From Car Seats to Cash Machine: Pecca Growth Story

Pecca Group Berhad is primarily engaged in the styling, manufacturing, distribution, and installation of leather upholstery for seat covers, serving both the automotive and aviation industries.

Between 2019 and 2024, the Group underwent a significant transformation - shifting from a niche automotive leather seat cover manufacturer to a diversified business with multi-sector ambitions. Over this period, Pecca recorded a 13% CAGR in revenue, while PAT grew at twice that pace. ROE rose from 10% in 2019 to 25% in 2024.

There is strong qualitative evidence that this growth is sustainable:

• The Group has diversified into aviation MRO, healthcare PPE, and electric vehicle (EV)-related businesses, reducing reliance on its traditional automotive segment.

• It maintains long-term partnerships with major carmakers securing recurring revenue streams.

• Its venture into aviation interior refurbishment and maintenance taps into a high-margin, high-barrier market with scalable potential.

• The acquisition of a business in Indonesia extends its footprint into Southeast Asia’s largest automotive market.

• Continuous investment in cleanroom facilities, automation, and production capacity has enhanced efficiency and positioned the Group to support further growth.


Pecca’s strong business fundamentals are reflected in its positioning on the Fundamental Mapper, where it stands out as one of the best-performing companies. However, the run-up in its stock price means that the margin of safety is now limited, making it a high-quality business, but one to approach with valuation discipline.