Aplab Ltd. (APLABPP) share price
₹50.35 on BSE as of 2026-10-07. -6.76% on the day. 52-week range ₹37.38 to ₹89.92.
Aplab FY26: A ₹2.52 Cr Profit Where ₹3.34 Cr of Other Income Did the Heavy Lifting
At a glance
Aplab closed the year to March 2026 with sales of ₹58.44 crore and a net profit of ₹2.52 crore. That is the largest annual profit this electronics maker has recorded in a decade. The company has been building professional electronic equipment since 1962.
The composition of the profit sits one layer below the headline. Other income for the year came to ₹3.34 crore. Operating profit, the money the actual business produced, came to ₹3.00 crore. The three months to March 2026, taken on their own, lost ₹0.72 crore.
The balance sheet moved as well. Reserves, the pile of past profits a company keeps, turned positive at ₹4.30 crore. They had been below zero as far back as the record runs. Borrowings fell to ₹18.81 crore from ₹29.93 crore. Promoter holding stood at 67.60% in mid-2025 and at 43.83% by March 2026.
The market pays roughly ₹96 for every ₹1 of yearly profit. Sales have grown 1.97% over five years. The board turned over almost entirely inside a single month, and the record for the period is unusually busy for a company of this size. The credit file is marked "issuer not cooperating", the phrase a rating agency uses when a company stops supplying it information. Where the operating engine ends and the accounting begins is the thread running through the period.
Introduction
Aplab Ltd manufactures professional electronic equipment out of Thane and has done so since its incorporation in 1962. It works in industrial power electronics, the equipment that supplies and measures power for other machines. Per the company's own material, it is the only Indian manufacturer of rack-mount programmable AC and DC power sources. Those are bench-style units, bolted into a frame, that a user programmes to deliver a chosen voltage. The market for them is a narrow one.
The company's recent history is a study in survival. It carried accumulated losses and negative reserves for years, meaning past losses had wiped out the shareholders' funds on the books. Promoters extended unsecured loans to keep operations funded, then converted those loans into equity to repair net worth. That repair is now visible in the books for the year to March 2026.
The same year rebuilt most of the top of the company. Chairperson and Whole-time Director Amrita P. Deodhar resigned with effect from 31 May 2026. The CFO, Company Secretary and Compliance Officer Rajesh K. Deherkar resigned on the same day. The board appointed Nishith Deodhar as Executive Director and Tanvi Paharia Jain as Non-Executive Director, both with effect from 1 June 2026. Ravish Modi was appointed CFO from the same date. Sanjay N. Mehta signs the results as Managing Director. An independent director had already resigned in January 2026.
Layered onto the operations were a one-for-one rights issue, which offers each holder one new share for every share held, and a stack of credit-rating and monitoring-agency paperwork. Both sit alongside the trading figures and both bear on what those figures mean. Four of the seats at the top of the company changed hands inside a fortnight of each other, which is a lot of handovers for a firm of ₹58.44 crore in sales. The promoter family name appears on both sides of that change.
Business model
Aplab makes equipment that keeps other equipment powered and measured. The year to March 2024 gives the most granular product split the record offers. Uninterruptible power supply systems, which keep machines running through a power cut, were 46.55% of sales, with service income at 20.73%. Regulated DC power supply came to 11.80% and education products to 8.35%. Test and measuring instruments were 6.80%, and passbook printers and machines 5.77%.
That last line is worth a pause. In an economy moving onto UPI, India's instant phone-to-phone payments system, Aplab still books revenue from passbook printers. These are the machines that stamp a paper booklet at a bank branch. The company has been deploying self-service passbook kiosks built on AI software, a description that manages to span three decades at once.
The stated strategy is to draw 50% of total revenue from spares, service and support. That means leaning deliberately into lower-margin product lines, where the after-sales service earns more than the box itself. Service income at 20.73% is the measure of how far that has travelled.
During the year the company exited its high-school electrical lab equipment line. Most of that line's sales came from the United Kingdom, where spending on such tools had been falling and margins were thin. Management says it expects to recover that revenue by raising output elsewhere. The company also launched the rebranded 'LONAR Series' of programmable AC sources, named after Maharashtra's Lonar Lake.
So the business is an engineering operation with a service footprint running from Leh to the Andamans, much of it alongside defence users. Around that sit product lines at very different points in their lifespans: a narrow niche in programmable power sources, a UPS business, a service arm and the passbook machines. The revenue base behind all of it grew 1.97% over five years.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Aplab Ltd..