IVP Ltd (IVP) AI Stock Analysis

• Market Cap: ₹1.34B
• Dividend Yield: 0.68%
• Average Volume (3M): 1.22K
• Price to Earnings (P/E): 8.1
• Beta (1Y): 1.53
• 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: 62 Neutral
• Price Target: ₹154.00 ▼(-1.16% Downside)
• Action: Reiterated Date: 01/31/26
• Date: Action: Reiterated 01/31/26

The score is primarily held back by weaker financial quality—especially poor cash flow conversion and low net margins—despite a reasonably stable balance sheet. Technicals also remain soft with the stock below longer-term moving averages and negative MACD. These risks are partly offset by a relatively attractive valuation (low P/E).

Positive Factors

Gross Margin

A 19.6% gross margin indicates the company retains a meaningful portion of sales after production costs, suggesting reasonable production efficiency or pricing power in its specialty chemicals niche. This margin supports long-term capacity to cover operating costs and invest in product capability.

Return on Equity

An 8.1% ROE signals the firm is generating positive returns on shareholder capital, reflecting steady underlying profitability relative to equity. Over months, a mid-single-digit ROE can sustain investor confidence and help the company fund growth if maintained or improved via operational gains.

Balanced Financing Mix

A 40.1% equity ratio shows a mix of equity and liabilities rather than overreliance on debt, preserving financial flexibility. This balanced capital structure supports the company’s ability to absorb shocks, maintain access to credit, and fund strategic investments over the medium term.

Negative Factors

Cash Flow Generation

Negative operating and free cash flow versus net income indicates earnings are not converting into cash and capex is pressuring liquidity. Persisting weak cash generation can force external financing, restrict reinvestment, and undermine the company’s ability to execute strategic initiatives over several months.

Thin Profitability Margins

Very low net and EBIT margins leave little room to absorb cost inflation, raw material volatility, or competitive pricing pressure. Sustained thin margins constrain internal funding for R&D, capex, and debt servicing, increasing vulnerability to adverse industry or economic shifts in the medium term.

Revenue Decline

A significant multi-year revenue decline erodes scale, reduces fixed-cost absorption, and weakens market position. Without a clear trend reversal, shrinking top-line undermines margins and ROE improvement prospects, making sustainable recovery and investment financing more challenging over the next 2-6 months.

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 income statement strength (gross margin 19.6%) but weak profitability (net margin 2.1%) and declining revenue trend. Balance sheet is reasonably stable with moderate leverage (debt-to-equity 0.75) and decent ROE (8.1%). Cash flow is the main drag, with negative operating/free cash flow conversion versus net income and a significant decline in free cash flow.

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 140.58, above the 50-day MA of 142.67, and below the 200-day MA of 164.50, indicating a bearish trend. The MACD of -2.72 indicates Positive momentum. The RSI at 34.36 is Neutral, neither overbought nor oversold. The STOCH value of 39.56 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	₹1.13B	14.43	―	―	5.39%	1.02%
SMARTLINK	66 Neutral	₹1.35B	14.70	―	―	4.87%	35.38%
IVP	62 Neutral	₹1.34B	8.06	―	0.68%	7.44%	-9.39%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AARTECH	56 Neutral	₹1.30B	63.14	―	0.26%	9.12%	22.53%
COMPUSOFT	55 Neutral	₹1.08B	-135.66	―	1.20%	-25.74%	115.90%
EQUIPPP	45 Neutral	₹1.80B	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.