PPAP

PPAP Automotive financials

Market cap
₹413 Cr
Sector
Automobile and Auto Components
Calls analysed
6
Latest concall · Q1 FY27 · call held 10 Aug 2026

PPAP Automotive Limited Q1 FY27

Revenue from Operations ₹156.4 cr +34%EBITDA ₹12.4 cr +33%EBITDA Margin 7.93%

What went well

  • Consolidated revenues from operations grew 34.1% year-on-year to INR 156.4 crores.
  • EBITDA increased 33.3% year-on-year to INR 12.4 crores.
  • Secured lifetime orders worth INR 131 crores, representing a growth of 51.8% year-on-year.

What to watch

  • Raw material price increases impacted operating margins, with only 2% passed on and 2% still under discussion.
  • Battery business continues to operate in a challenging environment and contributes to losses, remaining a cause of concern.
Read the full call →

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 1 delivered 4 missed 9 open
  • Aftermarket Revenue Share of Total delivered said Q4 FY25 Promised: 5% to 6% in FY26 Q1 FY27: Aftermarket business contributed 6% to total revenue in Q1 FY27, confirming the FY26 target was met.
  • FY26 Consolidated Revenue missed said Q4 FY25 Promised: INR 600 crores to INR 660 crores Q1 FY27: Historical promise, final verdict stands.
  • Battery Business Profitability & Utilization at risk said Q4 FY26 Promised: Profitable at PBT level and 100% utilization in FY27 Q1 FY27: Management stated the battery business continues to contribute to losses and remains a 'cause of concern'. Q1 contribution was 'not that good'.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 29.4%, net profit up 705.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue141 135 142 111 133 −6%129 −5%163 +15%144 +29%
EBITDA18 15 16 10 13 −26%12 −22%18 +14%12 +24%
Net profit6 3 4 -0 2 −65%1 −76%31 +722%2 +705%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +14.1% 1Y

₹200₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 19 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹209.32 on 10 Sept 2025 → ₹238.85. High ₹372.14 (13 Jul 2026), low ₹176.94 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−5.0%
10 Aug
Q4 FY26
+0.9%
19 May
Q3 FY26
+10.1%
16 Feb
Q2 FY26
−3.4%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 2.0% a year over 3 years, FY23 to FY26. Operating margin widened to 9.8%.

Year endingFY23FY24FY25FY26
Revenue₹506 Cr₹504 Cr₹538 Cr₹536 Cr
Operating profit₹39 Cr₹44 Cr₹61 Cr₹53 Cr
Operating margin7.7%8.7%11.3%9.8%
Interest₹12 Cr₹12 Cr₹14 Cr₹16 Cr
Depreciation₹31 Cr₹32 Cr₹32 Cr₹33 Cr
Net profit₹-3 Cr₹-5 Cr₹14 Cr₹33 Cr
Net margin-0.5%-0.9%2.6%6.2%
Cash from operations₹39 Cr₹36 Cr₹56 Cr₹40 Cr
Free cash flow₹-10 Cr₹6 Cr₹17 Cr₹-12 Cr
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹14 Cr₹14 Cr₹14 Cr₹14 Cr₹14 Cr₹14 Cr
Reserves₹296 Cr₹299 Cr₹302 Cr₹299 Cr₹271 Cr₹342 Cr
Borrowings₹50 Cr₹93 Cr₹123 Cr₹142 Cr₹186 Cr₹194 Cr
Other liabilities₹85 Cr₹85 Cr₹102 Cr₹114 Cr₹145 Cr₹195 Cr
Total liabilities₹444 Cr₹490 Cr₹542 Cr₹569 Cr₹615 Cr₹746 Cr
Fixed assets₹240 Cr₹272 Cr₹302 Cr₹298 Cr₹315 Cr₹308 Cr
Capital work in progress₹20 Cr₹21 Cr₹11 Cr₹17 Cr₹32 Cr₹43 Cr
Investments₹55 Cr₹66 Cr₹70 Cr₹71 Cr₹44 Cr₹107 Cr
Other assets₹129 Cr₹131 Cr₹160 Cr₹183 Cr₹224 Cr₹288 Cr
Total assets₹444 Cr₹490 Cr₹542 Cr₹569 Cr₹615 Cr₹746 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +0.19 pp while promoters trimmed −0.16 pp. The shareholder count shrank 4% to 15,487.

Promoters
64.3%
FIIs
5.8%
Public
29.9%

Since Jun 2025

  • FIIs +0.19 pp
  • Promoters −0.16 pp
  • Public 0.00 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 65.0%, FIIs 5.7%, Public 29.3%.Dec '23: Promoters 65.0%, FIIs 5.7%, Public 29.3%.Mar '24: Promoters 65.0%, FIIs 5.8%, Public 29.2%.Jun '24: Promoters 64.6%, FIIs 5.7%, Public 29.7%.Sep '24: Promoters 64.6%, FIIs 5.8%, Public 29.6%.Dec '24: Promoters 64.6%, FIIs 5.7%, Public 29.7%.Mar '25: Promoters 64.6%, FIIs 5.7%, Public 29.7%.Jun '25: Promoters 64.5%, FIIs 5.7%, Public 29.9%.Sep '25: Promoters 64.5%, FIIs 5.7%, Public 29.9%.Dec '25: Promoters 64.5%, FIIs 5.7%, Public 29.8%.Mar '26: Promoters 64.5%, FIIs 5.7%, Public 29.9%.Jun '26: Promoters 64.3%, FIIs 5.8%, Public 29.9%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of PPAP Automotive Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ajay Kumar Jain 27.32%−0.08 pp
Kalindi Farms Private Limited 22.61%−0.06 pp
Abhishek Jain 7.08%unchanged
Toacs Center Pte Limited Corporate5.64%unchanged
Vinay Kumari Jain 3.77%unchanged
Manohar Devabhaktuni 2.51%unchanged
Tokai Kogyo Company Limited 1.59%unchanged
Prism Suppliers Private Limited 1.37%unchanged
Smart Commotrade Private Limited 1.19%unchanged
Ajay Kumar Jain HUF(Karta-Ajay Kumar Jain) 0.64%unchanged
Rashi Jain 0.32%unchanged
Elpis Infrastructure Corporation Private Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse PPAP Automotive Limited

Guides on how to read this kind of business and the numbers that matter.