# Apar Industries share price today (Apar Industries Ltd, NSE: APARINDS)

> Apar Industries share price today: ₹15,523.00 at the NSE close on 3 November 2026, up 79.0% in a year. Apar Industries (NSE: APARINDS) is worth ₹65,003 crore, trades at a P/E of 46.4 and has closed between ₹7,033.00 and ₹18,858.00 over the past 52 weeks. > Apar Industries Ltd's share price has risen faster than its earnings: +79.0% in a year, against +19.0% for earnings per share. APARINDS · Cables - Power · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/apar-industries-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹15,523.00 (+79.0% in a year)
- P/E: 46.4× (higher than 92% of the last 11 years)
- Revenue (Sep 2026): ₹6,931 Cr (+21.3% on a year ago)
- Profit (Sep 2026): ₹447 Cr (+77.4% on a year ago)
- Operating margin: 10.0% (+2.0 points on a year ago)
- ROCE: 32%, FY26
- ROIC: 25.0%, against a 12.0% cost of capital: +13.0 points

The main question: the share price moved +79.0% in a year while yearly earnings per share moved +19.0%. The difference came from the market paying a higher multiple. ## What is the Apar Industries share price today? Apar Industries Ltd's share price was ₹15,523.00 at the close on 3 November 2026. It has been rising for 69 weeks. That is 10.8% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹7,033 and ₹18,858, and at that close it sat 72% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 15 weeks in a row. Over the last 11 years the share price moved +3,608% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Apar Industries this quarter? Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), foreign funds (FIIs) raised their stake for 6 quarters in a row and profit up on a year earlier for 7 quarters in a row. 1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) In the September 2026 quarter revenue was ₹6,931 crore, +21.3% on a year earlier. Why: Revenue rose because the oils business earned more from higher base oil prices even though it sold less oil. Next results: check whether the goods stuck in transit to the US convert to sales in the December quarter and whether conductor volumes recover as customers release clearances. From the earnings call on 29 Oct 2026. 2. Foreign funds (FIIs) raised their stake for 6 quarters in a row From 9.1% to 12.6% of the company by the September 2026 quarter. 3. Profit up on a year earlier for 7 quarters in a row In the September 2026 quarter profit was ₹447 crore, +77.4% on a year earlier. Why: Profit rose because the oils business made much more per litre by buying under contracts and selling to steadier, higher quality buyers. Next results: check whether the oils business keeps its unusually high profit per litre, since management said the level was above normal and did not explain how it would last. From the earnings call on 29 Oct 2026. ## What are Apar Industries' latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Apar Industries reported revenue of ₹6,931 crore, up 21.3% from ₹5,715 crore a year earlier, and a profit of ₹447 crore, up 77.4% from ₹252 crore. ### Apar Industries results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹6,931 crore | ₹5,715 crore | +21.3% |
| Profit | ₹447 crore | ₹252 crore | +77.4% |
| Earnings per share | ₹106.83 | ₹62.66 | +70.5% |
| Operating margin | 10.0% | 8.0% | +2.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Apar Industries' management discussed these results on a call held on 29 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Apar Industries share price history? Apar Industries closed at ₹15,523.00 on 3 November 2026, up 79.0% from ₹8,671.00 a year earlier (31 October 2025) and up 2,136.3% over five years. Its highest weekly close since February 2016 was ₹18,858.00 on 18 September 2026. ### Apar Industries share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹14,379.00 | +8.0% |
| 1 month ago · 1 Oct 2026 | ₹17,648.00 | −12.0% |
| 6 months ago · 30 Apr 2026 | ₹12,331.00 | +25.9% |
| 1 year ago · 31 Oct 2025 | ₹8,671.00 | +79.0% |
| 3 years ago · 3 Nov 2023 | ₹5,077.80 | +205.7% |
| 5 years ago · 4 Nov 2021 | ₹694.15 | +2,136.3% |
| 10 years ago · 4 Nov 2016 | ₹557.35 | +2,685.1% |
| Earliest weekly close in our records · 26 Feb 2016 | ₹418.65 | +3,607.9% |
| Highest weekly close since February 2016, also the 52-week high · 18 Sep 2026 | ₹18,858.00 | −17.7% |
| Lowest weekly close since February 2016 · 27 Mar 2020 | ₹253.45 | +6,024.7% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹7,033.00 | +120.7% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (566 weekly closes from 26 February 2016 to 3 November 2026.)

## What is the latest news on Apar Industries? 3 Nov 2026: Apar Industries closed at ₹15,523.00, up 8.0% on the week and down 12.0% on the month. 29 Oct 2026: Apar Industries held its results call for July to September 2026. Management guided: Conductor operating profit per MT ₹35,000-36,000 plus tailwinds medium to long term. ### Earlier

- Results for July to September 2026: Revenue up 21.3% and profit up 77.4% on a year earlier. - 11 Sep 2026: ex-date for a dividend of ₹60 a share, record date 14 Sep 2026. ## What dividend does Apar Industries pay? Apar Industries paid ₹60 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.39% at the ₹15,523.00 close on 3 November 2026. The last was a dividend of ₹60 a share, ex-date 11 September 2026. ### Apar Industries dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 11 Sep 2026 | ₹60 | Dividend | 14 Sep 2026 |
| 29 Jul 2025 | ₹51 | Dividend | same day |
| 20 Aug 2024 | ₹51 | Dividend | n/a |
| 4 Aug 2023 | ₹40 | Dividend | n/a |
| 4 Aug 2022 | ₹15 | Dividend | n/a |
| 5 Aug 2021 | ₹9.50 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Apar Industries Ltd paid out 25% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Apar Industries management say on the latest results call? On the call for July to September 2026, held on 29 October 2026, Apar Industries' management guided: Conductor operating profit per MT ₹35,000-36,000 plus tailwinds medium to long term. > “To sum up, the structural demand drivers remain intact, and it is only a matter of time before the flow of order execution catches up with the final delivery schedule of the transmission projects.”
> Kushal Desai, on the call for July to September 2026

### What management guided

- Cable business value growth 25% year on year for full year. - Cable operating margin goal 11-12% on premium mix and leverage. - Conductor volumes stronger in H2 than H1 with Q3 transit catch-up and peak execution. - India capital spending ₹1,500 crore over next 12-15 months easing to ₹300-400 crore annually ex-overseas. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/4290-29-Oct-2026.pdf). (From the call for July to September 2026, 29 October 2026.)

## What is the future of Apar Industries? What is changing in the business? What is changing at Apar Industries, from the latest results and calls: conductor division premiumization and high-value utility order execution, us data-center cable qualification and medium-voltage expansion and 1,500 cr fy27 capital spending deployment for divisional capacity debottlenecking. - Conductor Division Premiumization and High-Value Utility Order Execution. Premium products reached 50.3% of conductor revenue in April to June 2026, lifting blended operating profit to 53,418 rupees per MT backed by a 10,190 Cr order book. ⚠ estimate
- US Data-Center Cable Qualification and Medium-Voltage Expansion. Approvals from Meta, Microsoft, and Google open contractor RFQs for medium-voltage copper and aluminum cables in US hyperscale facilities. ⚠ estimate
- 1,500 Cr FY27 Capital spending Deployment for Divisional Capacity Debottlenecking. 1,500 Cr FY27 capital spending expansion addresses 80-90% utilization across divisions, unlocking incremental medium-voltage cable and conductor capacity. ⚠ estimate
- Specialty Oil Leadership and Guaranteed HVDC Supply Contracts. Apar confirmed as sole HVDC transformer oil supplier to Hitachi, GE, and Siemens for projects executing across FY27-FY28. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 22 August 2026.)

## What is Apar Industries' order book? Conductor FY26 revenue ₹12,712 crore (+32.7%), full-year premium mix 45.8%, volumes +8.6%, order book ₹7,671 crore. - Conductor pending order book ₹10,190 crore (56.8% export); quarterly orders ₹5,245 crore including >₹2,800 crore from two major US and European utilities. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What could change the Apar Industries story? What are the risks? A simultaneous decline in conductor blended operating profit 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. ### Each change stops working if

- Conductor Division Premiumization and High-Value Utility Order Execution: Conductor blended operating profit per metric ton falls below 35,000 rupees due to commodity pass-through failures or customer cancellation of high-margin HTLS reconductoring contracts. - US Data-Center Cable Qualification and Medium-Voltage Expansion: US hyperscalers alter rubber-based EPR cable specifications or re-impose punitive non-metal reciprocal tariffs that compress export cable operating margin below 9.0%. - 1,500 Cr FY27 Capital spending Deployment for Divisional Capacity Debottlenecking: Commissioning delays push facility online dates past FY28 or incremental capacity remains underutilized due to global grid capital spending retrenchment. - Specialty Oil Leadership and Guaranteed HVDC Supply Contracts: Crude and base oil prices collapse rapidly, forcing inventory markdown provisions that exceed quarterly processing margins. ### The main risks

- Commodity Volatility and Customer Order Clearance Deferrals: Surges in aluminum and copper prices cause unhedged EPC customers to delay manufacturing clearances, contracting conductor volume. ✓ fact
- Oil Division Unit Profitability Normalization: April to June 2026 oil operating profit of 25,482 rupees per KL was driven by historical-cost inventory gains and cannot be extrapolated as a sustainable run-rate. ✓ fact
- Management Guidance Shifts and Capital Allocation Reversals: Recurring guidance shifts across capital spending, volume goals, and tariff pricing policies dent forecasting predictability. ✓ fact
- Geopolitical Disruption and Section 232 Tariff Friction: 50% US aluminum tariff under Section 232 and Middle East port closures create ongoing logistics friction and export recognition lags. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What to watch in Apar Industries' next results? When Apar Industries reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: DDP in-transit conductors and cables converting to US sales in Q3 - per management transit catch-up timeline. - What to check (from the call)
- DDP in-transit conductors and cables converting to US sales in Q3 - per management transit catch-up timeline. - Conductor volumes rebounding in H2 as customers release clearances ahead of contractual deadlines - per peak-season expectation. - Bulk cable order book converting to revenue by year-end on data-center packages - per stated delivery schedule. ## Which stock lists is Apar Industries on? Apar Industries is on 3 of our India lists: Momentum stocks, Small & mid cap stocks and Power & green energy stocks. - [Momentum stocks Market cap cr: 65798.56333716035](https://www.sectoralpha.in/momentum-stocks-india)
- [Small & mid cap stocks Size rank in India: 149](https://www.sectoralpha.in/small-cap-stocks-india)
- [Power & green energy stocks Group on the list: Power equipment, transformers and cables](https://www.sectoralpha.in/sectors/power-stocks-india)

## Is Apar Industries profitable? Apar Industries Ltd earned ₹447 Cr of net profit in the Sep 2026 quarter, +77.4% on the same quarter a year earlier. That is the 7th quarter in a row of profit growth. Full-year FY26 profit was ₹977 Cr. Over 10 years profit has grown 23.1% a year on average. That is 6.4% of the quarter's revenue. The same quarter a year earlier earned ₹252 Cr. For the full year, FY26 profit was ₹977 Cr (+19.0% on the year before). Why profit moved: revenue changed +21.3% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +43.9% and revenue +23.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. FY27-Q1. revenue ₹6,591 Cr and profit ₹467 Cr as reported. FY27-Q2. revenue ₹6,931 Cr and profit ₹447 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much revenue does Apar Industries make, and is it growing? Apar Industries Ltd reported ₹6,931 Cr of revenue in the Sep 2026 quarter, +21.3% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 16.3% a year on average. The last full year, FY26, came in at ₹22,902 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. The last four reported quarters add to ₹25,605 Cr. FY26 revenue was ₹22,902 Cr, +23.3% on the year before. Recent pace: the last four quarters grew +23.3% on average, against 16.3% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +23.4%, against +22.3% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +46.4%, against +27.2% a year (accelerating). FY27-Q1. revenue ₹6,591 Cr and profit ₹467 Cr as reported. FY27-Q2. revenue ₹6,931 Cr and profit ₹447 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Apar Industries keep? Apar Industries Ltd's operating margin was 10.0% in the Sep 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 5.0% and 10.0%. The latest quarter is within that range. 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 has a 10,190 Cr order book (56.8% export), including >2,800 Cr in multi-year utility awards from the US and Europe. Why the margin moved: operating margin changed +2.3 percentage points on the year while gross margin changed +0.5 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. FY27-Q1. revenue ₹6,591 Cr and profit ₹467 Cr as reported. FY27-Q2. revenue ₹6,931 Cr and profit ₹447 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## Is Apar Industries' profit turning into cash? Over the last 3 years, 75% of Apar Industries Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 it brought in ₹968 Cr of operating cash against ₹977 Cr of profit. After ₹748 Cr of spending on assets, ₹220 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 75% of profit came in as cash: the cash cycle got 36 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: less of the profit turns into cash than it should, and the cash cycle is 36 days longer. The next section looks at where the cash is stuck. ## Where does Apar Industries' cash go? Apar Industries Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 30 days in FY26, up from −6 days in FY21. It spent ₹1,617 Cr on assets over the last 3 years. Customers take 85 days to pay, and stock sits for 84 days on average. At FY26 sales of ₹22,902 Cr, each day of that cycle ties up about ₹62.7 Cr, so roughly ₹1,882 Cr is tied up in the business at any time. FY26: customers took 85 days to pay and stock sat for 84 days, about 2.8 months of sales sitting as stock, for a full cycle of 30 days, longer than FY21's −6. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 84 days. Customers pay about 85 days after that. Suppliers are paid at 138 days. Together that makes the 30-day cycle. Spending on assets: ₹1,617 Cr over the last 3 years, against ₹409 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹540 Cr (FY26): assets paid for that are not earning yet. In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit. ## What is Apar Industries' P/E ratio, and how does it compare with its own history? Apar Industries Ltd's P/E is 46.4×, near the high end of its own history: higher than 92% of past readings. Its usual P/E (the middle reading) is 18.7×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹338.29. Why the multiple is where it is: over the past year earnings per share moved +19.0% while the price moved +79.0%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +86.2% a year; about +39.0% a year came from earnings growth and about +47.2 percentage points from the multiple (the market paying more); over 10 years the price moved +39.5% a year; about +26.8% a year came from earnings growth and about +12.7 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Apar Industries share price assume? Worked out from its price on 26 August 2026, Apar Industries Ltd's share price assumed profit growth of about 28.9% a year. Over the past 10 years its profit actually grew 23.1% a year. Today its P/E is 46.4×, higher than 92% of its own last 11 years. This is a one-day reading, taken on 26 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Apar Industries business getting better or worse? Apar Industries Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 32.1%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Apar Industries story, and has it been checked? Apar Industries Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: AT PEAK. Our read, 22 August 2026. What is proven. 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. 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. Measured by: the thesis as written as stated by the next result. The test written in advance. The test written in advance. Commodity Volatility and Customer Order Clearance Deferrals. Measured by: 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 launch 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. What the surface reading misses. What the surface reading misses. The surface reading is: Operating margin expanded to 11% in Q1 FY27 after having 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 · More business from existing customers: building. National grid expansion aiming for 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 Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Apar Industries management deliver what it promised? What Apar Industries Ltd's management promised, against what actually happened: 4 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. Premium Conductor Mix Reversal · 29 October 2026. In Jul 2026, management highlighted a 50.3% premium-conductor mix. In Oct 2026, the Q2 FY27 mix was 39.4%, below both the prior-quarter level and the prior-year Q2 level of 45.3%, creating a material reversal that was not reconciled with the earlier premiumization narrative. Cable EBITDA Goal Increased · 29 October 2026. Jul 2026 described cable EBITDA guidance as approximately 10% to 11%. In Oct 2026, management stated an 11% to 12% goal, raising the upper end by one percentage point without explicitly explaining whether the earlier guidance had been superseded, which is material for margin assumptions. 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. Every quote above is taken word for word from the company’s own earnings calls. ## What is Apar Industries management's track record? Apar Industries demonstrates a strong track record of meeting or exceeding conservative management guidance. For FY25, the company delivered 15% revenue growth (₹18,581 Cr) against a 15-20% goal. In FY26, management guided for 10% volume growth in conductors and 25% in cables; actual H1 FY26 revenue surged 25% on a year earlier to ₹10,820 Cr, marking the first time the company crossed ₹10k Cr in a half-year. While Conductor operating profit/MT dipped to ₹29,593 in October to December 2024 (below the ₹35k-40k goal range), it rebounded to ₹41,430 by January to March 2025. The company is currently executing a massive ₹13bn capital spending plan to double cable capacity by April to June 2026 and triple CTC capacity by October to December 2025, providing high revenue visibility. ### Regulatory and governance record

Apar Industries Ltd (APARINDS) maintains a clean regulatory record with no evidence of SEBI enforcement actions, promoter fraud, or criminal investigations between 2022 and 2026. The only recorded regulatory event is a minor administrative penalty of AED 2,000 (approx. ₹45,000) imposed on its UAE-based subsidiary, Petroleum Specialties FZE, by the Federal Tax Authority in August 2024 for a VAT credit discrepancy. This was a voluntary disclosure and is non-material. Governance reports from 2022 noted a concentration of power as Kushal N. The company is frequently disambiguated from unrelated fraud cases involving Gautam Thapar (CG Power) or Retro Green Revolution Ltd. (Checked 20 April 2026.)

## How much does Apar Industries earn on its capital? Apar Industries Ltd earned a ROCE of 32% in FY26. That is up from a low of 17% in FY15. Its return on capital used (ROIC) is 13.0 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 4.3% net margin and 1.67× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 4.3% net margin × 1.67× asset turnover × 2.54× leverage (assets divided by equity) ≈ 18.2% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 25.0% − 12.0% = +13.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 25.0% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 26.0%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Apar Industries have too much debt? Apar Industries Ltd has total debt of ₹1,014 Cr against shareholder equity of ₹8,520 Cr as of Sep 2026, so its debt is 0.12× its equity, which is very little. Year by year, that ratio went from 0.21 in FY22 to 0.18 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Apar Industries shareholding pattern? Domestic institutions raised their stake in Apar Industries Ltd by 2.6 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 23.8% of the company. Promoters moved −2.4 points over the same period, to 55.4%. This uses the four owner groups that companies report every quarter; nothing is guessed 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. Over the last two years: Domestic institutions: +2.6 points over 8 quarters, to 23.8%; Promoters: −2.4 points over 8 quarters, to 55.4%; Foreign institutions: +2.3 points over 8 quarters, to 12.6%. Why the owners changed: domestic institutions drove it (+2.6 points), with the other side taken by promoters (−2.4 points). They raised their stake step by step. ## How far is Apar Industries from balance-sheet trouble? For Apar Industries Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Apar Industries rank in its industry? 55.3 out of 100, rank 4 of 11 in Cables - Power, with 100% of the evidence available. Apar Industries Ltd scores 55.3 out of 100 against the 11 companies it is compared with in Cables - Power, ranking 4. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 18.9 + 15.6 + 4.6 + 16.2 = 55.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Apar Industries compared with? Apar Industries ranks 4 of 11 Cables - Power companies on the 4-Factor Sector Score, with 55.3 out of 100. 1. [V-Marc India Ltd](https://www.sectoralpha.in/stocks/v-marc-india-ltd) VMARCIND · leader · Most evidence points up · 63% evidence 67.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.0/35 · Revenue 48.9% · Profit 90.5% · Operating margin change 0 points · 59% evidence Capital efficiency 19.5/25 · ROCE 41.3% · Operating margin 11% · 76% evidence Valuation 9.1/20 · P/E 38.4× · PEG n/a · 15% evidence Relative strength 14.5/20 · Lead over its industry 29.9% · Lead over NIFTY 500 57.9% · 1 year 225.2% · 100% evidence · 11 of 12 weeks ahead Exact sum: 24 + 19.5 + 9.1 + 14.5 = 67.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Diamond Power Infrastructure Ltd](https://www.sectoralpha.in/stocks/diamond-power-infrastructure-ltd) DIACABS · leader · Evidence leans up · 79% evidence 64.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.5/35 · Revenue 92.6% · Profit 100% · Operating margin change 1 points · 88% evidence Capital efficiency 8.8/25 · ROCE 11.8% · Operating margin 11% · 100% evidence Valuation 8.5/20 · P/E 105× · PEG n/a · 15% evidence Relative strength 18.9/20 · Lead over its industry 36.7% · Lead over NIFTY 500 69.7% · 1 year 125.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 28.5 + 8.8 + 8.5 + 18.9 = 64.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [R R Kabel Ltd](https://www.sectoralpha.in/stocks/r-r-kabel-ltd) RRKABEL · losing its lead · Evidence leans up · 100% evidence 55.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.4/35 · Revenue 45.4% · Profit 66.3% · Operating margin change 1 points · 100% evidence Capital efficiency 14.0/25 · ROCE 28.1% · Operating margin 9% · 100% evidence Valuation 8.8/20 · P/E 34.4× · PEG 2.45 · 100% evidence Relative strength 5.3/20 · Lead over its industry -12.6% · Lead over NIFTY 500 12.8% · 1 year 45.6% · 100% evidence · 10 of 12 weeks ahead Exact sum: 27.4 + 14 + 8.8 + 5.3 = 55.5 · What this means: Earnings are strong; relative strength in its sector is -12.6% and the one-year return is 45.6%. 4. Apar Industries Ltd this page APARINDS · leader · Evidence leans up · 100% evidence 55.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.9/35 · Revenue 23.4% · Profit 46.4% · Operating margin change 2 points · 100% evidence Capital efficiency 15.6/25 · ROCE 31.8% · Operating margin 10% · 100% evidence Valuation 4.6/20 · P/E 46.9× · PEG 1.57 · 100% evidence Relative strength 16.2/20 · Lead over its industry 1.7% · Lead over NIFTY 500 30.9% · 1 year 80.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 18.9 + 15.6 + 4.6 + 16.2 = 55.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Polycab India Ltd](https://www.sectoralpha.in/stocks/polycab-india-ltd) POLYCAB · quiet · Evidence leans up · 100% evidence 54.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.5/35 · Revenue 40.7% · Profit 28.6% · Operating margin change -2 points · 100% evidence Capital efficiency 20.6/25 · ROCE 33.2% · Operating margin 14% · 100% evidence Valuation 11.2/20 · P/E 37.2× · PEG 1.48 · 100% evidence Relative strength 6.6/20 · Lead over its industry -26.8% · Lead over NIFTY 500 -0.7% · 1 year 1.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 16.5 + 20.6 + 11.2 + 6.6 = 54.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Universal Cables Ltd](https://www.sectoralpha.in/stocks/universal-cables-ltd) UNIVCABLES · losing its lead · Evidence leans up · 96% evidence 51.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.5/35 · Revenue 33.6% · Profit 69.5% · Operating margin change 0 points · 88% evidence Capital efficiency 7.0/25 · ROCE 11.7% · Operating margin 10% · 100% evidence Valuation 13.5/20 · P/E 20.9× · PEG 0.32 · 100% evidence Relative strength 7.1/20 · Lead over its industry -7.3% · Lead over NIFTY 500 18.9% · 1 year 63.2% · 100% evidence · 11 of 12 weeks ahead Exact sum: 23.5 + 7 + 13.5 + 7.1 = 51.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Delton Cables Ltd](https://www.sectoralpha.in/stocks/delton-cables-ltd) Evidence leans down · 61% evidence 46.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.1/35 · Revenue 54.6% · Profit -6.5% · Operating margin change 0.1 points · 83% evidence Capital efficiency 10.6/25 · ROCE 16.6% · Operating margin 8.7% · 95% evidence Valuation 10.3/20 · P/E 31.5× · PEG n/a · 15% evidence Relative strength 11.8/20 · Lead over its industry n/a · Lead over NIFTY 500 36.2% · 1 year n/a · 25% evidence Exact sum: 14.1 + 10.6 + 10.3 + 11.8 = 46.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Dynamic Cables Ltd](https://www.sectoralpha.in/stocks/dynamic-cables-ltd) DYCL · quiet · Evidence leans down · 100% evidence 44.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.7/35 · Revenue 21.2% · Profit 19.2% · Operating margin change -1 points · 100% evidence Capital efficiency 14.0/25 · ROCE 26.2% · Operating margin 10% · 100% evidence Valuation 14.2/20 · P/E 16.5× · PEG 0.84 · 100% evidence Relative strength 4.0/20 · Lead over its industry -29.6% · Lead over NIFTY 500 -5.9% · 1 year -20.9% · 100% evidence · 10 of 12 weeks ahead Exact sum: 12.7 + 14 + 14.2 + 4 = 44.9 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [KEI Industries Ltd](https://www.sectoralpha.in/stocks/kei-industries-ltd) KEI · quiet · Evidence leans down · 100% evidence 44.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.5/35 · Revenue 25.1% · Profit 33.2% · Operating margin change 0 points · 100% evidence Capital efficiency 11.2/25 · ROCE 20% · Operating margin 10% · 100% evidence Valuation 11.4/20 · P/E 34.2× · PEG 1.37 · 100% evidence Relative strength 1.1/20 · Lead over its industry -37.9% · Lead over NIFTY 500 -15.5% · 1 year -6.5% · 100% evidence · 1 of 12 weeks ahead Exact sum: 20.5 + 11.2 + 11.4 + 1.1 = 44.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [JD Cables Ltd](https://www.sectoralpha.in/stocks/jd-cables-ltd) Too little evidence to rank firmly · 26% evidence 55.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.9/43.75 · Revenue n/a · Profit n/a · Operating margin change -1 points · 15% evidence Capital efficiency 20.9/31.25 · ROCE 33.6% · Operating margin 12% · 71% evidence Valuation 14.4/25 · P/E 14.8× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 19.9 + 20.9 + 14.4 = 55.2 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 11. [Systematic Industries Ltd](https://www.sectoralpha.in/stocks/systematic-industries-ltd) breaking out · Too little evidence to rank firmly · 43% evidence 48.8 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Cables - Power](https://www.sectoralpha.in/sectors/cables-power), all 11 compared on one page. ## Which companies are close to Apar Industries in size? Apar Industries is the 2nd largest of 11 Cables - Power companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Polycab India. Just below it: KEI Industries, R R Kabel, Diamond Power Infrastructure, V-Marc India and Universal Cables. ### Cables - Power companies close in size

1. [Polycab India Ltd](https://www.sectoralpha.in/stocks/polycab-india-ltd) ₹1,17,355 crore
2. Apar Industries Ltd ₹65,652 crore
3. [KEI Industries Ltd](https://www.sectoralpha.in/stocks/kei-industries-ltd) ₹36,058 crore
4. [R R Kabel Ltd](https://www.sectoralpha.in/stocks/r-r-kabel-ltd) ₹23,251 crore
5. [Diamond Power Infrastructure Ltd](https://www.sectoralpha.in/stocks/diamond-power-infrastructure-ltd) ₹20,598 crore
6. [V-Marc India Ltd](https://www.sectoralpha.in/stocks/v-marc-india-ltd) ₹4,470 crore
7. [Universal Cables Ltd](https://www.sectoralpha.in/stocks/universal-cables-ltd) ₹4,176 crore

[All 11 Cables - Power companies, largest first](https://www.sectoralpha.in/sectors/cables-power#all-companies)

### Companies close in size in other industries

1. [Steel Authority of India Ltd](https://www.sectoralpha.in/stocks/steel-authority-of-india-ltd) ₹66,501 crore · Steel
2. [Waaree Energies Ltd](https://www.sectoralpha.in/stocks/waaree-energies-ltd) ₹66,275 crore · Capital Goods - Solar
3. Apar Industries Ltd ₹65,652 crore
4. [Schaeffler India Ltd](https://www.sectoralpha.in/stocks/schaeffler-india-ltd) ₹65,481 crore · Bearings
5. [IndusInd Bank Ltd](https://www.sectoralpha.in/stocks/indusind-bank-ltd) ₹65,292 crore · Banks - Private

## What else do people ask about Apar Industries? ### What is Apar Industries's share price today? Apar Industries Ltd's share price is ₹15,523.00, +79.0% over the past year. The whole company is worth ₹65,003 Cr on the market. In the last 52 weeks it traded between ₹7,033 to ₹18,858; today it is 72% of the way up from the low, 10.8% above its 200-day average (as of 3 November 2026). ### What were Apar Industries's latest quarterly results? Apar Industries Ltd reported revenue of ₹6,931 Cr and net profit of ₹447 Cr for the Sep 2026 quarter. Revenue rose 21.3% and profit rose 77.4% compared with a year earlier. Earnings per share were ₹106.83. The operating margin was 10.0%, 2.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Apar Industries's market cap? Apar Industries Ltd's market capitalisation is ₹65,003 Cr at a share price of ₹15,523.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Apar Industries performing? Apar Industries Ltd's share price has been rising for 69 weeks. In its latest quarter, revenue rose 21.3% and profit rose 77.4% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 15 weeks running (as of 3 November 2026). ### Will Apar Industries's share price go up? This page does not forecast Apar Industries Ltd's share price. What it shows instead: the share price is ₹15,523.00, and it has been rising for 69 weeks. Its P/E of 46.4× is higher than 92% of its own last 11 years (as of 3 November 2026). ### Who owns Apar Industries? Promoters own 55.4% of Apar Industries Ltd, foreign institutions 12.6%, domestic institutions 23.8% and the public 8.2% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 2.6 percentage points over 8 quarters (as of 3 November 2026). ### Does Apar Industries have too much debt? No, Apar Industries Ltd has little debt: its debt is 0.18× its equity, and its operating profit is 4 times its interest bill. FY26 borrowings were ₹956 Cr against equity of ₹5,393 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Apar Industries in its business cycle? Apar Industries Ltd's FY26 operating margin was 8.0%, against a 13-year range of 5.0% to 10.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 10.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Apar Industries story? The main question: the share price moved +79.0% in a year while yearly earnings per share moved +19.0%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Apar Industries a stock worth studying right now? What the numbers show: Apar Industries Ltd's share price has risen faster than its earnings: +79.0% in a year, against +19.0% for earnings per share. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Apar Industries share price forecast for 2026? What management itself guided: Conductor operating profit per MT ₹35,000-36,000 plus tailwinds medium to long term. What is changing at Apar Industries, from the latest results and calls: conductor division premiumization and high-value utility order execution, us data-center cable qualification and medium-voltage expansion and 1,500 cr fy27 capital spending deployment for divisional capacity debottlenecking. What would change the story: A simultaneous decline in conductor blended operating profit 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. ### Where does this page get Apar Industries' management information? From Apar Industries' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Power & green energy stocks: https://www.sectoralpha.in/sectors/power-stocks-india

This is research, not advice. We’re not SEBI-registered.