PPAP Automotive Limited (PPAP.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+493.8%

₹1,279.73

vs ₹215.50 price

Levered DCF

-₹900.44

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	5.78×	34.33×	-20.56×	-36.94×	-339.55×	131.33×	10.9×	12.2×
P/B	0.73×	0.84×	0.95×	0.75×	0.88×	0.9×	0.65×	1.39×
P/S	0.44×	0.44×	0.51×	0.43×	0.63×	0.86×	0.55×	1×
EV / EBITDA	4.41×	7.24×	10.49×	9.83×	10.42×	9.76×	4.31×	5.55×
Gross margin	17.6%	42.8%	35.9%	34.8%	34.9%	39.3%	16.2%	20.7%
Operating margin	2.8%	24.6%	1.1%	2.7%	2.3%	2.6%	7.3%	12.5%
Net margin	7.6%	1.3%	-2.5%	-1.2%	-0.2%	0.7%	5.1%	8.2%
Current ratio	1.02×	0.89×	0.95×	1.02×	1.31×	1.49×	1.43×	1.29×
Debt / equity	0.61×	0.61×	0.57×	0.52×	0.36×	0.17×	0.07×	0.08×
Interest coverage	0.92×	8.3×	0.41×	1.14×	1.38×	2.02×	8.93×	12.07×
Dividend yield	1.4%	1.3%	0.3%	1.6%	0.5%	0.0%	4.7%	1.8%
Payout ratio	8.2%	45.3%	-5.4%	-58.9%	-177.6%	0.0%	51.0%	22.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.7%	2.4%	-4.6%	-2.0%	-0.3%	0.7%	6.0%	11.4%
Return on invested capital	2.4%	22.6%	1.3%	3.0%	-13.7%	1.5%	6.3%	10.7%
Return on assets	5.8%	1.2%	-2.3%	-1.1%	-0.2%	0.5%	4.5%	8.1%
Free cash flow yield	-13.0%	6.3%	3.6%	-11.4%	-18.5%	-9.4%	4.9%	3.6%
Earnings yield	17.3%	2.9%	-4.9%	-2.7%	-0.3%	0.8%	9.2%	8.2%
Enterprise value	₹4.5B	₹4.1B	₹4.3B	₹3.7B	₹3.8B	₹3.3B	₹2.2B	₹4.4B
Net debt / EBITDA	1.98×	3.02×	3.91×	4.01×	3.04×	1.52×	0.38×	0.31×
Cash conversion cycle (days)	65	42	64	61	59	66	51	61