Apar Industries logo

Apar Industries

APARINDS NSE

Key Fundamentals

MidcapOther Electrical EquipmentCapital Goods
Market Cap
₹67,742 Cr
Volatility
Moderate
P/E Ratio
59.5
EBITDA
₹1,941 Cr
Return on Equity
18.11%
Debt to Equity
0.18
Book Value
₹1,885.11
EPS
₹206.69
52W High
₹18,465
52W Low
₹6,801

Tapetide Score

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

Key Insights

Strengths

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

Weaknesses

3
  • Stock is trading at 13.0 times its book value
  • Promoter holding has decreased over last quarter: -2.35%
  • Company's cost of borrowing seems high

Growth Rate

Revenue Growth
22.95% higher than 3Y
Net Income Growth
18.95% higher than 3Y
Cash Flow Change
-25.07% lower than 3Y
ROE
-0.71% lower than 3Y
ROCE
-4.92% higher than 3Y
EBITDA Margin (Avg.)
-4.2% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Apar Industries reported record FY26 consolidated revenue of ₹22,902 crore (up 23.3% YoY) and all-time high PAT of ₹977 crore (up 19.0% YoY), with a combined conductor and cable order book of ₹12,115 crore as of June 2026. The stock trades at a PE of 61.3x and 12.9x book value with a market cap of roughly ₹67,742 crore, reflecting elevated growth expectations relative to the capital goods sector.

Bull Case 8
  • FY26 revenue hit a record ₹22,902 crore, growing 23.3% YoY, with a 5-year revenue CAGR of approximately 29%
  • FY26 PAT reached an all-time high of ₹977 crore, up 19.0% YoY, and compounded profit growth stands at 44% over 5 years
  • Robust order book of ₹10,190 crore in conductors and ₹1,925 crore in cables as of June 2026 provides strong medium-term revenue visibility
  • CARE Ratings upgraded Apar's long-term credit rating to CARE AA with a stable outlook in September 2026, reflecting improved balance sheet strength
  • US business surged 195.6% YoY in Q4 FY25 and continued growing 28.8% YoY in Q4 FY26, diversifying geographic revenue beyond India
  • Domestic revenue grew 33.6% YoY in Q4 FY26, benefiting from India's ongoing power grid expansion and infrastructure capex cycle
  • Consistent ROE averaging 22% over 3 and 5 years and 20% over 10 years demonstrates sustained capital efficiency
  • EBITDA grew from ₹438 crore five years ago to ₹2,067 crore on a trailing basis, showing significant operating leverage
Bear Case 8
  • PE of 61.3x is elevated for a capital goods company, leaving limited room for earnings disappointment
  • Stock trades at 12.9x book value, well above sector averages, implying heavy premium for future growth
  • Promoter holding declined by 2.35% in the most recent quarter, which may signal reduced insider confidence or dilution
  • FY25 PAT was essentially flat at ₹821 crore (down 0.5% YoY) despite 15% revenue growth, showing margin pressure in that year
  • EBITDA margin remains in the 8-9% range (9.3% in Q4 FY25), typical of low-margin conductor and cable businesses with limited pricing power
  • Company's cost of borrowing appears high, which could pressure net margins if interest rates stay elevated
  • Dividend yield of just 0.35% offers negligible income return relative to the stock's valuation
  • Stock swung from a 52-week low of ₹6,800 to a high of ₹18,432, a 171% range, indicating high volatility and potential for sharp drawdowns

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 6
  • CARE upgrades rating to AA Sep 9

    CARE Ratings upgraded Apar's long-term rating to 'CARE AA' from 'CARE AA-' with stable outlook, reflecting strengthened business profile and capital structure after the ₹2,500-crore QIP in August 2026.

  • Q1 FY27 profit surges 78% Sep 9

    Consolidated net profit jumped 77.80% to ₹467.45 crore in Q1 FY27, with revenue up 29.16% to ₹6,566.62 crore. Operating margins improved to 11.50% from 8.86% YoY.

  • FY26 revenue up 23% YoY Aug 18

    Annual consolidated revenue grew 23.25% to ₹22,902.12 crore in FY26 from ₹18,581.21 crore in FY25. Net profit rose 18.92% to ₹976.85 crore with EPS at 243.21.

  • ₹60 dividend, record Sep 14 Sep 9

    Board announced ₹60 final dividend per share (600% of face value) for FY26, with record date September 14 and AGM approval scheduled for September 21.

  • Strong balance sheet metrics Aug 18

    Debt-to-equity ratio stands at just 0.16 with current ratio of 1.45 as of March 2026. Book value per share reached ₹1,342.64.

  • Q4 FY26 net profit nearly doubles Aug 18

    Q4 FY26 net profit surged to ₹467.19 crore from ₹253.32 crore in Q3, with EPS rising to 116.37 for the quarter.

Neutral 2
  • FY26 BRSR report filed Aug 25

    Apar Industries filed its Business Responsibility & Sustainability Report for FY26, covering environmental metrics, safety records, and governance updates.

  • Valuation at 40x P/E Aug 18

    P/E ratio stands at 40.63 and P/B at 7.36 for March 2026, reflecting premium valuation. Net profit margin was 4.26% for FY26.

TL;DR: Apar Industries is firing on all cylinders with 23% revenue growth in FY26, nearly 78% profit surge in Q1 FY27, and expanding operating margins driven by premium product mix. The CARE rating upgrade to AA and low 0.16x debt-to-equity underscore a strengthening financial profile, further bolstered by the ₹2,500-crore QIP. No material headwinds are visible, though the stock trades at a rich 40x P/E. With strong order momentum across conductors, cables, and specialty oils, the trend remains firmly positive heading into FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,767
3,925
4,009
4,455
4,011
4,645
4,716
5,210
5,104
5,715
5,480
6,603
6,591
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
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
Interest
70
103
113
101
90
101
118
100
86
108
106
137
123
Depreciation
27
28
29
31
31
32
33
36
38
40
41
42
46
PBT
263
237
284
322
270
257
238
340
353
341
288
329
623
Tax %
25%
27%
23%
27%
25%
24%
27%
26%
25%
26%
27%
23%
25%
Net Profit
197
174
218
236
203
194
175
250
263
252
209
253
467
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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/OP
120
108
95
67
143
35
74
58
72
-2
97
70
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others1.75%Promot.57.76%Public6.71%FIIs10.75%DIIs23.02%As ofJun 2026

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 market capitalisation of Apar Industries Ltd?
Apar Industries Ltd has a market capitalisation of ₹67,742 Cr, which places it in the Large Cap band.
What is the PE ratio of Apar Industries Ltd?
Apar Industries Ltd trades at a PE ratio of 59.50, on earnings per share of ₹206.69, against a book value of ₹1,885.11 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 ₹18,465.
Does Apar Industries Ltd pay dividends?
Apar Industries Ltd has a dividend yield of 0.35%.
What is the Return on Equity (ROE) of Apar Industries Ltd?
Apar Industries Ltd reported a return on equity of 18.11%. 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. [1] [2]

Website apar.com
CEO Mr. Kushal Narendra Desai
Employees 2,155
Listed 2004-07-12
Face Value ₹ 10
Issued Size 4,01,68,315

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