APAR INDUSTRIES LTD.

Makes electrical conductors, power and telecom cables, and transformer and speciality oils, with operations spread across 11 facilities in 6 countries. For FY26, consolidated revenue was ₹22,902.12 crore and EBITDA margin was 8.33%. The conductor segment is the largest at 51.9% of FY26 segment revenue (₹12,711.95 crore) and primarily serves overhead power transmission utilities, with Q1 FY27 EBITDA per ton of ₹53,418. The conductor order book stood at ₹10,190 crore (56.8% export), with multi-year contracts worth over ₹2,800 crore secured from US and European utilities in that quarter; premium products made up 50.3% of conductor sales. Power and telecom cables contributed 25.4% of segment revenue (₹6,219.51 crore) with Q1 FY27 EBITDA margin of 10.6%; approvals from Meta, Microsoft and Google have opened a copper-cable RFQ pipeline for data centres, alongside domestic railway and defence demand. Transformer and speciality oils contributed 21.9% of FY26 segment revenue (₹5,373.07 crore), with Q1 FY27 EBITDA per kilolitre reaching ₹25,482. Raw materials — primarily aluminum, copper and base oils — account for 81.6% of FY26 revenue, making input-cost pass-through a central operational feature; employees account for 1.9% and other operating expenses 10.9%.