generates revenue through a diversified business model that includes software licensing fees, subscription services, and consulting engagements. The company primarily earns income from selling its proprietary software solutions to businesses seeking to improve their operational capabilities. Subscription services, which provide clients with ongoing access to software updates and support, contribute a steady stream of recurring revenue. Additionally, IVP engages in strategic partnerships with key industry players, which not only enhances its product offerings but also opens up new revenue channels through joint ventures and collaborative projects. The combination of these revenue streams, along with a focus on customer retention and upselling, significantly contributes to the company's overall earnings.

IVP Ltd Financial Statement Overview

Summary

Mixed fundamentals: moderate profitability (gross margin 19.6%, EBIT margin 3.6%, net margin 2.1%) and manageable leverage (debt-to-equity 0.75, ROE 8.1%), but weak cash conversion and declining free cash flow (negative operating cash flow and free cash flow relative to net income) plus revenue decline weigh on overall quality.

Income Statement

IVP Ltd's income statement shows a mixed financial performance. The gross profit margin stands at 19.6% for 2025, reflecting moderate efficiency in production. Net profit margin in 2025 is 2.1%, which is relatively low, indicating limited profitability. Revenue has experienced fluctuations, with a significant decline from 2023 to 2025, impacting revenue growth negatively. The EBIT margin for 2025 is 3.6%, and the EBITDA margin is 5.3%, pointing to operational challenges. Overall, the company demonstrates moderate profitability with room for improvement in revenue growth and cost management.

Balance Sheet

The balance sheet of IVP Ltd indicates a stable yet leveraged position. The debt-to-equity ratio is 0.75 in 2025, suggesting a moderate level of leverage. Return on Equity (ROE) is 8.1%, showing a decent return on shareholders' investment. The equity ratio is 40.1%, indicating a balanced approach towards financing with equity and liabilities. Despite a stable equity base, the company should monitor its debt levels to ensure financial flexibility and reduce potential risks associated with high leverage.

Cash Flow

IVP Ltd's cash flow statement highlights some concerns. The operating cash flow to net income ratio is negative for 2025, indicating challenges in converting earnings into cash. The free cash flow to net income ratio is also negative, reflecting issues in cash generation after capital expenditures. The free cash flow has declined significantly over the years, raising concerns about the company's ability to fund operations and investments internally. The cash flow situation suggests a need for improved cash management strategies.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	5.39B	5.39B	5.45B	6.60B	5.56B	2.89B
Gross Profit	1.05B	592.20M	999.80M	1.10B	932.60M	627.30M
EBITDA	264.60M	287.80M	308.70M	553.90M	384.10M	187.10M
Net Income	90.70M	113.10M	122.80M	280.20M	176.30M	45.00M
Balance Sheet
Total Assets	0.00	3.48B	3.31B	3.84B	3.71B	3.04B
Cash, Cash Equivalents and Short-Term Investments	10.80M	12.20M	19.80M	7.20M	7.40M	17.60M
Total Debt	0.00	1.04B	893.20M	1.20B	1.57B	1.22B
Total Liabilities	-1.39B	2.08B	2.01B	2.65B	2.79B	2.28B
Stockholders Equity	1.39B	1.39B	1.30B	1.19B	917.10M	757.00M
Cash Flow
Free Cash Flow	0.00	-72.80M	418.40M	350.60M	-237.40M	-145.80M
Operating Cash Flow	0.00	-24.70M	454.00M	406.10M	-207.10M	-141.40M
Investing Cash Flow	0.00	-47.10M	-34.60M	99.40M	-28.90M	-3.30M
Financing Cash Flow	0.00	62.80M	-405.70M	-506.90M	225.90M	159.50M

IVP Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 155.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IVP, the sentiment is Negative. The current price of 155.8 is above the 20-day moving average (MA) of 139.63, above the 50-day MA of 142.20, and below the 200-day MA of 164.24, indicating a bearish trend. The MACD of -3.30 indicates Positive momentum. The RSI at 31.46 is Neutral, neither overbought nor oversold. The STOCH value of 23.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:IVP.

IVP Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ISFT	68 Neutral	₹1.11B	14.43	―	―	5.39%	1.02%
IVP	64 Neutral	₹1.31B	8.06	―	0.68%	7.44%	-9.39%
SMARTLINK	64 Neutral	₹1.23B	14.70	―	―	4.87%	35.38%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AARTECH	56 Neutral	₹1.35B	63.14	―	0.26%	9.12%	22.53%
COMPUSOFT	55 Neutral	₹1.03B	-135.66	―	1.20%	-25.74%	115.90%
EQUIPPP	40 Underperform	₹1.68B	445.31	―	―	846.13%	―

IVP Ltd Corporate Events

IVP Limited Probes Employee Fraud Involving Falsified Customer Documents

IVP Limited has disclosed to stock exchanges that a sales employee has been found, in a preliminary investigation, to have engaged in misrepresentation and falsification of customer documents over a period of time. The company has not yet determined the financial impact or the exact duration of the misconduct, stating that these will be identified upon completion of an ongoing investigation, and it is in the process of filing a complaint against the individual employee with the appropriate authorities, while committing to update the market with any material developments.