PPAP Automotive Limited (PPAP)
₹243.73 -1.46% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, PPAP Automotive's revenue was ₹156 Cr (+34.1% year on year, -10.4% on the previous quarter), and net profit ₹0.9 Cr (against a loss a year earlier); the operating margin was 7.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹156 | +34.1% | -10.4% |
| Operating profit | ₹12.4 | +33.3% | -26.8% |
| Net profit | ₹0.9 | from loss | -98.1% |
| EPS (₹) | 0.61 | from loss | -98.1% |
| Operating margin | 7.9% | — | — |
PPAP exchange data
NSE end-of-day data for
It closed at a price band (circuit) on 3 sessions in about the last 20.
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📢 Recent Corporate Announcements
PPAP Automotive Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that securities received for dematerialisation during the period were verified, confirmed or rejected, and mutilated within prescribed timelines. This is a standard quarterly compliance filing with no operational or financial impact on the company.
- Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 7, 2026
- Company filing completed on October 13, 2026 confirming timely cancellation and substitution of dematerialised share certificates
PPAP Automotive has submitted voting results and scrutinizer reports for its NCLT-convened meetings held on September 30, 2026. Separate meetings were conducted for equity shareholders, secured creditors, and unsecured creditors. All resolutions pursuant to the notice dated August 7, 2026, were passed with the requisite majority. The proceedings move the company's proposed corporate restructuring or scheme toward subsequent NCLT approval.
- NCLT-convened Equity Shareholders Meeting held on September 30, 2026 at 10:30 A.M.
- NCLT-convened Secured Creditors Meeting held on September 30, 2026 at 12:30 P.M.
- NCLT-convened Unsecured Creditors Meeting held on September 30, 2026 at 3:30 P.M.
- All resolutions approved with requisite majority across all three stakeholder classes
PPAP Automotive held NCLT-convened meetings on September 30, 2026, for equity shareholders, secured creditors, and unsecured creditors to approve the Scheme of Amalgamation with Avinya Batteries Limited. Remote e-voting concluded on September 29, 2026, and final voting results are scheduled to be submitted to stock exchanges within two working days and to the NCLT within seven days. This amalgamation consolidates the company's electric vehicle component and battery pack operations under the main entity. Final approval remains subject to the sanction of the Hon'ble NCLT New Delhi bench.
- NCLT-convened meetings held on September 30, 2026, across shareholders (10:30 a.m.), secured creditors (12:30 p.m.), and unsecured creditors (3:30 p.m.)
- Scheme seeks amalgamation of Avinya Batteries Limited into PPAP Automotive Limited pursuant to NCLT order dated July 29, 2026
- Remote e-voting took place from September 26, 2026 (9:00 a.m.) to September 29, 2026 (5:00 p.m.)
- Voting results to be filed with BSE and NSE within 2 working days and submitted to NCLT within 7 days
PPAP Automotive submitted the scrutinizer's report and voting results for its 31st AGM held on September 18, 2026. All 7 resolutions were approved by shareholders with 99.99% votes cast in favor. Key approvals include the adoption of FY26 financial statements, declaration of a final dividend of Rs 1.50 per share (15%), re-appointment of CMD Ajay Kumar Jain for 3 years, and remuneration revisions for the CMD and CEO Abhishek Jain. Total votes polled stood at 9,226,231 across 14,152,987 outstanding shares (65.19% turnout).
- All 7 ordinary and special resolutions approved with 99.99% votes in favor (9,226,211 votes)
- Approved final dividend of Rs 1.50 per share (15%), confirming total dividend alongside Rs 1.00 interim dividend for FY26
- Overall voter turnout recorded at 65.19% with 9,226,231 votes polled on 14,152,987 total shares
- CMD Ajay Kumar Jain re-appointed for a 3-year term from November 1, 2026 to October 31, 2029
PPAP Automotive concluded its 31st Annual General Meeting on September 18, 2026. Shareholders transacted ordinary and special business, including the declaration of a final dividend of Rs 1.50 (15%) per equity share of face value Rs 10, alongside the confirmation of a prior Rs 1.00 interim dividend. Other key agenda items included the re-appointment of CMD Ajay Kumar Jain for three years starting November 1, 2026, remuneration revisions for top executive management, and the appointment of Meeta Makhan as Independent Director.
- Declared a final dividend of Rs 1.50 per share (15%) and confirmed an interim dividend of Rs 1.00 per share (10%) for FY26
- CMD Ajay Kumar Jain re-appointed for a 3-year term from November 1, 2026 to October 31, 2029, with revised remuneration
- Revised remuneration terms approved for CEO & MD Abhishek Jain effective April 1, 2026
- Appointed Meeta Makhan as Independent Director for a 2-year term ending June 24, 2028
PPAP Automotive Limited has issued notice for an NCLT-convened meeting of equity shareholders on September 30, 2026, to vote on the proposed Scheme of Amalgamation of Avinya Batteries Limited with the company. The meeting follows the NCLT New Delhi bench order dated July 29, 2026. The remote e-voting period is scheduled between September 26, 2026, and September 29, 2026, based on the cut-off date of May 22, 2026. This merger is aimed at consolidating PPAP's electric vehicle battery initiatives directly into the listed entity.
- NCLT-convened shareholder meeting scheduled for September 30, 2026, at 10:30 AM via VC/OAVM
- Remote e-voting window open from September 26, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
- Voting entitlement cut-off date established as May 22, 2026
- Scheme of Amalgamation involves merging Transferor Avinya Batteries Limited into PPAP Automotive Limited
PPAP Automotive Limited has issued a notice convening an NCLT-directed meeting of its equity shareholders on September 30, 2026, to consider and approve the Scheme of Amalgamation of Avinya Batteries Limited into PPAP Automotive Limited. The meeting is scheduled pursuant to an order dated July 29, 2026, by the NCLT New Delhi Bench. Remote e-voting will run from September 26 to September 29, 2026, based on the cut-off date of May 22, 2026. The amalgamation is aimed at integrating and consolidating the company's electric vehicle battery operations.
- NCLT-convened equity shareholder meeting scheduled for September 30, 2026 at 10:30 AM via VC
- Scheme involves amalgamation of Avinya Batteries Limited with PPAP Automotive Limited
- Remote e-voting window opens September 26, 2026 (9:00 AM) and closes September 29, 2026 (5:00 PM)
- Eligibility determined by the shareholding cut-off date of May 22, 2026 pursuant to NCLT order dated July 29, 2026
PPAP Automotive Limited has issued notice for an NCLT-convened meeting of equity shareholders scheduled for September 30, 2026, to approve the Scheme of Amalgamation of Avinya Batteries Limited with PPAP Automotive Limited. The meeting follows an order dated July 29, 2026, from the NCLT New Delhi Bench. Remote e-voting will run from September 26, 2026, to September 29, 2026, with a shareholding cut-off date of May 22, 2026. The amalgamation is aimed at integrating the company's EV battery and automotive component capabilities.
- Shareholder meeting scheduled for September 30, 2026, at 10:30 AM via VC/OAVM pursuant to NCLT order dated July 29, 2026
- Scheme involves amalgamation of Avinya Batteries Limited (Transferor) into PPAP Automotive Limited (Transferee)
- Remote e-voting window active from September 26, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
- Cut-off date for shareholder voting eligibility set as May 22, 2026
PPAP Automotive Limited has scheduled its 31st Annual General Meeting for September 18, 2026. Key agenda items include adoption of FY26 financial statements, declaration of a final dividend of ₹1.50 per share (15%), and confirming the interim dividend of ₹1.00 per share paid earlier. Additionally, the company is seeking shareholder approval to re-appoint Mr. Ajay Kumar Jain as Chairman & Managing Director for three years and revise the commission structure for both the CMD and CEO & MD from 2.0% to 2.5% of net profit before tax.
- 31st Annual General Meeting scheduled for September 18, 2026, via video conferencing
- Final dividend proposed at ₹1.50 per share (15% on face value ₹10), alongside ₹1.00 paid as interim dividend for FY26
- Re-appointment of Mr. Ajay Kumar Jain as CMD for 3 years (Nov 1, 2026 to Oct 31, 2029) at a basic salary of ₹5.00 Lakhs to ₹20.00 Lakhs per month
- Executive commission proposed to increase from 2.0% to 2.5% of PBT each for CMD and CEO & MD starting April 1, 2026
- Highest-paid individual compensation ratio to median employee compensation stands at 41.28
PPAP Automotive has sent an email communication to shareholders detailing Tax Deducted at Source (TDS) norms on its recommended final dividend of ₹1.50 per share (15% on face value ₹10) for FY26. Resident individuals receiving up to ₹10,000 dividend in FY27 are exempt from TDS. Standard TDS is 10% with a valid PAN, increasing to 20% if PAN is invalid or not linked to Aadhaar. Eligible shareholders seeking lower or nil tax withholding must submit requisite declarations by September 12, 2026.
- Board recommended a final dividend of ₹1.50 per share (15% of face value ₹10) for FY26
- Submission deadline for tax exemption forms and declarations is Saturday, September 12, 2026
- Resident individual dividend payments up to ₹10,000 in FY27 carry 0% TDS
- Standard withholding tax rate is 10% with PAN, rising to 20% for unlinked or invalid PANs
PPAP Automotive reported a 34.1% YoY increase in Q1 FY27 revenue to ₹156.4 crore, with EBITDA expanding 33.3% YoY to ₹12.4 crore on higher OEM production schedules and 73% capacity utilization. The company secured ₹131 crore in lifetime orders during the quarter (up 51.8% YoY), of which EV programs contributed ₹64 crore. Management initiated the hive-off of its tooling business to a subsidiary by Q3 FY27 and the merger of Avinya Batteries by Q4 FY27. Crucially, the company reiterated a long-term sustainable EBITDA margin target of 12% to 13% and laid out a plan to become net debt-free within three years.
- Consolidated Q1 revenue rose 34.1% YoY to ₹156.4 crore, driven by robust OEM volumes and 73% capacity utilization.
- Bagged ₹131 crore in lifetime orders during Q1 (+51.8% YoY), with EV applications accounting for ₹64 crore.
- Management targets becoming net debt-free within 3 years (total debt stood at ₹194 crore).
- Tooling business hive-off to Meraki Precision Tools targeted for Q3 FY27; Avinya Batteries merger targeted for Q4 FY27.
- Aftermarket segment grew 30% YoY, adding 345 new SKUs to reach a portfolio of 1,312 SKUs across 155 distributors.
PPAP Automotive has disclosed the audio recording and presentation for its Q1 FY27 earnings conference call held on August 10, 2026. The company reported a TTM revenue of Rs 567 Cr and a PAT of Rs 43 Cr, with a significant order book of Rs 3,439 Cr providing long-term visibility. However, investors should note the high client concentration, with the top two customers accounting for over 70% of revenue. A key area of concern remains the lithium-ion battery facility, which saw a low 5% capacity utilization as of H1 FY26.
- Earnings conference call for the quarter ended June 30, 2026, was conducted on August 10, 2026
- Order book stands at Rs 3,439 Cr, representing approximately 6x the TTM revenue of Rs 567 Cr
- Top two customers contribute over 70% of total revenue, posing a significant concentration risk
- Lithium-ion battery pack facility utilization was reported at a minimal 5% as of H1 FY26
- Company maintains a debt-to-equity ratio of 0.54 with a net worth of Rs 356 Cr
PPAP Automotive reported a strong start to FY27 with consolidated revenue reaching ₹156.4 Cr, a 34.1% YoY increase, outperforming the 25.9% growth in the domestic passenger vehicle industry. EBITDA grew 33.3% YoY to ₹12.4 Cr, reflecting improved operating leverage despite competitive pricing environments. A major strategic milestone was achieved through an exclusive licensing agreement with Hutchinson, a €5.0 billion global leader, for advanced body sealing systems. The company is also restructuring its group by merging Avinya Batteries and expanding into industrial products to diversify its revenue base.
- Consolidated revenue for Q1 FY27 rose 34.1% YoY to ₹156.4 Cr, driven by record PV industry sales of 12.74 lakh units.
- EBITDA increased 33.3% YoY to ₹12.4 Cr, maintaining a steady operational performance.
- Secured an exclusive license with Hutchinson for proprietary body sealing technology to strengthen the PV portfolio.
- Order book stands at ₹3,439 Cr, representing approximately 6x the TTM revenue, providing multi-year visibility.
- Standalone FY26 PAT of ₹33.4 Cr was significantly boosted by an exceptional item of ₹32.7 Cr.
PPAP Automotive reported a turnaround in Q1 FY27, with consolidated revenue growing 34.1% YoY to ₹156.4 Cr and a PAT of ₹0.9 Cr, compared to a loss of ₹2.3 Cr in the same quarter last year. The company secured lifetime orders worth ₹131 Cr, which is approximately 23% of its TTM revenue, showing strong momentum in new business acquisition. Notably, EV segment orders surged to ₹64 Cr from just ₹11 Cr YoY, indicating a successful pivot toward electric mobility. A strategic partnership with Hutchinson for advanced body sealing systems was also announced to enhance technological leadership.
- Consolidated Revenue increased 34.1% YoY to ₹156.4 Cr, driven by strong model-based growth.
- Lifetime order wins reached ₹131 Cr in Q1FY27, a 51.8% increase over the previous year's quarter.
- EV segment orders grew significantly to ₹64 Cr, up from ₹11 Cr in Q1FY26.
- Turnaround in profitability with a Consolidated PAT of ₹0.9 Cr vs a loss of ₹2.3 Cr in Q1FY26.
- EBITDA grew 33.3% YoY to ₹12.4 Cr, though margins were impacted by elevated raw material costs.
PPAP Automotive has fixed September 11, 2026, as the record date for its final dividend and for determining shareholder eligibility to vote at the 31st Annual General Meeting (AGM). The AGM is scheduled for September 18, 2026, via video conferencing. This follows a strong FY26 performance where the company reported a net profit of ₹43.19 Cr, a significant recovery from ₹8.70 Cr in FY25. The dividend, if approved at the AGM, will be paid within 30 days.
- Record date for final dividend and AGM voting eligibility is September 11, 2026.
- 31st Annual General Meeting scheduled for September 18, 2026, at 11:30 A.M.
- Book closure period set from September 12 to September 18, 2026, inclusive.
- Remote e-voting window opens on September 14 (9:00 AM) and closes on September 17, 2026 (5:00 PM).
- Dividend payout to be completed within 30 days from the date of the AGM.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 5.97% to INR 552.06 Cr in FY25 from INR 520.94 Cr in FY24. However, H1 FY26 revenue declined 5.2% YoY to INR 253.6 Cr due to subdued offtake from automotive OEMs. The standalone revenue for FY25 was INR 537.64 Cr, showing the core business remains the primary driver.
Geographic Revenue Split
Not disclosed in available documents, though the company operates primarily in India with a focus on scaling exports to diversify its revenue base.
Profitability Margins
Operating margins recovered to 10.4% in FY25 from 7.6% in FY24. Standalone PAT for FY25 was INR 14.09 Cr compared to a loss of INR 4.67 Cr in FY24. The recovery is driven by better price pass-through to customers and improved standalone performance.
EBITDA Margin
Consolidated EBITDA for H1 FY26 was INR 22 Cr, a 21.9% YoY decline from H1 FY25. This drop was caused by lower asset utilization (65% in parts business) leading to under-absorption of fixed costs.
Capital Expenditure
The company is undertaking initiatives in EV batteries and aftermarket products. While specific total capex is not totaled, credit ratings warn that debt-funded capex leading to gearing above 1.0x would trigger a downgrade.
Credit Rating & Borrowing
CRISIL maintains a 'Stable' outlook as of mid-2025. Interest coverage ratio moderated to 2.8-2.9x in FY24 from 3.7x in FY23. Bank limit utilization averaged 62.4% for the 12 months ended June 2025.
Operational Drivers
Raw Materials
Polyvinyl Chloride (PVC) and Thermo Plastic Olefins (TPO) are the primary raw materials, which are highly sensitive to global crude oil prices and forex fluctuations.
Import Sources
A significant portion of raw materials is imported, exposing the company to international price volatility and currency risks.
Capacity Expansion
Current capacity utilization for the parts business is 65% and 85% for the tool business. The lithium-ion battery pack facility is severely underutilized at only 5% capacity as of H1 FY26.
Raw Material Costs
Raw material price increases previously compressed margins from 15-20% historically to 7.6% in FY24. The company is targeting a material yield efficiency of 88-90% to mitigate these costs.
Manufacturing Efficiency
The company delivered over 120 moulds worth INR 25 Cr with 80% capacity utilization in the tooling division. Manpower productivity is a key focus for margin expansion.
Strategic Growth
Expected Growth Rate
5-7%
Growth Strategy
Growth will be driven by a healthy order book of INR 3,439 Cr providing multi-year visibility. The strategy involves scaling the EV battery business (PPAP Technology Ltd), expanding into industrial products, and increasing aftermarket sales. Management targets FY26 revenue of INR 600–660 Cr.
Products & Services
Auto sealing systems, interior and exterior injection moulded products, lithium-ion battery packs for electric vehicles, and high-precision plastic injection toolings.
Brand Portfolio
PPAP, Avinya Batteries (acquired subsidiary).
New Products/Services
Lithium-ion batteries for EVs and industrial products. The company is also expanding its 'aftermarket' segment to diversify away from direct OEM sales.
Market Expansion
Focusing on the EV segment through PPAP Technology Limited and expanding the customer base to include white goods and appliance sectors.
Market Share & Ranking
PPAP is one of the largest players in the PVC/TPO-based profiles segment for the Indian automotive industry.
Strategic Alliances
PPAP Tokai India Rubber Pvt. Ltd. (Joint Venture) and subsidiaries like PPAP Technology Limited and ELPIS Automotives Private Limited.
External Factors
Industry Trends
The industry is shifting toward Electric Vehicles (EVs). PPAP is positioning itself by manufacturing lithium-ion battery packs, although this segment currently faces low demand and high losses.
Competitive Landscape
Competes with other auto-component manufacturers, but maintains a leadership position in specialized sealing systems.
Competitive Moat
Moat is built on long-standing relationships with marquee OEMs and leadership in the niche PVC/TPO profile segment. Sustainability depends on successfully diversifying into EV components.
Macro Economic Sensitivity
Highly sensitive to the Indian automotive industry's growth. A 5.2% revenue decline in H1 FY26 was directly attributed to a 'muted backdrop' in the auto sector.
Consumer Behavior
Shift toward EVs is the primary consumer trend affecting long-term demand for traditional engine-related components vs. new battery-related products.
Geopolitical Risks
Geopolitical developments affecting crude oil prices directly impact the cost of PVC and TPO resins.
Regulatory & Governance
Industry Regulations
Operations must comply with automotive safety and manufacturing standards. The company maintains internal financial controls as per Section 143(3)(i) of the Companies Act, 2013.
Taxation Policy Impact
The effective tax rate is approximately 25%, with FY25 standalone tax at INR 4.68 Cr on PBT of INR 18.78 Cr.
Legal Contingencies
Management performs annual impairment testing on investments in subsidiaries. No specific high-value pending court cases were detailed in the provided reports.
Risk Analysis
Key Uncertainties
The primary uncertainty is the turnaround of the EV battery subsidiary, which is currently operating at only 5% capacity and dragging down group profitability.
Geographic Concentration Risk
Manufacturing facilities are concentrated in India (Noida, New Delhi), making it dependent on the domestic auto hub's performance.
Third Party Dependencies
High dependency on a few large OEMs for the majority of revenue (70%+).
Technology Obsolescence Risk
Risk of traditional plastic components being replaced or redesigned in newer EV models, necessitating the current pivot to battery technology.
Credit & Counterparty Risk
Trade receivables stood at INR 72.40 Cr as of September 2025. Provision for bad and doubtful debts was INR 14.04 lakhs for H1 FY26, suggesting generally stable receivable quality.
