Apar Industries Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Apar Industries Ltd trades at ₹13,836, in a confirmed uptrend and 54 weeks into that stage. That is +23.3% against its own 200-day average. It sits at 71% of a 52-week range of ₹7,033 to ₹16,665. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 30 straight weeks.

Today the stock is in a confirmed uptrend — week 54 of stage 2, confirmed. At ₹13,836 it trades +23.3% versus its 200-day average and sits at 71% of its 52-week range (₹7,033–₹16,665).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +3,205% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 30 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 94th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Apar Industries Ltd trades at 46.3× P/E, at the pricey end of its own range (94th percentile). Its long-run median P/E is 18.4×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 46.3× is at the pricey end of its own range (94th percentile), against a long-run median of 18.4× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +19.0% against a +55.4% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +89.6%/yr price move, ~+48.4%/yr came from earnings growth and ~+41.2 pp from the multiple (expanding); over 10y, of the +38.8%/yr price move, ~+25.4%/yr came from earnings growth and ~+13.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Apar Industries Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −0.4% at the trough to +33.9%, a 5-quarter improving streak, ROCE holding at 32.0%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

47.5/100 — rank 6 of 10 in Cables - Power · 100% evidence confidence

Apar Industries Ltd scores 47.5 out of 100 against the 10 companies it is compared with in Cables - Power, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.7 + 15.1 + 1.5 + 11.2 = 47.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Apar Industries Ltd reported ₹6,591 Cr of revenue in the Jun 26 quarter, +29.1% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.3% a year. The last full year, FY26, came in at ₹22,902 Cr. The last four reported quarters add to ₹24,389 Cr.

Apar Industries Ltd reported ₹6,591 Cr of revenue in the Jun 26 quarter, +29.1% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.3% a year. The last full year, FY26, came in at ₹22,902 Cr. The last four reported quarters add to ₹24,389 Cr.

FY26 revenue came in at ₹22,902 Cr (+23.3% on the year), capping 10 years at 16.3% compound. The latest quarter (Jun 26) printed ₹6,591 Cr, +29.1% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +23.8% growth against the decade's 16.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +24.0% over the last 4 quarters against +21.9%/yr over the last 8 — stabilising; TTM profit +33.9% vs +19.2%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 11.0% this quarter (+2.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Apar Industries Ltd's operating margin is 11.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 5.0% to 10.0%. The current quarter is running above every full year in that window.

Apar Industries Ltd's operating margin is 11.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 5.0% to 10.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 11.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 5.0%–10.0%.

Why the margin moved: operating margin went +2.6 pp year on year while gross margin went +2.1 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +77.6% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Apar Industries Ltd earned ₹467 Cr of net profit in the Jun 26 quarter, +77.6% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹977 Cr. The 10-year compound rate is 23.1%. That is 7.1% of the quarter's revenue. The same quarter a year earlier earned ₹263 Cr.

Apar Industries Ltd earned ₹467 Cr of net profit in the Jun 26 quarter, +77.6% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹977 Cr. The 10-year compound rate is 23.1%. That is 7.1% of the quarter's revenue. The same quarter a year earlier earned ₹263 Cr.

Jun 26 profit was ₹467 Cr, +77.6% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹977 Cr (+19.0%), and the 10-year compound rate is 23.1%.

Why profit moved: revenue contributed +29.1% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +32.0% vs revenue +23.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 75% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 75% of Apar Industries Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹968 Cr of operating cash against ₹977 Cr of profit. After ₹747 Cr of capital spending, ₹221 Cr was left as free cash.

FY26: operating cash of ₹968 Cr against reported profit of ₹977 Cr, leaving free cash of ₹221 Cr after ₹747 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 75% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 75%: the cash cycle stretched 36 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: conversion is below par and the cash cycle has stretched 36 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 30-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Apar Industries Ltd's cash conversion cycle runs 30 days in FY26, up from −6 days in FY21. Capital spending ran ₹1,616 Cr over the last 3 years. At FY26 sales of ₹22,902 Cr each day of that cycle holds about ₹62.7 Cr, so roughly ₹1,882 Cr sits inside the business at any moment.

FY26: debtors at 85 days, inventory at 84 days — roughly 2.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 30 days, looser than FY21's −6.

The full loop: cash goes out to suppliers and production on day 0; stock waits 84 days to sell; customers pay about 85 days after that; and suppliers themselves are paid at 138 days — netting out to the 30-day cycle.

In money terms: at FY26 sales of ₹22,902 Cr, each day of the cycle holds about ₹62.7 Cr — so the 30-day loop keeps roughly ₹1,882 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,616 Cr over the last 3 fiscal years against ₹409 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹539 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 31% and the ROIC − WACC spread is +15.0 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Apar Industries Ltd earns a ROCE of 31% in FY26. That is up from a trough of 17% in FY15. Return on invested capital clears the cost of that capital by +15.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 4.3% net margin on 1.67× asset turns.

FY26 ROCE is 31%, recovered from a FY15 trough of 17% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 4.3% net margin × 1.67× asset turns × 2.54× balance-sheet leverage ≈ 18.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 27.0% − 12.0% = a +15.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.18.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Apar Industries Ltd carries total debt of ₹956 Cr against shareholder equity of ₹5,393 Cr as of Mar 26, a debt-to-equity of 0.18 — effectively unlevered. On the annual view that ratio went from 0.21 in FY22 to 0.18 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹956 Cr against shareholder equity of ₹5,393 Cr — a debt-to-equity of 0.18. On the annual view, debt-to-equity went from 0.21 (FY22) to 0.18 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 3.3 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 3.3 points of Apar Industries Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 23.0% of the company. Foreign institutions moved −0.8 points over the same window, to 10.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +3.3 points over 8 quarters to 23.0%; Foreign institutions: −0.8 points over 8 quarters to 10.8%; Promoters: +0.0 points over 8 quarters to 57.8%.

Why the register moved: domestic institutions drove it (+3.3 points), absorbed on the other side by foreign institutions (−0.8 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Apar Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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