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Sat, 13 Jun 2026
05:37:11 am
Sat, 13 Jun 2026
05:37:11 am
Synopsis
APAR Industries FY26 results: Revenue rises to ₹22,902 crore, PAT reaches ₹977 crore, U.S. revenue target set at ₹4,800 crore, and ₹1,500 crore capex announced to drive growth in cables, conductors, renewable energy, and data centers.
APAR Industries Limited delivered a record-breaking performance in FY26, reporting its highest-ever consolidated revenue of ₹22,902 crore, up 23.3% year-on-year, driven by strong growth across its Conductors, Cables, and Specialty Oils businesses. The company also reported EBITDA of ₹2,067 crore and Profit After Tax (PAT) of ₹977 crore, while outlining an ambitious expansion strategy supported by a ₹1,500 crore FY27 capex plan.
Management expects the ongoing investment cycle in renewable energy, transmission infrastructure, electric mobility, railways, defence, and data centers to create substantial long-term opportunities. APAR is targeting U.S. revenue of $500 million (approximately ₹4,800 crore) within the next three years, compared to the current ₹1,600 crore contribution.
APAR Industries continued its multi-year growth trajectory during FY26, benefiting from strong domestic infrastructure spending, growing exports, higher demand for premium products, and increasing penetration in international markets.
Over the last five years, the company has expanded its revenue base from approximately ₹6,406 crore in FY21 to ₹22,902 crore in FY26, representing a remarkable growth journey driven by capacity expansion, product diversification, and global market penetration.
| Particulars | FY26 | Growth |
|---|---|---|
| Revenue | ₹22,902 Crore | +23.3% YoY |
| EBITDA | ₹2,067 Crore | +23% YoY |
| EBITDA Margin | 9.0% | Stable |
| PAT | ₹977 Crore | +19% YoY |
| PAT Margin | 4.3% | - |
| Export Contribution | 30% | - |
| U.S. Business Growth | ~50% | Strong |
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The strong financial performance reflects robust execution across all major business segments despite global supply chain disruptions, elevated freight costs, and volatility in commodity markets.
During the fourth quarter of FY26, APAR Industries reported consolidated revenue of ₹6,603 crore, representing a growth of 26.7% year-on-year.
Management highlighted that quarterly profitability was impacted by one-time provisions and non-operating adjustments worth approximately ₹31 crore. Excluding these items, profitability growth would have been significantly stronger.
| Particulars | Q4 FY26 | Growth |
|---|---|---|
| Revenue | ₹6,603 Crore | +26.7% YoY |
| EBITDA | ₹584 Crore | +19.3% YoY |
| PAT | ₹254 Crore | Reported |
| Adjusted PAT | ₹285 Crore | Excluding one-offs |
| Domestic Revenue Growth | +33.6% | Strong |
| Export Revenue Growth | +13.3% | Positive |
| U.S. Revenue Growth | +28.8% YoY | Strong |
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The company witnessed a significant sequential improvement in exports, particularly from the United States, where revenues surged by approximately 250% quarter-on-quarter.
The Conductors segment remained APAR's largest business and delivered one of its strongest years ever.
The division crossed the ₹10,000 crore revenue milestone and ended FY26 with revenue of ₹12,712 crore, supported by rising transmission investments and increasing demand for premium conductors.
| Particulars | FY26 |
|---|---|
| Revenue | ₹12,712 Crore |
| Revenue Growth | +32.7% |
| Volume Growth | +8.6% |
| Domestic Growth | +38.3% |
| Export Growth | ~15% |
| Premium Product Mix | 45.8% |
| Order Inflow | ₹11,450 Crore |
| Order Book | ₹7,671 Crore |
The company reported that premium conductors now contribute nearly half of the segment's revenue, helping improve profitability and margins.
India's transmission network expansion remains one of APAR's largest growth drivers.
According to management:
These trends are expected to support sustained demand for APAR's conductor business over the coming decade.
The Cable segment has become APAR Industries' second-largest business after overtaking the Oil division during FY26.
The business reported revenue of ₹6,220 crore, growing nearly 26% year-on-year, supported by strong domestic demand and rapidly expanding exports.
| Particulars | FY26 |
|---|---|
| Revenue | ₹6,220 Crore |
| Revenue Growth | +25.8% |
| Domestic Growth | +23.6% |
| Export Growth | +30.6% |
| U.S. Revenue Growth | +46.7% |
| EBITDA | ₹633 Crore |
| EBITDA Margin | 10.2% |
| Export Mix | 32.3% |
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Management indicated that the long-term target is to scale Cable division revenue to ₹10,000 crore, driven by investments in:
One of the most significant takeaways from the earnings call was management's optimism regarding the data center industry.
India's data center capacity currently stands between 1.5 GW and 1.7 GW and is projected to reach approximately 5 GW by 2030.
The company estimates that cables account for approximately 2.5% of total data center capital expenditure, creating a substantial addressable market.
| Metric | Current | 2030 Target |
|---|---|---|
| Data Center Capacity | 1.5–1.7 GW | ~5 GW |
| Industry Investments | Growing | $30 Billion+ |
| Cable Share of Capex | ~2.5% | Significant Opportunity |
Management revealed that APAR has already supplied cables worth approximately $15 million to three major U.S. data center projects.
This positions the company strongly to benefit from the AI, cloud computing, and digital infrastructure boom.
Despite facing export challenges caused by Middle East supply chain disruptions and rising freight costs, APAR's Specialty Oils business continued to grow steadily.
| Particulars | FY26 |
|---|---|
| Revenue | ₹5,373 Crore |
| Revenue Growth | +6.0% |
| Transformer Oil Growth | +12.2% |
| Automotive Oil Growth | +11.1% |
| Industrial Oil Growth | +13.8% |
| Export Mix | 39.8% |
The company expects growth to improve as logistics conditions normalize and industrial demand strengthens globally.
To capitalize on future growth opportunities, APAR Industries has announced a major capex program worth approximately ₹1,500 crore in FY27.
| Division | Planned Capex |
|---|---|
| Conductors | ₹400 Crore |
| Oil | ₹200 Crore |
| Cables | ₹850 Crore |
| Total | ₹1,500 Crore |
Management expects this investment to contribute an additional ₹3,000–5,000 crore in annual revenue over time.
| Division | Utilization |
|---|---|
| Conductors | 90–95% |
| Cables | 85–90% |
| Oil | 65–70% |
| Lubricants | 85–90% |
The high utilization levels indicate that capacity expansion is necessary to sustain future growth.
One of the most ambitious targets announced by management relates to the company's U.S. operations.
| Metric | Value |
|---|---|
| Current U.S. Revenue | ₹1,600 Crore |
| Target Revenue | ₹4,800 Crore |
| Equivalent Dollar Target | $500 Million |
| Timeline | 3 Years |
The company believes favorable tariff structures, growing infrastructure spending, renewable energy investments, and data center expansion in North America will create significant opportunities.
APAR Industries is positioned at the intersection of several structural growth themes.
India added over 50 GW of non-fossil fuel capacity during FY26, making it one of the strongest renewable energy growth stories globally.
These developments directly support demand for APAR's conductors, cables, and specialty oils.
Management remains optimistic about the company's long-term outlook.
| Parameter | Target |
|---|---|
| Revenue Contribution from Capex | ₹3,000–5,000 Crore |
| Revenue Growth from Capex | 15–20% |
| Conductor Volume Growth | 10% Annually |
| Cable Volume Growth | 25% Annually |
| U.S. Revenue Target | $500 Million |
| Cable Revenue Target | ₹10,000 Crore |
| Conductor EBITDA Target | ₹40,000/MT |
The guidance reflects confidence in APAR's ability to capitalize on infrastructure and energy transition opportunities globally.
APAR Industries has emerged as one of India's top-performing industrial companies over the long term.
| Period | Return |
|---|---|
| 1 Day | +4.12% |
| 5 Days | +6.71% |
| 1 Month | +10.55% |
| 6 Months | +61.22% |
| 1 Year | +72.99% |
| 5 Years | +2,594.77% |
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The stock's exceptional long-term performance reflects strong earnings growth, successful execution, and increasing investor confidence in the company's growth strategy.
Founded in 1958, APAR Industries Limited is one of India's leading manufacturers of conductors, specialty oils, cables, lubricants, and polymer products.
The company serves a diverse customer base across:
With operations spanning more than 140 countries, APAR has established itself as a globally recognized infrastructure and industrial solutions provider.
APAR Industries enters FY27 with strong momentum, record order books, high capacity utilization, robust export demand, and significant exposure to long-term growth sectors.
The company's aggressive capex plans, rapidly expanding U.S. business, growing data center opportunities, and leadership position in conductors and cables position it well for sustained growth over the coming years.
While risks remain from commodity price volatility, freight costs, and geopolitical disruptions, APAR's diversified business model and strong execution capabilities continue to support its long-term investment thesis.
APAR Industries reported record consolidated revenue of ₹22,902 crore, up 23.3% year-on-year.
The company reported PAT of ₹977 crore for FY26.
Management aims to increase U.S. revenue from ₹1,600 crore currently to approximately ₹4,800 crore ($500 million) within three years.
The company plans to invest approximately ₹1,500 crore across its Conductors, Cables, and Oil businesses.
Data centers require significant cable infrastructure, and APAR estimates cables account for approximately 2.5% of total data center capex, creating a large growth opportunity.
The Conductors division remains APAR's largest segment, generating revenue of ₹12,712 crore in FY26.
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