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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
PPAP Automotive's Net-Net Working Capital for the quarter that ended in Mar. 2026 was ₹-115.40.
The industry rank for PPAP Automotive's Net-Net Working Capital or its related term are showing as below:
NSE:PPAP's Price-to-Net-Net-Working-Capital is not ranked *
in the Vehicles & Parts industry.
Industry Median: 7.875 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
PPAP Automotive (NSE:PPAP) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
PPAP Automotive Net-Net Working Capital Related Terms
PPAP Automotive Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for PPAP Automotive's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:PPAP vs ORLY, AZO: Net-Net Working Capital Comparison
For the Auto Parts subindustry, PPAP Automotive's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
PPAP Automotive Price-to-Net-Net-Working-Capital vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, PPAP Automotive's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where PPAP Automotive's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of ₹-115.40 mean?
PPAP Automotive (NSE:PPAP) has a Net-Net Working Capital of ₹-115.40 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on PPAP Automotive According to the industry distribution chart, PPAP Automotive ranks #999999 out of 374 companies in the Vehicles & Parts industry.
Is PPAP Automotive's Net-Net Working Capital too high?
PPAP Automotive's current Net-Net Working Capital is ₹-115.40. Based on the distribution chart, PPAP Automotive ranks #999999 out of 374 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, PPAP Automotive has a GF Score™ of 68/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PPAP Automotive's Net-Net Working Capital compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, PPAP Automotive ranks #999999 out of 374 companies for Net-Net Working Capital. This places PPAP Automotive in the lower half of its industry. The industry median Net-Net Working Capital is 7.88. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Vehicles & Parts company?
The median Net-Net Working Capital among Vehicles & Parts companies is 7.88, based on 374 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on PPAP Automotive For the Vehicles & Parts industry, the median Net-Net Working Capital is 7.88 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PPAP Automotive's current Net-Net Working Capital is ₹-115.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PPAP Automotive stock overvalued right now?
Based on GuruFocus' analysis, PPAP Automotive (NSE:PPAP) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹229.86, compared to a current price of ₹299.05 — trading 30.1% above its estimated fair value. The current Net-Net Working Capital is ₹-115.40. PPAP Automotive's overall GF Score™ is 68/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For PPAP Automotive (NSE:PPAP), the current Net-Net Working Capital is ₹-115.40 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is PPAP Automotive (NSE:PPAP) Overvalued in 2026?
Based on GuruFocus' analysis, PPAP Automotive stock appears to be overvalued.
The current stock price of ₹299.05 is trading 30.1% above its estimated GF Value™ of ₹229.86.
GuruFocus considers PPAP Automotive to be Modestly Overvalued.
Key valuation signals for NSE:PPAP:
Net-Net Working Capital: ₹-115.40
GF Value™: ₹229.86 vs. price of ₹299.05 (30.1% above fair value)
No single metric tells the full story. See the NSE:PPAP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PPAP Automotive Ltd is an Indian company specializing in the manufacturing of automotive sealing systems, interior and exterior automotive parts using plastic and rubber extrusion and plastic injection molding technologies. It serves many automotive OEMs in passenger vehicles, two-wheelers, and commercial vehicle segments. The company operates manufacturing facilities across key automotive hubs in India, including Noida, Surajpur, Chennai, Pathredi, and Viramgam. PPAP also develops high-precision plastic injection toolings and has expanded into lithium-ion battery pack solutions for electric two-wheelers and three-wheelers.
68GF Score
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