NSE: PPAP · BSE: 532934
PPAP AUTOMOTIVE LIMITED
Manufactures automotive body sealing systems and moulded plastic and rubber extrusion parts for Indian passenger vehicle OEMs. Secured INR840 cr of new business wins in FY26 across EV and ICE platforms, including a INR460 cr Tata Motors order for plastic and rubber extrusion parts over 3-5 years. Q4 FY26 consolidated revenue grew 18.6% YoY to INR174.6 cr at ~78% capacity utilization, while FY26 full-year revenue stood at INR567 cr. The aftermarket channel runs through 147 distributors and 1,264 SKUs and grew 36% YoY. A tooling business (148 molds in FY26) is being hived off into Meraki Precision Tool Engineering with capacity targeted at ~300 molds/year over 3 years. Li-Ion battery packs for 2W and 3W vehicles (via Avinya Batteries) are being merged back into the parent, with PBT profitability targeted for FY27. The company also announced a partnership with Hutchinson for advanced body sealing systems for passenger vehicles. Materials account for 57.1% of revenue, followed by employees at 20.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Body sealing systems, Moulded plastic and rubber parts, Tooling/molds, Li-Ion battery packs, Aftermarket distribution. Auto component supplier to passenger vehicle industry; sealing, moulded parts, tooling, and battery packs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 422 | 511 | 523 | 554 | 567 |
| EBITDA (ex other income) | 39 | 44 | 40 | 57 | 102 |
| margin % | 9.1 | 8.6 | 7.6 | 10.3 | 17.9 |
| Owners' profit | (1) | (6) | (13) | 7 | 43 |
| EPS, as reported (₹) | 0.56 | (4.25) | (9.31) | 4.97 | 30.61 |
| ROE % · ROCE % | (0.3) · 2.6 | (2.0) · 3.7 | (4.6) · 1.9 | 2.4 · 6.5 | 12.7 · 16.9 |
| Debt / equity (x) | 0.36 | 0.51 | 0.56 | 0.58 | 0.59 |
| Cash from operations | 28 | 35 | 41 | 52 | 14 |
| Capex | (68) | (52) | (27) | (9) | (50) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 145 | 139 | 147 | 117 | 137 | 139 | 175 | 156 |
| Profit before tax | 4 | 1 | 2 | (3) | (0) | (0) | 53 | 1 |
| Net profit | 3 | 2 | 2 | (2) | (0) | 0 | 45 | 1 |
| EPS (₹) | 2.04 | 1.14 | 1.72 | (1.61) | (0.03) | 0.05 | 32.20 | 0.61 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,68,649 | 38.5 | 3.86 | 15.0 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,432 | 59.0 | 9.39 | 34.2 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 82,909 | 117.4 | 8.68 | 29.9 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,127 | 52.4 | 8.69 | 29.0 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 54,893 | 43.9 | 8.93 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,378 | 78.0 | 8.87 | 47.3 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 40,720 | 67.1 | 2.87 | 15.8 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,801 | 33.8 | 4.79 | 16.1 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.6 | 25.5 | 6 of 119 | 96% |
| P/B | 0.9 | 3.3 | 12 of 117 | 91% |
| ROCE | 12.6 | 12.6 | 63 of 125 | 50% |
| ROE | 12.7 | 11.7 | 53 of 117 | 55% |
| Debt / Equity | 0.6 | 0.3 | 86 of 117 | 27% |
| EBITDA margin | 9.3 | 12.2 | 83 of 118 | 30% |
| Revenue growth | 34.1 | 20.2 | 18 of 113 | 85% |
| Profit growth | 138.1 | 24.4 | 18 of 115 | 85% |
| Market cap | 307 | 1463 | 87 of 126 | 31% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Reg 74(5) certificate filed for quarter ended 30 September 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · NCLT meetings approve merger of Avinya Batteries into PPAP Automotive | strategic transactions | high | — | — |
| 30 Sept 2026 · NCLT meetings held for amalgamation of Avinya Batteries with PPAP Automotive | strategic transactions | medium | — | — |
| 25 Sept 2026 · Trading Window Closure Ahead of Q2 Results | compliance | minimal | — | — |
| 18 Sept 2026 · PPAP Automotive AGM: All 7 resolutions pass with 99.99% approval | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · PPAP Automotive 31st AGM held; final dividend of Rs 1.50 per share approved | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · Newspaper notice for NCLT meeting on Avinya Batteries-PPAP merger | compliance | minimal | — | — |
| 29 Aug 2026 · NCLT meeting of unsecured creditors for Avinya Batteries amalgamation | strategic transactions | medium | — | — |
| 29 Aug 2026 · NCLT meeting of secured creditors scheduled for Avinya Batteries amalgamation | strategic transactions | high | — | — |
| 29 Aug 2026 · NCLT calls shareholder meet on Avinya Batteries, PPAP Automotive merger | strategic transactions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.