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About
IP Rings Ltd (IPRINGLTD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523638 NSE: IPRINGLTD Auto Ancillary | Small Cap | IP Rings Share Price
₹128 3.00 (2.40%)
As on 07-Aug'26 16:59
IP Rings Ltd (IPRINGLTD)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523638 NSE: IPRINGLTD Auto Ancillary | Small Cap | IP Rings Share Price
₹128 3.00 (2.40%)
As on 07-Aug'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹162 Cr.
Current Price
₹128
52-Week Low / High
₹93 / 175
TTM EPS
₹2.1
TTM Sales
₹337 Cr.
Book Value per Share
₹83.5
P/E Ratio
60.28
Higher than its 5-year historical median
Industry PE
48.4
Price to Book (P/B)
1.53
In line with its 5-year historical median
Price to Sales (P/S)
0.48
Lower than its 5-year historical median
EV/EBITDA
7.74
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
2.58%
Underperforms industry median
Return on Capital Employed (ROCE)
8.15%
Underperforms industry median
Return on Assets (ROA)
0.86%
Operating Profit Margin
8.9%
Net Profit Margin
0.8%
Gross Profit Margin
6.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
11.01%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
35.54%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
56.58%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹93 Cr.
Equity
₹12.7 Cr.
Face Value
₹10
All Time Low / High
₹15.19 / 278.80
Check Before You Invest
Quality
Not GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Weak
Is IP Rings Ltd a good quality company?
IP Rings Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does IP Rings Ltd performance compare with that of its Peers?
Revenue growth of IP Rings Ltd vs industry peers?
IP Rings Ltd revenue CAGR is 11.16%, compared to the industry median CAGR of 12.83%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of IP Rings Ltd?
Promoters hold 56.58% of the IP Rings Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of IP Rings Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 2.7% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
IP Rings Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 5.4% | 11.1% | 10.8% | 6.1% | 7.3% | 10.1% | 6.2% | 4.4% | 3.7% | 8.2% | - |
| Value Creation Index ⓘ | -0.6 | -0.2 | -0.2 | -0.6 | -0.5 | -0.3 | -0.6 | -0.7 | -0.7 | -0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 174 | 203 | 212 | 198 | 198 | 273 | 323 | 317 | 303 | 337 | 337 |
| Sales YoY Gr. | - | 16.9% | 4.5% | -6.7% | 0.3% | 37.4% | 18.6% | -2% | -4.2% | 11% | - |
| Adj EPS ⓘ | -0.8 | 6.3 | 6.7 | 1.5 | 4 | 6.5 | 0.5 | -2.5 | -2.8 | 0.1 | 2.1 |
| YoY Gr. | - | NA | 7.5% | -77.1% | 156.5% | 63.3% | -92.9% | -650% | NA | NA | - |
| BVPS (₹) ⓘ | 68.3 | 74 | 80.2 | 79.7 | 83.1 | 88.2 | 87.6 | 84.1 | 81.4 | 83.5 | 83.5 |
| Adj Net Profit ⓘ | -1 | 7.9 | 8.5 | 2 | 5 | 8.2 | 0.6 | -3.2 | -3.6 | 0.2 | 3 |
| Cash Flow from Ops. ⓘ | 10.3 | 21.8 | 20.7 | 32.2 | 17 | 22.8 | 42.1 | 34.9 | 19.4 | 8.4 | - |
| Debt/CF from Ops. ⓘ | 5.8 | 3.3 | 4 | 2.5 | 5.5 | 4.8 | 2.3 | 2.4 | 5.1 | 14.3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 7.6% | 11.2% | 1.4% | 11% | ||||
| Adj EPS ⓘ | NA | -48.7% | -32.7% | NA | ||||
| BVPSⓘ | 2.3% | 0.1% | -1.6% | 2.6% | ||||
| Share Price | 2.7% | -6.1% | -6% | -22.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -1.6 | 8.8 | 8.7 | 1.9 | 4.9 | 7.5 | 0.5 | -3 | -3.4 | 0.2 | 2.5 |
| Op. Profit Mgn % ⓘ | 8 | 12.2 | 13.4 | 11.5 | 12.5 | 12.1 | 8 | 7.3 | 7.4 | 8.9 | 8.9 |
| Net Profit Mgn % ⓘ | -0.6 | 3.9 | 4 | 1 | 2.5 | 3 | 0.2 | -1 | -1.2 | 0.1 | 0.8 |
| Debt to Equity ⓘ | 0.7 | 0.8 | 0.8 | 0.8 | 0.9 | 1 | 0.9 | 0.8 | 1 | 1.1 | 0.5 |
| Working Cap Days ⓘ | 164 | 177 | 176 | 175 | 190 | 172 | 164 | 175 | 179 | 168 | 81 |
| Cash Conv. Cycle ⓘ | 81 | 83 | 94 | 96 | 94 | 77 | 65 | 62 | 62 | 72 | -2 |
Valuation of IP Rings - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 174 | 203 | 212 | 198 | 198 | 273 | 323 | 317 | 303 | 337 |
| Operating Expenses ⓘ + | 160 | 179 | 184 | 176 | 174 | 240 | 297 | 294 | 281 | 307 |
| Operating Profit ⓘ | 13 | 24 | 28 | 22 | 24 | 33 | 26 | 23 | 22 | 30 |
| Operating Profit Margin (%) | 7.7% | 11.8% | 13.0% | 10.9% | 12.3% | 12.1% | 8.0% | 7.3% | 7.3% | 8.9% |
| Other Income ⓘ + | 2 | 1 | 1 | 1 | 1 | 2 | 3 | 3 | 3 | 6 |
| Interest ⓘ | 10 | 7 | 8 | 9 | 7 | 10 | 11 | 11 | 12 | 14 |
| Depreciation ⓘ | 8 | 8 | 10 | 11 | 12 | 14 | 16 | 17 | 18 | 18 |
| Profit Before Tax ⓘ | -3 | 10 | 11 | 2 | 7 | 11 | 2 | -3 | -5 | 4 |
| Tax ⓘ | -1 | 3 | 3 | 1 | 2 | 3 | 1 | -0 | -1 | 1 |
| Profit After Tax | -1 | 7 | 8 | 1 | 5 | 8 | 2 | -3 | -3 | 3 |
| PAT Margin (%) | -0.8% | 3.6% | 3.8% | 0.6% | 2.5% | 3.0% | 0.5% | -0.9% | -1.1% | 0.8% |
| Adjusted EPS (₹) | -1.1 | 5.8 | 6.3 | 0.9 | 3.9 | 6.5 | 1.4 | -2.2 | -2.5 | 2.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 16% | 0% | 38.30% | 30.90% | 73% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 87 | 94 | 102 | 101 | 105 | 112 | 111 | 107 | 103 | 106 | |
| Debt + | 47 | 60 | 72 | 68 | 79 | 87 | 71 | 58 | 76 | 99 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 33 | 28 | 35 | 30 | 53 | 63 | 90 | 98 | 84 | 82 | |
| Others Liabilities ⓘ | 22 | 24 | 19 | 39 | 35 | 39 | 43 | 46 | 40 | 39 | |
| Total Liabilities ⓘ | 189 | 207 | 228 | 237 | 273 | 301 | 316 | 308 | 303 | 326 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 85 | 95 | 118 | 119 | 145 | 154 | 154 | 146 | 146 | 151 | |
| CWIP ⓘ | 4 | 4 | 2 | 19 | 2 | 5 | 2 | 2 | 3 | 3 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 7 | 7 | |
| Inventories | 34 | 35 | 40 | 38 | 47 | 53 | 60 | 59 | 53 | 70 | |
| Trade Receivables | 49 | 47 | 49 | 38 | 56 | 67 | 76 | 77 | 67 | 76 | |
| Cash Equivalents | 2 | 5 | 6 | 12 | 7 | 3 | 6 | 6 | 1 | 1 | |
| Others Assets ⓘ | 16 | 20 | 13 | 11 | 16 | 18 | 18 | 15 | 25 | 18 | |
| Total Assets ⓘ | 189 | 207 | 228 | 237 | 273 | 301 | 316 | 308 | 303 | 326 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 10 | 22 | 21 | 32 | 17 | 23 | 42 | 35 | 19 | 8 |
| Cash Flow From Investing Activity ⓘ + | 30 | -24 | -22 | -15 | -26 | -27 | -13 | -7 | -26 | -16 |
| Cash Flow From Financing Activity ⓘ + | -36 | 6 | 2 | -11 | 4 | 1 | -27 | -27 | 2 | 7 |
| Net Cash Flow ⓘ | 4 | 4 | 0 | 6 | -5 | -3 | 2 | 1 | -5 | -1 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -2.28 | 8.14 | 8.13 | 1.09 | 4.81 | 7.56 | 1.56 | -2.51 | -3.05 | 2.58 |
| ROCE (%) | 5.44 | 11.06 | 10.76 | 6.09 | 7.33 | 10.08 | 6.21 | 4.38 | 3.68 | 8.15 |
| Asset Turnover Ratio | 1.1 | 1.05 | 0.98 | 0.85 | 0.78 | 0.95 | 1.05 | 1.02 | 0.99 | 1.07 |
| PAT to CFO Conversion(x) | N/A | 3.14 | 2.63 | 32 | 3.4 | 2.88 | 21 | N/A | N/A | 2.67 |
| Working Capital Days | ||||||||||
| Receivable Days | 79.80 | 84.50 | 83 | 80.70 | 87 | 82.80 | 80.70 | 88.10 | 86.80 | 77.40 |
| Inventory Days | 57.90 | 60.80 | 65 | 72.30 | 78.30 | 67 | 63.60 | 68.30 | 67.50 | 66.80 |
| Payable Days | 150.10 | 159.30 | 149.10 | 149.40 | 214.40 | 222.60 | 211.20 | 249.40 | 242.30 | 234 |
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Announcements
IP Rings Ltd FAQs
The current trading price of IP Rings on 07-Aug-2026 16:59 is ₹128.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 06-Aug-2026 the market cap of IP Rings stood at ₹162.2 Cr
The latest P/E ratio of IP Rings as of 06-Aug-2026 is 60.28.
The latest P/B ratio of IP Rings as of 06-Aug-2026 is 1.53.
The 52-week high of IP Rings is ₹174.8 and the 52-week low is ₹93.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of IP Rings is ₹337 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that IP Rings Ltd is a below average quality company.
The key valuation ratios of IP Rings Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of IP Rings Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About IP Rings Ltd
IP Rings was born out of the technical collaboration between India Pistons Limited and Nippon Piston Ring Company Ltd., Japan - a world class leader in Ring Technology in 1991. IP Rings was promoted by India Pistons Ltd., Simpson & Company Ltd., Tractors and Farm Equipment Ltd., and Amalgamations Pvt Ltd., Chennai. State-of-the-Art manufacturing facility at Maraimalai Nagar, 50 Kms. from Chennai.
IP Rings manufactures a wide range of sophisticated piston rings. A model manufacturing unit, the Company’s production plant is fully integrated and has a wide spectrum of Surface Engineering Technologies.
IP Rings is the only Company in India, which has got under one roof, facilities for all the surface treatments, which are currently used in contemporary engines. Its plant at Maraimalainagar has the following surface treatment facilities.
Plasma Spray: IP Rings has one of the best plasma spray facilities, which is capable of spraying alloy powders and also multi-layer coatings. Plasma sprayed coatings improve the scuff and wear resistance and are recommended for high operating temperatures.
Gas Nitriding : IP Rings has a fully automatic Gas Nitriding frunace, capable of giving extremely close tolerances on mechanical properties and case depth. This results in excellent wear-resistance and prolonged engine life for gasolene engines - both for passenger cars and two-wheelers.
Nifflex-S & Nifflex-H: IP Rings has the facility to manufacture 3 piece steel oil control ring, consisting of an expander and two side rails, based on the famous Nifflex-S, Nifflex-Hdesign of NPR, Japan. These rings ensure total conformability of the oil ring to the cylinder bore throughout the life of the engine and give better and long life oil control.
Chrome Plating : IP Rings has a fully automated chrome plating facility, which can carry out besides periphery plating, chrome plating of the side faces of the rings, as well as the bore surface. Thus, it can cater to the entire range of chrome plating requirements.
Entire spectrum of the automobile industry from two-wheelers to Heavy Commercial Vehicles and Tractors are catered by them.
Product range of the company includes:
- Steel Rings
- Cast Iron Rings and
- Nifflex S Rings
- Nifflex H with surface coatings
- Plasma Spraying
- Gas Nitriding
- Chrome Plating
Clientele:Tata Motors, Maruti, Ashok Leyland, Hyundai. Eicher, HM, TVS, Royal Enfield, Simpson, Nippon Pistons etc.
Achievements/ recognition:
- ISO 9002 (1996)
- QS9000 (2000)
- ISO 14001 (2002)
- ISO/TS16949:2002 (2002)
- 100 PPM (2003)
- Accreditation of In-house R & D (2004)
- IMEA Gold Award from Frost & Sulivan (2005)
- IMEA Super Platinum From Frost & Sulivan (2007)
- CII EXIM - Significant Acheivement Award (2008)
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