New Risk • 15h
New major risk - Revenue and earnings growth Earnings have declined by 2.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.0% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₹1.82b market cap, or US$19.0m). Reported Earnings • 15h
Full year 2026 earnings released: EPS: ₹18.09 (vs ₹10.95 in FY 2025) Full year 2026 results: EPS: ₹18.09 (up from ₹10.95 in FY 2025). Revenue: ₹5.99b (up 11% from FY 2025). Net income: ₹186.8m (up 65% from FY 2025). Profit margin: 3.1% (up from 2.1% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Annuncio • May 13
IVP Limited to Report Q4, 2026 Results on May 21, 2026 IVP Limited announced that they will report Q4, 2026 results on May 21, 2026 Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹112, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 19x in the Chemicals industry in India. Total loss to shareholders of 7.3% over the past three years. Reported Earnings • Jan 30
Third quarter 2026 earnings released: EPS: ₹4.48 (vs ₹1.84 in 3Q 2025) Third quarter 2026 results: EPS: ₹4.48 (up from ₹1.84 in 3Q 2025). Revenue: ₹1.46b (up 13% from 3Q 2025). Net income: ₹46.3m (up 145% from 3Q 2025). Profit margin: 3.2% (up from 1.5% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Annuncio • Jan 22
IVP Limited to Report Q3, 2026 Results on Jan 29, 2026 IVP Limited announced that they will report Q3, 2026 results on Jan 29, 2026 Reported Earnings • Nov 06
Second quarter 2026 earnings released: EPS: ₹3.87 (vs ₹2.09 in 2Q 2025) Second quarter 2026 results: EPS: ₹3.87 (up from ₹2.09 in 2Q 2025). Revenue: ₹1.48b (up 21% from 2Q 2025). Net income: ₹40.0m (up 85% from 2Q 2025). Profit margin: 2.7% (up from 1.8% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Annuncio • Oct 23
IVP Limited to Report Q2, 2026 Results on Nov 05, 2025 IVP Limited announced that they will report Q2, 2026 results on Nov 05, 2025 New Risk • Aug 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.7% Last year net profit margin: 2.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (₹1.88b market cap, or US$21.6m). Annuncio • Jul 22
IVP Limited to Report Q1, 2026 Results on Jul 31, 2025 IVP Limited announced that they will report Q1, 2026 results on Jul 31, 2025 Reported Earnings • Jul 10
Full year 2025 earnings released: EPS: ₹10.95 (vs ₹11.89 in FY 2024) Full year 2025 results: EPS: ₹10.95 (down from ₹11.89 in FY 2024). Revenue: ₹5.39b (down 1.3% from FY 2024). Net income: ₹113.1m (down 7.9% from FY 2024). Profit margin: 2.1% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Jul 09
Dividend of ₹1.00 announced Dividend of ₹1.00 is the same as last year. Ex-date: 24th July 2025 Payment date: 30th August 2025 Dividend yield will be 0.5%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (9% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 16
Full year 2025 earnings released: EPS: ₹10.96 (vs ₹11.89 in FY 2024) Full year 2025 results: EPS: ₹10.96 (down from ₹11.89 in FY 2024). Revenue: ₹5.43b (flat on FY 2024). Net income: ₹113.1m (down 7.9% from FY 2024). Profit margin: 2.1% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹196, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 25x in the Chemicals industry in India. Total returns to shareholders of 21% over the past three years. New Risk • May 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (₹1.68b market cap, or US$19.9m). Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹149, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 25x in the Chemicals industry in India. Total loss to shareholders of 2.1% over the past three years. Reported Earnings • Jan 31
Third quarter 2025 earnings released: EPS: ₹1.84 (vs ₹1.66 in 3Q 2024) Third quarter 2025 results: EPS: ₹1.84 (up from ₹1.66 in 3Q 2024). Revenue: ₹1.30b (up 6.6% from 3Q 2024). Net income: ₹18.9m (up 11% from 3Q 2024). Profit margin: 1.4% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Annuncio • Jan 23
IVP Limited to Report Q3, 2025 Results on Jan 30, 2025 IVP Limited announced that they will report Q3, 2025 results on Jan 30, 2025 New Risk • Nov 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Market cap is less than US$100m (₹2.45b market cap, or US$29.0m). Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹198, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 32x in the Chemicals industry in India. Total returns to shareholders of 66% over the past three years. Reported Earnings • Nov 12
Second quarter 2025 earnings released: EPS: ₹2.09 (vs ₹4.49 in 2Q 2024) Second quarter 2025 results: EPS: ₹2.09 (down from ₹4.49 in 2Q 2024). Revenue: ₹1.23b (down 14% from 2Q 2024). Net income: ₹21.6m (down 53% from 2Q 2024). Profit margin: 1.8% (down from 3.3% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Annuncio • Nov 05
IVP Limited to Report Q2, 2025 Results on Nov 11, 2024 IVP Limited announced that they will report Q2, 2025 results on Nov 11, 2024 Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹242, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 34x in the Chemicals industry in India. Total returns to shareholders of 109% over the past three years. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹231, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 35x in the Chemicals industry in India. Total returns to shareholders of 104% over the past three years. Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: ₹3.32 (vs ₹1.15 in 1Q 2024) First quarter 2025 results: EPS: ₹3.32 (up from ₹1.15 in 1Q 2024). Revenue: ₹1.39b (flat on 1Q 2024). Net income: ₹34.3m (up 188% from 1Q 2024). Profit margin: 2.5% (up from 0.9% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Aug 08
IVP Limited Announces Completion of Term of Amin Manekia as Independent Director, Effective August 11, 2024 The Board of directors of IVP Limited in its meeting held on August 8, 2024 has approved the completion of the term of Mr. Amin Manekia (DIN: 00053745) as an Independent Director. As a result, Mr. Manekia will cease to act as a director of the company with effect from the closing hours on August 11, 2024. Annuncio • Jul 29
IVP Limited to Report Q1, 2025 Results on Aug 08, 2024 IVP Limited announced that they will report Q1, 2025 results on Aug 08, 2024 Declared Dividend • Jul 17
Dividend of ₹1.00 announced Shareholders will receive a dividend of ₹1.00. Ex-date: 1st August 2024 Payment date: 7th September 2024 Dividend yield will be 0.5%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (2% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annuncio • Jul 16
IVP Limited, Annual General Meeting, Aug 08, 2024 IVP Limited, Annual General Meeting, Aug 08, 2024, at 11:00 Indian Standard Time. Location: the k r cama oriental institute, 136, mumbai samachar marg, opp. lion gate, mumbai-400001, mumbai India Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹234, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 35x in the Chemicals industry in India. Total returns to shareholders of 82% over the past three years. New Risk • Jun 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.2% average weekly change). Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (₹2.02b market cap, or US$24.2m). Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹196, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 32x in the Chemicals industry in India. Total returns to shareholders of 45% over the past three years. New Risk • May 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (₹1.70b market cap, or US$20.4m). Annuncio • May 18
IVP Limited to Report Q4, 2024 Results on May 23, 2024 IVP Limited announced that they will report Q4, 2024 results on May 23, 2024 Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹188, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹194, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 80% over the past three years. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: ₹1.66 (vs ₹9.94 in 3Q 2023) Third quarter 2024 results: EPS: ₹1.66 (down from ₹9.94 in 3Q 2023). Revenue: ₹1.23b (down 21% from 3Q 2023). Net income: ₹17.1m (down 83% from 3Q 2023). Profit margin: 1.4% (down from 6.6% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Annuncio • Jan 31
IVP Limited to Report Q3, 2024 Results on Feb 09, 2024 IVP Limited announced that they will report Q3, 2024 results on Feb 09, 2024 Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹277, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 31x in the Chemicals industry in India. Total returns to shareholders of 268% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹250, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 273% over the past three years. New Risk • Nov 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (70% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₹2.20b market cap, or US$26.4m). Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹224, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 241% over the past three years. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: ₹4.49 (vs ₹5.53 in 2Q 2023) Second quarter 2024 results: EPS: ₹4.49 (down from ₹5.53 in 2Q 2023). Revenue: ₹1.43b (down 15% from 2Q 2023). Net income: ₹46.4m (down 19% from 2Q 2023). Profit margin: 3.3% (down from 3.4% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹181, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 27x in the Chemicals industry in India. Total returns to shareholders of 348% over the past three years. Annuncio • Sep 14
Ivp Limited Announces Resignation of Mrs. Vidya Shetty as Head of Human Resource IVP Limited announced that Mrs. Vidya Shetty, Head of Human Resource (HR)(Senior Management personnel) of the Company has resigned from the services of the Company to pursue her professional interest outside the Company.The Company has on 13 September, 2023 has accepted her resignation. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹139, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 25x in the Chemicals industry in India. Total returns to shareholders of 187% over the past three years. New Risk • Aug 11
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (₹1.59b market cap, or US$19.2m). Annuncio • Aug 03
IVP Limited to Report Q1, 2024 Results on Aug 10, 2023 IVP Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Upcoming Dividend • Jul 27
Upcoming dividend of ₹1.50 per share at 0.9% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 09 September 2023. Payout ratio is a comfortable 5.5% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.5%). In line with average of industry peers (0.9%). Reported Earnings • Jul 15
Full year 2023 earnings released: EPS: ₹27.14 (vs ₹17.07 in FY 2022) Full year 2023 results: EPS: ₹27.14 (up from ₹17.07 in FY 2022). Revenue: ₹6.61b (up 19% from FY 2022). Net income: ₹280.2m (up 59% from FY 2022). Profit margin: 4.2% (up from 3.2% in FY 2022). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 61% per year, which means it is significantly lagging earnings growth. Annuncio • Jul 14
IVP Limited Recommends Dividend for the Financial Year 2022-23 IVP Limited announced to recommend payment of dividend for the Financial Year 2022-23 at INR 1.50 per Equity Share of INR 10 each and Annual General Meeting (AGM) to be held on 10th August, 2023. The Company has fixed 03rd August, 2023 as the "Cut-off Date/Record Date" for the purpose of determining the Members eligible to vote on the resolutions set out in the Notice of the AGM or to attend the AGM and for determining the Members eligible to receive dividend for the financial year 2022-23. Annuncio • Jul 13
IVP Limited, Annual General Meeting, Aug 10, 2023 IVP Limited, Annual General Meeting, Aug 10, 2023, at 11:00 Indian Standard Time. Location: M.C. Ghia hall, Bhogilal Hargovindas Building 4th Floor, 18/20 Kaikhushru Dubash Marg Mumbai India Agenda: To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2023 together with the reports of the Board of Directors and Auditors thereon; to declare final dividend on the equity shares for the financial year ended March 31, 2023; to appoint a director in place of Mr. Anwar Chauhan who retires by rotation and being eligible, offers himself for re-appointment; and to consider Ratification of Remuneration to the Cost Auditors. Reported Earnings • Apr 29
Full year 2023 earnings released: EPS: ₹27.13 (vs ₹17.07 in FY 2022) Full year 2023 results: EPS: ₹27.13 (up from ₹17.07 in FY 2022). Revenue: ₹6.64b (up 19% from FY 2022). Net income: ₹280.2m (up 59% from FY 2022). Profit margin: 4.2% (up from 3.2% in FY 2022). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 69% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹170, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 393% over the past three years. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹9.94 (vs ₹6.18 in 3Q 2022) Third quarter 2023 results: EPS: ₹9.94 (up from ₹6.18 in 3Q 2022). Revenue: ₹1.56b (flat on 3Q 2022). Net income: ₹102.7m (up 61% from 3Q 2022). Profit margin: 6.6% (up from 4.1% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 02
IVP Limited to Report Q3, 2023 Results on Feb 09, 2023 IVP Limited announced that they will report Q3, 2023 results on Feb 09, 2023 Reported Earnings • Nov 11
Second quarter 2023 earnings released: EPS: ₹5.53 (vs ₹3.57 in 2Q 2022) Second quarter 2023 results: EPS: ₹5.53 (up from ₹3.57 in 2Q 2022). Revenue: ₹1.68b (up 13% from 2Q 2022). Net income: ₹57.1m (up 55% from 2Q 2022). Profit margin: 3.4% (up from 2.5% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 13
Upcoming dividend of ₹1.50 per share Eligible shareholders must have bought the stock before 20 July 2022. Payment date: 27 August 2022. Payout ratio is a comfortable 8.8% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.8%). In line with average of industry peers (0.8%). Reported Earnings • Jul 02
Full year 2022 earnings released: EPS: ₹17.07 (vs ₹4.36 in FY 2021) Full year 2022 results: EPS: ₹17.07 (up from ₹4.36 in FY 2021). Revenue: ₹5.57b (up 92% from FY 2021). Net income: ₹176.3m (up 292% from FY 2021). Profit margin: 3.2% (up from 1.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 15% share price gain to ₹172, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 17x in the Chemicals industry in India. Total returns to shareholders of 109% over the past three years. Reported Earnings • May 19
Full year 2022 earnings released: EPS: ₹17.07 (vs ₹4.36 in FY 2021) Full year 2022 results: EPS: ₹17.07 (up from ₹4.36 in FY 2021). Revenue: ₹5.60b (up 93% from FY 2021). Net income: ₹176.3m (up 292% from FY 2021). Profit margin: 3.1% (up from 1.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 17% share price gain to ₹166, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to ₹166, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 53% share price gain to ₹181, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 96% over the past three years. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹6.18 (up from ₹4.20 in 3Q 2021). Revenue: ₹1.57b (up 74% from 3Q 2021). Net income: ₹63.8m (up 47% from 3Q 2021). Profit margin: 4.1% (down from 4.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 16% share price gain to ₹122, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 17x in the Chemicals industry in India. Total loss to shareholders of 18% over the past three years. Executive Departure • Aug 04
Non-Executive & Non-Independent Director Priya Ranjan has left the company On the 28th of July, Priya Ranjan's tenure as Non-Executive & Non-Independent Director ended after 3.5 years in the role. We don't have any record of a personal shareholding under Priya's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.83 years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 17% share price gain to ₹152, the stock trades at a trailing P/E ratio of 34.9x. Average trailing P/E is 21x in the Chemicals industry in India. Total loss to shareholders of 9.1% over the past three years. Upcoming Dividend • Jul 12
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 19 July 2021. Payment date: 27 August 2021. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.5%). In line with average of industry peers (0.7%). Reported Earnings • Jul 06
Full year 2021 earnings released: EPS ₹4.36 (vs ₹8.35 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹2.90b (up 27% from FY 2020). Net income: ₹45.0m (up ₹131.2m from FY 2020). Profit margin: 1.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance.