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PPAP Automotive Ltd.

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ppapco.inBSE: 532934NSE: PPAP
Market Cap₹ 347 Cr.
Current Price
High / Low₹ 380 / 176
Stock P/E7.5
Book Value₹ 242
Price to Book0.80
Dividend Yield0.61 %
ROCE5.7 %
ROE2.5 %
Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Automobile and Auto Components

Buy

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.

Confidence
74%
View full sector analysis →

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

Automobile and Auto ComponentsAutomobile & AncillariesAuto Ancillary
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.MOTHERSON163.8039.47172881.770.371075.6677.4835243.7717.7013.638.86
2.BOSCHLTD48900.0061.03144235.930.55706.10-36.745841.9022.0025.6014.08
3.UNOMINDA1230.4559.1071054.450.22315.512.105556.8523.7920.7411.14
4.TIINDIA2685.2585.7051979.010.13293.96-3.046215.3320.2027.338.81
5.SONACOMS800.4571.7949958.360.42178.5146.671301.2052.3814.7522.55
6.ENDURANCE2754.3539.9538743.470.42244.528.034314.8930.0118.3312.42
7.CRAFTSMAN11855.9066.6931008.430.09150.55116.312431.5836.3014.6515.81
8.ZFCVINDIA2471.0056.3328121.340.031044.78753.7510661.76992.8920.2312.93
9.SANSERA4133.0574.0225791.710.1087.3638.711021.2633.2714.2919.18
10.MSUMI36.7138.8024344.831.581453.20915.5134072.601273.4343.727.58
11.GABRIEL1361.0081.0424121.010.371081.26925.3514256.831055.0026.3711.71
12.PPAP245.307.49347.170.610.86138.09156.3834.085.747.93
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
116148122136123145139147117137139175156
110136113124111128125132107124126158157
Operating Profit6121012121614159131317-1
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%
10001000000502
Interest4344444444444
Depreciation8999999889999
Profit before Tax-51-2-10412-3-0-0531
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 Profit000013162-2-01451
-1.960.39-1.91-5.830.072.041.141.72-1.61-0.030.0532.200.61

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
319345398411360322422511523554607
265278313334309289383467483496566
Operating Profit5367857751333944405841
OPM %16.69%19.33%21.38%18.84%14.19%10.33%9.25%8.66%7.65%10.40%6.80%
123112112153
Interest865434712151717
Depreciation2524262626262931343436
Profit before Tax223857482350-5-8954
Tax %34.83%34.11%34.42%30.71%16.73%23.83%709.74%-16.26%-61.89%21.06%14.89%
Net Profit14253733194-1-6-13746
EPS0.000.000.000.000.001.50-0.56-4.25-9.314.97—
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

Corporate actions

2026

Sep 11

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2025

Nov 19

₹ 0.10

Interim Dividend

2025

Sep 18

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2024

Nov 19

₹ 0.10

Interim Dividend

2024

Sep 6

₹ 0.12

Rs.1.2500 per share(12.5%)Final Dividend

2023

Sep 8

₹ 0.05

Rs.0.5000 per share(5%)Final Dividend

2022

Nov 18

₹ 0.10

Interim Dividend

2022

Sep 8

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2021

Aug 26

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2018

Aug 14

₹ 0.25

Rs.2.5000 per share(25%)Final Dividend

2017

Nov 10

₹ 0.20

Rs.2.0000 per share(20%)Interim Dividend

2017

Aug 14

Rs.1.7500 per share(17.5%)Dividend

2016

Nov 10

Rs.1.2500 per share(12.5%)Interim Dividend

2016

Aug 30

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2015

Nov 17

₹ 0.10

Rs.1.0000 per share(10%)Interim Dividend

2015

Sep 18

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2026

Aug 7

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital14141414141414141414
192223256281289292290280267273
595230252252109151134143
Trade Payables22243240424849635767
42467371453839398371
Total Liabilities328359404431413444501548556568
217197211237230244284319313316
Capital Work in Progress131218202191524
2494949484646424344
39233245504556766961
000000006773
Cash & Bank1211621122
688599997087931014748
Total Assets328359404431413444501548556568

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
45779976482824324152
Cash from Investing-24-43-45-43-27-49-71-58-30-35
Cash from Financing-18-25-33-17-6214928-9-17
-12-1-13-2-101-0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
64.6164.6164.6164.6164.4864.4864.4864.4864.30
5.675.765.675.675.655.655.695.665.84
DIIs0.000.000.000.000.000.000.000.000.00
Government0.000.000.000.000.000.000.000.000.00
29.7329.6429.7229.7329.8729.8729.8329.8629.86

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-31
Copy of Newspaper Publication

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
Amalgamation/Merger

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
Amalgamation/Merger

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
Amalgamation/Merger

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
Copy of Newspaper Publication

2026-08-25 - PPAP Automotive Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-24
Shareholders meeting

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
Updates

2026-08-14 - PPAP Automotive Limited has informed the Exchange regarding 'Email communication to shareholders regarding taxation provisions relating to dividend'.

2026-08-14
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - PPAP Automotive Limited has informed the Exchange about Transcript

2026-08-12
Copy of Newspaper Publication

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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