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 ₹17,500, in a confirmed uptrend and 62 weeks into that stage. That is +35.6% against its own 200-day average. It sits at 97% of a 52-week range of ₹7,033 to ₹17,803. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 6 straight weeks.

Today the stock is in a confirmed uptrend — week 62 of stage 2, confirmed. At ₹17,500 it trades +35.6% versus its 200-day average and sits at 97% of its 52-week range (₹7,033–₹17,803).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +4,080% while the NIFTY 500 moved +273% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 6 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.

Story check

Apar Industries Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: AT_PEAK. Our fortnightly research layers last read it on 22 August 2026.

Our read, 22 August 2026. Apar Industries compounds through structural conductor premiumization, global data-center cable expansion, and specialty transformer oil leadership, but valuation at 58.6x PE (98th percentile) prices in multi-year execution perfection amid commodity and geopolitical volatility.

What is proven. Apar Industries compounds through structural conductor premiumization, global data-center cable expansion, and specialty transformer oil leadership, but valuation at 58.6x PE (98th percentile) prices in multi-year execution perfection amid commodity and geopolitical volatility.

What is not proven yet. A simultaneous decline in conductor blended EBITDA per metric ton below 35,000 rupees and a sustained contraction in export cable revenue below 25% of divisional mix across two consecutive quarters, demonstrating that premiumization gains were cyclical commodity windfalls rather than pricing power.

🚨 What would change our mind. A simultaneous decline in conductor blended EBITDA per metric ton below 35,000 rupees and a sustained contraction in export cable revenue below 25% of divisional mix across two consecutive quarters, demonstrating that premiumization gains were cyclical commodity windfalls rather than pricing power.

🚨 Layer 1 read, 22 August 2026 — DROP. Excellent business, but last quarter's doubled profit was an oil inventory windfall on flat sales. Apar has the best forward visibility in this batch: a Rs 10,190 crore conductor order book that is 56.8 percent export, fresh approvals from Meta, Microsoft and Google to supply cable to US data centres, and 31.1 percent returns on capital. But the headline June quarter does not mean what it looks like. Sales were FLAT against the prior quarter — Rs 6,591 crore versus Rs 6,603 crore — while operating profit jumped Rs 262 crore, and the company itself explains why: its specialty-oil arm earned Rs 25,482 per kilolitre against Rs 7,004 a year before because of 'historical-cost inventory gains', which is profit that appears when input prices rise against stock already bought. It does not…

What would change Layer 1’s mind. Taking driver D4's own kill-switch and turning it into next quarter's test: if Q2 FY27 specialty-oil profit per kilolitre falls back toward the Rs 8,000 milestone floor from Rs 25,482 AND conductor profit per tonne slips below the Rs 38,000 milestone from Rs 53,418, then both margin legs normalize at once, trailing earnings fall rather than grow, and a 98.8th-percentile multiple on a shrinking denominator becomes a de-rating — that flips this to DROP. Upward: two consecutive quarters where the…

The test written in advance. A simultaneous decline in conductor blended EBITDA per metric ton below 35,000 rupees and a sustained contraction in export cable revenue below 25% of divisional mix across two consecutive quarters, demonstrating that premiumization gains were cyclical commodity windfalls rather than pricing power. — the thesis as written as stated by the next result.

The test written in advance. Elevated Valuation at 98th Percentile PE Leaving Minimal Cushion — Elevated Valuation at 98th Percentile PE Leaving Minimal Cushion PE compression below 40x or trailing PAT growth decelerating below 20% YoY for two consecutive quarters. by the next result.

The test written in advance. Commodity Volatility and Customer Order Clearance Deferrals — Commodity Volatility and Customer Order Clearance Deferrals by the next result.

What the company does. Conductor premiumization reaching 50.3% of mix and utility order backlog of 10,190 Cr provide medium-term earnings visibility despite near-term volume clearance deferrals. Cable segment entry into US data-center supply with approvals from Meta, Microsoft, and Google plus a 1,500 Cr capex plan establish scale for medium-voltage export growth. At 58.6x PE and 3.0x historical median multiple, current pricing leaves minimal safety margin for supply-chain disruptions, tariff shifts, or oil division margin normalization.

🚨 What the surface reading misses. The surface reading is: High fundamental quality accompanied by premium valuation metrics across PE and PB multiples. The research reads it further: Trading at 58.6x PE and 12.55x PB prices in uninterrupted earnings delivery over the next 2-3 years.

🚨 What the surface reading misses. The surface reading is: Operating margin expanded to 11% in Q1 FY27 after holding at 8-9% across prior 5 quarters. The research reads it further: Margin expansion driven by oil inventory gains post 93 Cr provision plus 50.3% premium conductor mix.

Lever 2 · Value-added mix — BUILDING. Premium products reached 50.3% of conductor revenue in Q1 FY27, lifting blended EBITDA to 53,418 rupees per MT backed by a 10,190 Cr order book. What proves it keeps working: Conductor Division Premiumization and High-Value Utility Order Execution. It stops working if Conductor blended EBITDA per metric ton falls below 35,000 rupees due to commodity pass-through failures or customer cancellation of high-margin HTLS reconductoring contracts.

Lever 6 · Order-book wins — BUILDING. Approvals from Meta, Microsoft, and Google open contractor RFQs for medium-voltage copper and aluminum cables in US hyperscale facilities. What proves it keeps working: US Data-Center Cable Qualification and Medium-Voltage Expansion. It stops working if US hyperscalers alter rubber-based EPR cable specifications or re-impose punitive non-metal reciprocal tariffs that compress export cable EBITDA margins below 9.0%.

Lever 9 · Buyback — BUILDING. Apar confirmed as sole HVDC transformer oil supplier to Hitachi, GE, and Siemens for projects executing across FY27-FY28. What proves it keeps working: Specialty Oil Leadership and Guaranteed HVDC Supply Contracts. It stops working if Crude and base oil prices collapse rapidly, forcing inventory markdown provisions that exceed quarterly processing margins.

Lever 11 · Selling more to existing customers — BUILDING. National grid expansion targeting 6.5 lakh circuit km by 2032 and record renewable additions create durable domestic baseline demand. What proves it keeps working: India Power Grid Modernization and Renewable Energy Evacuation Demand. It stops working if State power distribution utilities face financial stress leading to deferral of transmission line procurement tenders and payment delays.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

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.

Why this happened. Apar achieved vendor approvals from major US data-center operators (Meta, Microsoft, Google), enabling contractor bidding across both copper and aluminum medium-voltage specifications. US medium facilities consume approximately US$10-12M in medium-voltage and US$25-30M in low-voltage cables. Cable division revenue grew 29.5% YoY to 1,838 Cr in Q1 FY27 at a 10.6% EBITDA margin, supported by domestic growth (59.9%) and an expanding US order pipeline.

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.

FY26-Q4. revenue ₹6,603 Cr and profit ₹253 Cr as reported.

FY27-Q1. revenue ₹6,591 Cr and profit ₹467 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

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.

Why this happened. Conductor profitability has structurally detached from commodity volume cycles through premium product expansion (HTLS conductors, copper transposed conductors, OPGW, and reconductoring solutions). In Q1 FY27, premium mix reached 50.3% (vs 43.7% YoY), raising per-ton EBITDA to 53,418 rupees despite a 6.7% volume contraction caused by customer delivery deferrals. The division holds a 10,190 Cr order book (56.8% export), including >2,800 Cr in multi-year utility awards from the US and Europe.

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.

FY26-Q4. revenue ₹6,603 Cr and profit ₹253 Cr as reported.

FY27-Q1. revenue ₹6,591 Cr and profit ₹467 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

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.

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.

FY26-Q4. revenue ₹6,603 Cr and profit ₹253 Cr as reported.

FY27-Q1. revenue ₹6,591 Cr and profit ₹467 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

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 ₹748 Cr of capital spending, ₹220 Cr was left as free cash.

FY26: operating cash of ₹968 Cr against reported profit of ₹977 Cr, leaving free cash of ₹220 Cr after ₹748 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.

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 ₹1,617 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 ₹1,617 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 ₹540 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.

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 32% in FY26. That is up from a trough of 17% in FY15. Return on invested capital clears the cost of that capital by +14.9 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 32%, 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: 26.9% − 12.0% = a +14.9 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.

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.

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 4.5 points of Apar Industries Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 24.9% of the company. Promoters moved −2.4 points over the same window, to 55.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. The Specialty Oil division secured sole-supplier status for high-voltage direct current (HVDC) projects awarded to Hitachi, GE, and Siemens running through FY27-FY28, providing contracted volume visibility that insulates the business from commodity oil cycles. In Q1 FY27, oil division EBITDA rose 214.0% to 329 Cr (25,482 rupees per KL) post a 93 Cr provision, reflecting historical-cost inventory economics.

The register over the last two years — Domestic institutions: +4.5 points over 8 quarters to 24.9%; Promoters: −2.4 points over 8 quarters to 55.4%; Foreign institutions: +0.4 points over 8 quarters to 11.4%.

Why the register moved: domestic institutions drove it (+4.5 points), absorbed on the other side by promoters (−2.4 points) — steady accumulation by institutions reading the same numbers this page reads.

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.

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 60.8× P/E, about the priciest it has ever traded. Its long-run median P/E is 18.5×, measured across 10.6 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 60.8× is about the priciest it has ever traded, against a long-run median of 18.5× measured over 10.6 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 +102.8% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +92.6%/yr price move, ~+36.1%/yr came from earnings growth and ~+56.5 pp from the multiple (expanding); over 10y, of the +41.1%/yr price move, ~+25.4%/yr came from earnings growth and ~+15.7 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.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 26 August 2026 price, Apar Industries Ltd was paying for profit growth of about 28.9% a year. Profit itself has compounded 23.1% a year over the past 10 years. Today the market pays 60.8× P/E, the 99th percentile of its own 11-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is above what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 26 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

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.

4-Factor Sector Score

48.9/100 — rank 6 of 10 in Cables - Power · 100% evidence confidence

Apar Industries Ltd scores 48.9 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: 19.6 + 16.2 + 0.5 + 12.6 = 48.9. 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.

Said versus delivered

What Apar Industries Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Division Capacity Utilization Shift · 24 July 2026. In May 2026, management provided materially different utilization levels by division, including 90%-95% for conductors and 65%-70% for oil. In Jul 2026, management stated that utilization across all three divisions was 80%-90%, implying a decline in conductor utilization and a sharp increase in oil utilization without explaining whether the methodology, capacity base, or operating conditions had changed.

Conductor Margin Guidance Materially Raised · 28 May 2026. Over the Oct 2025 and Jan 2026 calls, management maintained their medium-to-long-term EBITDA per metric ton guidance for the Conductor division at 30,000, explicitly declining to raise it despite strong performance. In the May 2026 call, management materially revised this baseline guidance upward to a range of 35,000 to 36,000 per metric ton.

Capital Expenditure Profile Reversal · 28 May 2026. In the Oct 2025 call, management stated that capital expenditures for the years following FY26 would be substantially lower. However, in the May 2026 call, management announced an aggressive capex plan of 1,500 crores for FY27, citing increased demand and longer equipment lead times, which represents a massive increase compared to the 740 crores actually spent in FY26.

Pivot on US Tariff Strategy · 29 January 2026. Management previously asserted a strict stance on US tariffs in the October and July calls, stating they would refuse business if clients did not absorb the tariff risk. In the January call, they contradicted this position, admitting they cut prices and accepted lower margins to maintain order flow. Earlier call (Oct 2025): “If the client is not willing to accept that [tariff risk], then we are actually not taking on the business and we are sitting it out.” Later call (Jan 2026): “Overall, we had to reduce prices to some extent to book fresh business... Our strategy is to continue through this period by servicing customers even at a slightly lower margin.”

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions