### **Overview** PPAP Automotive Limited, established in **1978**, has evolved over 45 years into a leading Indian Tier-1 automotive supplier with diversified operations across five strategic business segments. The company initially began as a manufacturer of custom extrusion products and entered the automotive sector in **1985**, supplying plastic profiles for early Maruti Suzuki vehicles. Today, PPAP is recognized as a pioneer in polymer-based components and a key player in India’s transition to electric and sustainable mobility. With a mission of technological self-reliance and de-risking, PPAP operates across **10 manufacturing facilities** in key automotive hubs in North, West, and South India (Noida, Surajpur, Pathredi, Vallam Vadagal, Ukhlod, Viramgam, etc.), serving **over 50 diversified customers** and shipping **more than 225,000 parts daily**. It manages a portfolio of over **3,000 SKUs**, with 300+ under development. --- ### **Business Segments and Strategic Subsidiaries** #### **1. Automotive OEM Components (Core Business)** - **Focus:** Body sealing systems (PVC, EPDM, TPV), interior trims, and exterior injection-molded plastic components. - **Key Technologies:** Plastic & rubber extrusion, injection molding (up to 2,500 tons), 2K/overmolding, chrome SUS extrusion. - **Products:** Weatherstrips, door seals, fender linings, bumpers, grills, instrument panels, battery boxes. - **Differentiator:** Engine-agnostic components compatible with both **Internal Combustion Engine (ICE)** and **Electric Vehicle (EV)** platforms. - **Major OEMs:** Maruti Suzuki, Toyota, Honda, Tata Motors, Hyundai, Kia, MG Motors, Volkswagen, Renault-Nissan, Mahindra & Mahindra, Suzuki Motorcycles. - **Expansion:** Secured **lifetime orders worth ₹3,439 crores**, expected to be executed over 3–5 years. EV-specific order book stands at **₹524 crores**, with ₹208 crore secured from EV programs in FY25. - **Growth Strategy:** Increasing **per-vehicle content** through premiumization, new model launches (e.g., Maruti Swift, Honda Amaze), and deepening OEM partnerships. --- #### **2. Aftermarket Solutions – ELPIS Automotives** - **Subsidiary:** Elpis Automotives Private Limited (100% owned, established 2019). - **Brand:** **ELPIS** – premium spare parts, accessories, and car care products. - **Product Range:** 1,300+ SKUs including body moldings, wipers, phone holders, cleaning kits, glass care products. - **Distribution:** PAN India network of **130+ distributors**, supported by regional warehouses (Noida hub), expanding to 150+ locations. - **Sales Channels:** - Offline: Dealerships across Tier 1–3 cities. - Online: Amazon, Flipkart, Bodmo, and own portal – **shopelpis.com**. - **Performance:** FY25 growth of **15–27% YoY**, contributing **4%** to group revenue. - **Export Focus:** Initiating exports to **GCC, Nepal, Bhutan, UAE, and Africa** with dedicated personnel. - **Target:** Achieve **10% of consolidated revenue by FY27**, supported by 20–25% annual top-line growth. --- #### **3. Commercial Tooling – Meraki Precision Tool Engineering Ltd.** - **Subsidiary:** Wholly owned, established in **2004** as backward integration; rebranded **Meraki**. - **Established as Profit Center:** 2020. - **Facility:** 2,500+ sqm in Surajpur, Uttar Pradesh. - **Capabilities:** End-to-end mold design, development, and validation. - Molds up to **1.5m x 1.0m**, **850-ton machines**, weighing up to **8 tons**. - Advanced techniques: **Gas-assist, multi-cavity, hot runner, 2K overmolding**. - **Sectors Served:** Automotive, white goods, electrical, medical, renewable energy. - **Order Book:** **₹30 crores** for **138 molds**, with 106 ordered by Q2 FY26. - **Performance:** **75% YoY revenue growth in FY25**, 85% capacity utilization. - **Vision:** Become a **national leader in precision tooling**, scale exports, invest in **high-speed machining and CAD/CAM** systems. --- #### **4. Industrial Products – Avinya Industrial Products Limited** - **Subsidiary:** Wholly owned, formally established in **2025**. - **Technology:** Leverages core competencies in plastic/ rubber extrusion and injection molding. - **Product Portfolio:** 70+ developed, 10+ in pipeline. - **Applications:** - Architectural & container sealing systems. - Electrical panel gaskets, air handling unit (AHU) seals. - Washing machine tubs, A/C grills, plastic storage containers (pails), paint dispensers, solar robot components. - **Markets:** Domestic and international (USA, UAE, Southeast Asia). - **Export Milestone:** Successfully completed trial orders; full-scale exports initiated in FY25. - **Financials:** Contributed **~2% to revenue in FY25** (up from 1% in FY24), with **100%+ YoY growth**. - **Target:** 2–3 year aim to become a **significant revenue contributor**. --- #### **5. Energy Storage Systems (ESS) – Avinya Batteries Limited** - **Formerly:** PPAP Technology Limited (established 2020/2021). - **Shift in Focus:** From **EV mobility (2W/3W)** to **stationary energy storage systems (ESS)** for solar, telecom, UPS, inverters, and off-grid applications. - **Manufacturing:** State-of-the-art assembly line in Noida, **AIS-156 certified** for 2W/3W packs. - **Technologies:** Pouch, cylindrical, and prismatic cell-based packs. - **Custom Solutions:** In-house design, testing, and validation for telecom towers, solar storage, golf carts, AGVs, robotics. - **Performance:** Reduced losses in FY25; poised for **significant revenue traction in FY26** with major customer orders. - **R&D:** Collaborations with startups and institutions for next-gen battery solutions. - **Long-term Goal:** Position as a preferred supplier in India’s growing **grid storage and renewable infrastructure** space. --- ### **Corporate Structure and Partnerships** - **Group Entities:** 1. **PPAP Automotive Ltd.** – Parent company (OEM sealing & plastic parts). 2. **PPAP Tokai India Rubber Pvt. Ltd.** – 50:50 JV with **Tokai Kogyo (Japan)** – EPDM/TPV seals. 3. **Elpis Automotives Pvt. Ltd.** – 100% owned – Aftermarket. 4. **Avinya Batteries Ltd.** – 100% owned – Li-ion ESS. 5. **Avinya Industrial Products Ltd.** – 100% owned – Non-auto industrial applications. 6. **Meraki Precision Tool Engineering Ltd.** – 100% owned – Commercial tool room. - **Global Collaborations:** - **Tokai Kogyo Co. Ltd.** (since 1989) – Sealing systems. - **Nissen Chemitec Corp.** (since 2007) – Interior/exterior injection-molded parts. - **Tokai Seiki Co. Ltd.** (since 2015) – Tool and die technology. --- ### **Strategic Growth Drivers** 1. **Diversification:** Balancing revenue across OEM, aftermarket, tooling, industrial, and ESS segments; targeting **50:50 split** between automotive and non-automotive in 3–4 years. 2. **Technology & Innovation:** In-house R&D, 2K molding, advanced tooling, proprietary sealing tech (e.g., glass cord insert replacing brass). 3. **Global Sourcing Shift:** Capitalizing on **“China Plus One”** trend; commenced exports in **FY25** across Automotive, Industrial, and Aftermarket. 4. **De-Risking:** Reduced reliance on auto sector; industrial and ESS segments show early scaling potential. 5. **EV Readiness:** Engine-agnostic design, battery packs, ESS solutions, and new model wins with EV OEMs.