The factory 32acp ammo is good for about 150 foot pounds. The P32 literature has always said 200 foot pounds. With expeimental handloads, I have been able to get 400 foot pounds before feed ramp case bulge, and 500 foot pounds with a P32 barrel modified for length [extra barrel legnth TIG welded on] and case support [Feed ramp TIG welded up and re cut].
With the first shot only, [too long for magazine], and the throat of the chamber cut longer, I can get in a 1.1" OAL 110 gr fmj bullet. I can get this up to penetrating 7" of kiln dried Douglas Fir, and then the ejector / slide stop sheered off [too much recoil]. Kel-Tec replaced it for free, even though I told them it was my fault.
The P32 I am carrying right now has 71 gr FMJ and ~300 foot pound hand loads. The little gun gets full of lint, and I have to clean it with compressed air every couple weeks.
I know a guy who works up imitations of the expensive factory ammo. He says he has been getting perfect expansion with 32 Gold Dots in water soaked phone books.