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Last Updated: April 2, 2026, 3:30 am
Author: Getaka|Social: XLinkedIn

PPAP Automotive Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹6,138.31Undervalued by 3,130.69%vs CMP ₹190.00

P/E (1,582.0) × ROE (2.4%) × BV (₹202.00) × DY (1.31%)

₹2,253.21Undervalued by 1,085.90%vs CMP ₹190.00
MoS: +91.6% (Strong)Confidence: 37/100 (Low)Models: 3 Under, 1 Fair, 3 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹6,809.4231%Under (+3483.9%)
Graham NumberEarnings₹23.3519%Over (-87.7%)
Net Asset ValueAssets₹201.3010%Fair (+5.9%)
EV/EBITDAEnterprise₹518.4413%Under (+172.9%)
Earnings YieldEarnings₹1.2010%Over (-99.4%)
ROCE CapitalReturns₹64.8710%Over (-65.9%)
Revenue MultipleRevenue₹391.308%Under (+105.9%)
Consensus (7 models)₹2,253.21100%Undervalued
Key Drivers: P/E of 1,582 makes PE-ROE unreliable — asset/earnings models are better benchmarks. | ROE 2.4% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 10.9%

*Investments are subject to market risks

Investment Snapshot

47
PPAP Automotive Ltd scores 47/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health43/100 · Moderate
ROCE 5.6% WeakROE 2.4% WeakD/E 0.14 Low debtInterest Coverage 0.0x RiskyProfitable 2/5 years Inconsistent
Smart Money60/100 · Moderate
FII holding up 0.02% (6mo) Slight increasePromoter holding at 64.5% Stable
Earnings Quality60/100 · Moderate
OPM stable around 9% SteadyWorking capital: -19 days (improving) Efficient
Quarterly Momentum50/100 · Moderate
Revenue (4Q): -1% YoY Flat
Industry Rank20/100 · Weak
P/E 1,582.0 vs industry 101.1 Premium to peersROCE 5.6% vs industry 15.1% Below peersROE 2.4% vs industry 122.8% Below peers3Y sales CAGR: 9% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:30 am

Market Cap 269 Cr.
Current Price 190
Intrinsic Value₹2,253.21
High / Low 295/152
Stock P/E1,582
Book Value 202
Dividend Yield1.31 %
ROCE5.58 %
ROE2.37 %
Face Value 10.0
PEG Ratio144.70

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for PPAP Automotive Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
PPAP Automotive Ltd 269 Cr. 190 295/1521,582 2021.31 %5.58 %2.37 % 10.0
Omax Autos Ltd 212 Cr. 99.1 166/77.69.72 1482.52 %9.00 %2.81 % 10.0
Shivam Autotech Ltd 203 Cr. 15.4 36.4/13.0 0.130.00 %3.35 %111 % 2.00
Duncan Engineering Ltd 136 Cr. 367 565/35227.6 1580.82 %13.2 %9.53 % 10.0
Automotive Stampings & Assemblies Ltd 646 Cr. 408 656/37431.6 9.940.00 %24.2 %2,332 % 10.0
Industry Average5,187.70 Cr573.81101.13154.700.78%15.11%122.81%5.59

All Competitor Stocks of PPAP Automotive Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 127.12132.27116.45148.40122.36135.70122.68144.86139.25147.22116.63136.96138.88
Expenses 120.60123.91110.18136.35113.74124.38110.86128.58125.26132.22107.33124.24126.34
Operating Profit 6.528.366.2712.058.6211.3211.8216.2813.9915.009.3012.7212.54
OPM % 5.13%6.32%5.38%8.12%7.04%8.34%9.63%11.24%10.05%10.19%7.97%9.29%9.03%
Other Income 0.440.491.680.490.120.220.670.310.830.850.530.240.61
Interest 3.323.373.743.453.603.893.774.044.254.374.264.234.39
Depreciation 7.718.088.228.638.718.598.618.698.658.508.508.818.73
Profit before tax -4.07-2.60-4.010.46-3.57-0.940.113.861.922.98-2.93-0.080.03
Tax % -9.83%-12.31%-31.42%-17.39%-25.21%768.09%0.00%25.91%15.62%18.79%-22.53%-50.00%-133.33%
Net Profit -3.67-2.28-2.750.54-2.67-8.160.102.861.622.42-2.27-0.050.07
EPS in Rs -2.62-1.63-1.960.39-1.91-5.830.072.031.151.72-1.61-0.040.05

Last Updated: March 3, 2026, 3:43 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 10:16 am

MetricMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 319343398404359322422511523554540
Expenses 265277313327309290386474483496490
Operating Profit 5367857750323637395850
OPM % 17%19%21%19%14%10%8%7%8%10%9%
Other Income 15410211232
Interest 865434712151717
Depreciation 2524262626262931343435
Profit before tax 224159492230-5-89-0
Tax % 35%32%33%30%17%35%708%16%62%21%
Net Profit 14283934182-1-6-1370
EPS in Rs 10.0219.9728.0824.1013.001.50-0.56-4.24-9.314.970.12
Dividend Payout % 20%15%16%19%23%67%-266%-35%-13%50%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)100.00%39.29%-12.82%-47.06%-88.89%-150.00%-500.00%-116.67%153.85%
Change in YoY Net Profit Growth (%)0.00%-60.71%-52.11%-34.24%-41.83%-61.11%-350.00%383.33%270.51%

PPAP Automotive Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 9 years from 2016-2017 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:9%
3 Years:10%
TTM:4%
Compounded Profit Growth
10 Years:%
5 Years:-18%
3 Years:122%
TTM:145%
Stock Price CAGR
10 Years:7%
5 Years:0%
3 Years:-1%
1 Year:6%
Return on Equity
10 Years:%
5 Years:-1%
3 Years:-1%
Last Year:2%

Last Updated: September 5, 2025, 12:25 pm

Balance Sheet

Last Updated: December 4, 2025, 1:48 am

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 1414141414141414141414
Reserves 192223256281289292290281269274271
Borrowings 745230252252110152162175186
Other Liabilities 48648795808586102110105145
Total Liabilities 328353386415406443500548556568615
Fixed Assets 217197211237230244284319313316315
CWIP 131228202111172732
Investments 249494948464642434444
Other Assets 108103115127119133148177183181224
Total Assets 328353386415406443500548556568615

Reserves and Borrowings Chart

Cash Flow

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 41707859362621304152
Cash from Investing Activity + -24-43-45-43-27-49-71-58-30-35
Cash from Financing Activity + -18-25-33-17-6214928-9-17
Net Cash Flow -12-1-13-2-101-0
Free Cash Flow 1440291611-26-49-251014
CFO/OP 84%115%117%98%95%87%68%88%108%94%

Free Cash Flow

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-21.0015.0055.0052.0028.00-20.00-74.00-115.00-123.00-117.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 46525152416848464748
Inventory Days 84476182969288978879
Days Payable 48496073819876817387
Cash Conversion Cycle 82495160566260636240
Working Capital Days 35231724264225-2-13-19
ROCE %17%22%17%8%2%2%2%2%6%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 65.01%65.01%65.01%65.01%65.01%64.60%64.60%64.60%64.60%64.47%64.47%64.47%
FIIs 5.70%5.70%5.70%5.70%5.75%5.67%5.76%5.67%5.67%5.65%5.65%5.69%
Public 29.30%29.30%29.30%29.29%29.23%29.73%29.64%29.73%29.73%29.86%29.86%29.82%
No. of Shareholders 16,41416,86016,48216,65416,93917,02417,09717,56817,10316,09315,75215,450

Shareholding Pattern Chart

No. of Shareholders

PPAP Automotive Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 4.97-9.31-4.25-0.561.50
Diluted EPS (Rs.) 4.95-9.31-4.25-0.561.50
Cash EPS (Rs.) 28.5315.5423.4322.9821.49
Book Value[Excl.RevalReserv]/Share (Rs.) 204.38202.07210.53217.06218.70
Book Value[Incl.RevalReserv]/Share (Rs.) 204.38202.07210.53217.06218.70
Revenue From Operations / Share (Rs.) 393.29373.51365.08301.37230.14
PBDIT / Share (Rs.) 41.5129.5732.4028.2825.00
PBIT / Share (Rs.) 17.065.1910.177.236.10
PBT / Share (Rs.) 5.40-5.291.792.593.40
Net Profit / Share (Rs.) 4.08-8.851.201.932.59
NP After MI And SOA / Share (Rs.) 4.97-9.31-4.25-0.561.50
PBDIT Margin (%) 10.557.918.879.3810.86
PBIT Margin (%) 4.331.382.782.402.64
PBT Margin (%) 1.37-1.410.490.851.47
Net Profit Margin (%) 1.03-2.370.320.641.12
NP After MI And SOA Margin (%) 1.26-2.49-1.16-0.180.65
Return on Networth / Equity (%) 2.43-4.60-2.01-0.250.68
Return on Capital Employeed (%) 6.511.943.682.552.34
Return On Assets (%) 1.23-2.34-1.08-0.150.47
Long Term Debt / Equity (X) 0.210.260.270.250.14
Total Debt / Equity (X) 0.570.560.510.350.14
Asset Turnover Ratio (%) 0.980.940.970.870.75
Current Ratio (X) 0.880.941.031.311.49
Quick Ratio (X) 0.570.560.550.760.91
Inventory Turnover Ratio (X) 8.507.195.045.553.91
Dividend Payout Ratio (NP) (%) 45.29-5.36-58.87-177.570.00
Dividend Payout Ratio (CP) (%) 7.643.3113.904.880.00
Earning Retention Ratio (%) 54.71105.36158.87277.570.00
Cash Earning Retention Ratio (%) 92.3696.6986.1095.120.00
Interest Coverage Ratio (X) 3.562.823.876.099.25
Interest Coverage Ratio (Post Tax) (X) 1.350.151.141.421.96
Enterprise Value (Cr.) 392.71401.68368.24373.58321.82
EV / Net Operating Revenue (X) 0.700.760.720.880.99
EV / EBITDA (X) 6.729.708.129.439.19
MarketCap / Net Operating Revenue (X) 0.410.460.420.630.86
Retention Ratios (%) 54.70105.36158.87277.570.00
Price / BV (X) 0.790.860.740.870.91
Price / Net Operating Revenue (X) 0.410.460.420.630.86
EarningsYield 0.03-0.05-0.020.000.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

PPAP Automotive Ltd. is a Public Limited Listed company incorporated on 18/10/1995 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L74899DL1995PLC073281 and registration number is 073281. Currently Company is involved in the business activities of Manufacture of parts and accessories of bodies for motor vehicles such as safety belts, airbags, doors, bumpers. Company's Total Operating Revenue is Rs. 537.64 Cr. and Equity Capital is Rs. 14.09 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Auto Ancl - Others54, Okhla Industrial Estate, New Delhi Delhi 110020Contact not found
Management
NamePosition Held
Mr. Ajay Kumar JainChairman & Managing Director
Mr. Abhishek JainManaging Director & CEO
Mrs. Vinay Kumari JainNon Executive Director
Mrs. Celine GeorgeIndependent Director
Mr. Deepak Kumar SethiIndependent Director
Mr. Rohit RajputIndependent Director

FAQ

What is the intrinsic value of PPAP Automotive Ltd and is it undervalued?

As of 13 April 2026, PPAP Automotive Ltd's intrinsic value is ₹2253.21, which is 1085.90% higher than the current market price of ₹190.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (2.37 %), book value (₹202), dividend yield (1.31 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of PPAP Automotive Ltd?

PPAP Automotive Ltd is trading at ₹190.00 as of 13 April 2026, with a FY2026-2027 high of ₹295 and low of ₹152. The stock is currently in the middle of its 52-week range. Market cap stands at ₹269 Cr..

How does PPAP Automotive Ltd's P/E ratio compare to its industry?

PPAP Automotive Ltd has a P/E ratio of 1,582, which is above the industry average of 101.13. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is PPAP Automotive Ltd financially healthy?

Key indicators for PPAP Automotive Ltd: ROCE of 5.58 % is on the lower side compared to the industry average of 15.11%; ROE of 2.37 % is below ideal levels (industry average: 122.81%). Dividend yield is 1.31 %.

Is PPAP Automotive Ltd profitable and how is the profit trend?

PPAP Automotive Ltd reported a net profit of ₹7 Cr in Mar 2025 on revenue of ₹554 Cr. Compared to ₹-1 Cr in Mar 2022, the net profit shows an improving trend.

Does PPAP Automotive Ltd pay dividends?

PPAP Automotive Ltd has a dividend yield of 1.31 % at the current price of ₹190.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in PPAP Automotive Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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