PPAP Automotive

: PPAP · Auto Components & Equipments

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Snapshot

Unlock PPAP Automotive's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

PPAP Automotive specialises in the design and manufacture of plastic extrusion systems, injection moulding systems, and high-precision tooling for the automotive industry. The company provides advanced body sealing systems and interior/exterior components that are compatible with both internal combustion engine and electric vehicles.

Business Model

The company operates as a Tier-1 supplier to major automotive original equipment manufacturers, generating revenue through the supply of engineered plastic components. It leverages technical collaborations and in-house tooling capabilities to serve the passenger vehicle, two-wheeler, and commercial vehicle segments.

Growth Outlook

Growth is driven by the company's engine-agnostic product portfolio, which allows it to capture demand across both traditional and electric vehicle platforms. Expanding its customer base across diverse vehicle segments remains a key strategic focus.

Key Risks

  • Cyclicality of Automotive Industry. The company's performance is highly sensitive to fluctuations in automotive production volumes and consumer demand for new vehicles.
  • Raw Material Price Volatility. Fluctuations in the prices of polymers and other plastic-based raw materials can significantly impact operating margins.
  • Customer Concentration. Heavy reliance on a limited number of automotive OEMs exposes the company to risks associated with the production schedules and market performance of these specific clients.
  • Technological Disruption. The rapid transition toward electric vehicles requires continuous investment in R&D to ensure existing product lines remain relevant and competitive.

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Key Metrics

REVENUE

₹567 Cr

TTM · consolidated

+2.4%YoY

NET PROFIT

₹43 Cr

TTM · consolidated

+517.1%YoY

EPS

₹30.61

TTM · consolidated

+515.9%YoY

RETURN ON EQUITY

14.3%

TTM · consolidated

+11.8 ppYoY

P/E

10.2x

Q4 FY26 · consolidated

10.2 vs 94.1x5Y avg

EV/EBITDA

8.8x

Q4 FY26 · consolidated

8.8 vs 8.0x5Y avg

EBITDA MARGIN

9.4%

TTM · consolidated

-1.2 ppYoY

NET PROFIT MARGIN

26.0%

Q4 FY26 · consolidated

+24.4 ppYoY

DEBT TO EQUITY

0.6x

Q4 FY26 · consolidated

+0.01xYoY

Peers · Auto Components & Equipments

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
PPAP AutomotivePPAP
₹367 Cr7.909.7610.7%9.5%14.7%18.6%+19.2%
Hindustan Composites LimitedHINDCOMPOS
₹603 Cr18.6513.47-8.1%14.5%2.9%2.7%-10.7%
Triton ValvesTRITONV
₹588 Cr20.3017.6418.6%7.0%8.5%20.8%-56.7%
Munjal ShowaMUNJALSHOW
₹524 Cr21.0911.5112.3%3.3%3.7%4.8%-3.6%
Autoline Industries LimitedAUTOIND
₹404 Cr10.127.999.6%20.2%24.1%+27.6%
Omax AutosOMAXAUTO
₹403 Cr9.964.8331.8%17.2%12.2%17.5%+25.5%

As of Q1 FY27

Financials