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Revenue
₹138.88 Cr
verified against source
Revenue YoY
0%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
PPAP Automotive's Q3 FY26 consolidated revenue was ₹138 crore, flat YoY, impacted by model-specific demand softness at key OEMs (Maruti, Tata, Honda). PAT turned positive at ₹6.61 lakh vs. prior quarter loss, signaling operational stabilization. The company completed the sale of its 50% stake in the Tokai Kogyo JV for ₹100 crore, which will reduce net debt and fund capex. Management reiterated FY26 guidance of ₹575 crore revenue and ₹58 crore EBITDA, with PAT of ₹8 crore (ex-JV gain). Aftermarket grew 30% YoY, now 5% of revenue. The Chennai EPDM rubber plant expansion (₹30 crore capex) is on track for April 2026. Key risk: continued model-specific volume weakness at major customers could delay the expected Q4 recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated full-year FY26 consolidated revenue guidance of approximately ₹575 crore.
- Management guided for FY26 EBITDA of ₹58 crore, implying a margin of ~10.1%.
- PAT for FY26 is expected at ₹8 crore, excluding the extraordinary gain from the JV stake sale.
- Management expects the aftermarket business to grow by another 30% in FY27, targeting monthly revenue of ₹5 crore.
Risks flagged
- Q3 performance was impacted by lower-than-expected volumes for specific models at Maruti, Tata, and Honda. If this persists, Q4 recovery may be delayed.
- The lithium-ion battery business (Avena Batteries) has been a drag on profitability. Despite recent traction, the turnaround is not yet proven and could require further capital.
- Management noted that the FY26 guidance does not factor in potential implications of the renewed labor codes, which could increase costs.
- An analyst questioned the company's history of seeding multiple businesses without timely exits. Management acknowledged past concerns but provided no specific exit criteria.
Key quotes
- We are not emotionally attached to any business. Business is business end of the day. We have to give it due time to get matured and the moment it starts and then we have to take a feedback on do we continue with it or do we not continue with it.
- The exit significantly enhances PPAP's strategic flexibility and sharpens its ability to pursue independent growth initiatives.
- Our basic competitiveness comes from the fact that we've been in the automotive business for the past 35 years and we have a sense of how a stable reliable quality focused product can be made.
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