New business wins
₹840 crore
N/A
New orders secured during FY26 across EV and ICE platforms, providing long-term revenue visibility.
PPAPAUTOMOTIVE
Manufacturing
15 May 2026
PPAP Automotive Limited — Q4 FY26
PPAP Automotive reported a strong Q4 FY26 with consolidated revenue of ₹175.5 crore, up 18.6% YoY and 25.7% QoQ, driven by improved execution and normalization of customer schedules.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
PPAP Automotive reported a strong Q4 FY26 with consolidated revenue of ₹175.5 crore, up 18.6% YoY and 25.7% QoQ, driven by improved execution and normalization of customer schedules. EBITDA grew 12.9% YoY to ₹16.9 crore, though margins contracted ~50bps YoY due to one-time employee costs and mark-to-market losses. Capacity utilization improved to 78%, and the company secured new business worth ₹840 crore across EV/ICE platforms. Management highlighted strategic restructuring: divestment of PPAP Tokai JV for ₹100 crore, hiving off tooling business into a subsidiary, and merging battery subsidiary Avenia Batteries. Aftermarket grew 36% YoY. Guidance for FY27 is deferred to Q1 due to demand uncertainty. Key risk: slower-than-expected demand recovery from automotive OEMs and geopolitical disruptions.
Key Numbers
Capacity utilization
78%
+8pp YoY
Improved from ~70% in Q4 FY25, reflecting stronger throughput and stabilization in customer schedules.
Aftermarket revenue growth
36%
+36% YoY
Robust growth driven by expanded distribution network (147 distributors) and 1,264 SKUs.
Tooling molds developed
148
N/A
Developed 148 molds in FY26; targeting ~300 molds per year in 3 years.
Management Guidance
FY27 guidance deferred to Q1 FY27 earnings
Management will provide FY27 guidance during Q1 FY27 earnings call due to demand uncertainty and geopolitical volatility.
Management guidance revenueBattery business expected to be profitable at PAT level in FY27
Battery segment losses reduced to ~₹0.4 crore in Q4; management expects full recovery and profitability in FY27.
Management guidance marginsCapacity utilization to improve to 80-82% in FY27
Management anticipates utilization improving from 78% in Q4 to 80-82% over FY27, driving margin expansion.
Management guidance growthTooling business to double mold output to ~300 per year in 3 years
Tooling division produced 148 molds in FY26; target is to reach ~300 molds annually within 3 years.
Management guidance growthKey Risks
Slower demand recovery from automotive OEMs
FY26 revenue missed revised guidance due to slower-than-expected demand recovery and deferral of SOPs. This risk persists into FY27.
high · management_commentaryRaw material price inflation and supply chain disruption
West Asia conflict has led to elevated raw material prices; only 50% of cost increases are passed through, impacting margins.
high · analyst_questionGeopolitical and logistics uncertainties
Ongoing geopolitical tensions and logistics disruptions from West Asia conflict create an uncertain operating environment.
medium · management_commentaryEntry-level vehicle demand pressure
Inflation and rural demand concerns may pressure entry-level PV segment, though management believes SUV focus mitigates risk.
low · analyst_questionNotable Quotes
Quarter 4 financial year 26 marks a significant turning point for the company reflecting the positive outcomes of the sustained efforts and strategic initiatives undertaken over the past several quarters.
We are confident that following the successful implementation of these reforms, the group will emerge stronger and better position for long-term growth.
Given the evolving demand environment and continued uncertainty, the company has decided that it will provide its financial year 27 guidance during the quarter 1 financial year 27 earnings announcement.
Frequently Asked Questions
What was PPAP Automotive's revenue in Q4 FY26?
PPAP Automotive reported revenue of ₹176 Cr in Q4 FY26, representing a +18.6% change compared to the same quarter last year.
What guidance did PPAP Automotive management give for FY27?
FY27 guidance deferred to Q1 FY27 earnings: Management will provide FY27 guidance during Q1 FY27 earnings call due to demand uncertainty and geopolitical volatility. Battery business expected to be profitable at PAT level in FY27: Battery segment losses reduced to ~₹0.4 crore in Q4; management expects full recovery and profitability in FY27. Capacity utilization to improve to 80-82% in FY27: Management anticipates utilization improving from 78% in Q4 to 80-82% over FY27, driving margin expansion. Tooling business to double mold output to ~300 per year in 3 years: Tooling division produced 148 molds in FY26; target is to reach ~300 molds annually within 3 years.
What are the key risks for PPAP Automotive in FY27?
Key risks include Slower demand recovery from automotive OEMs — FY26 revenue missed revised guidance due to slower-than-expected demand recovery and deferral of SOPs. This risk persists into FY27.; Raw material price inflation and supply chain disruption — West Asia conflict has led to elevated raw material prices; only 50% of cost increases are passed through, impacting margins.; Geopolitical and logistics uncertainties — Ongoing geopolitical tensions and logistics disruptions from West Asia conflict create an uncertain operating environment.; Entry-level vehicle demand pressure — Inflation and rural demand concerns may pressure entry-level PV segment, though management believes SUV focus mitigates risk..
Did PPAP Automotive meet its previous quarter's guidance?
Of 3 tracked promises, management 0 met, 0 close, 3 missed.
Where can I read the full PPAP Automotive Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.