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Apar Industries

APARINDS NSE
₹15,998.00 +475.00 (+3.06%)
P/E
54.39
View as Markdown
MCP
Close 4 Nov 2026 ₹15,998.00 +7,594.00 +90.4% 1Y
Start ₹8,404.00

Key Fundamentals

MidcapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
31.80%
Debt to Equity
0.18
EPS (TTM)
₹294.12
Book Value
₹2,034.68
Market Cap
—
P/E (TTM)
54.39
P/B
7.86
ROE
20.30%
Dividend Yield
0.39%
EBITDA
₹1,941 Cr
52W High
₹19,265.00
52W Low
₹6,801.00
Day Range
₹15,421.00 – ₹16,083.00
Volume
1,71,594

Peer Comparison

Industrials › Capital Goods › Other Electrical Equipment

Apar Industries peer comparison
Waaree Energies
₹2,408.0018.15₹67,713 Cr4.320.17%32.50%38.40%₹30,043 Cr₹4,003 Cr
Apar Industries (this company)
₹15,998.0054.39₹65,476 Cr7.860.39%20.30%31.80%₹24,389 Cr₹1,181 Cr
Premier Energies
₹904.0024.61₹40,624 Cr9.530.11%41.00%32.70%₹8,466 Cr₹1,674 Cr
Diamond Power Infrastructure
₹385.85111.84₹22,658 Cr—0.00%—10.40%₹2,348 Cr₹182 Cr
MTAR Technologies
₹6,036.50137.95₹19,040 Cr22.570.05%12.60%15.20%₹1,080 Cr₹134 Cr
Emmvee Photovoltaic Power
₹246.4112.03₹16,196 Cr3.890.43%50.70%44.60%₹6,023 Cr₹1,418 Cr
Avalon Technologies
₹2,041.00102.05₹13,437 Cr18.920.00%16.50%19.30%₹1,764 Cr₹134 Cr
Median 7 companies₹2,041.0054.39₹22,658 Cr8.700.11%26.40%31.80%₹6,023 Cr₹1,181 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
58
Good
Cheap vs sector & own history 24% weight
Growth
71
Strong
Sales & profit trajectory 9% weight
Financial Health
23
Poor
Solvency, leverage, coverage 9% weight
Momentum
63
Good
Trend strength, vol-adjusted 12% weight
Ownership
53
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 24.8%

Weaknesses

3
  • Stock is trading at 11.9 times its book value
  • Promoter holding has decreased over last quarter: -2.34%
  • Company's cost of borrowing seems high

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral757
OscillatorsNeutral252
Moving AveragesNeutral505

Key readings

RSI (14)
46.85
Neutral
MACD (12,26,9)
−477.99
Bullish
SMA (50)
17,066.26
Bearish
SMA (200)
13,425.86
Bullish

As of

Analyst Rating

Based on 8 analysts
BUY75%

6 of 8 analysts rate Buy, 2 Hold, 0 Sell.

As of

BUY
6
75%
HOLD
2
25%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+16.26%
5Y+29.09%
3Y+16.90%
1Y+23.25%
TTM+23.96%

Net profit

Net profit growth by window
10Y+23.13%
5Y+43.60%
3Y+15.26%
1Y+19.00%
TTM+33.90%

Operating cash flow

Operating cash flow growth by window
10Y+8.92%
5Y+28.07%
3Y+11.52%
1Y−25.02%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.91 pp
5Y+1.50 pp
3Y−0.45 pp
1Y−0.23 pp
TTM+0.67 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹4,832 Cr
Mar 2018₹5,818 Cr
Mar 2019₹7,964 Cr
Mar 2020₹7,425 Cr
Mar 2021₹6,388 Cr
Mar 2022₹9,317 Cr
Mar 2023₹14,336 Cr
Mar 2024₹16,153 Cr
Mar 2025₹18,581 Cr
Mar 2026₹22,902 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹177 Cr
Mar 2018₹145 Cr
Mar 2019₹136 Cr
Mar 2020₹135 Cr
Mar 2021₹160 Cr
Mar 2022₹257 Cr
Mar 2023₹638 Cr
Mar 2024₹825 Cr
Mar 2025₹821 Cr
Mar 2026₹977 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹695 Cr −6.0% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk high

Apar Industries Ltd trades at ₹15,419 as of 2026-10-28 with a market cap of ₹64,563 Cr and a PE of 52.42x TTM. The company has delivered strong compounded profit growth of 44% over 5 years and maintains a low debt-to-equity ratio of 0.18, though the stock trades at a steep 8.18x book value and promoter holding has declined recently.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 44% CAGR demonstrates strong earnings momentum and operating leverage in the capital goods cycle
  • Low debt-to-equity ratio of 0.18 indicates a conservatively financed balance sheet, providing headroom for future capex or acquisitions
  • ROCE of 29.21% signals efficient capital deployment well above typical cost of capital for Indian capital goods companies
  • TTM sales growth of 24% and TTM profit growth of 37% show continued acceleration in the business even on a larger revenue base
  • Consistent ROE averaging 22% over 3 and 5 years, with 20% in the last year, reflects durable return generation for shareholders
  • 10-year stock CAGR of 39% and 5-year CAGR of 87% indicate sustained long-term wealth creation and market re-rating
  • Healthy dividend payout ratio of 24.8% demonstrates management's commitment to returning capital to shareholders while still funding growth
  • Compounded sales growth of 16% over 10 years and 29% over 5 years shows the company has meaningfully accelerated its top-line trajectory in recent years
Bear Case 8
  • PE of 52.42x TTM is elevated for a capital goods company, leaving limited room for earnings disappointments before a potential de-rating
  • Stock trades at 8.18x book value (known cons cite 11.9x on certain measures), which is expensive relative to sector peers and its own historical range
  • Promoter holding decreased by 2.34% in the last quarter, which may signal reduced insider confidence or dilution concerns
  • The stock is approximately 20% below its 52-week high of ₹19,265, indicating recent selling pressure despite strong fundamentals
  • Company's cost of borrowing is reported as high, which could compress margins if interest rates remain elevated or debt needs increase
  • Dividend yield of just 0.4% offers minimal income cushion for investors, making returns entirely dependent on capital appreciation
  • Last year ROE of 20% has moderated from the 3-year and 5-year average of 22%, suggesting potential plateauing of return ratios
  • 1-year stock CAGR of 85% implies a significant portion of future growth may already be priced in at current levels of ₹15,419

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Apar Industries delivered a standout Q2 with PAT beating estimates by over 30%, EBITDA margins expanding 190 bps, and a record order book of ₹12,025 crore providing multi-quarter revenue visibility. All three segments — Conductors, Cables, and Oils — are firing, with structural tailwinds from reconductoring demand and international utility orders. Key risks are the premium valuation at 41x forward earnings and persistent input cost pressures. The trend is clearly improving, but sustained execution on the record backlog is essential to justify current multiples.

Headwinds 2
  • Elevated input prices persist Oct 29

    The company flagged global uncertainty and elevated input prices as ongoing challenges, even as record orders provide some buffer against margin risk.

  • Rich valuation at 41x PE Oct 29

    Stock trades at 41.1x/35.6x FY28/29E earnings. A brokerage values Conductors and Cables segments at 43x PE, leaving limited room for disappointment.

Positives 7
  • Q2 PAT beats estimates by 32% Oct 29

    Q2 PAT came in at ₹447 crore versus an estimated ₹339 crore, a 77.8% YoY jump from ₹51.7 crore. H1 PAT grew 77.7% YoY.

  • EBITDA margin expands 190 bps Oct 29

    EBITDA reached ₹720 crore versus ₹600 crore expected, with margins expanding to 10.4% from 8.5% YoY, reflecting improved operational efficiency.

  • Record order book at ₹12,025 cr Oct 29

    Pending orders hit a record ₹12,025 crore, including a ₹120.3 billion conductor order book with ~₹30 billion in international utility orders providing strong revenue visibility.

Quarterly Results

₹ Cr
APARINDS quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
3,767
3,926
4,009
4,455
4,011
4,645
4,716
5,210
5,104
5,715
5,480
6,603
6,591
6,931
Expenses
3,421
3,576
3,604
4,028
3,634
4,288
4,360
4,755
4,652
5,250
5,028
6,107
5,833
6,210
Operating Profit
346
349
405
427
377
357
356
455
452
465
452
496
758
—
OPM %
9%
9%
10%
10%
9%
8%
8%
9%
9%
8%
8%
8%
11%
—
Other Income
14
19
21
27
15
33
34
20
25
23
−17
12
34
61
Interest
70
103
113
101
90
101
118
100
86
108
106
137
123
138
Depreciation
27
28
29
31
31
32
33
36
38
40
41
42
46
47
PBT
263
237
284
322
270
257
239
340
353
341
288
329
623
597
Tax %
25%
27%
23%
27%
25%
24%
27%
26%
25%
26%
27%
23%
25%
25%
Net Profit
197
174
218
236
203
194
175
250
263
252
209
253
467
447
EPS (₹)
51.59
45.44
54.16
58.81
50.42
48.27
43.55
62.24
65.45
62.66
52.01
63.09
116
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
APARINDS profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
5,108
5,078
4,832
5,818
7,964
7,425
6,388
9,317
14,336
16,153
18,581
22,902
24,389
Expenses
4,843
4,698
4,398
5,393
7,472
6,930
5,948
8,739
13,069
14,585
16,981
20,980
22,218
Operating Profit
264
380
434
426
491
495
440
578
1,267
1,568
1,601
1,922
2,171
OPM %
5%
7%
9%
7%
6%
7%
7%
6%
9%
10%
9%
8%
9%
Other Income
1
10
15
11
15
15
19
33
36
86
81
24
52
Interest
162
175
131
158
223
254
157
171
344
432
443
474
474
Depreciation
31
38
45
56
67
87
93
98
104
116
132
161
169
PBT
72
178
273
223
216
169
208
342
855
1,106
1,106
1,310
1,580
Tax %
32%
32%
36%
35%
37%
20%
23%
25%
25%
25%
26%
25%
—
Net Profit
49
122
177
145
136
135
160
257
638
825
821
977
1,182
EPS (₹)
12.86
31.61
46.14
37.82
35.55
35.32
41.94
67.09
167
205
204
243
294
Div. Payout %
27%
21%
22%
25%
27%
27%
23%
22%
24%
25%
25%
25%
—

Balance Sheet

₹ Cr
APARINDS balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
38
38
38
38
38
38
38
38
38
40
40
40
Reserves
691
815
998
1,070
1,164
1,128
1,361
1,677
2,198
3,836
4,463
5,353
Borrowings
494
384
305
363
253
372
325
359
376
476
585
956
Other Liabilities
1,732
1,680
2,107
2,805
3,501
3,116
3,275
4,533
5,605
5,264
6,175
7,362
Total Liabilities
2,956
2,919
3,448
4,276
4,957
4,654
4,999
6,608
8,218
9,616
11,264
13,711
Fixed Assets
395
398
574
649
709
885
878
881
950
1,193
1,540
1,717
CWIP
10
56
28
20
103
55
29
38
99
122
130
540
Investments
5
112
119
0
187
0
60
31
54
11
219
55
Other Assets
2,546
2,352
2,728
3,608
3,958
3,714
4,032
5,657
7,114
8,290
9,373
11,399
Total Assets
2,956
2,919
3,448
4,276
4,957
4,654
4,999
6,608
8,218
9,616
11,264
13,711

Cash Flow

₹ Cr
APARINDS cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
298
412
312
225
632
94
281
244
698
−283
1,291
968
Investing
−59
−223
−166
−5
−388
45
−115
−91
−267
−267
−705
−552
Financing
−369
−153
−157
−69
−293
−189
−123
−106
−186
635
−483
−434
Net Cash Flow
−130
36
−11
151
−49
−49
43
46
246
85
103
−18
Free Cash Flow
243
289
146
97
424
−50
226
114
452
−613
784
235
CFO/EBITDA
120
108
95
67
143
35
74
58
72
−2
97
70

Ratios

APARINDS financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
91
78
95
109
98
93
106
99
81
89
80
85
Inventory Days
84
72
102
98
74
85
119
108
85
83
82
84
Days Payable
141
130
181
207
188
182
231
207
172
140
137
138
Cash Conversion Cycle
34
20
15
0
−16
−4
−6
1
−5
32
25
30
Working Capital Days
22
5
22
21
6
13
25
27
18
50
39
43
ROCE %
17%
28%
31%
27%
30%
28%
22%
27%
51%
44%
33%
32%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Apar Industries insights

66 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 55.42%
  • DIIs 23.82%
  • FIIs 12.55%
  • Public 6.42%
  • Others 1.78%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Apar Industries

What does Apar Industries Ltd do?
Apar, founded by Mr. Dharmsinh D. Desai in 1958, is a market leader in India with a global presence. Contributing to India’s process of electrification it started from manufacturing power transmission cables to having three broad business segments, which are Conductors, Transformer and specialty…
Where is Apar Industries Ltd (APARINDS) listed?
Apar Industries Ltd trades as APARINDS on the NSE and under code 532259 on the BSE.
Which sector does Apar Industries Ltd belong to?
Apar Industries Ltd is classified under the Capital Goods sector, in the Other Electrical Equipment industry.
What is the PE ratio of Apar Industries Ltd?
Apar Industries Ltd trades at a PE ratio of 54.39 as of 4 Nov 2026, on earnings per share of ₹294.12, against a book value of ₹2,034.68 per share.
What is the 52-week high and low of Apar Industries Ltd?
Over the last 52 weeks Apar Industries Ltd has traded between ₹6,801 and ₹19,265 as of 4 Nov 2026.
Does Apar Industries Ltd pay dividends?
Apar Industries Ltd has a dividend yield of 0.39%.
What is the Return on Equity (ROE) of Apar Industries Ltd?
Apar Industries Ltd reported a return on equity of 20.30%. Its debt-to-equity ratio is 0.18.

Company Information

Apar, founded by Mr. Dharmsinh D. Desai in 1958, is a market leader in India with a global presence. Contributing to India’s process of electrification it started from manufacturing power transmission cables to having three broad business segments, which are Conductors, Transformer and specialty oils (TSO), and Power/telecom Cables.

Website apar.com
CEO Mr. Kushal Narendra Desai
Employees 2,155
Listed 12 Jul 2004
Face Value ₹10

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