PPAP Automotive Ltd(PPAP)

NSE: PPAPBSE: 532934

₹ 209.1-3.15%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 296 crWebsite: www.ppapco.inUpdated: 24 Oct 2026

About

PPAP Automotive makes automotive body sealing systems, injection-molded plastic components and engineered polymer products for passenger vehicle OEMs in India. It describes itself as a leading manufacturer in these products. Its products are largely engine-agnostic and serve both ICE and EV platforms. Revenue was 567.05 (Rs Cr) in FY26.^[1][2]

Business segments

Automotive parts manufacturing accounted for 93% of turnover in FY26.^[1]
Aftermarket (Elpis) contributed ~6% of revenues in Q1 FY27 and grew 30% YoY, after growing 36% in FY26.^[3][4]
The tooling business (Meraki) developed 148 molds in FY26, and its revenue grew 12.1% that year.^[4]
Industrial products grew 38% in FY26 and are under 1% of group revenue. About 30% of their Q1 FY27 revenue came from exports.^[3]
The battery business (Avinya) makes lithium-ion battery packs. Its revenue grew 4x YoY in Q1 FY27 from a low base, but it remains loss-making.^[3][1]

Products and technology

PPAP has a technical collaboration with Nissen Chemitec Corporation, Japan.^[1]
In June 2026 PPAP signed a technology partnership with Hutchinson to supply advanced body sealing systems in India. The main product is the glass run channel.^[1][3]
The aftermarket SKU portfolio was 1,312 in Q1 FY27, up from 1,264 at the end of FY26. 345 new SKUs were launched in the quarter.^[3]
Average content per vehicle was INR 2,500 - 3,500 in FY26.^[4]

Operations

As of FY26, PPAP had 7 plants and 3 offices in India. The plants are at Noida and Greater Noida (UP), Pathredi (Rajasthan), Viramgam and Sanand (Gujarat), Vallam Vadagal (Tamil Nadu) and Chakan (Maharashtra).^[1]
PPAP had 1,736 permanent employees as of 31 March 2026.^[1]
93% of raw materials came from local suppliers in FY26. The main inputs are plastics such as PP, PE, PVC, TPO and LLDPE.^[1]

Key operating numbers

Parts capacity utilisation was 73% in Q1 FY27, compared with ~78% in Q4 FY26 and 65% in H1 FY26.^[3][4][5]
Tooling capacity utilisation was 84% in Q1 FY27, compared with above 90% in FY26.^[3][4]
Lifetime order wins were INR 131 Cr in Q1 FY27, up 51.8% YoY. EV programs made up INR 64 Cr of this.^[3]
Lifetime order wins were INR 840 Cr in FY26. The unexecuted order book was INR 4,103 Cr as of 31 December 2025.^[4][6]
About 78% of FY26 revenue came from vehicles that had been on the market for less than 5 years.^[4]
The tooling mold pipeline stood at 124 molds in Q1 FY27, with 30 new mold orders received in the quarter.^[3]

Customers and distribution

Customers include Maruti Suzuki, Tata Motors and Honda. In FY26 PPAP onboarded Mahindra & Mahindra as a direct OEM customer and CIE Golde as a direct Tier-I customer.^[1]
VinFast and Euler Motors were added as new customers in FY26. FY26 wins included an INR 460 Cr order from Tata Motors.^[4]
The industrial business onboarded Epack Durable and PG Electroplast, plus Mikano International as an export customer.^[1]
The aftermarket network had 155 distributors in Q1 FY27, up from 147 in FY26.^[3][4]
Automotive parts are exported to the USA, and GCC markets are being explored.^[4]

Expansion and capex

A new EPDM extrusion line is due to start in Q2 FY27, with 2 more lines planned for FY27.^[3]
Phase 1 of the Chennai EPDM expansion costs ~INR 30 Cr, including the building. It was targeted to be ready by April 2026.^[6]
FY27 capex covers EPDM capability, toolroom expansion and land near Sambhaji Nagar, funded from the JV divestment proceeds.^[3]
Tooling output is targeted to rise 20% in FY27, from 148 molds to ~178, with capacity expanding to 180 molds.^[3]
A second aftermarket warehouse, in West India, is planned for Q2 FY27.^[3]

Recent developments

In FY26 PPAP sold its 50% stake in the PPAP Tokai India Rubber JV to Tokai Kogyo for INR 100 Cr, against INR 48.5 Cr invested.^[6][4]
The hive-off of Meraki Precision Tool Engineering as a wholly owned subsidiary is now expected by Q3 FY27, revised from Q2.^[3]
The merger of Avinya Batteries into PPAP is targeted for completion by Q4 FY27.^[3]
The group will operate under the unified 'Ajay Group' identity, as announced in the Q4 FY26 call.^[4]

Market Cap

₹296 Cr

High / Low

₹377 / 177

Stock P/E

7.4

Price / Book

1.0

Book Value

₹242

EPS

₹30.6

No. of Shares

1.41 Cr

ROCE

3.6%

ROE

13.7%

OPM

3.1%

Debt / Equity

0.59

Sales

₹567 Cr

Net Profit

₹43 Cr

Promoter holding

64.3%

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