APARINDS
Large CapApar Industries Limited
Industrials
APAR is a global energy infrastructure solutions provider, delivering technologies for efficient electricity generation, transmission, and distribution. Its portfolio includes conductors, cables, transformer oils, and EPC services across the power value chain. With customers in 140+ countries, APAR is a billion-dollar manufacturing company holding leadership positions in its segments.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 42/100margin compression · Rev +27% YoY · PAT +1% YoY · +20% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,603 Cr | +26.7% | +20.5% |
| EBITDA | ₹496 Cr | +9.0% | +9.7% |
| Operating margin | 8.0% | -100 bps | +0 bps |
| PAT | ₹253 Cr | +1.2% | +21.1% |
| PAT margin | 3.8% | -97 bps | +2 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
APAR Industries reported strong FY26 revenue growth of 23.3% YoY to INR 22,902 Cr, with EBITDA up 23.0% YoY to INR 2,067 Cr. Q4 FY26 PAT grew modestly by 1.4% YoY to INR 254 Cr, impacted by one-off provisions.
The company demonstrated robust top-line and EBITDA growth across key segments, driven by strong demand in infrastructure and renewables. While Q4 PAT was affected by one-offs, underlying operational performance remains solid. Healthy order books in Conductors and Cables, coupled with strategic focus on high-margin products, support the growth thesis.
Customer mix FY26
Latest issuer-disclosed distribution across 10 reported categories.
Renewable Energy Sector
Leader in domestic solar cable segment and dominant player in domestic wind market with over 70% share; products meet global standards.
Infrastructure Development
Massive infrastructure push, including HVDC projects, modernization of aging power infrastructure, and rapid urbanization.
Electrification & Public Transportation
Rising adoption of EVs, infrastructure investments in Indian railways, Metros, and high-speed rail, including supply for Vande Bharat trains.
Digitalization & Telecom
Connected world with near zero latency, cloud shift, 5G, IoT, M2M, and massive digital transformation driving demand for telecom solutions.
Conductor Manufacturing Facilities
Added 2 more factories in Silvasa (Khanvel & Chandra Proteco) in 2024 to expand production facilities for all product types.
Speciality Oils Production Capacity
Production capacity of 7,50,000+ KL in India & 1,75,000+ KL in UAE, with Al-Hamriyah, Sharjah plant providing proximity to Middle East & East Africa.
Cable Manufacturing & E-beam Facilities
Greenfield Khatalwada plant for E-beam Elastomeric Cables, OFC Cables, others. HT expansion in Umbergaon and LT consolidation in Khatalwada. Debottlenecking of HT/LT cable capacity at Umbergaon plant.
De-carbonisation & Climate Commitments
Accelerating investments in renewable energy and power grids due to de-carbonisation goals and climate commitments.
Massive Infrastructure Push
One World, One Sun, One Grid, large-scale HVDC projects, and investments to modernize aging power and transport infrastructure.
Electrification of Energy
Rising adoption of EVs and proliferation of new data centers driving electricity demand.
India's Renewable Energy Targets
India aims for 45% less carbon, 50% renewables by 2030, and net-zero by 2070, driving significant sector opportunity.
Customer / Credit Risk Management
Structured process for evaluating customer & end customer background, defined practices for setting credit limits, and securing credit through various means.
Metal Hedging Risk Management
Well-established principles for hedging Aluminium and Copper, with prompt hedging based on pricing formula to pass on gains/losses.
Forex & Interest Rate Risk Management
Defined methodologies to hedge forex based on natural hedges and forward covers, with tight monitoring on working capital to minimize interest outgo.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is primary for assessing overall annual performance and long-term trends in infrastructure-related businesses. QoQ is also relevant for monitoring sequential momentum, particularly in export markets and specific product categories like US revenue for Conductors and Cables.
Revenue from Operations (12M FY26)
INR 22,902 crores, grew 23.3% over 12M FY25.
EBITDA (12M FY26)
INR 2,067 crores, up 23.0% over 12M FY25.
PAT (12M FY26)
INR 977 crores, up 19.0% over 12M FY25.
Conductor Revenue (12M FY26)
INR 12,712 crores, grew 32.7% YoY.
Focus on Premium/High-Margin Products
Business remains focused on premium or high-margin products like High Efficiency Conductors (HEC) and HTLS conductors, leveraging large production capacity.
Exploring New Cable Opportunities
Exploring new opportunities in MVCC, harnesses, more products for Railways, pressure tight cables, 66KV cables & contracts.
Diversifying Telecom Solutions
Diversified Telecom Solutions as a separate business vertical to bring more focus and garner maximum growth potential.
Commitment to Climate Action
Defined both short-term and long-term climate targets, aligned with the Paris Agreement’s 1.5°C pathway, reflecting commitment to emissions reduction.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Conductor Order Book | INR 7,671 crores | Sustained order inflow and efficient execution to maintain revenue cover. |
| Cable Order Book | INR 1,800 crores | Growth in new orders and timely project execution, especially in specialized segments. |
| Speciality Oil & Lubricants EBITDA per KL | INR 5,943 (12M FY26), down 3.3% YoY | Improvement in profitability per unit volume, indicating better product mix or cost management. |
| Conductor Premium Product Mix | 45.8% (12M FY26) | Continued increase in the contribution of premium products to overall conductor revenue and margins. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +39.4% / mo · near 52W high
Technical chart
APARINDSdaily · 3Y+59.5%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 60.
- SMA20 rising (~6.7% over last month) — short-term momentum positive.
- RSI(14) at 60 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 100% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 14/20 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -24.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 96th percentile of the scored universe and 96th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 57.8%. Key concern: ROCE trend is -4.9%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 96th pctile, median 68 · Large: 87th pctile, median 74
209 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 57.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸11 years of positive FCF.
Trust risks
- ▸ROCE trend is -4.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 53.30
- P/B
- 9.89
- EV/EBITDA
- 26.67
- Market Cap
- 53367.00Cr
Profitability
- ROE
- 20.20%
- ROCE
- 31.10%
- ROA
- 7.13%
- Dividend Y
- 0.38%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 44.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 4.29×
- Altman Z
- 6.66
- Book Value
- 1343.00
Cash Flow
- FCF Yield
- 0.77%
- FCF Positive Y
- 11/5
- OCF
- 968.00 Cr
- EPS TTM
- 243.21
Shareholding
- Promoter Hold
- 57.77%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.