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.