PPAP Automotive Limited has sold its entire 50% shareholding in PPAP Tokai India Rubber Private Limited to Tokai Kogyo Co. Ltd. on 13th February 2026.
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PPAP Automotive has sold its entire 50% shareholding in its joint venture PPAP Tokai India Rubber Private Limited (PTI) to Japanese partner Tokai Kogyo Co. Ltd for a cash consideration of Rs. 100 Crores, with the deal completed on 13th February 2026. As a result, PTI has ceased to be a joint venture of PPAP. The JV contributed nil to revenue but made up about 12.49% of the company's net worth (Rs. 35.96 Crores) in the last financial year. The board also approved Q3 FY26 results showing standalone revenue from operations of Rs. 128.65 Crores, down from Rs. 135.34 Crores in the same quarter last year, with net profit falling sharply to Rs. 0.79 Crores from Rs. 3.33 Crores year-on-year. Consolidated results turned to a small loss of Rs. 6.61 lakhs for the quarter versus a profit of Rs. 1.62 Crores a year ago.
The Rs. 100 Crore cash inflow from exiting the JV strengthens PPAP's balance sheet and simplifies the group's structure, though the weak Q3 earnings and the loss of a JV interest representing 12.5% of net worth may concern investors in the near term. The cash infusion could support future capex or debt reduction.