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Swing Capital

PPAP Automotive Ltd

NSE: PPAP BSE: 532934

Incorporated in 1995, PPAP Automotive Ltd develops plastic and driver-based extrusion systems, plastic injection moulding systems and high-precision plastic injection tooling[1]

₹209
52W: ₹176 — ₹295
PE 38.8 · Book ₹252 · -17% vs book
Market Cap₹295 Cr
Stock P/E38.8Price to Earnings
ROCE4.95%Return on Capital
ROE2.23%Return on Equity
Div. Yield1.2%Face Value ₹10

Strengths

  • +Stock is trading at 0.82 times its book value

Weaknesses

  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 10.8% over past five years.
  • −Company has a low return on equity of 1.76% over last 3 years.
  • −Earnings include an other income of Rs.38.4 Cr.
  • −Debtor days have increased from 54.5 to 68.0 days.

Shareholding Pattern

Promoters64.47%
FIIs5.66%
DIIs0%
Public29.85%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters64.6%64.6%64.6%64.6%64.47%▼0.164.47%64.47%64.47%
FIIs5.67%5.76%▲0.15.67%▼0.15.67%5.65%▼0.05.65%5.69%▲0.05.66%▼0.0
DIIs0%0%0%0%0%0%0%0%
Public29.73%29.64%▼0.129.73%▲0.129.73%29.86%▲0.129.86%29.82%▼0.029.85%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales120132119141135142111133129163
Expenses109120107123120127102119117146
Operating Profit11121218151610131218
OPM %9%9%10%13%11%11%9%10%9%11%
Net Profit0-6163402131
EPS ₹0.17-4.271.013.952.362.68-0.271.380.5622.01

AI Insights

Revenue Trend

Mar 2026 revenue at ₹536Cr, down 0.4% YoY. OPM at 10%.

Debt Position

Borrowings at ₹194Cr. Debt-to-equity ratio: 0.57x. Moderate leverage.

Capex Cycle

CWIP at ₹43Cr (14% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 5.66% (-0.04pp change). Promoters hold 64.47%.

Margin & Efficiency

ROCE declining from 8% (Mar 2015) to 5% (Mar 2026). Working capital days: 23.

Valuation

PE 38.8x with 4.95% ROCE. Price is -17% above book value of ₹252. Dividend yield: 1.2%.

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