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Apar Industries Ltd.
NSE: APARINDSIndustrialsElectrical Equipment & Parts
- Last close
- ₹14,379.00
- Day change
- −₹334.00 (−2.27%)vs
- Market cap
- ₹75,789 crIndian rupees
- Research updated
- 1 report
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About Apar Industries
Apar Industries Ltd. is a prominent player in the industrial manufacturing sector, primarily engaging in the production of a diverse range of electrical and metallurgical products. The company is segmented into three main divisions: conductors, transformer and specialty oils, and cables. Among its notable offerings, Apar Industries ranks as one of the largest manufacturers of aluminum and alloy conductors and is a leading innovator in transformer oils. Its products are integral to the energy, infrastructure, automotive, and telecommunications industries, providing critical components required for the generation, transmission, and distribution of electricity. The company is strategically positioned in India's growing infrastructure landscape, serving a broad customer base that includes utilities, industrial consumers, and EPC contractors. Apar Industries extends its reach internationally, exporting to over 100 countries, thereby highlighting its role as a significant player in the global supply chain for electrical and metallurgical materials. With continued investments in technology and innovation, Apar Industries Ltd. plays a pivotal role in enhancing energy efficiency and supporting the broader electrification movement.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: APARINDS
- Next results
- Chief executive
- Mr. Kushal Narendra Desai
- Employees
- 2,155
- Headquarters
- Mumbai, India
- ISIN
- INE372A01015
- Website
- apar.com
Public research · Report of
Business model & financial foundation
APAR Industries (NSE: APARINDS), Conductors, transformer and specialty oils, power and telecom cables: revenue of ₹22,902 crore in FY26 (+23.3% on FY25), an EBITDA margin of 8.2%, net profit of ₹976.9 crore and net debt of ₹127.5 crore.
- Revenue, FY26 (₹ crore)
- 22,902
- consolidated
- Revenue growth, FY26
- +23.3%
- on FY25
- EBITDA margin, FY26
- 8.2%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 976.9
- to owners
- Return on equity, FY26
- 19.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 127.5
- Net debt including current liquidity investments
- Market capitalisation (₹ crore)
- 76,346
- at the close of 13 Oct 2026
Company profile
APAR manufactures overhead conductors, transformer and specialty oils, and power/telecom cables. Profit is driven by conductor premium mix and volumes, oil spreads and inventory timing, cable growth and margins. India grid expansion and export orders support demand; US tariffs, commodity prices and trade financing constrain conversion into free cash flow.
| Item | Value |
|---|---|
| Legal name | APAR Industries Limited |
| Exchange and ticker | NSE: APARINDS; BSE: 532259 |
| ISIN | INE372A01015 |
| CIN | L91110GJ1989PLC012802 |
| Sector | Industrials |
| Industry | Conductors, transformer and specialty oils, power and telecom cables |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | C N K & Associates LLP |
| Market capitalisation | ₹76,346 crore (13 Oct 2026) |
| Shares outstanding | 4.02 crore shares (FY26) |
| Price | ₹18,100 (close, 13 Oct 2026) |
| 52-week range | ₹6,801 - ₹19,265 (to 13 Oct 2026) |
| Website | https://apar.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Petroleum Specialities Pte. Limited | 100% | Singapore overseas speciality-oil holding/operations |
| Petroleum Specialities FZE | 100% | Sharjah speciality oils; indirectly through PSPL |
| APAR Transmission & Distribution Projects Private Limited | 100% | India transmission and distribution projects |
| APAR Distribution & Logistics Private Limited | 100% | India distribution and logistics |
| APAR USA LLC | 100% | US cable sales and distribution |
| APAR Industries Middle East Limited | 100% | Saudi Arabia local presence |
| APAR BRAZIL LTDA | 100% | Brazil distribution; renamed from LATAM September 2026 |
No regulatory material subsidiary at March 2026. Indirect FZE holding is through PSPL. Overseas operations matter to consolidated scope.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 57.77% | 57.77% | 57.77% | 57.76% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 9.25% | 9.35% | 9.37% | 10.75% |
| Domestic institutions | 22.64% | 23.21% | 24.15% | 23.02% |
| of which mutual funds | 20.39% | 21.55% | 22.25% | 21.37% |
| Retail | 8.01% | 7.41% | 6.69% | 6.48% |
| Other | 2.34% | 2.26% | 2.02% | 1.98% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
APAR Industries (NSE APARINDS) is a consolidated conductor, transformer/specialty-oil and power/telecom-cable manufacturer with wholly owned overseas oil/distribution entities. Fiscal year ends March; INR crore, shares crore. Conductors earn conversion margins on commodity pass-through and premium technical mix; oils earn spreads on procurement resets and historical inventory; cables benefit from domestic growth, export access and capacity. Statutory segment revenues include intersegment sales, eliminated before consolidated revenue. FY26 revenues: conductors12711.95, oils5373.07, cables6219.51, others196.06; consolidated22902.12. Operating EBITDA for this model is revenue less materials/purchases/signed inventory change, employee and other operating expenses, excluding other income. FY26=1875.93, not company post-open-period-forex2067. Company headline excludes net unallocated corporate expenditure and has different finance/interest treatment. Both series retained; comparisons must state the basis.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Conductors | 12,712 | 51.9% | 995.0 | 50.6% |
| Transformer and speciality oils | 5,373 | 21.9% | 363.8 | 18.5% |
| Power / Telecom cables | 6,220 | 25.4% | 595.1 | 30.2% |
| Others | 196.1 | 0.8% | 14.3 | 0.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Polycab India (POLYCAB) | Cable growth and domestic distribution comparator; different consumer-brand mix. |
| KEI Industries (KEI) | Power cables, exports and capacity growth; cleaner cable-only economics. |
| Finolex Cables (FINCABLES) | Cable manufacturing comparator; consumer/electrical and investment exposure differ. |
| RR Kabel (RRKABEL) | Cable growth and distribution footprint comparator. |
| Sterlite Technologies | Telecom optical cable and global network capex exposure; loss/cycle differences limit earnings comparisons. |
| Gulf Oil Lubricants India (GULFOILLUB) | Oil processing and commodity pass-through comparator, not transformer-oil identical. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 9,287 | 14,258 | 16,153 | 18,581 | 22,902 |
| Cost of revenue (vendor classification) * | 7,285 | 11,137 | 12,631 | 14,739 | 18,091 |
| Other operating costs (vendor classification) * | 1,038 | 1,347 | 1,249 | 2,885 | 3,882 |
| EBITDA (vendor classification) * | 551.7 | 1,159 | 1,503 | 1,647 | 1,941 |
| Operating EBIT excluding other income | 409.1 | 1,029 | 1,407 | 1,434 | 1,715 |
| Finance costs including forex | 67.1 | 174.8 | 386.6 | 408.9 | 437.1 |
| Profit before tax after associates | 342.0 | 854.6 | 1,106 | 1,106 | 1,310 |
| Total tax including prior-year tax | 85.3 | 216.8 | 280.7 | 284.3 | 333.1 |
| Profit after tax | 256.7 | 637.7 | 825.1 | 821.3 | 976.9 |
| Diluted EPS (₹) | 67.09 | 166.6 | 212.1 | 204.5 | 242.8 |
| Cost of materials consumed | 12,564 | 14,875 | 18,694 | ||
| Purchases of stock-in-trade | 117.4 | 93.0 | 103.4 | ||
| Changes in inventories (signed expense) | -141.1 | -229.0 | -706.8 | ||
| Materials, purchases and inventory changes | 12,540 | 14,739 | 18,091 | ||
| Employee benefits expense | 288.9 | 337.8 | 427.9 | ||
| Other expenses | 1,802 | 1,938 | 2,507 | ||
| Operating EBITDA excluding other income | 1,522 | 1,566 | 1,876 | ||
| Other income | 86.4 | 80.6 | 64.8 | ||
| Depreciation and amortisation | 115.7 | 132.2 | 161.1 | ||
| Exceptional items (gain positive) | n.d. | 0.00 | -32.5 | ||
| Share in associates profit/(loss) | -0.61 | -0.12 | 0.08 | ||
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 825.1 | 821.3 | 976.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,715 | 2,236 | 3,876 | 4,504 | 5,393 |
| Borrowings excluding leases | 359.2 | 376.2 | 405.5 | 470.1 | 840.5 |
| Cash and cash equivalents | 253.2 | 498.8 | 584.0 | 687.2 | 668.7 |
| Current and non-current trade receivables | 2,531 | 3,198 | 3,940 | 4,193 | 5,337 |
| Inventories | 2,139 | 2,576 | 2,864 | 3,311 | 4,153 |
| Total trade payables | 4,083 | 5,206 | 4,813 | 5,549 | 6,856 |
| Property, plant and equipment net | 80.7 | 92.3 | 1,130 | 1,432 | 1,609 |
| Capital work in progress | 38.3 | 156.6 | 120.7 | 127.8 | 539.4 |
| Total assets | 6,608 | 8,218 | 9,616 | 11,264 | 13,711 |
| Current and non-current lease liabilities | 70.1 | 114.6 | 115.0 | ||
| Current investments held as liquidity | 3.38 | 208.4 | 44.3 | ||
| Bank balances other than cash equivalents | 62.0 | 73.8 | 63.2 | ||
| Net debt including current liquidity investments | -181.8 | -425.5 | 127.5 | ||
| Right-of-use assets | n.r. | 106.5 | 104.2 | ||
| Supplier finance / LC acceptances within trade payables | 3,946 | 4,080 | 5,014 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | -1,173 | -250.7 | -283.3 | 1,291 | 967.6 |
| Free cash flow (vendor definition) * | 113.3 | 450.5 | -614.0 | 781.6 | 230.9 |
| Dividend cash payments (outflow negative) | -36.4 | -57.4 | -153.0 | -204.6 | -204.7 |
| Cash acquisition of PPE (outflow negative) | -128.8 | -246.7 | -330.7 | -509.7 | -736.7 |
| CFO less gross PPE cash capex | -614.0 | 781.6 | 230.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end equity shares (crore shares) | 3.83 | 3.83 | 4.02 | 4.02 | 4.02 |
| Company net debt excluding liquidity investments | -217.1 | 171.8 | |||
| Company EBITDA post forex before net unallocated expense | 1,632 | 1,681 | 2,067 | ||
| Company EBITDA minus operating EBITDA | 109.3 | 114.8 | 191.1 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,645 | 4,716 | 5,210 | 5,104 | 5,715 | 5,480 | 6,603 | 6,591 |
| Cost of revenue (vendor classification) * | 3,741 | 3,764 | 4,087 | 4,033 | 4,400 | 5,187 | 5,066 | |
| Other operating costs (vendor classification) * | 459.5 | 507.2 | 589.2 | 513.8 | 526.6 | 805.6 | 641.0 | |
| EBITDA (vendor classification) * | 389.4 | 390.2 | 475.3 | 477.1 | 459.7 | 515.7 | 791.5 | |
| Operating EBIT excluding other income | 324.5 | 322.7 | 419.6 | 414.0 | 435.9 | 411.5 | 453.4 | 711.9 |
| Finance costs including forex | 100.6 | 118.4 | 99.7 | 86.3 | 107.9 | 106.1 | 136.8 | 123.2 |
| Profit before tax after associates | 256.7 | 238.5 | 340.1 | 352.5 | 340.5 | 288.1 | 328.9 | 622.6 |
| Total tax including prior-year tax | 62.9 | 63.6 | 90.1 | 89.6 | 88.8 | 79.2 | 75.5 | 155.2 |
| Profit after tax | 193.9 | 174.9 | 250.0 | 262.9 | 251.7 | 208.9 | 253.4 | 467.5 |
| Diluted EPS (₹) | 48.27 | 43.55 | 62.23 | 65.39 | 62.55 | 51.92 | 62.96 | 116.0 |
| Cost of materials consumed | 3,660 | 3,867 | 4,129 | 4,167 | 4,370 | 4,692 | 5,465 | 5,287 |
| Purchases of stock-in-trade | 19.0 | 22.4 | 33.4 | 25.1 | 30.4 | 24.1 | 23.8 | 28.2 |
| Changes in inventories (signed expense) | 62.1 | -125.4 | -75.3 | -159.3 | 70.5 | -316.7 | -301.3 | -249.0 |
| Materials, purchases and inventory changes | 3,741 | 3,764 | 4,087 | 4,033 | 4,471 | 4,400 | 5,187 | 5,066 |
| Employee benefits expense | 87.9 | 89.4 | 78.4 | 104.9 | 99.7 | 109.1 | 114.3 | 126.2 |
| Other expenses | 459.5 | 507.2 | 589.2 | 513.8 | 669.1 | 519.0 | 805.6 | 641.0 |
| Operating EBITDA excluding other income | 356.5 | 356.1 | 455.3 | 452.3 | 475.7 | 452.1 | 495.9 | 757.6 |
| Other income | 32.8 | 34.2 | 20.1 | 24.8 | 12.6 | 7.67 | 19.7 | 33.7 |
| Depreciation and amortisation | 32.1 | 33.4 | 35.6 | 38.2 | 39.9 | 40.6 | 42.5 | 45.7 |
| Exceptional items (gain positive) | n.d. | n.d. | 0.00 | 0.00 | 0.00 | -25.0 | -7.54 | 0.00 |
| Share in associates profit/(loss) | 0.03 | -0.09 | -0.06 | 0.01 | -0.04 | -0.01 | 0.12 | 0.26 |
| PAT attributable to owners | 193.9 | 174.9 | 250.0 | 262.9 | 251.7 | 208.9 | 253.4 | 467.5 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 46.0% | 53.5% | 13.3% | 15.0% | 23.3% |
| EBITDA margin | 9.4% | 8.4% | 8.2% | ||
| Net margin | 5.1% | 4.4% | 4.3% | ||
| Return on equity | 27.0% | 19.6% | 19.7% | ||
| Return on capital employed | 21.5% | 43.9% | 40.8% | 31.0% | 30.6% |
| Return on assets | 9.3% | 7.9% | 7.8% | ||
| Net debt (₹ crore) | -181.8 | -425.5 | 127.5 | ||
| Net debt / EBITDA | -0.12x | -0.27x | 0.07x | ||
| Interest cover | 6.10x | 5.89x | 3.64x | 3.51x | 3.92x |
| Asset turnover | 1.60x | 1.92x | 1.81x | 1.78x | 1.83x |
| Receivable days | 99 | 82 | 89 | 82 | 85 |
| Inventory days (on revenue) | 84 | 66 | 65 | 65 | 66 |
| Payable days (on revenue) | 160 | 133 | 109 | 109 | 109 |
| Cash conversion | -0.34x | 1.57x | 0.99x | ||
| Capex intensity | 1.4% | 1.7% | 2.0% | 2.7% | 3.2% |
| Free cash flow (₹ crore) | -1,302 | -497.4 | -614.0 | 781.6 | 230.9 |
| Dividend payout | 18.5% | 24.9% | 21.0% | ||
| EPS, diluted (₹) | 67.09 | 166.6 | 212.1 | 204.5 | 242.8 |
| Book value per share (₹) | 4,48,20,35,068 | 5,84,38,68,405 | 9,65,04,91,936 | 11,21,16,72,683 | 13,42,69,51,068 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including current liquidity investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Apar Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Apar Industries
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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