ALFA Finder
The call ran from 3:01 PM to 3:47 PM IST (46 min).
Key takeaways
Q2 revenue rose 29.8% to ₹177.8 Cr, but gross margin fell to 39.8% from 45.6% on raw material costs and mix. EBITDA margin was 8.8%. PAT of ₹2.5 Cr followed a prior-year loss.
| Revenue growth | Consolidated revenue +29.8% YoY to ₹177.8 Cr; H1 +31.8%. |
|---|---|
| Margins | Gross margin 39.8% vs 45.6%; EBITDA margin 8.8%, sequentially better. |
| Order book | H1 order wins ₹429 Cr; EV wins ₹156.5 Cr vs ₹27 Cr prior year. |
| Demand visibility | Industry domestic sales +18.2% YoY; SIAM sees H2 momentum continuing. |
| Management confidence | Balanced: upbeat on orders, cautious on margins and macro risks. |
Growth
Revenue +29.8% YoY to ₹177.8 Cr; EBITDA +23% to ₹15.7 Cr; treasury income cut finance costs 28%, aiding PAT.
Outlook
H2 margin recovery hinges on OEM price approvals; no numeric margin guidance. Battery EBITDA targeted at zero by Q3 FY27.
Risks
Gross margin 39.8% vs 45.6%; only 68% of cost hit recovered, with about a six-month OEM price-negotiation lag.
Last quarter's promises, checked
Delivered
- Guided QoQ sales rise from Q1 ₹156.4 Cr → Q2 ₹177.8 Cr (= BEAT)
Partly delivered
- Guided margin improvement in Q2–Q3 → EBITDA ₹12.4→₹15.7 Cr, margin 8.8% sequentially better; gross margin 39.8% vs 45.6% (= PARTIAL)
- Guided growth momentum to continue (Q1 +34.1% YoY) → Q2 +29.8% YoY, decelerating (= PARTIAL)
Missed
- Guided aftermarket ~30% YoY growth → Q2 +24% (= MISS)
- Guided RM cost increases settled by end Q2/early Q3 → only 68% of cost hit recovered, ~6-month lag (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
PPAP Automotive Q2 FY27 Results: Net Profit ₹2.5 Cr, Up 177.8% QoQ
PPAP Automotive Ltd reported revenue from operations of ₹177.8 Cr (+29.8% YoY) and net profit of ₹2.5 Cr for Q2 FY27.
- Key figure
- Net profit ₹2.5 Cr
What management said last time
Full summary →From the call summary published .
Outlook they gave
Targeting 80-82% capacity utilization. Divestment proceeds to reduce net debt to INR103cr. FY27 guidance deferred to Q1 announcement.
Growth they described
Q4FY26 Revenue grew 18.6% YoY to INR174.6cr; EBITDA increased 12.9% to INR16.9cr. FY26 consolidated revenue was INR567cr.
Call details
| Company | PPAP Automotive Ltd |
|---|---|
| NSE symbol | PPAP |
| ISIN | INE095I01015 |
| Call | Q2 FY27 earnings call |
| Date | Wednesday, 11 November 2026 |
| Time | 3:00 PM IST |
| Length | 46 min |
| Audio | Our stream on YouTube ↗ |
PPAP Automotive Ltd: key numbers
- Share price
- ₹268.40
- Market cap
- ₹378.8 Cr
- Revenue (annual)
- ₹567.0 Cr
- Net profit (annual)
- ₹43.19 Cr
- P/E (TTM)
- 7.8×Sector 32.3×
- Promoter holding
- 64.30%+0.00% QoQ
- FII holding
- 5.66%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
Other calls on Wed, 11 Nov
Today's concalls →
