APAR Industries Limited – Investor Presentation Summary

Key Operational Highlights

  • Q4 FY26 revenue stands at ₹6,603 crores, grew 26.7% over Q4 FY25, led by sustained domestic business, scaling up of US business and higher realisations.
  • Revenue for 12M FY26 grew 23.3% to reach ₹22,902 crores, which is at all-time high.
  • Domestic revenue up 33.6% over Q4 FY25 and 28.8% over 12M FY25.
  • Exports grew 11.7% v/s Q4 FY25, grew 29.7% v/s Q3 FY26 and grew 11.8% v/s 12M FY25.
  • Export contributes to 27.6% of revenue in Q4 FY26 v/s 31.3% in Q4 FY25 and 29.8% in 12M FY26.
  • US revenue up by 28.8% over Q4 FY25, up 254.7% v/s Q3 FY26 and up 49.7% in 12 FY26 v/s 12M FY25.

Segment-wise Performance

Conductor Division:

  • Revenue for Q4 FY26 reached ₹3,764 crores, representing YoY growth of 29.9% driven by volume growth, product mix change and higher realisation.
  • Volume for quarter grew 9.0% v/s Q4 FY25 to 64,957 MT. Volume in 12M FY26 grew 8.6% over 12M FY25 to 2,41,788 MT.
  • Domestic revenue posted YoY growth of 34.8% over Q4 FY25 and 38.3% over 12M FY25.
  • Exports grew by 14.6% v/s Q4 FY25 and 48.7% v/s Q3 FY25. In 12M FY26, exports up 14.9% v/s 12M FY25.
  • Exports mix stands at 21.6% in Q4 FY26 v/s 24.5% in Q4 FY25 and 21.0% in 12M FY26 v/s 24.2% in 12M FY25.
  • Premium product mix came in at 49.3% in Q4 FY26 v/s 44.3% in Q4 FY25 and 45.8% in 12M FY26 v/s 40.6% in 12M FY25.
  • Pending order book was ₹7,671 crores of which export mix is 38.9%.
  • In 12M FY26 new order inflow stands at ₹11,450 crores, up 24.2% YoY.

Specialty Oil and Lubricant Division:

  • Revenue reached ₹1,311 crores in Q4 FY26, up 4.8% YoY.
  • Volume (KL) was 1,49,234 in Q4 FY26, down 0.4% v/s Q4 FY25.
  • Transformer oil volume at global level, up 1.4% v/s Q4 FY25 and up 3.5% v/s 12M FY25 while domestic transformer oil business posted volume growth of 8.5% v/s Q4 FY25 and 12.2% v/s 12M FY25.
  • Automotive oil volume is higher than Q4 FY25 by 19.5% and 11.1% higher than 12M FY25.
  • Industrial lubricant up by 6.1% v/s Q4 FY25 and 13.8% v/s 12M FY25.
  • Export mix stands at 36.3% in Q4 FY26 v/s 41.7% in Q4 FY25 and 39.8% in 12M FY26 v/s 44.0% in 12M FY25.

Cable Division:

  • Revenue for Q4 FY26 came in at ₹1,903 crores up 35.0% v/s Q4 FY25 led by commodity price increase.
  • Domestic business grew 35.4% over Q4 FY25 and 23.6% over 12M FY25.
  • Exports up 33.6% v/s Q4 FY25 and 123.4% over Q3 FY26.
  • Exports contribution to revenues came in at 28.1% compared to 28.4% in Q4 FY25.
  • In 12M FY26, exports grew 30.6%, with export mix at 32.3% in 12M FY26 v/s 31.1% in 12M FY25.
  • US revenue grew 52.2% in Q4 FY26 v/s Q4 FY25. On sequential quarter basis it is up 334.0%. It is up 46.7% in 12M FY26 over 12M FY25.
  • Pending order book is at ₹1,800 crores.

Financial Highlights

Revenue: ₹22,902 crores (FY26)

EBITDA: ₹2,067 crores (FY26 post open period forex)

PAT: ₹977 crores (FY26)

EPS: ₹243 (FY26)

Margins: EBITDA Margin 9.0% (FY26), PAT Margin 4.3% (FY26)

YoY comparison: Revenue up 23.3%, EBITDA up 23.0%, PAT up 19.0% for FY26 vs FY25

Drivers of financial performance: Higher revenue growth, improved product mix, scaling up of US business

Key Risks: Impact of recently amended labour code on gratuity and leave encashment, MTM impact of ECB loan, provision for an old legal case

Geographical Revenue Split

Domestic vs Export Revenue:

  • Domestic: Not specified exact value, but up 33.6% over Q4 FY25 and 28.8% over 12M FY25
  • Export: 27.6% of revenue in Q4 FY26, 29.8% in 12M FY26

Regional Breakdown: US revenue showed strong growth - up 28.8% over Q4 FY25, up 254.7% v/s Q3 FY26, and up 49.7% in 12M FY26 v/s 12M FY25

Balance Sheet Snapshot

Not Specified

Capex & Cash Flow Health

Not Specified

Strategic & R&D Initiatives

Not Specified

Industry Trends & Business Environment

Not Specified

Management Commentary & Growth Outlook

Strategic Outlook: Not explicitly stated in the presentation

FY Guidance: Not provided

Market Share Targets: Not specified

Risks and Opportunities: Q4 had one-offs due to additional impact in the new wage code on gratuity and leave encashment, MTM impact of ECB loan and provision for an old legal case. Excluding these one-offs, PAT would have grown by 14% v/s LY Q4 and 27% v/s 12M FY25.