MarketFriction

PPAP Automotive Ltd

NSE PPAP · BSE 532934 · Auto Components & Equipments
₹228.49 -2.54%
NSE close2026-10-01
52 week range176.00 - 379.50
Market cap₹323 Cr.
P/E79.4
ESM Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales148.40122.36135.70122.68144.86139.25147.22116.63136.96138.88174.58156.38
Expenses136.35113.74124.38110.86128.58125.26132.22107.33124.24126.34157.64143.99
Operating Profit12.058.6211.3211.8216.2813.9915.009.3012.7212.5416.9412.39
OPM %8.12%7.04%8.34%9.63%11.24%10.05%10.19%7.97%9.29%9.03%9.70%7.92%
Other Income0.490.120.220.670.310.830.850.530.240.6150.282.11
Interest3.453.603.893.774.044.254.374.264.234.394.464.30
Depreciation8.638.718.598.618.698.658.508.508.818.739.469.05
Profit before tax0.46-3.57-0.940.113.861.922.98-2.93-0.080.0353.301.15
Tax %-17.39%-25.21%768.09%0.00%25.91%15.62%18.79%-22.53%-50.00%-133.33%14.75%25.22%
Net Profit0.54-2.67-8.160.102.861.622.42-2.27-0.050.0745.450.87
EPS in Rs0.39-1.91-5.830.072.031.151.72-1.61-0.040.0532.200.61
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales319343398404359322422511523554567607
Expenses265277313327309290386474483496515552
Operating Profit536785775032363739585255
OPM %17%19%21%19%14%10%8%7%8%10%9%9%
Other Income15410211235253
Interest86543471215171817
Depreciation252426262626293134343636
Profit before tax224159492230-5-895054
Tax %35%32%33%30%17%35%708%16%62%21%14%
Net Profit14283934182-1-6-1374346
EPS in Rs10.0219.9728.0824.1013.001.50-0.56-4.24-9.314.9730.6032.82
Dividend Payout %20%15%16%19%23%67%-266%-35%-13%50%8%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth6%12%4%11%
Compounded Profit Growth%%%-12%
Stock Price CAGR4%-1%-2%8%
Return on Equity3%-2%-2%-5%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1414141414141414141414
Reserves192223256281289292290281269274327
Borrowings745230252252110152162175207
Other Liabilities48648795808586102110105193
Total Liabilities328353386415406443500548556568741
Fixed Assets217197211237230244284319313316317
CWIP131228202111172748
Investments249494948464642434496
Other Assets108103115127119133148177183181281
Total Assets328353386415406443500548556568741
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity4170785936262130415233
Cash from Investing Activity-24-43-45-43-27-49-71-58-30-35-41
Cash from Financing Activity-18-25-33-17-6214928-9-178
Net Cash Flow-12-1-13-2-101-01
Free Cash Flow1440291611-26-49-251013-23
CFO/OP84%115%117%98%95%87%68%88%108%94%83%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4652515241684846474867
Inventory Days84476182969288978879124
Days Payable48496073819876817387128
Cash Conversion Cycle8249516056626063624062
Working Capital Days35231724264225-2-13-19-56
ROCE %17%22%17%8%2%2%2%2%6%4%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters65.01%65.01%65.01%64.60%64.60%64.60%64.60%64.47%64.47%64.47%64.47%64.31%
FIIs5.70%5.70%5.75%5.67%5.76%5.67%5.67%5.65%5.65%5.69%5.66%5.84%
Public29.30%29.29%29.23%29.73%29.64%29.73%29.73%29.86%29.86%29.82%29.85%29.86%
No. of Shareholders16,48216,65416,93917,02417,09717,56817,10316,09315,75215,45015,22815,487

Fundamentals

Market Cap₹ 323 Cr.
Current Price₹ 234
Stock P/E79.4
Book Value₹ 242
ROCE3.64 %
ROE-4.66 %
Dividend Yield1.07 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)11%
Compounded Profit Growth (TTM)-12%
Consolidated figures.
Valuation
Market capRs 323 Cr
Enterprise valueRs 527 Cr
P/E (TTM)6.96x
Price to book0.95x
Price to sales0.53x
EV / EBITDA4.89x
EV / EBIT7.35x
EV / sales0.87x
Price to cash flow9.66x
Earnings yield14.37%
Dividend yield1.09%
P/E, 3-year average19.21x
P/B, 3-year average0.80x
P/E, 5-year average19.21x
P/B, 5-year average0.80x
Profitability
Operating margin (excl. other income)9.18%
Operating margin (incl. other income)18.29%
EBITDA margin17.77%
Pre-tax margin8.97%
Net profit margin7.64%
Net margin, latest quarter0.56%
ROE13.73%
ROCE13.49%
ROA6.60%
ROE, 3-year average3.89%
ROCE, 3-year average6.90%
ROA, 3-year average1.83%
ROE, 5-year average1.89%
ROCE, 5-year average4.83%
ROA, 5-year average0.84%
ROIC (approx.)11.29%
Tax rate14.15%
Other income / net worth15.15%
Growth
Sales growth (latest year)2.35%
Profit growth (latest year)517.00%
Sales CAGR, 3 years3.52%
Sales CAGR, 5 years11.97%
Profit CAGR, 5 years83.08%
Sales growth QoQ-10.43%
Profit growth QoQ-98.09%
Sales growth YoY (latest quarter)34.08%
Per share
EPS (TTM)Rs 32.83
EPS (latest year)Rs 30.60
EPS (latest quarter)Rs 0.62
EPS, 3-year averageRs 8.75
EPS, 5-year averageRs 4.29
Book value per shareRs 241.67
Sales per shareRs 429.90
Cash flow per shareRs 23.66
Free cash flow per shareRs -16.29
Dividend per share (latest year)Rs 2.50
Dividend per share, 3-year averageRs 2.08
Dividend per share, 5-year averageRs 1.85
Dividends
Dividend payout8.17%
Dividend payout, 3-year average29.23%
Dividend payout, 5-year average29.23%
Efficiency
Asset turnover0.76x
Fixed asset turnover1.79x
Inventory turnover3.62x
Inventory days101 days
Debtor days67 days
Debtors turnover5.46x
Creditor days128 days
Cash conversion cycle62 days
Working capital days-56 days
Leverage
Total debtRs 207 Cr
Cash and bankRs 3 Cr
Net debtRs 205 Cr
Debt to equity0.61x
Net debt / EBITDA1.90x
Interest coverage4.13x
Owners' fund to total sources46.01%
Debt to assets27.98%
Cash flow
Cash from Operating Activity (latest year)Rs 33 Cr
Cash from Investing Activity (latest year)Rs -41 Cr
Cash from Financing Activity (latest year)Rs 8 Cr
Net Cash Flow (latest year)Rs 1 Cr
Free cash flow (latest year)Rs -23 Cr
FCFE (approx.: FCF + change in debt)Rs 10 Cr
Cash from ops / profit, 5 years5.90x
Sales to cash flow16.98x
Statement figures
Net sales (TTM)Rs 607 Cr
Net sales (latest year)Rs 567 Cr
Sales (latest quarter)Rs 156 Cr
Operating profit excl. other income (latest year)Rs 52 Cr
Operating profit (latest quarter)Rs 12 Cr
Other income (TTM)Rs 53 Cr
EBITDA (TTM)Rs 108 Cr
PBDT (TTM)Rs 90 Cr
Profit before tax (TTM)Rs 54 Cr
Tax (latest year)Rs 7 Cr
Net profit (TTM)Rs 46 Cr
Net profit (latest year)Rs 43 Cr
Net profit (latest quarter)Rs 1 Cr
Depreciation (TTM)Rs 36 Cr
Depreciation (latest quarter)Rs 9 Cr
Interest (TTM)Rs 17 Cr
Cost of goods sold (latest year)Rs 350 Cr
Total expenditure (latest year)Rs 515 Cr
Total income (latest year)Rs 619 Cr
Share capitalRs 14 Cr
ReservesRs 327 Cr
Shareholders' fundsRs 341 Cr
Total assetsRs 741 Cr
Net blockRs 317 Cr
Capital work in progressRs 48 Cr
InvestmentsRs 96 Cr
ReceivablesRs 104 Cr
InventoryRs 97 Cr
Other liabilitiesRs 193 Cr
Shares outstanding (crore)1.41
Ownership
Promoter holding64.31% (-0.16 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 7.0 is at the 5th percentile of its own 6.2-year range (median 18.5, low 5.9, high 210.5).
P/B 0.95 is at the 26th percentile (median 1.06).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodPPAPNifty 50Difference
1 week-9.9%-2.8% -7.1 pts
1 month-15.2%-6.8% -8.4 pts
3 months-10.9%-7.6% -3.3 pts
6 months+29.1%+0.4% +28.7 pts
1 year-0.7%-9.9% +9.2 pts
2 years+11.4%-13.6% +24.9 pts
3 years-8.0%+14.2% -22.2 pts
5 years-4.8%+27.9% -32.7 pts

Red flags

F-score 5 of 8
explainReceivables outrunning sales Receivables grew 43% vs sales +2% in 2026
lookInventory outrunning sales Inventory grew 58% vs sales +2% in 2026
lookProfit leans on other income Other income was 103% of pre-tax profit in 2026
lookOn NSE surveillance On NSE surveillance: ESM
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹156 Cr +34.1% vs Jun 2025. Net profit ₹1 Cr +138.3%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-11Dividend - Rs 1.50 Per Share
2025-11-19Interim Dividend - Re 1 Per Share
2025-09-18Dividend - Rs 1.50 Per Share
2024-11-19Interim Dividend - Re 1 Per Share
2024-09-06Annual General Meeting/Dividend - Rs 1.25 Per Share
2023-09-08Annual General Meeting/Dividend - Re 0.50 Per Share
2022-11-18Interim Dividend - Re 1 Per Share
2022-09-08Annual General Meeting/Dividend - Rs 1.50 Per Share
2021-08-26 Annual General Meeting/Dividend - Re 1 Per Share
2020-09-17 Annual General Meeting
2020-03-24 Interim Dividend - Rs 2 Per Share
2019-11-04 Interim Dividend - Re 1 Per Sh
2019-08-26 Annual General Meeting/Dividend - Rs 2.50 Per Share
2018-11-01 Interim Dividend Rs - 2 Per Share
2018-08-14 Annual General Meeting/Dividend- Rs 2.50 Per Share
2017-11-10 Interim Dividend - Rs 2/- Per Share
2017-08-14 Annual General Meeting/Dividend- Rs.1.75 Per Share
2016-11-10 Interim Dividend Rs 1.25 Per Share
2016-08-30 Annual General Meeting/ Dividend - Re 1/- Per Share
2015-11-17 Interim Dividend Re 1/- Per Share
2015-09-18 Annual General Meeting/ Dividend - Re 1/- Per Share
2014-09-19Annual General Meeting
2013-08-02Annual General Meeting
2012-09-25Annual General Meeting
2011-09-20Dividend Rs 2 Per Share
2011-02-28Interim Dividend-Rs.2/- Per Share
2010-09-16Annual General Meeting And Dividend Rs.3/- Per Share
2009-09-17Dividend-Rs.2/- Per Share
2008-09-19Agm/Dividend - 30%
DateTypeWhat it says
2026-09-30Shareholder meetingProceedings of Meetings of equity shareholders, secured and unsecured creditors of the Company pursuant to NCLT Order in the matter of Scheme of Amalg...
2026-09-18Shareholder meetingVoting results.
2026-09-18Shareholder meetingProceedings of Annual General Meeting held on September 18, 2026
2026-08-29Amalgamation/MergerMeeting of unsecured creditors in the matter of amalgamation of Avinya Batteries Limited and PPAP Automotive Limited
2026-08-29Amalgamation/MergerThe meeting of secured creditors in the matter of scheme of amalgamation of Avinya Batteries Limited and PPAP Automotive Limited
2026-08-29Amalgamation/MergerMeeting of shareholders in the matter of amalgamation of Avinya Batteries Limited and PPAP Automotive Limited
2026-08-24Shareholder meetingNotice of Annual General Meeting to be held on September 18, 2026
2026-08-14UpdatesEmail communication to shareholders regarding taxation provisions relating to dividend.
2026-08-14Concall / analyst meetTranscript
2026-08-10Concall / analyst meetPresentation and Link of Recording
2026-08-08Investor PresentationInvestor Presentation
2026-08-07Press ReleaseA press release dated August 07, 2026, titled "Media release on the financial results for the quarter ended 30th June, 2026".
2026-08-07Record DateRecord date for the purpose of Dividend is 11-Sep-2026.
2026-08-07UpdatesIntimation of 31st Annual General Meeting.
2026-08-07Board meeting outcomeOutcome of Board Meeting held on August 7, 2026
2026-08-05Concall / analyst meetSchedule of meet
2026-07-31Amalgamation/MergerAmalgamation/Merger
2026-06-25UpdatesReconstitution of Board Committees
2026-06-25AppointmentAppointment of Mrs. Meeta Makhan as an Additional Director (Independent) of the company w.e.f. June 25, 2026
2026-06-10Arrangements for strategic, PPAP Automotive Limited Partners with Hutchinson, to develop advanced body sealing systemsfor India s Passenger Vehicle Industry
2026-06-10Press ReleaseA press release dated Jun 10, 2026, titled "PPAP Automotive Limited Partners with Hutchinson, to develop advanced body sealing systems for India s Pas...
2026-05-19Concall / analyst meetTranscript
2026-05-12Concall / analyst meetPresentation and Link of Recording
2026-05-11Investor PresentationInvestor Presentation
2026-05-11Board meeting outcomePPAP Automotive Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03