Date: October 29, 2026

Company Overview

APAR Industries Limited is a $2.4 billion manufacturing company with global leadership positions across critical energy infrastructure. The company operates across conductors, cables, speciality oils, and telecom solutions, serving 140+ countries with corporate presence in India, UAE, Saudi Arabia, USA, Singapore, and Brazil.

Financial Highlights

5-Year Performance (FY2021 to FY2026):

  • Revenue: ₹6,388 crore to ₹22,902 crore (5Y CAGR: 29.1%)
  • Export: ₹2,619 crore to ₹6,825 crore (5Y CAGR: 21.1%)
  • EBITDA post open period forex: ₹422 crore to ₹2,067 crore (5Y CAGR: 37.4%)
  • PAT: ₹161 crore to ₹977 crore (5Y CAGR: 43.4%)
  • Capex: ₹56 crore to ₹737 crore (5Y CAGR: 67.5%)

FY26 Consolidated Financials:

Profit & Loss Statement:

  • Revenue from operations: ₹22,902 crore (vs. ₹18,581 crore in FY25, +23.3%)
  • Other operating income: ₹92 crore
  • Other income: ₹65 crore
  • Cost of raw materials: ₹18,091 crore
  • Employees Cost: ₹428 crore
  • Finance Cost: ₹437 crore
  • Depreciation and Amortization: ₹161 crore
  • Other Expenditure: ₹2,507 crore
  • Profit before tax: ₹1,310 crore
  • Tax Expense: ₹333 crore
  • Profit after tax: ₹977 crore (vs. ₹821 crore in FY25, +18.9%)

Balance Sheet (FY26):

  • Total Assets: ₹13,711.29 crore
  • Property, plant and equipment: ₹1,608.59 crore
  • Right to use assets: ₹104.22 crore
  • Capital work-in-progress: ₹539.42 crore
  • Inventories: ₹4,152.79 crore
  • Trade receivables: ₹5,334.09 crore
  • Cash and cash equivalents: ₹668.72 crore
  • Total Equity: ₹5,392.73 crore
  • Borrowings: ₹840.51 crore (Non-current: ₹432.78 crore, Current: ₹407.73 crore)
  • Trade payables: ₹6,855.89 crore (Micro/small enterprises: ₹66.68 crore, Others: ₹6,789.21 crore)

Cash Flow (FY26):

  • Net cash from operating activities: ₹967.67 crore
  • Net cash used in investing activities: ₹558.08 crore
  • Net cash used in financing activities: ₹433.92 crore
  • Net decrease in cash: ₹24.33 crore

Key Financial Ratios:

  • Net Working Capital: ₹3,976 crore (FY26)
  • Capital Employed: ₹6,233 crore (FY26)
  • Owned Funds: ₹5,393 crore (FY26)

Business Segment Performance

Conductors Business:

  • FY26 Revenue: ₹12,712 crore
  • Installed capacity: 2,77,327 MT (vs. 2,14,438 MT in FY24)
  • Market position: Largest manufacturer of aluminium and alloy conductors globally, India's largest in Live Line HTLS reconductoring and OPGW installation
  • Facilities: Five in Dadra & Nagar Haveli, two in Odisha
  • Technology partnerships: CTC-Global, USA (ACCC conductors); AssetCool, UK (SE01 photonic coating)

Speciality Oils & Lubricants:

  • FY26 Revenue: ₹5,373 crore
  • Installed capacity: 9,34,600 MT
  • Market position: 3rd largest in transformer oil globally, market leader in India
  • Facilities: Rabale Navi Mumbai, Silvassa (India); Hamriyah (UAE)
  • Product range: 400+ speciality oils including Transformer Oil, White Oil, Industrial & Process Oils, Petroleum Jelly
  • Global approvals: SEC Saudi Arabia, OETC Oman, MEW Kuwait, TNB Malaysia, ADWEA and SEWA in UAE, and major OEMs including General Electric, Schneider Electric, Siemens Energy

Cable Solutions:

  • FY26 Revenue: ₹6,220 crore
  • Installed capacity: 9,50,656 KM (vs. 6,81,780 KM in FY24)
  • Market position: India's No.1 exporter among indigenous manufacturers, top 6 cable manufacturers in India
  • Facilities: Khatalwada and Umbergaon, Gujarat
  • Technology leadership: Largest installed E-beam irradiation capacity in India, highest number of UL Certificates from India for US cable sales

Light Duty Cables (LDC):

  • FY26 Sales: ₹384 crore
  • Brands: APAR Anushakti, APAR Fire Protekt, APAR Shakti, APAR Green Wire
  • Differentiation: E-beam cross-linked PVC insulation technology

Telecom Solutions:

  • Specialized offerings: Copper-Fiber Hybrid Cables, OFC, Pre-connectorised Solutions
  • Expansion areas: OPGW Dark Fibre Monetisation, Kavach EPC, Short distance submarine OFC

Growth Strategy and Capex

  • Front-loading FY27 capex of ₹1,500 crore to accelerate future growth
  • Fast-tracking cable capacity expansion while debottlenecking conductor and lubricant operations
  • Focus on high-performance conductors, specialized cables, and speciality oils
  • Scaling advanced applications across railways, metro systems, defence, and other high-performance sectors

Market Opportunities

Renewable Energy:

  • India targets 500+ GW non-fossil capacity by 2030
  • 692 GW renewables added globally in 2025
  • Grid expansion could nearly double annual copper and aluminium demand by 2040

Grid Modernization:

  • $3 trillion T&D opportunity by 2032
  • 13% Reconductoring CAGR, 2026–35
  • 7% Power T&D equipment CAGR, 2031

US Market (APAR USA LLC):

  • Data Centers & AI: $2.8T investment by 2030, 4,000+ active data centers
  • Renewables, BESS & Construction: 88% of new US generating capacity in 2025
  • Electric Grid Infrastructure: $1.1T+ capital expenditure forecasts

Customer Mix (FY26)

  • Exports: 29.9%
  • Industries/Corporate: 18.8%
  • Specific industry groups: 3.5%
  • OEM's: 11.4%
  • EPC - Transmission companies: 14.4%
  • Utilities - Transmission companies: 7.4%
  • Channel Sales: 4.4%
  • Renewables: 6.9%
  • Utilities - Electricity Distribution Boards: 2.1%
  • EPC - Diversified: 1.2%

Quality of Receivables (FY26)

  • Secured under various means: 50.4%
  • Government Transmission and sector specific companies: 25.4%
  • Others (60%+ with entities having business relationship over 3 years): 24.2%

ESG Highlights

  • Renewable Energy share: 10.9% of electricity mix
  • Established long-term GHG Emission Reduction Targets for Scope 1, 2, and 3
  • Water Stewardship through Zero Liquid Discharge practices
  • 100% recycling of plastic packaging waste through authorized recyclers under EPR
  • Great Place To Work certified for third consecutive year
  • All facilities audited and certified with 'Platinum' rating for Human Rights Excellence (BEC 1500:2024)
  • Board-level Corporate Social Responsibility and Sustainability Committee
  • ESG performance-linked incentive for leaders and relevant employees

CSR Initiatives

  • Budget allocated for 2026-27: ₹23.72 crore
  • Lives touched in FY 2025-26: >1,00,000+
  • Patients treated through healthcare: >50,000
  • Lives empowered through education: >60,000
  • 100+ projects executed in last two years

Shareholding Structure

As on September 30, 2026:

  • Outstanding shares: 4,18,72,337
  • Major Non-Promoter Shareholders:
  • Axis Mutual Fund: 4.53%
  • HDFC Mutual Fund: 2.66%
  • Nippon India Mutual Fund: 2.44%
  • ICICI Prudential Mutual Fund: 2.36%