PPAP Automotive Ltd.
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ABOUT
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Latest quarter profit grew 138.1% YoY, showing strong momentum
- Company has been maintaining a healthy dividend payout of 50.3%
- Working capital cycle has improved - days down from -7 to -15
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- Company has a low return on equity of -1.4% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -10.24x)
- Company has a low return on capital employed of 3.0%
- Interest coverage is weak at 1.5x - earnings barely cover interest
- Company has delivered a poor profit growth of -18.2% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MOTHERSON | 163.80 | 39.47 | 172881.77 | 0.37 | 1075.66 | 77.48 | 35243.77 | 17.70 | 13.63 | 8.86 |
| BOSCHLTD | 48900.00 | 61.03 | 144235.93 | 0.55 | 706.10 | -36.74 | 5841.90 | 22.00 | 25.60 | 14.08 |
| UNOMINDA | 1230.45 | 59.10 | 71054.45 | 0.22 | 315.51 | 2.10 | 5556.85 | 23.79 | 20.74 | 11.14 |
| TIINDIA | 2685.25 | 85.70 | 51979.01 | 0.13 | 293.96 | -3.04 | 6215.33 | 20.20 | 27.33 | 8.81 |
| SONACOMS | 800.45 | 71.79 | 49958.36 | 0.42 | 178.51 | 46.67 | 1301.20 | 52.38 | 14.75 | 22.55 |
| ENDURANCE | 2754.35 | 39.95 | 38743.47 | 0.42 | 244.52 | 8.03 | 4314.89 | 30.01 | 18.33 | 12.42 |
| CRAFTSMAN | 11855.90 | 66.69 | 31008.43 | 0.09 | 150.55 | 116.31 | 2431.58 | 36.30 | 14.65 | 15.81 |
| ZFCVINDIA | 2471.00 | 56.33 | 28121.34 | 0.03 | 1044.78 | 753.75 | 10661.76 | 992.89 | 20.23 | 12.93 |
| SANSERA | 4133.05 | 74.02 | 25791.71 | 0.10 | 87.36 | 38.71 | 1021.26 | 33.27 | 14.29 | 19.18 |
| MSUMI | 36.71 | 38.80 | 24344.83 | 1.58 | 1453.20 | 915.51 | 34072.60 | 1273.43 | 43.72 | 7.58 |
| GABRIEL | 1361.00 | 81.04 | 24121.01 | 0.37 | 1081.26 | 925.35 | 14256.83 | 1055.00 | 26.37 | 11.71 |
| PPAP | 245.30 | 7.49 | 347.17 | 0.61 | 0.86 | 138.09 | 156.38 | 34.08 | 5.74 | 7.93 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 116 | 148 | 122 | 136 | 123 | 145 | 139 | 147 | 117 | 137 | 139 | 175 | 156 | |
| 110 | 136 | 113 | 124 | 111 | 128 | 125 | 132 | 107 | 124 | 126 | 158 | 157 | |
| Operating Profit | 6 | 12 | 10 | 12 | 12 | 16 | 14 | 15 | 9 | 13 | 13 | 17 | -1 |
| OPM % | 5.38% | 8.21% | 7.98% | 8.50% | 9.63% | 11.31% | 10.05% | 10.18% | 7.97% | 9.29% | 9.02% | 9.70% | -0.61% |
| 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 50 | 2 | |
| Interest | 4 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Depreciation | 8 | 9 | 9 | 9 | 9 | 9 | 9 | 8 | 8 | 9 | 9 | 9 | 9 |
| Profit before Tax | -5 | 1 | -2 | -1 | 0 | 4 | 1 | 2 | -3 | -0 | -0 | 53 | 1 |
| Tax % | 25.93% | -13.11% | 37.04% | -989.04% | 0.00% | 25.25% | 24.03% | 23.83% | 21.43% | 50.00% | 25.00% | 14.75% | 25.17% |
| Net Profit | 0 | 0 | 0 | 0 | 1 | 3 | 16 | 2 | -2 | -0 | 1 | 45 | 1 |
| -1.96 | 0.39 | -1.91 | -5.83 | 0.07 | 2.04 | 1.14 | 1.72 | -1.61 | -0.03 | 0.05 | 32.20 | 0.61 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 319 | 345 | 398 | 411 | 360 | 322 | 422 | 511 | 523 | 554 | 607 | |
| 265 | 278 | 313 | 334 | 309 | 289 | 383 | 467 | 483 | 496 | 566 | |
| Operating Profit | 53 | 67 | 85 | 77 | 51 | 33 | 39 | 44 | 40 | 58 | 41 |
| OPM % | 16.69% | 19.33% | 21.38% | 18.84% | 14.19% | 10.33% | 9.25% | 8.66% | 7.65% | 10.40% | 6.80% |
| 1 | 2 | 3 | 1 | 1 | 2 | 1 | 1 | 2 | 1 | 53 | |
| Interest | 8 | 6 | 5 | 4 | 3 | 4 | 7 | 12 | 15 | 17 | 17 |
| Depreciation | 25 | 24 | 26 | 26 | 26 | 26 | 29 | 31 | 34 | 34 | 36 |
| Profit before Tax | 22 | 38 | 57 | 48 | 23 | 5 | 0 | -5 | -8 | 9 | 54 |
| Tax % | 34.83% | 34.11% | 34.42% | 30.71% | 16.73% | 23.83% | 709.74% | -16.26% | -61.89% | 21.06% | 14.89% |
| Net Profit | 14 | 25 | 37 | 33 | 19 | 4 | -1 | -6 | -13 | 7 | 46 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.50 | -0.56 | -4.25 | -9.31 | 4.97 | — |
| Dividend Payout % | 19.96% | 15.02% | 16.03% | 18.67% | 23.07% | 66.74% | -266.38% | -35.33% | -13.42% | 50.33% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 9%
- 3 Years:
- 10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -17%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 5%
- 5 Years:
- 0%
- 3 Years:
- 1%
- 1 Year:
- 16%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- -1%
- 3 Years:
- -1%
- Last Year:
- 2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| 192 | 223 | 256 | 281 | 289 | 292 | 290 | 280 | 267 | 273 | |
| 59 | 52 | 30 | 25 | 22 | 52 | 109 | 151 | 134 | 143 | |
| Trade Payables | 22 | 24 | 32 | 40 | 42 | 48 | 49 | 63 | 57 | 67 |
| 42 | 46 | 73 | 71 | 45 | 38 | 39 | 39 | 83 | 71 | |
| Total Liabilities | 328 | 359 | 404 | 431 | 413 | 444 | 501 | 548 | 556 | 568 |
| 217 | 197 | 211 | 237 | 230 | 244 | 284 | 319 | 313 | 316 | |
| Capital Work in Progress | 1 | 3 | 12 | 1 | 8 | 20 | 21 | 9 | 15 | 24 |
| 2 | 49 | 49 | 49 | 48 | 46 | 46 | 42 | 43 | 44 | |
| 39 | 23 | 32 | 45 | 50 | 45 | 56 | 76 | 69 | 61 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67 | 73 | |
| Cash & Bank | 1 | 2 | 1 | 1 | 6 | 2 | 1 | 1 | 2 | 2 |
| 68 | 85 | 99 | 99 | 70 | 87 | 93 | 101 | 47 | 48 | |
| Total Assets | 328 | 359 | 404 | 431 | 413 | 444 | 501 | 548 | 556 | 568 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 45 | 77 | 99 | 76 | 48 | 28 | 24 | 32 | 41 | 52 | |
| Cash from Investing | -24 | -43 | -45 | -43 | -27 | -49 | -71 | -58 | -30 | -35 |
| Cash from Financing | -18 | -25 | -33 | -17 | -6 | 21 | 49 | 28 | -9 | -17 |
| -1 | 2 | -1 | -1 | 3 | -2 | -1 | 0 | 1 | -0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-31 - PPAP Automotive Limited has informed the Exchange about Copy of Newspaper Publication regarding meeting of equity shareholders, secured and unsecured creditors to held on September 30, 2026
2026-08-29 - PPAP Automotive Limited has informed the Exchange about meeting of unsecured creditors in the matter of amalgamation of Avinya Batteries Limited and PPAP Automotive Limited
2026-08-29 - PPAP Automotive Limited has informed the Exchange about the meeting of secured creditors in the matter of scheme of amalgamation of Avinya Batteries Limited and PPAP Automotive Limited
2026-08-29 - PPAP Automotive Limited has informed the Exchange about meeting of shareholders in the matter of amalgamation of Avinya Batteries Limited and PPAP Automotive Limited
2026-08-25 - PPAP Automotive Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-24 - PPAP Automotive Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026
2026-08-14 - PPAP Automotive Limited has informed the Exchange regarding 'Email communication to shareholders regarding taxation provisions relating to dividend'.
2026-08-14 - PPAP Automotive Limited has informed the Exchange about Transcript
2026-08-12 - PPAP Automotive Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for PPAP
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PPAP Automotive Ltd.
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