NSE: PPAP · BSE: 532934 · ISIN INE095I01015
PPAP Automotive Limited stock analysis
PPAP Automotive Limited ranks #2624 in the TickerSutra evidence-ranked universe with a score of 45/100 and 95% data confidence. The latest captured fundamentals show ROCE of 3.6%, quarterly sales growth of 34.1% and quarterly profit growth of 138.3%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Debt/equity is above 0.5×
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹422cr | ₹36cr | ₹-1cr | 8.0% |
| 2023 | ₹511cr | ₹37cr | ₹-6cr | 7.0% |
| 2024 | ₹523cr | ₹39cr | ₹-13cr | 8.0% |
| 2025 | ₹554cr | ₹58cr | ₹7cr | 10.0% |
| 2026 | ₹567cr | ₹52cr | ₹43cr | 9.0% |
| TTM | ₹607cr | ₹55cr | ₹46cr | 9.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
PPAP Automotive Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutinePPAP Automotive Ltd - 532934 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 18 Sept 2026Scrutinizer Report of the 31st Annual General Meeting
RoutineShareholders meetingNSE · 18 Sept 2026PPAP Automotive Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 18, 2026. Further, the company has informed the Exchange regarding voting results.
RoutineChange in Directors/KMP/SMP/Auditor/RTANSE · 18 Sept 2026 · Structured filingPPAP AUTOMOTIVE LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA
PPAP AUTOMOTIVE LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA
Open original XBRL sourceProceedings of Annual General Meeting
MANAGEMENT COMMENTARY
Signals from filed documents
Financial Performance-standalone • Revenue remained stable during FY26, registering a marginal decline of 0.3% compared with FY25, demonstrating the Company’s resilience amid the prevailing business environment. • Gross margins improved to 44.38% in FY26 from 42.8% in FY25, indicating better product mix and raw material cost efficiencies. • PAT increased to ` 33.40 crore in FY26 from ` 14.09 crore in FY25, primarily
The EBITDA increased by 33.3% year-on-year to INR12.4 crores. This performance was driven by higher production volumes, improved operating leverage, better capacity utilization and disciplined execution across all our businesses. Let me now briefly discuss the performance across our key business segments.
During quarter 1 of financial year '27, the revenue increased by 4x year-on-year basis, but that was primarily owing to a lower base of the last financial year '26. Despite the strong growth in revenue, the business continues to operate in a challenging environment, primarily due to increases in raw material costs, pricing pressures and significantly shorter customer delivery time lines. We are working closely with o
• Enhance operational efficiency through better capacity utilization and process improvements. • Drive growth through Prismatic line capacity expansion. • Continue investing in innovation, product development, and customer-centric solutions.
It has a facility in Surajpur, Uttar Pradesh. The business leverages PPAP’s precision engineering, tooling expertise and manufacturing infrastructure to expand its presence across industrial and export markets while creating a more diversified revenue base. FY26 Performance • Revenue from the Industrial Products Business grew by 40.42% year-on-year.
We believe this collaboration will significantly enhance our technology capabilities, accelerate new product development and expand our addressable opportunities with OEM customers and further strengthen our position as a preferred technology-driven mobility solutions provider. With a healthy order pipeline across both ICE and EV platforms, increasing customer engagements and continued focus on technology-led growth,
So the margin side, if you see in the quarter 1, the margins are basically improved due to the better utilization of the capex, if we see on the fixed cost absorption. But due to the raw material price increases, the 100% effect we are not able to get on the margin side. And gradually, as soon as the top line would increase, as we have already indicated and further raw material prices are settled and our negotiations
Favourable demographics, rising vehicle ownership and continued growth in domestic manufacturing support a positive long-term outlook for the industry. However, geopolitical uncertainties, supply chain disruptions, commodity price volatility and evolving regulatory requirements remain key risks tha t could impact business performance. MANAGEMENT DISCUSSION AND ANALYSIS REPORT Indian Auto Ancillary Industry Overview I
Its product portfolio includes pouch, cylindrical and prismatic cell-based battery packs for solar energy systems, telecom infrastructure, Energy Storage Systems (ESS), inverters and UPS solutions. It is proposed to merge Avinya Batteries Limited with PPAP Automotive Limited, subject to the receipt of the requisite statutory and regulatory approvals. The proposed merger is expected to create operational synergies, op
And sir, our EBITDA margins remained broadly stable in Q1. So could you help me understand like the key factors contributing the margin expansion? And also on the PAT level, like how should we look after growth in PAT?
Public Shareholding i Foreign Portfolio Investor 799138 5.66 ii Bodies Corporate 409629 2.90 iii Foreign Companies 225000 1.59 iv Individuals 2909246 20.61 v Others Non-Resident Indians 437952 3.10 IEPF Authority 15541 0.11 LLP 45847 0.32 HUF 164410 1.16 Clearing Members 7440 0.05 Total Public Shareholding (B) 5014203 35.39 Total (A+B) 1,41,15,070 100.00 xvii) Outstanding GDR / ADR / Warrants or any convertible instr
Nature of Industry Auto component b. Date of commencement of commercial production The Company commenced its business on 1st November, 1995 (certificate of commencement) c. In case of new companies, expected date of commencement of activities as per project approved by financial institutions appearing in the prospectus NA PPAP Automotive Limited | Annual Report 2025-26 46 d.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
DIRECTOR & BUSINESS NETWORK
Loading corporate intelligence
Loading universe coverage and exchange-backed evidence…