NSE: APARINDS · BSE: 532259
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Conductor (52%), Power / Telecom cables (25%), Transformer and speciality oils (22%), Others (1%). Asset-heavy manufacturer of conductors, cables and speciality oils with high raw-material intensity and exposure to metal-price volatility
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9,320 | 14,352 | 16,153 | 18,581 | 22,902 |
| EBITDA (ex other income) | 548 | 1,227 | 1,522 | 1,547 | 1,843 |
| margin % | 5.9 | 8.5 | 9.4 | 8.3 | 8.0 |
| Owners' profit | 352 | 638 | 825 | 821 | 977 |
| EPS, as reported (₹) | 67.09 | 166.64 | 212.10 | 204.47 | 243.21 |
| ROE % · ROCE % | 15.0 · 23.7 | 28.5 · 46.6 | 21.3 · 34.7 | 18.2 · 30.7 | 18.1 · 29.2 |
| Debt / equity (x) | 0.15 | 0.14 | 0.10 | 0.10 | 0.16 |
| Cash from operations | 244 | 698 | (283) | 1,291 | 968 |
| Capex | (130) | (248) | (331) | (510) | (737) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,645 | 4,716 | 5,210 | 5,104 | 5,715 | 5,480 | 6,603 | 6,591 |
| Profit before tax | 257 | 239 | 340 | 353 | 341 | 288 | 329 | 622 |
| Net profit | 194 | 175 | 250 | 263 | 252 | 209 | 253 | 467 |
| EPS (₹) | 48.27 | 43.55 | 62.23 | 65.45 | 62.66 | 52.01 | 63.09 | 116.37 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Conductor | 3,764 | 15.4 |
| Transformer and speciality oils | 5,373 | 21.9 |
| Power / Telecom cables | 6,220 | 25.4 |
| Others | 196 | 0.8 |
| Conductors | 8,948 | 36.5 |
| Total, before eliminations | 24,501 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. ◆ | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 52.3 | 22.4 | 42 of 52 | 20% |
| P/B | 11.5 | 3.3 | 45 of 49 | 8% |
| ROCE | 21.9 | 12.4 | 17 of 55 | 70% |
| ROE | 18.1 | 12.4 | 18 of 50 | 65% |
| Debt / Equity | 0.2 | 0.3 | 19 of 50 | 63% |
| EBITDA margin | 12.0 | 12.6 | 28 of 51 | 46% |
| Revenue growth | 29.1 | 20.7 | 20 of 46 | 58% |
| Profit growth | 77.8 | 37.7 | 16 of 45 | 66% |
| Market cap | 61818 | 591 | 2 of 56 | 98% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Apar Industries grants 43,700 employee stock appreciation rights | capital market events | low | — | — |
| 21 Oct 2026 · APAR Industries schedules Q2-FY27 results conference call | board shareholder meetings | low | — | — |
| 6 Oct 2026 · Routine quarterly certificate filing for dematerialisation of shares | compliance | minimal | — | — |
| 29 Sept 2026 · Trading Window Closed at APAR Industries Ahead of Q2 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Reminder to physical shareholders to update KYC details | compliance | minimal | — | — |
| 22 Sept 2026 · AGM results: Rs.60 dividend declared, all four resolutions passed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · APAR Industries 37th AGM: all 4 resolutions passed, Rs 60 dividend declared | board shareholder meetings | low | — | — |
| 21 Sept 2026 · APAR Industries 37th AGM: Dividend of Rs 60 per share recommended | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Brazil Subsidiary Renamed to APAR Brazil Ltda | business updates | low | — | — |
| 10 Sept 2026 · Newspaper notice for special window to re-lodge physical share transfers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.