IVP Limited (IVP.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+112.9%

₹387.42

vs ₹182.00 price

Levered DCF

₹310.95

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	6.18×	13.76×	13.65×	4.39×	8.89×	22.19×	-3.98×	38.17×
P/B	0.74×	1.12×	1.29×	1.04×	1.71×	1.32×	0.48×	1.58×
P/S	0.19×	0.29×	0.31×	0.19×	0.28×	0.35×	0.15×	0.4×
EV / EBITDA	5.12×	9×	8.26×	4.37×	8.14×	11.78×	60.62×	23.27×
Gross margin	15.8%	11.0%	18.3%	16.7%	16.8%	21.7%	20.8%	16.8%
Operating margin	4.8%	3.7%	4.1%	5.6%	5.4%	3.9%	-1.7%	3.0%
Net margin	3.1%	2.1%	2.3%	4.2%	3.2%	1.6%	-3.8%	1.1%
Current ratio	1.47×	1.32×	1.29×	1.18×	1.05×	0.95×	0.86×	0.95×
Debt / equity	0.42×	0.75×	0.69×	1.01×	1.71×	1.62×	1.38×	1.75×
Interest coverage	3.89×	2.56×	2.6×	2.99×	3.01×	1.62×	-0.39×	1.14×
Dividend yield	0.9%	0.7%	0.9%	1.3%	0.7%	0.0%	3.6%	1.9%
Payout ratio	5.5%	9.1%	12.6%	5.5%	5.8%	0.0%	-14.4%	72.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.9%	8.1%	9.5%	23.6%	19.2%	5.9%	-12.0%	4.1%
Return on invested capital	9.5%	6.0%	7.5%	11.1%	9.0%	3.8%	-1.6%	4.3%
Return on assets	5.5%	3.3%	3.7%	7.3%	4.8%	1.5%	-3.9%	1.2%
Free cash flow yield	37.1%	-4.7%	25.0%	28.5%	-15.1%	-14.6%	149.4%	-42.4%
Earnings yield	16.2%	7.3%	7.3%	22.8%	11.3%	4.5%	-25.1%	2.6%
Enterprise value	₹1.8B	₹2.6B	₹2.5B	₹2.4B	₹3.1B	₹2.2B	₹1.3B	₹2.7B
Net debt / EBITDA	1.79×	3.59×	2.83×	2.15×	4.06×	6.44×	45.01×	12.1×
Cash conversion cycle (days)	88	115	91	87	111	132	119	148