Apar Industries Limited (APARINDS) share price

₹18160.00 on NSE as of 2026-10-07. +0.80% on the day. market cap ₹72,835 Cr. P/E 61.7. 52-week range ₹6966.00 to ₹18945.00. Capital Goods.

www.apar.com

What the company does

Other electrical equipment Founded by Dharmsinh D. Desai in 1958, APAR is engaged in three broad business segments -transformer oils and specialty oils (TSO), conductors segment, and power/telecom cables. Apart from being a market leader in India, the company has a global presence, exporting to over 140 countries. APAR has total installed capacity of 861,600 KL of transformer oils, 444,607 MT of conductors and 880,176 KM of cables as on March 31, 202 5. Its manufacturing facilities are at Rabale (Maharashtra), Silvassa, Athola and Rakholi (Dadra and Nagar Haveli), Umbergaon and Khatalwad (Gujarat), Jharsugoda and Lapanga (Orissa), and Hamriyah (Sharjah).

Filed by CARE Ratings, page 5.

Apar Industries Q1 FY27: A ₹93 Crore Provision, and the Oil Division Still Tripled Its EBITDA

At a glance

Apar Industries makes conductors for power lines, the oil inside transformers, and cables. Revenue for the three months to June 2026 was ₹6,591 crore, against ₹5,104 crore a year earlier. That is close to the ₹6,603 crore recorded in the March quarter. Operating profit rose to ₹758 crore from ₹452 crore. Operating margin moved to 11 per cent from 9 per cent. Net profit was ₹467 crore against ₹263 crore. Management described this as the highest quarterly sales and profit figure in the company's history.

The profit did not come evenly from the segments. Transformer and speciality oils produced ₹331 crore of segment profit on ₹1,701 crore of revenue. A year earlier the same division produced ₹98 crore. Conductors is the largest division by revenue at ₹3,338 crore, and it contributed ₹274 crore. Oil volumes fell 13.7 per cent to 1,29,085 kilolitres. Management attributed that to the closure of Hamriyah port and lower supplier allocation in April. Operating profit per kilolitre, on the company's own disclosure, moved from ₹7,004 to ₹25,482. The oil division also booked a provision of ₹93 crore. The company states this as compliance with accounting standards, after ICE gas oil prices rose sharply and then fell within the quarter.

Conductor volumes fell 6.7 per cent to 53,279 tonnes. Revenue from that division rose 19.9 per cent over the same period. Management linked the volume decline to a surge in metal prices affecting order booking and delivery schedules. Premium products reached 50.3 per cent of conductor revenue, against 43.7 per cent a year earlier. The pending conductor order book stood at ₹10,190 crore, of which exports are 56.8 per cent. New orders of ₹5,245 crore were booked during the quarter. Over ₹2,800 crore of that came from two overseas utilities, spread across four years.

Introduction

Apar was founded in 1958 by Dharmsinh D. Desai, under the name Power Cables Private Limited. CARE, a credit-rating agency, recorded in an August 2025 report that the founding family is now three generations in. Kushal N. Desai is Chairman and Managing Director, and Chaitanya N. Desai is Managing Director. Both are grandsons of the founder, according to that CARE report. The company began in power transmission cables. It now runs three segments: conductors, transformer and speciality oils, and power and telecom cables. Manufacturing runs from 11 facilities across India and the United Arab Emirates.

Recent quarters have been busy in ways that barely show in the quarterly profit statement. In November 2025 a wholly owned subsidiary took on the operation and monetisation of roughly 6,100 kilometres of optical ground wire in Karnataka. Optical ground wire is an overhead earth wire with optical fibres built into it. That arrangement runs for fifteen years, at ₹5 crore of annual rent on a 60:40 cash split. In January 2026 the company entered railway signalling and telecom infrastructure for the first time. It did so on the back of an engineering and construction contract worth ₹156.9 crore. The contract covers 1,563 route kilometres of the Kavach signalling rollout for Indian Railways over two years. In December 2025, Shashi Amin resigned as Chief Executive Officer for Cable Solutions.

At the end of June 2026 the board approved raising up to ₹2,500 crore. The money may come through a qualified institutional placement, a rights issue or a preferential allotment. A qualified institutional placement is a sale of new shares to institutional buyers. An extraordinary general meeting was convened on 3 July to seek shareholder approval. That shaped the July earnings call. Management opened by saying it would not take questions on guidance, projections, forecasts or the proposed funding requirements, citing restrictions around publicity. A results call that declines every question about the future is an unusual document.

The same board meeting, on 24 July, approved three further items. One was a United Kingdom subsidiary for trading in conductors, optical ground wire, rods and cables. Another was a further investment of up to three million Brazilian reais into the Brazilian arm. The third was the allotment of 9,484 equity shares against ESAR exercises, an employee share scheme.

Business model

Apar makes the metal strand that hangs between electricity pylons, the oil that stops transformers cooking themselves, and the cables that connect the rest. None of it is a consumer product. Installed capacity as at March 2025, as reported by CARE, the credit-rating agency, reads like a logistics dare. Transformer oil capacity was 8,61,600 kilolitres and conductor capacity 4,44,607 tonnes. Cable capacity was 8,80,176 kilometres.

Conductors accounted for 51 per cent of revenue in the year to March 2026, against 48 per cent the year before. Apar is the world's largest maker of aluminium conductors and India's largest exporter of them. The range covers conventional conductors, high-temperature low-sag conductors, optical ground wire and optical phase conductor. It also covers railway conductors, busbars, aluminium-clad steel wires and speciality alloy rods. A technology tie-up with CTC Global of the United States covers ACCC conductors. Apar was among the first in India to test conductors at 765 and 800 kilovolts. Testing has also covered 1200 kilovolts. The company does reconductoring, which means replacing existing lines with higher-capacity ones. That work runs to more than 272 projects across over 7,075 circuit kilometres.

Transformer and speciality oils was 23 per cent of revenue in the year to March 2026. It is the world's third-largest transformer oil operation, with roughly 60 per cent of the power transformer oil market. More than 400 variants run under brands including POWEROIL, TOPAZ, PEARL and SAPHIRE. Those names would sit as comfortably on a gemstone catalogue as on a lubricant drum. Apar is the only Indian supplier of transformer oil for major domestic high-voltage direct current projects. Equipment makers served include TAFE, Eicher, ITL and Escorts. The division also formulates oils for polymer battery separators, sold globally, which explains how much work the word speciality is doing.

Cables was 25 per cent of revenue. The range covers power cables, elastomeric cables, house wires and optical fibre cables. Electron-beam irradiated cables and hybrid cables are made as well. End markets include renewables, defence, railways and data centres, alongside real estate. Distributors numbered 642 in the year to March 2026, against 419 the year before. Retail counters reached 12,388, against 10,426. Active presence covered 20 states against 18, and demonstrations ran to 81,774 against 63,681. Others is 1 per cent of revenue, and that is APARPRENE, the polymers brand. Domestic sales were 70 per cent of revenue in that year, against 67 per cent before. Exports were the remaining 30 per cent. The company serves more than 4,000 clients across more than 140 countries.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Apar Industries Limited.

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