PPAP Automotive Limited (IN:PPAP)
:PPAP
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PPAP Automotive Limited
(PPAP)
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Rating:63Neutral
Price Target:
₹261.00
▲(21.25% Upside)
Action:Reiterated
Date:06/12/26
The score is driven primarily by mixed financial performance: improving earnings and revenue growth are offset by weak cash flow conversion and negative free cash flow alongside rising leverage. Technicals are supportive with a clear uptrend, and valuation is attractive with a low P/E, but elevated RSI suggests some near-term overheating.
Positive Factors
B2B OEM supply model
PPAP's core B2B model—per-part supply to vehicle OEMs plus tooling/development receipts—is structurally durable. Long-term program nominations and contractor-funded tooling limit upfront capex exposure and create predictable volume-linked revenues tied to OEM production cycles.
Negative Factors
Weak cash conversion
Sharp deterioration in operating cash flow and a materially negative free cash flow indicate earnings are not converting to cash, likely from working-capital or higher capex/tooling. This constrains funding for growth, debt reduction, and dividends, posing a medium-term liquidity risk.
Read all positive and negative factors
Positive Factors
Negative Factors
B2B OEM supply model
PPAP's core B2B model—per-part supply to vehicle OEMs plus tooling/development receipts—is structurally durable. Long-term program nominations and contractor-funded tooling limit upfront capex exposure and create predictable volume-linked revenues tied to OEM production cycles.
Read all positive factors
PPAP Automotive Limited (PPAP) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.46B
Dividend Yield1.17%
Average Volume (3M)1.93K
Price to Earnings (P/E)8.1
Beta (1Y)1.17
Revenue Growth2.35%
EPS Growth516.13%
CountryIN
Employees1,260
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)1.22
Shares Outstanding14,152,987
10 Day Avg. Volume5,023
30 Day Avg. Volume1,930
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.73
Price to Sales (P/S)0.44
P/FCF Ratio-7.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)42.83
Revenue Forecast (FY)₹9.75B
PPAP Automotive Limited Business Overview & Revenue Model
Company Description
Based in Noida, India, PPAP Automotive Limited is a manufacturing firm dedicated to the production and supply of a wide array of components for the automotive sector. The company's core business involves fabricating sealing systems alongside vario...
How the Company Makes Money
PPAP primarily makes money by manufacturing and supplying automotive plastic components and assemblies to vehicle OEMs under business-to-business supply arrangements. Revenue is largely generated from (1) sale of plastic moulded parts and sub-asse...
PPAP Automotive Limited Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
60
Neutral
Cash Flow
42
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.40B | 5.67B | 5.54B | 5.21B | 5.11B | 4.22B |
| Gross Profit | 2.36B | 997.52M | 2.37B | 1.87B | 1.78B | 1.47B |
| EBITDA | 527.18M | 514.94M | 571.73M | 407.63M | 377.40M | 360.41M |
| Net Income | 17.20M | 431.94M | 69.97M | -130.39M | -59.44M | -7.88M |
Balance Sheet | ||||||
| Total Assets | 6.15B | 7.41B | 5.68B | 5.55B | 5.48B | 5.00B |
| Cash, Cash Equivalents and Short-Term Investments | 267.80M | 952.59M | 64.31M | 114.36M | 62.82M | 43.97M |
| Total Debt | 1.86B | 2.07B | 1.75B | 1.61B | 1.52B | 1.10B |
| Total Liabilities | 3.31B | 4.00B | 2.80B | 2.72B | 2.53B | 1.96B |
| Stockholders Equity | 2.85B | 3.41B | 2.88B | 2.83B | 2.95B | 3.04B |
Cash Flow | ||||||
| Free Cash Flow | 44.77M | -323.62M | 153.15M | 96.79M | -250.94M | -493.27M |
| Operating Cash Flow | 231.59M | 179.14M | 521.87M | 405.81M | 300.11M | 205.27M |
| Investing Cash Flow | -189.72M | -446.46M | -353.99M | -299.94M | -577.39M | -709.04M |
| Financing Cash Flow | -12.41M | 278.36M | -172.43M | -94.85M | 281.14M | 494.69M |
PPAP Automotive Limited Technical Analysis
Positive
215.25
Price Trends
210.25
Positive
208.15
Positive
219.16
Positive
Market Momentum
4.53
Negative
72.30
Negative
55.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PPAP, the sentiment is Positive. The current price of 215.25 is above the 20-day moving average (MA) of 213.07, above the 50-day MA of 210.25, and below the 200-day MA of 219.16, indicating a bullish trend. The MACD of 4.53 indicates Negative momentum. The RSI at 72.30 is Negative, neither overbought nor oversold. The STOCH value of 55.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:PPAP.
PPAP Automotive Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹4.62B | 13.11 | ― | 2.40% | 31.21% | 71.92% | |
63 Neutral | ₹3.46B | 8.13 | ― | 1.17% | 2.35% | 516.13% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | ₹2.94B | 17.05 | ― | 0.24% | 24.46% | 20.66% | |
51 Neutral | ₹2.78B | 111.54 | ― | 0.22% | -2.15% | -50.36% | |
46 Neutral | ₹2.44B | -1.91 | ― | ― | 13.57% | -18.42% | |
44 Neutral | ₹2.52B | -1.07 | ― | ― | -4.54% | -5409.72% |
* Consumer Cyclical Sector Average
IN:PPAP
PPAP Automotive Limited
247.60
2.25
0.92%
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PPAP Automotive Limited Corporate Events
PPAP Automotive Ties Up With Hutchinson for Advanced Body Sealing Systems in India
Jun 10, 2026
PPAP Automotive Limited has entered a technology partnership with Hutchinson, a global specialist in high-performance multi-material solutions, to manufacture advanced body sealing systems for India’s passenger vehicle market. The arrangemen...
PPAP Automotive Ties Up With Hutchinson for Advanced Body Sealing Systems in India
Jun 10, 2026
PPAP Automotive Limited has entered into a partnership with Hutchinson, a global specialist in automotive sealing solutions, to manufacture advanced body sealing systems for India’s passenger vehicle market. Under the agreement, effective 1 ...
PPAP Automotive Publishes Investor Presentation on FY26 Results
May 11, 2026
PPAP Automotive Limited has released an analysts and investors presentation covering its audited standalone and consolidated financial results for the quarter and full year ended 31 March 2026. The disclosure, made under Regulation 30 of the SEBI ...
PPAP Automotive Awaits Clarification on Independent Director’s Resignation
Apr 20, 2026
PPAP Automotive Limited has announced an update regarding the previously disclosed resignation of non-executive independent director Ms. Celine George, effective April 13, 2026. The company reiterated that it had sought a formal confirmation from ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.