Apar Industries Ltd(APARINDS)

NSE: APARINDSBSE: 532259

₹ 14,348-2.55%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 60,078 crNext results: 29 Oct 2026Website: www.apar.comUpdated: 24 Oct 2026

About

Apar Industries Ltd manufactures aluminium and alloy conductors, power and telecom cables, and transformer and speciality oils across eleven plants in India and overseas. In FY26 the company reported consolidated revenue of ₹22,902 cr, a five-year CAGR of ~29% from ₹6,406 cr in FY21. It holds the position of world's largest manufacturer of aluminium and alloy conductors, world's third-largest and India's largest transformer-oil maker, and India's No. 1 cable exporter.^[1][2][3]

Business segments

Conductor: 51.9% of FY26 revenue (₹12,712 cr), manufacturing aluminium, alloy, and premium HTLS/AL59 overhead conductors for T&D grids globally.^[4][2]
Power / Telecom Cables: 25.4% of FY26 revenue (₹6,220 cr), overtaking Oil to become the second-largest segment; makes LV/MV/HV power, speciality, renewable, and telecom cables.^[4][2]

Products and brands

Seven business lines: Cables, Conductors, Speciality Oils, Lubricants, Speciality Automotive, Telecom Solutions, and Polymers, exporting to 140+ countries.^[3]
Key brands: POWEROIL (transformer and speciality oils, deployed in 125+ countries), APARPRENE® (thermoplastic elastomers), APAR Sureshield™ (ZHFR compounds), APAR Anushakti, APAR Shakti, APAR FireProtekt, and APAR Shakti Green Wire (retail wires).^[3]
Premium conductors (HTLS and AL59) made up 45.8% of conductor revenue and just over 50% of the conductor order book in FY26.^[3]
APAR holds 19 UL approvals for cable supply to the United States - the highest number among Indian cable manufacturers.^[3]
India's only cable manufacturer with irradiation facilities; operates five E-beam irradiation machines for speciality cable production.^[3]

Manufacturing and capacity

Eleven operating plants in India and overseas: six conductor plants (four in Silvassa/DNH, two in Odisha), two cable plants, three oil plants, and one polymers plant.^[3]
Speciality Oils combined capacity: 750,000+ KL/yr in India (Rabale 500,000 KL/yr; Silvassa ~240,000 KL/yr) and 175,000+ KL/yr in UAE (Sharjah 161,423 KL/yr).^[3]
Polymers plant at Umbergaon, Gujarat has annual capacity of 43,200 MT (3,600 MT/month).^[3]
Odisha conductor plants sit adjacent to aluminium smelters, allowing direct use of liquid molten aluminium as raw material, bypassing ingot procurement and melting.^[3]
Overall capacity utilisation in Q1 FY27 was 80 - 90%; conductor utilisation ran at 90 - 95% in Q4 FY26.^[5][2]

Key operating numbers

Conductor order book: ₹10,190 cr in Q1 FY27, up from ₹7,671 cr at end of Q4 FY26; new order inflows were ₹5,245 cr in Q1 FY27 (65.8% from exports).^[5][2]
Conductor EBITDA/ton: ₹53,418 in Q1 FY27 vs ₹43,688 a year ago; FY26 full-year was ₹43,012/MT vs ₹36,683/MT in FY25.^[5][2]
Premium conductor mix reached an all-time high of 50.3% of conductor revenue in Q1 FY27, up from 43.7% a year ago and 45.8% for full-year FY26.^[5][2]
Conductor volume: 241,788 MT in FY26 (+8.6% YoY); Q1 FY27 volume fell 6.7% YoY as customers withheld manufacturing clearances due to surging LME aluminium prices.^[2][5]
Oil volume: 129,085 KL in Q1 FY27 (down 13.7% YoY); Oil EBITDA/KL surged to ₹25,482 in Q1 FY27 vs ₹7,004 a year ago on contract-price/spot-price spread in a rising crude market.^[5]
Cable order book: ₹1,925 cr in Q1 FY27 vs ₹1,653 cr a year ago; Cable EBITDA margin at 10.6% in Q1 FY27 (+60 bps YoY).^[5]

Customers and distribution

Serves 4,000+ global clients across energy T&D, renewable energy, defence, railways, automotive, telecom, pharma, and consumer goods.^[3]
Domestic distribution: 1,745 dealers and distributors; B2C wire retail accounts grew 51% YoY and active towns grew 17% in Q1 FY27.^[3][5]
B2B channel business, launched in FY25, crossed ₹500 cr in FY26 (its second year); distributor presence grew 60% and active towns 73% YoY in Q1 FY27.^[2][5]
Exports ~30% of FY26 consolidated revenue, reaching 140+ countries; Speciality Oils alone exports ~50% of its revenue to 100+ countries.^[3]
Completed US approval process for copper LV/MV cables at Meta, Microsoft, and Google data centers in Q1 FY27, opening a new copper cable export segment.^[5]

Expansion and capex

FY27 capex plan of ₹1,500 cr: Conductor ₹400 cr, Oil ₹200 cr, Cable ₹850 cr; FY26 capex incurred was ₹740 cr.^[2]
New overseas subsidiaries established: CEMA Wires and Cables LLC (USA), APAR Industries Middle East (Saudi Arabia), APAR Industries Latam Ltd. (Brazil), and a JV with CSS International in Europe.^[3]

Recent developments

In August 2026, APAR raised ~₹2,500 cr via a QIP, allotting 1,688,618 equity shares at ₹14,805 per share.^[6]
In September 2026, CARE Ratings upgraded APAR's long-term bank facility rating from AA- to AA (stable outlook), citing improved financial performance and the QIP proceeds.^[7]
Q1 FY27 UAE (Hamriyah) oil plant operations were curtailed to local inventory sales only due to port closure stemming from the US-Iran conflict, reducing total oil volumes 13.7% and transformer oil global volumes 8% YoY.^[5]
In Q3 FY26, APAR won its first Kavach railway signalling order worth ₹153 cr from Indian Railways on a full turnkey basis (22 - 24 month execution); total Kavach opportunity cited at ₹40,000 - 50,000 cr.^[8]
Q1 FY27 conductor order inflows included orders exceeding ₹2,800 cr from two major overseas electric utilities - one in the US and one in Europe - spread over several years.^[5]

Market Cap

₹60,078 Cr

High / Low

₹19,269 / 6,800

Stock P/E

48.8

Price / Book

10.7

Book Value

₹1,343

EPS

₹243.2

No. of Shares

4.02 Cr

ROCE

31.2%

ROE

19.7%

OPM

7.8%

Debt / Equity

0.16

Sales

₹22,902 Cr

Net Profit

₹977 Cr

Promoter holding

55.4%

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Apar Industries Ltd(APARINDS)

About

Business segments

Products and brands

Manufacturing and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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