Apar Industries Ltd
APAR Industries Ltd is a leading Indian manufacturer of conductors, cables, specialty oils, polymers, and lubricants. Established in 1958, the company serves power transmission, automotive, telecom, renewable energy, and infrastructure industries. With a strong presence in India and international markets, APAR focuses on innovation, quality, exports, and sustainable solutions. Its diversified business portfolio, strong customer relationships, and expanding global footprint support its long-term growth and competitive position.
Business Segments
Business Segments – FY26 Revenue Mix
- Conductors: 52.1%
- Power & Telecom Cables: 25.5%
- Transformer & Specialty Oils: 22.0%
- Others: 0.8%
APAR Industries: Powering global infrastructure through innovative conductors, cables, specialty oils and sustainable energy solutions with strong growth and technological excellence.
Shareholding Pattern (June 2026)
Financial Summary
| Particulars | Mar-2024 | Mar-2025 | Mar-2026 |
| Sales | 16,153 | 18,581 | 22,902 |
| Sales Growth % | 12.67% | 15.03% | 23.25% |
| Expenses | 14,585 | 16,981 | 20,980 |
| Operating Profit | 1,568 | 1,601 | 1,922 |
| OPM % | 10% | 9% | 8% |
| Net Profit | 825 | 821 | 977 |
| EPS in Rs | 205.41 | 204.46 | 243.21 |
Final Outlook
APAR Industries Limited (NSE: APARINDS) is an Indian manufacturer of electrical conductors, cables and specialty oils. The company benefits from demand associated with power transmission, electricity infrastructure and industrial development. Its Q1 FY27 financial performance demonstrates strong revenue growth and improved profitability, although valuation and earnings sustainability remain important considerations for investors.
According to the company’s earnings update dated 24 July 2026, consolidated revenue from operations increased by 29.1% year-on-year to ₹6,591 crore in Q1 FY27, compared with ₹5,104 crore in Q1 FY26. EBITDA increased by 62.7% to ₹814 crore, while the EBITDA margin improved from 9.8% to 12.4%. Profit after tax rose approximately 77.8% to ₹467 crore from ₹263 crore. For FY26, revenue reached ₹22,902 crore, representing growth of 23.3% over FY25, while profit after tax increased by 18.9% to ₹977 crore.
The conductor division reported revenue of ₹3,338 crore, representing 19.9% year-on-year growth. Its pending order book stood at ₹10,190 crore, providing visibility into future deliveries. However, conductor volumes declined by 6.7%, highlighting potential execution and demand-related challenges. The specialty oil division recorded revenue growth of 34.7%, while EBITDA increased by 214.2%. Its EBITDA margin expanded to 19.3% from 8.3% in the corresponding quarter last year. Although this performance was encouraging, the sustainability of these margins requires monitoring. Meanwhile, the cable division achieved revenue growth of 29.5% to ₹1,838 crore, supported by strong domestic demand despite weaker exports.
APAR Industries’ medium-term growth prospects are supported by investments in electricity transmission infrastructure, its substantial conductor order book and increasing demand for electrical equipment. Nevertheless, investors should monitor raw-material price fluctuations, foreign-exchange movements, lower conductor volumes, rising finance costs and the possibility of margin normalization.
Overall, APAR Industries presents a constructive fundamental outlook, supported by strong quarterly earnings growth and opportunities in power infrastructure. However, an attractive business does not automatically represent an attractive investment at every price. The final investment decision should consider the current share price, earnings forecasts, peer valuation multiples and discounted cash flow valuation. The preliminary research conclusion is fundamentally positive, but the investment case remains valuation-dependent.
