PPAP Automotive Limited (PPAP) was established in 1978, initially for manufacturing custom-made extrusion products. Today, the company, along with its subsidiaries and joint venture companies, delivers value-added products to various customers in the Automotive and Ancillary Industries. PPAP Automotive Limited is a leading manufacturer of Automotive Sealing Systems, Interior, and Exterior Automotive parts in India. The company commenced its automotive parts business in 1985, coinciding with the start of production of Maruti (Maruti Suzuki) cars in the Indian market.
PPAP Automotive Ltd (PPAP) reported sales of ₹554.01 crore for the year ended March 2025, an increase of 5.95% compared to ₹522.92 crore in the previous fiscal year. The company achieved a net profit of ₹7.00 crore for FY25, marking a significant turnaround from a net loss of ₹13.04 crore reported in FY24. Quarterly performance for the quarter ended March 2025 also showed improvement, with sales rising 8.49% to ₹147.22 crore against ₹135.70 crore in the same quarter of the previous year. The net profit for the quarter stood at ₹2.42 crore, compared to a net loss of ₹8.16 crore in the corresponding quarter of FY24. The company's market capitalization was ₹333.10 crore as of June 2, 2025.
- FY2024-25 Performance: Sales of ₹554.01 crore, Net Profit of ₹7.00 crore
- FY2023-24 Performance: Sales of ₹522.92 crore, Net Loss of ₹13.04 crore
- Q4 FY2024-25 Performance: Sales of ₹147.22 crore, Net Profit of ₹2.42 crore
- Q4 FY2023-24 Performance: Sales of ₹135.70 crore, Net Loss of ₹8.16 crore
- Market Capitalization: ₹333.10 Crore (as of June 2, 2025)
- Promoter Holding: 64.6%
- P/E Ratio: 47.59
- P/B Ratio: 1.18
- Dividend Yield: 1.05%
PPAP Automotive operates state-of-the-art manufacturing facilities across Northern, Western, and Southern India, with plants located in Noida (U.P.), Surajpur (U.P.), Chennai (Tamil Nadu), Pathredi (Rajasthan), and Viramgam (Gujarat). The company's core competence lies in developing Plastic and Rubber-based extrusion systems, as well as Plastic injection molding systems. PPAP also focuses on developing high-precision plastic injection tooling. The company has ventured into the electric vehicle market through its subsidiary, PPAP Technology Limited.
The company's product portfolio includes advanced automotive body sealing systems and high-quality interior and exterior injection-molded parts, designed to be engine-agnostic (suitable for ICE, EV, etc.).
Extrusion Products include:
- Weather strip inners
- Molding windshields
- Air spoilers
- Trim door openings
- Sunroof/drain hoses
- Back door openings
- Door seals
- Hood seals
- Roof moldings
- Door partitions
- CTR uppers
- Glass run channels
- Slide rails
- Door sub seals
- DAM windshields
- Waist seal outers
Injection Products include:
- Cover handle front
- Air connecting tube
- Leg shield
- Foot board
- Cover under
- Fender rear
- Cabin instrument panel
- Rear tray and pillar
- Tail gate
- Trunk linings
- LNG rear panels
- Body side moldings
- CTR pillar lower and upper
- Fender inners
- Front bumpers
- Door moldings
- Grille lowers
- Front pillars
PPAP Automotive serves a diverse customer base across Passenger Vehicles (PV), Two-Wheelers (2W), Commercial Vehicles (CV), and Tier-1 suppliers (T1). The company primarily caters to original equipment manufacturers (OEMs) and has established relationships with numerous OEMs in the passenger vehicle, two-wheeler, and commercial vehicle segments.
The company has cultivated strong partnerships to enhance its technological capabilities. It holds a technology transfer agreement for Automotive Body Sealing Systems, a relationship initiated in 1989. In 2012, a Joint Venture was established with Tokai Kogyo Co. Limited for the development of EPDM Automotive Body Sealing - Rubber and TPV Glass Run Channels.
PPAP Automotive has also established wholly-owned subsidiaries:
- PPAP Technology Limited: Established in 2019 for the development of electric vehicle components.
- [Subsidiary Name not provided]: Established in 2019 for the trading and distribution of components and automotive accessories.
The company expects to conclude FY25 with revenues in the range of approximately ₹550 crore to ₹575 crore and aims to maintain EBITDA margins between 11% to 12%. EBITDA registered a growth of 45.5% on a YoY basis to ₹29.9 crore for FY25. EBITDA margins saw a sharp uptick, rising from 8.2% in H1FY24 to 11.5% in H1FY25, reflecting a robust growth of 230 basis points.
The company has secured significant orders for electric vehicles, valued at approximately ₹50 crore, demonstrating its strategic positioning in the growing EV segment and adaptability to evolving automotive trends.
The Chairman & MD of PPAP Automotive, Ajay Kumar Jain, highlighted the company's robust growth in FY25. The management is focused on maintaining strong EBITDA margins and expanding its product offerings, particularly in the EV segment. The company is committed to sustainable mobility solutions and innovation.
The Chairman and Managing Director of the company is Ajay Kumar Jain. PPAP Automotive Ltd maintains strong corporate governance practices and has been continuously expanding its product portfolio and customer base over the years.
PPAP Automotive Ltd represents a significant player in India's automotive parts manufacturing sector, with a diversified product portfolio, strategic partnerships, and a strong focus on innovation and quality. The company's successful turnaround from losses in FY24 to profitability in FY25, coupled with its expansion into electric vehicles, positions it well for future growth in the evolving automotive landscape.
