Overview

Detailed Summary

PPAP Automotive Limited is an Indian manufacturer of automotive sealing systems, interior and exterior injection‑moulded parts, commercial tooling, industrial plastic/rubber products, aftermarket spares and a wholly owned lithium‑ion battery subsidiary, operating ten pan‑India facilities and supplying leading OEMs including Maruti, Tata, Honda, Hyundai, MG and Vinfast.
The company divested its 50% stake in the Tokai JV for INR 100 crore, intending to deploy proceeds mainly to reduce net debt and fund strategic capex; PPAP expects roughly 30% reduction in interest cost and will use remaining funds selectively for capacity expansion and working capital, materially improving balance sheet flexibility.
PPAP reported a consolidated unexecuted orderbook of INR 4,103 crore and lifetime order wins of INR ~752 crore during 9M FY26, with orders skewed to non‑EV customers but including EV program wins, illustrating deep OEM relationships and significant revenue visibility to support medium‑term growth.
Operationally, PPAP’s gross margin improved to ~44–45% with higher gross profit but EBITDA margins compressed to ~9% in 9M FY26 due to under‑absorption of fixed costs and softer volumes; management revised FY26 guidance to INR 575–600 crore in revenue and EBITDA around INR 58 crore, with PAT guidance ~INR 8 crore excluding JV gain.
The Avinya battery business has moved from development phase to commercial traction with highest monthly sales recorded in December and confirmed orders from marquee ESS customers, positioning battery packs and ESS as an emerging growth vertical while the aftermarket and tooling divisions are targeted as margin‑accretive, de‑risking revenue concentration.

Sector: Auto Ancillaries
Industry: Auto Ancillaries - Others
Market Cap: 299 Cr
Volatility: High Risk
P/E Ratio: 1,817.0
Industry P/E: 36.1
PEG Ratio: 0.1
P/B Ratio: 1.1
52W High: 295.35
52W Low: 152.00

Sales CAGR

1Y: 5.95%
3Y: 9.54%
5Y: 8.35%
10Y: 4.93%

Profit CAGR

1Y: 153.68%
3Y: 45.36%
5Y: -6.07%
10Y: -0.89%

ROE

TTM: 0.60%
3Y: 1.70%
5Y: 1.63%
10Y: 5.39%

ROCE

TTM: 4.04%
3Y: 5.63%
5Y: 4.56%
10Y: 8.75%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JAYUSH	833.00	322 Cr	42.44	2.51	0.48	11.21	14.34	3.63
PPAP	211.75	299 Cr	1816.97	1.05	1.18	0.60	4.04	0.03
PAVNAIND	19.03	269 Cr	17.69	1.35	0.00	1.94	5.39	1.47
SIZEMASTER	260.00	260 Cr	60.32	15.81	0.00	19.35	23.72	15.48
EMMFORCE	125.00	256 Cr	31.81	3.22	0.00	10.14	13.08	6.09
SHIVAMAUTO	18.87	248 Cr	-4.34	140.93	0.00	-3220.39	1.12	-14.55
SINTERCOM	89.52	246 Cr	255.77	2.62	0.00	0.98	4.93	0.48

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	148	122	136	123	145	139	147	117	137	139
Expenses	136	113	124	111	128	125	132	107	124	126
Operating Profit	12	9.76	12	12	16	14	15	9.30	13	13
OPM %	8.21	7.98	8.49	9.63	11.31	10.05	10.18	7.97	9.29	9.02
Other Income	0.34	-1.02	0.02	0.67	0.21	0.83	0.85	0.54	0.24	0.61
Interest	3.45	3.60	3.89	3.77	4.04	4.25	4.37	4.26	4.23	4.39
Depreciation	8.63	8.71	8.59	8.61	8.69	8.65	8.50	8.50	8.81	8.73
Profit Before Tax	0.46	-3.57	-0.94	0.10	3.85	1.92	2.98	-2.93	-0.08	0.03
Tax %	-17.39	25.21	-768.09	0.00	25.97	15.63	18.79	22.53	50.00	-133.33
Net Profit	0.54	-2.67	-8.16	0.10	2.86	1.62	2.42	-2.27	-0.05	0.07
EPS in Rs	0.39	-1.89	-5.78	0.07	2.02	1.14	1.71	-1.61	-0.03	0.05

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	393	409	411	360	322	422	511	523	554	548
Expenses	278	313	334	309	289	383	467	483	497	493
Operating Profit	115	96	77	51	33	39	44	40	57	55
OPM %	29.19	23.45	18.78	14.11	10.21	9.15	8.60	7.60	10.32	9.98
Other Income	4.97	4.48	1.39	-0.32	0.57	-2.50	-6.21	1.02	2.56	2.43
Interest	6.27	4.42	4.05	2.64	3.78	6.51	12	15	16	17
Depreciation	24	26	26	26	26	29	31	34	34	34
Profit Before Tax	41	59	49	22	3.23	0.13	-5.11	-8.05	8.86	5.82
Tax %	31.69	33.32	30.51	17.41	35.06	709.74	-16.26	-61.89	21.06	20.45
Net Profit	28	39	34	18	2.10	-0.79	-5.94	-13	7.00	4.63
EPS in Rs	—	—	23.90	12.90	1.48	-0.57	-1.82	-9.23	4.93	0.12
Dividend Payout %	15.02	16.03	18.67	23.08	66.67	-267.86	-35.29	-13.43	50.51	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14	14	14	14	14
Reserves	192	223	256	281	289	292	290	281	269	274
Borrowings	59	36	18	17	22	52	110	152	162	175
Other Liabilities	64	80	99	103	81	85	86	102	110	105
Total Liabilities	328	353	386	415	406	443	500	548	555	568
Fixed Assets	217	197	211	237	230	244	284	319	313	316
CWIP	1.21	3.18	12	2.30	8.44	20	21	11	17	27
Investments	1.78	49	49	49	48	46	46	42	43	44
Other Assets	108	103	115	127	119	133	148	177	182	181
Total Assets	328	353	386	415	406	443	500	548	555	568

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	41	70	78	59	36	26	21	30	41	52
Cash from Investing Activity	-24	-43	-45	-43	-27	-49	-71	-58	-30	-35
Cash from Financing Activity	-18	-25	-33	-17	-5.62	21	49	28	-9.49	-17
Net Cash Flow	-1.28	1.90	-0.79	-0.94	2.78	-1.85	-0.91	0.39	1.10	-0.46

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	65.01%	65.01%	65.01%	65.01%	65.01%	64.61%	64.61%	64.61%	64.61%	64.48%	64.48%	64.48%
FIIs	5.70%	5.70%	5.70%	5.70%	5.75%	5.67%	5.76%	5.67%	5.67%	5.66%	5.65%	5.70%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	29.29%	29.29%	29.29%	29.29%	29.24%	29.73%	29.64%	29.72%	29.73%	29.87%	29.87%	29.83%
Total Shareholders	16,414	16,860	16,482	16,654	16,939	17,024	17,097	17,568	17,103	16,093	15,752	15,450

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Q3 FY26

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