Apar Industries Limited (APARINDS)
₹16,033.00 -5.21% last close, 16 Oct
Q2 FY27 results
📅 Next results: 29 Oct 2026 (board meeting)Apar Industries Limited's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Apar Industries' revenue was ₹6,591 Cr (+29.1% year on year, -0.2% on the previous quarter), and net profit ₹467 Cr (+77.8% year on year); the operating margin was 11.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹6,591 | +29.1% | -0.2% |
| Operating profit | ₹758 | +67.5% | +52.7% |
| Net profit | ₹467 | +77.8% | +84.8% |
| EPS (₹) | 116.37 | +77.8% | +84.5% |
| Operating margin | 11.5% | — | — |
APARINDS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.11% of the APARINDS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 39.44%. That is close to its usual level.
Delivery in the last 5 sessions: 53.3% · 39.6% · 52.4% · 46.4% · 45.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Apar Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar & Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026, confirms the processing and mutilation of share certificates received for dematerialisation. This is a recurring administrative filing and carries no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- RTA confirmation issued by MUFG Intime India Private Limited dated October 03, 2026
- Filing formally acknowledged and dispatched to stock exchanges on October 06, 2026
Apar Industries Limited has dispatched reminder letters to shareholders holding equity shares in physical form to update their KYC, PAN, bank details, and nominations. This is in compliance with SEBI master circular mandates where failure to update details results in withholding dividend and interest payouts. The notice also highlights SEBI's special one-year window from February 05, 2026 to February 04, 2027, for the transfer and dematerialisation of physical shares sold or purchased prior to April 01, 2019. The filing is purely statutory and has no impact on the company's financial operations or earnings.
- Reminder sent to physical shareholders regarding mandatory PAN, KYC, bank details, and nomination updation.
- Dividends on physical folios without updated KYC remain withheld electronically since April 01, 2024.
- SEBI special window open for physical share transfer/demat from February 05, 2026 to February 04, 2027.
- Shares processed under the transfer window will have a mandatory lock-in period of one year from registration date.
APAR Industries held its 37th Annual General Meeting on September 21, 2026. Shareholders considered the adoption of FY26 financial statements and the approval of a final dividend of ₹60 per share (600%) on a face value of ₹10. During the address, management highlighted that the domestic cable industry is sized around ₹70,000 crore and expanding at 8-10% annually. Formal voting results are expected within two working days.
- Considered dividend approval of ₹60 (600%) per equity share of face value ₹10 for FY26
- Management noted the Indian cable industry market size is approximately ₹70,000 crore, growing at 8-10%
- 37th AGM concluded on September 21, 2026, after addressing shareholder queries on geopolitical supply chains and competition
- Voting results across ordinary and special business resolutions to be declared within 2 working days
Apar Industries has announced a name change for its wholly owned subsidiary in Brazil from 'APAR Industries Latam Ltda' to 'APAR BRAZIL LTDA'. The name change was approved via a certificate dated September 18, 2026, and received by the company on September 21, 2026. This administrative update follows the subsidiary's original formation notified on November 3, 2024. The filing involves no change in shareholding, capital allocation, or business operations.
- Subsidiary name changed from 'APAR Industries Latam Ltda' to 'APAR BRAZIL LTDA'
- Approval certificate dated September 18, 2026, received on September 21, 2026
- Reference to initial formation disclosure dated November 3, 2024
- Remains a 100% wholly owned subsidiary of Apar Industries Limited
CARE Ratings has upgraded Apar Industries' long-term bank facilities rating to 'CARE AA; Stable' from 'CARE AA-; Stable' while reaffirming its short-term rating at 'CARE A1+'. Total rated bank facilities stand at ₹12,959.75 crore, including ₹11,306.97 crore in long/short-term facilities and ₹1,652.78 crore in long-term facilities. The upgrade reflects strengthened operating scale, with FY26 operating revenue reaching ₹22,902 crore, improved Q1FY27 margins of 11.50%, and an enhanced capital base following a ₹2,500 crore QIP completed in August 2026. The company also maintained strong revenue visibility backed by conductor and cable order books of ₹10,190 crore and ₹1,925 crore, respectively, as of June 30, 2026.
- Long-term bank facilities rating upgraded to 'CARE AA; Stable' from 'CARE AA-; Stable'; short-term affirmed at 'CARE A1+'
- Total rated bank facilities aggregate to ₹12,959.75 crore (₹11,306.97 crore long/short-term and ₹1,652.78 crore long-term)
- Capital structure reinforced by a ₹2,500 crore QIP completed in August 2026, expected to lower TOL/TNW below 1.0x by March 2027 from 1.54x in FY26
- Operating revenue rose 23.2% YoY to ₹22,902 crore in FY26 and 29.1% YoY to ₹6,591 crore in Q1FY27, with Q1FY27 operating margin expanding to 11.50%
- Healthy order pipeline with conductor orders at ₹10,190 crore and cable orders at ₹1,925 crore as of June 30, 2026
Apar Industries has fixed September 14, 2026 as the record date to determine shareholder eligibility for a final dividend of Rs. 60 per equity share (600%) for FY26. The 37th Annual General Meeting (AGM) will be held on September 21, 2026 to seek member approval for the distribution. Against FY26 reported EPS of Rs. 243.21, the Rs. 60 per share payout reflects a dividend payout ratio of approximately 24.7%. Once approved, the dividend will be disbursed within the statutory timeline.
- Record date fixed as Monday, September 14, 2026 for dividend entitlement.
- Proposed dividend of Rs. 60/- (600%) per equity share for FY 2025-26.
- 37th Annual General Meeting scheduled for Monday, September 21, 2026 at 2:30 PM IST.
- Dividend represents ~24.7% payout against FY26 EPS of Rs. 243.21.
Apar Industries Limited has submitted its Business Responsibility & Sustainability Report (BRSR) for FY 2025-26 along with reasonable assurance of BRSR Core indicators. The company also announced that its 37th Annual General Meeting will be held via video conferencing on September 21, 2026. The BRSR disclosures outline that Conductors accounted for 51.88% of turnover, Cables 25.39%, and Transformer & Speciality Oils 21.93%. Furthermore, export sales accounted for 29.77% of total turnover across 140+ countries.
- 37th Annual General Meeting scheduled for September 21, 2026 at 2:30 p.m. IST
- Conductors segment contributed 51.88% of FY26 turnover, followed by Cables at 25.39% and Oils at 21.93%
- Export contribution stood at 29.77% of total turnover, reaching 140+ countries
- Renewable energy consumption in the overall electricity mix increased to 10.9% in FY26
Apar Industries has submitted its Integrated Annual Report for FY 2025-26 along with the Notice for its 37th Annual General Meeting (AGM), scheduled for September 21, 2026, via Video Conferencing. For FY26, the company reported revenue from operations of ₹22,902 Cr (up 23.25% YoY), EBITDA of ₹2,067 Cr (up 22.96% YoY), and PAT of ₹977 Cr (up 19.0% YoY). Exports contributed 29.77% of total revenue during the financial year. This is a routine statutory disclosure providing comprehensive business and governance details to shareholders.
- 37th AGM scheduled for Monday, September 21, 2026, at 2:30 p.m. IST via Video Conferencing.
- FY26 Revenue from Operations reported at ₹22,902 Cr, reflecting a 23.25% YoY growth.
- FY26 EBITDA reached ₹2,067 Cr (+22.96% YoY) and Profit after Tax stood at ₹977 Cr (+19.0% YoY).
- Geographical revenue mix for FY26 closed at 70.23% domestic and 29.77% exports.
Apar Industries has successfully completed a ₹2,500 crore Qualified Institutional Placement (QIP), allotting 16,88,618 equity shares. The issue price of ₹14,805 per share represents a significant capital infusion, equivalent to approximately 48.4% of the company's current net worth (₹5,162 Cr). Major institutional investors including HDFC, SBI, and ICICI Prudential each picked up 10% of the total issue. This fundraise results in a 4.2% equity dilution but provides substantial liquidity for the company's premiumization and expansion strategy.
- Allotment of 16,88,618 equity shares at an issue price of ₹14,805 per share (including ₹14,795 premium).
- Total gross proceeds raised amount to approximately ₹2,500 crores.
- Equity dilution of approximately 4.2% as paid-up shares increased from 4.02 crore to 4.19 crore.
- Top-tier institutional participation with HDFC Flexi Cap, SBI Contra, and ICICI Prudential funds each allotted 10% of the issue.
- Abu Dhabi Investment Authority (ADIA) secured a 5.4% share of the total allotment.
Apar Industries has successfully completed a ₹2,500 crore Qualified Institutions Placement (QIP), allotting 16,88,618 equity shares at a price of ₹14,805 per share. This capital infusion is highly significant, representing approximately 48.4% of the company's reported net worth of ₹5,162 crore. Major institutional participants include ICICI Prudential, HDFC, and SBI Mutual Funds, each securing 10% of the issue. The funds are expected to bolster the company's balance sheet and support its ongoing premiumization strategy in the conductor and cable segments.
- Allotted 16,88,618 equity shares at an issue price of ₹14,805 per share (including ₹14,795 premium).
- Total gross proceeds from the issue amount to approximately ₹2,500 crores.
- Paid-up equity share capital increased from ₹40.18 crore to ₹41.87 crore, representing a ~4.2% dilution.
- Top-tier institutional allottees include HDFC Flexi Cap Fund and SBI Contra Fund, each taking 10% of the issue.
- The issue price of ₹14,805 is significant compared to the current market price of ₹17,225.
Apar Industries has successfully closed its Qualified Institutional Placement (QIP), raising approximately ₹2,500 crore. The company allotted 16,88,618 equity shares at an issue price of ₹14,805, which is a marginal premium over the floor price of ₹14,801.25. This fundraise is highly material, representing approximately 48.4% of the company's current net worth (₹5,162 Cr) and about 3.6% of its market capitalization. The capital infusion is expected to support the company's aggressive expansion plans, particularly in high-efficiency conductors and specialized cables.
- Allotment of 16,88,618 equity shares of face value ₹10 each to eligible QIBs.
- Issue price fixed at ₹14,805 per share, including a premium of ₹14,795.
- Total fundraise amount calculated at approximately ₹2,500 crore.
- Issue price represents a premium of ₹3.75 over the SEBI-mandated floor price of ₹14,801.25.
- Fundraise magnitude is significant at ~48.4% of the company's reported net worth of ₹5,162 crore.
Apar Industries has successfully closed its Qualified Institutions Placement (QIP), raising approximately ₹2,500 crore. The company allotted 16,88,618 equity shares at an issue price of ₹14,805, which is slightly above the SEBI-mandated floor price of ₹14,801.25. This fundraise is highly material, representing approximately 48.4% of the company's reported net worth of ₹5,162 crore and about 3.6% of its current market capitalization. The capital infusion is expected to support the company's ongoing expansion in high-efficiency conductors and specialized cables.
- Allotment of 16,88,618 equity shares to Qualified Institutional Buyers (QIBs) at ₹14,805 per share.
- Total capital raised amounts to approximately ₹2,500 crore, significantly strengthening the balance sheet.
- Issue price was set at a premium of ₹3.75 over the floor price of ₹14,801.25 per share.
- The fundraise represents nearly 48% of the company's existing net worth (₹5,162 Cr).
- The QIP process was completed within four days, opening on August 10 and closing on August 13, 2026.
Apar Industries has officially opened its Qualified Institutional Placement (QIP) on August 10, 2026, following shareholder approval on July 30. The floor price is set at ₹14,801.25, which represents a ~10.6% discount to the current market price of ₹16,565. The company has the option to offer an additional discount of up to 5% to institutional buyers. This capital raise follows a period of aggressive expansion, evidenced by a 186% increase in Capital Work-in-Progress (CWIP) to ₹366.41 Cr in H1 FY26.
- Floor price for the QIP set at ₹14,801.25 per equity share of ₹10 face value.
- Relevant date for the pricing formula fixed as August 10, 2026.
- Company may offer a maximum discount of 5% on the calculated floor price.
- Fundraise follows a 186% surge in CWIP to ₹366.41 Cr, indicating heavy ongoing investment.
- Current debt-to-equity ratio stands at a low 0.18, providing significant headroom for growth.
Apar Industries has officially launched its Qualified Institutions Placement (QIP) on August 10, 2026, following shareholder approval on July 30, 2026. The floor price is set at ₹14,801.25 per share, representing an 11.6% discount to the current market price of ₹16,748. The company has the discretion to offer an additional discount of up to 5% on this floor price. This capital raise is intended to support the company's growth strategy in high-efficiency conductors and specialized cables.
- Floor price for the QIP set at ₹14,801.25 per equity share
- Issue officially opened on August 10, 2026, with the Share Issue Committee's approval
- Company authorized to offer a discount of up to 5% on the calculated floor price
- Trading window for designated persons closed since August 7, 2026
- Fundraise follows a 186% increase in Capital Work-in-Progress (CWIP) to ₹366.41 Cr as of H1 FY26
Apar Industries has announced the immediate closure of its trading window for all designated persons and their relatives starting August 07, 2026. This is a mandatory regulatory step under SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure typically precedes the announcement of quarterly financial results or other price-sensitive information. The window will remain closed until further notice, ensuring that insiders do not trade on non-public information.
- Trading window closed effective August 07, 2026
- Closure applies to all designated persons and their immediate relatives
- Action taken under SEBI (Prohibition of Insider Trading) Regulations, 2015
- Window remains closed till further notice from the company
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 15.0% YoY to INR 18,581.21 Cr in FY25. In H1 FY26, revenue reached INR 10,820 Cr, up 25.0% YoY. Segment-wise, Conductors grew 39.0% to INR 5,885 Cr in H1 FY26, while Specialty Oil and Lubricants (TSO) revenue remained flat at INR 2,604 Cr despite an 8.1% volume growth. Cables revenue increased by 18% in FY24 led by elastomeric products.
Geographic Revenue Split
Domestic revenue for the conductor division grew 41.4% in H1 FY26. Exports for conductors grew 74.6% in Q2 FY26, contributing 24.2% to the segment's revenue for the quarter and 22.3% for H1 FY26, up from 18.7% in Q2 FY25.
Profitability Margins
Consolidated PAT for FY25 was INR 821.30 Cr, a slight decrease of 0.5% YoY. PAT margin stood at 4.4% in FY25 compared to 5.1% in FY24. ROE declined from 27.0% in FY24 to 19.6% in FY25.
EBITDA Margin
Consolidated EBITDA margin was 9.0% in FY25, down 1.1% from 10.1% in FY24. For H1 FY26, the TSO segment EBITDA margin improved to 7.6% from 6.8% YoY, while the Conductor segment EBITDA margin was 8.5% compared to 9.2% in H1 FY25.
Capital Expenditure
Capital work-in-progress (CWIP) significantly increased to INR 366.41 Cr as of H1 FY26 from INR 127.79 Cr in FY25, indicating substantial ongoing investment in capacity expansion.
Credit Rating & Borrowing
CARE Ratings maintains a 'Stable' outlook. The Total Outside Liabilities to Tangible Net Worth (TOL/TNW) improved to 1.48x as of March 31, 2024, from 2.67x, following a INR 1,000 Cr QIP issue. Finance costs were INR 408.91 Cr in FY25, up 5.8% YoY.
Operational Drivers
Raw Materials
Key raw materials include Aluminum, Copper, and Base Oils. Raw material costs reached INR 8,504 Cr in H1 FY26, representing 78.6% of total income.
Import Sources
The company operates through subsidiaries in the UAE (Sharjah), Singapore, USA (Delaware), and Saudi Arabia, which facilitate global sourcing and distribution of specialty oils and cables.
Key Suppliers
Not explicitly disclosed in available documents; however, the company maintains strong operational linkages across its consolidated entities.
Capacity Expansion
Current expansion is evidenced by a 186% increase in CWIP to INR 366.41 Cr. TSO volumes reached 3,10,148 KL and Conductor volumes reached 1,20,069 MT in H1 FY26.
Raw Material Costs
Raw material costs were INR 8,504 Cr in H1 FY26, up 23.5% YoY from INR 6,889 Cr, tracking the 25% growth in revenue.
Manufacturing Efficiency
Net Fixed Asset Turnover Ratio was 11.1 in FY25, compared to 12.3 in FY24, reflecting the lead time for new capital investments to generate revenue.
Logistics & Distribution
Distribution is impacted by freight volatility; the company leverages its global footprint in the UAE and Singapore to optimize international logistics.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth is driven by 'premiumization' of the product profile, particularly in high-efficiency conductors and elastomeric cables. The company is targeting high-growth sectors including renewable energy, defense, railways, and metros, while expanding its global export footprint which saw 74.6% growth in the conductor segment in Q2 FY26.
Products & Services
High-efficiency conductors, transformer oils, specialty lubricants, elastomeric cables, and fiber optic cables.
Brand Portfolio
APAR
New Products/Services
New product launches include specialized elastomeric products for the renewable energy and defense sectors, contributing to an 18% revenue increase in the cable segment.
Market Expansion
Targeting global markets with a focus on premium products; exports now contribute over 22% of conductor revenue.
Market Share & Ranking
Global leadership position in Conductors and Transformer & Specialty Oils (TSO) segments.
Strategic Alliances
Strategic international subsidiaries include Petroleum Specialities FZE (UAE), Petroleum Specialities Pte. Ltd. (Singapore), and CEMA Wires & Cables LLC (USA).
External Factors
Industry Trends
The industry is transitioning toward renewable energy and grid modernization. APAR is positioning itself as a premium supplier of high-efficiency transmission solutions to capture this shift.
Competitive Landscape
Faces increasing competition in the domestic cable and conductor markets, tempered by its leadership in premium, high-margin segments.
Competitive Moat
Moat is built on cost leadership in TSO and technical expertise in high-efficiency conductors, which are sustainable due to high entry barriers and long-standing client relationships with major utilities.
Macro Economic Sensitivity
Highly sensitive to power sector capital expenditure and government infrastructure spending, particularly in the renewable energy and defense sectors.
Consumer Behavior
Shift toward energy-efficient products and sustainable infrastructure is driving demand for APAR's specialized cable and conductor offerings.
Geopolitical Risks
Exposure to global trade barriers and freight volatility due to a high volume of exports and international subsidiaries.
Regulatory & Governance
Industry Regulations
Operations are governed by environmental norms for oil processing and manufacturing standards for power transmission equipment; no material departures from accounting standards reported.
Environmental Compliance
CSR expenditure of INR 14.64 Cr in FY25; the company maintains systems for compliance with environmental and labor laws.
Taxation Policy Impact
Effective tax rate of 25.7% in FY25, with tax expenses of INR 284.34 Cr on a consolidated PBT of INR 1,105.76 Cr.
Legal Contingencies
No instances of fraud were reported by auditors under Section 143(12) of the Act during FY25; no specific pending litigation values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (Aluminum, Copper, Base Oils) and fluctuations in global freight rates are the primary business uncertainties.
Geographic Concentration Risk
While domestic revenue is strong, the company has a growing geographic diversification with 22.3% of conductor revenue coming from exports.
Third Party Dependencies
High reliance on banking channels for LC acceptances and working capital, with trade payables totaling INR 5,230.76 Cr.
Technology Obsolescence Risk
Low risk due to continuous investment in R&D for high-efficiency conductors and specialized cables for modern power grids.
Credit & Counterparty Risk
Trade receivables stood at INR 4,584.56 Cr in H1 FY26, reflecting significant credit exposure to large EPC and utility clients.
