External broker reports(aggregated public sources), ICICI Securities Ltd

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>About the stock: PPAP Automotive (PAL) is a PV-focused ancillary manufacturing automotive body sealing parts and various interior &amp; exterior plastic moulded parts.</p><ul><li>PV segment forms bulk of sales at ~94% with 2-W &amp; CV forming the rest</li><li>It counts Maruti Suzuki as its anchor client, with share in revenues at &gt;50%</li><li>Wallet share of &gt;80% with key clients in its served products</li><li>De-risking underway across segment, product and client levels</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: PPAP Automotive (PAL) is a PV-focused ancillary manufacturing automotive body sealing parts and various interior &amp; exterior plastic moulded parts.PV segment forms bulk of sales at ~94% with 2-W &amp; CV forming the restIt counts Maruti Suzuki as its anchor client, with share in revenues at &gt;50%Wallet share of &gt;80% with key clients in its served productsDe-risking underway across segment, product and client levelsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PPAP Automotive: Higher Growth on the Horizon; Attractive Valuations

India

PPAP Automotive Ltd manufactures automotive sealing systems and exterior products in India.

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Ppap Automotive (PPAP IN)

PPAP Automotive: Higher Growth on the Horizon; Attractive Valuations

PPAP Automotive (PAL) is a PV-focused ancillary manufacturing automotive body sealing parts and various interior & exterior plastic moulded parts.

ICICI Securities Limited

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