Transcript of earning conference call for quarter and year ended March 31, 2026
PPAP · price
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PPAP Automotive reported Q4 FY26 revenue of INR 174.6 crores (up 18.6% YoY and 25.7% QoQ) with EBITDA of INR 16.9 crores. FY26 full-year revenue stood at INR 567 crores. The company announced major strategic restructuring including rebranding under the 'Ajay Group', divestment of its PPAP Tokai India Rubber JV stake for INR 100 crores (vs INR 48.5 crores invested), hive-off of tooling business into Meraki Precision Tool Engineering Limited, and merger of Avinya Batteries with the parent. Capacity utilization improved to ~78%. New order wins of INR 840 crores secured in FY26. Battery business losses reduced by 60-70% in Q4 with profitability expected in FY27. The company deferred FY27 guidance to Q1 earnings due to ongoing geopolitical and demand uncertainties.
The strategic restructuring and JV divestment strengthen the balance sheet and sharpen business focus. Deferred guidance and unresolved raw material cost pass-through (50% still under discussion with customers) add near-term uncertainty, though improving capacity utilization and new model ramp-ups should support recovery.