Opening Hook Monsoon arrived early this year—and so did the earnings gloom for IVP. Customers slowed production, imports undercut pricing, and EBITDA margins slipped below 4%. Revenue at ₹138.2 crore (flat YoY) looked like déjà vu, while PAT collapsed 65% YoY to just ₹1.2 crore (Q1FY26 investor presentation, Aug 25, 2025). Why now? Because the foundry-to-footwear resin maker sits exactly where global crude volatility meets domestic demand sluggishness. Yet management insists India’s GDP tailwind and polyurethane pivot will soon kick margins back into shape. Call it optimism, or just wishful hardening.
At a Glance • Revenue ₹138.2 cr – flat YoY, down 7% QoQ • EBITDA ₹5.3 cr – down 39% QoQ, margin shrinks to 3.8% • PBT ₹1.7 cr – down 67% QoQ; interest cost unchanged, pain persists • PAT ₹1.2 cr – down 65% YoY; weakest in years • PU & foundry demand hit by early monsoon and cheap imports • CFO’s pep talk – “long-term demand intact, short-term margins MIA”
Management’s Key Commentary “The chemical industry was hit by weak demand in Q1FY26.” → Translation: rains rained on us. “Imported raw material prices volatile with crude, forex, geopolitics.” → Translation: excuse bingo, full house. “Both Foundry and PU demand subdued; imports undercut margins.” → Translation: China sells cheaper, we sulk deeper. “YoY revenue flat; EBITDA and PBT declined.” → Translation: spreadsheets confirm the pain. “Domestic GDP growth will support demand ahead.” → Translation: macro to the rescue, someday. “Our R&D and capacity position us to capitalise when demand recovers.” → Translation: plants are ready, but orders are not.
