PPAP Automotive Q4 FY26: Profit up 1778% on sales rise

PPAP Automotive posted a sharp jump in consolidated profit for the quarter ended March 2026, supported by higher revenue compared with the year-ago period. The company reported consolidated net profit of ₹45.45 crore for the March 2026 quarter, versus ₹2.42 crore in the March 2025 quarter. Consolidated sales also increased to ₹174.58 crore from ₹147.22 crore over the same period. The results were published on May 12, 2026.

While the headline profit growth is unusually large, the operating line items in the same data set show more modest movement. That contrast matters for investors because it highlights the need to separate operational performance from below-the-line items when reading quarterly earnings.

March 2026 quarter: headline numbers

For Q4 FY26 (quarter ended March 2026), PPAP Automotive’s consolidated net profit rose 1,778.10% year on year to ₹45.45 crore. Revenue grew 18.58% to ₹174.58 crore. In the same quarter, the operating profit margin (OPM) was reported at 9.70%, compared with 10.19% in the year-ago quarter.

The company’s profit before depreciation and tax (PBDT) for the quarter stood at ₹12.97 crore, up from ₹11.48 crore. Profit before tax (PBT) came in at ₹3.52 crore, compared with ₹2.98 crore a year earlier. The spread between PBT and reported net profit in the March 2026 quarter is notable, and readers typically look to company disclosures for the specific items driving such differences.

FY26 full-year performance versus FY25

For the year ended March 2026, PPAP Automotive reported consolidated net profit of ₹43.19 crore, up 517.00% from ₹7.00 crore in FY25. Full-year revenue increased 2.35% to ₹567.05 crore from ₹554.01 crore.

On profitability metrics, the reported full-year OPM was 9.08% in FY26 versus 10.32% in FY25. Full-year PBDT was ₹36.03 crore compared with ₹43.31 crore in FY25, while PBT was ₹0.53 crore versus ₹8.86 crore in FY25. As with the quarterly numbers, the gap between PBT and net profit stands out and is an important line-item check for investors.

Key financial snapshot (as reported)

How this compares with market expectations mentioned elsewhere

A separate preview note in the provided material said PPAP Automotive was expected to announce Q4 FY26 results in May 2026, with analyst revenue estimates in the range of ₹198 to ₹215 crore and PAT expectations of ₹13 to ₹16 crore. The same note also referenced EBITDA margin projections of 7% to 8%.

Against those figures, the March 2026 quarter sales number of ₹174.58 crore is below the cited revenue estimate range, while reported consolidated net profit of ₹45.45 crore is far above the cited PAT range. Since these figures come from different sections of the supplied text, readers generally treat the comparison as directional, and rely on the company’s audited statements and notes for reconciliation.

Stock levels cited ahead of results

The preview note in the supplied text also cited PPAP Automotive trading at ₹185, with a 52-week high of ₹310 and a 52-week low of ₹140. It additionally mentioned an approximate market capitalisation of ₹560 crore. These datapoints reflect where the stock was positioned in the run-up to the expected results window.

Order book and business visibility signals mentioned

The supplied material also referenced order-related metrics and guidance-like disclosures. One section stated an order book of ₹752 crore, with 95% linked to passenger vehicles (including Maruti, Tata and Honda) and 5% from other segments such as two-wheelers. Another section described lifetime order wins of ₹752 crore during 9M FY26, with ₹45 crore secured in Q3 FY26, and an unexecuted order book of ₹4,103 crore.

Separately, the text also mentioned FY26 revenue guidance of around ₹575 crore and an estimated EBITDA of ₹58 crore. It also stated that an FY26 PAT estimate of ₹8 crore excluded an extraordinary gain arising from the sale of shares in a joint venture company, which would be accounted for separately.

Capex and joint venture history cited in the material

The provided transcript excerpts included a capex update: capex of about ₹37 crore over nine months of FY26, and planned capex of ₹55 crore for the year. The material also said PPAP invested an aggregate ₹48.5 crore in a joint venture between 2012 and the referenced date, and that the JV had historically been a drag on consolidated performance.

These details matter because they frame how much cash has been deployed into capacity and new initiatives, and why investors may look closely at cash flow and one-off items when profits move sharply.

What investors typically watch next

Based on the supplied preview note, the board was expected to meet in May 2026 to approve audited financial statements and consider a recommendation for a final dividend for FY26. The same note said the trading window for designated employees was closed until 48 hours after the results announcement, as per SEBI regulations.

For investors tracking the stock after the March 2026 quarter print, the next set of actionable information usually comes from audited financial statements, dividend decisions (if any), and management commentary that explains the drivers behind the reported gap between operating profits, PBT and net profit.

Conclusion

PPAP Automotive reported consolidated sales of ₹174.58 crore and net profit of ₹45.45 crore for the March 2026 quarter, along with FY26 revenue of ₹567.05 crore and net profit of ₹43.19 crore. The figures point to a quarter where the headline profit outcome diverged significantly from operating profit measures in the same dataset. The next formal updates to watch, as referenced in the supplied material, are the board’s audited financial approval and any final dividend recommendation expected in May 2026.