Apar Industries Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 17 Jul 2026 | Electrical Equipment | Market Cap: ₹63.0K Cr

Cable division is targeting over 20% year-on-year revenue growth, tracking at approximately 22% growth for the 9-month period, with expectations to sustain this in Q4 and FY '27. The company is bullish on future demand in India, having invested capex 1-2 years ahead of expected sales to capture growth opportunities.

From Apar Industries Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹16,856

Market Cap

₹63.0K Cr

P/E Ratio

52.2

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Apar Industries Ltd — Quarterly revenue & net profit

Revenue Net Profit

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Reported quarterly figures (₹ Cr). Latest: revenue ₹5.5K Cr, net profit ₹209 Cr.

Full financials →

📊 Revenue & Sales Performance

→Cable division is targeting over 20% year-on-year revenue growth, tracking at approximately 22% growth for the 9-month period, with expectations to sustain this in Q4 and FY '27.
→Volume growth in cables is expected to return to double-digit percentages next year after about 8.5% growth in the last 9 months.
→Continuous growth drivers include renewables (solar and wind), railways, defense, medium voltage covered conductors, and data centers.
→Conductor division expects faster ordering and demand acceleration in FY '27 as legacy delays and supply constraints ease.
→Capex investments are positioned 1-2 years ahead of sales projections to capture anticipated demand increases.
→No major slowdown observed in renewable energy segments; strong order book and government plans support demand.
→Expansion in premium products like HVDC/HVAC cables is planned, with flexibility to serve conventional markets too.

📈 Profitability & Margins

→The company is bullish on future demand in India, having invested capex 1-2 years ahead of expected sales to capture growth opportunities.
→Capex for conductors and cables is on track, with INR1,400 crores planned, expecting facilities operational by mid-FY '27.
→Cable business targets 20%+ revenue growth, with 9-month growth already at 22%; aiming for 10-11% EBITDA margins despite short-term margin sacrifices in the US market.
→Conductor division expects volume growth to return to double-digit in FY '27 after 8.5% in 9 months.
→Positive outlook on National Electric Plan (NEP) with increased guidance for FY '32, driving demand in power sector.
→Potential growth in premium, technical products (HVDC, HVAC) balanced with fungibility to general products.
→US market access being maintained despite margin sacrifices, expecting revenue normalization and growth in Q4 FY '26 and FY '27.
→Overall, revenues, EBITDA, and profits are expected to maintain strong growth trajectory with strategic capex and market development.

See what Apar Industries Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→APAR Industries is undertaking capex of about INR 1,400 crores for expansion in conductors and cables.
→As of Q3 FY26, INR 500+ crores of this capex is already completed; majority of remaining capex to be done by Q4 FY26 and Q1 FY27.
→All new facilities from this capex are expected to be up and running by mid FY27.
→The capex aims to support growth in premium products and increase volumes in conductors and cables.
→The company is also evaluating setting up manufacturing in the USA but is currently studying the fluid situation before taking decisions.
→The capex is planned 1-2 years ahead of expected sales, reflecting bullish demand outlook.
→Focus is on increasing capacities for higher technical and premium cables (e.g., HVDC, HVAC) with flexibility to also produce conventional products.

💰 Fundraising & Capital Structure

→There is no explicit mention of any current or planned new fundraising through debt or equity in the provided pages.
→The company is focused on completing ongoing capex projects (about INR1,400 crores total planned, with INR500+ crores done by Q3 FY '26), mainly for conductors and cables, rather than raising new funds.
→The management discusses strategic investments made 1-2 years ahead of demand anticipating future growth, but no additional capital raising is indicated.
→No direct references to equity or debt issuance or fundraising plans were found in the text provided.

See what Apar Industries Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→The U.S. Cable business order inflow dipped in Q2 but improved significantly in Q3, with an order book of approximately INR500 crores signed up in Q3, largely to be executed in Q4.
→Cable business operates with a relatively low order book due to short delivery cycles (3-4 weeks).
→The conductor business has a longer order cycle; the backlog exists due to transformer supply delays caused by a bushing shortage, expected to ease in about 6 months.
→Domestic cable business remains strong, with domestic Q3 revenue up 33.4%.
→Discussions for additional U.S. orders are ongoing, expected to contribute mainly in Q1 2027.
→Order book dips Q-o-Q in cables are normal due to quick order execution and new incoming orders.
→Overall, the company expects better execution and order inflow across segments in Q4 and FY 2027.

Key Metrics

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Frequently Asked Questions

What were Apar Industries Ltd Q3 FY26 results?

What is Apar Industries Ltd share price analysis?

Apar Industries Ltd currently shows a neutral. The stock trades at a P/E of 52.2 with a market cap of ₹62,952 Cr. Investors should review the full earnings analysis for detailed insights.

Is Apar Industries Ltd planning capital expenditure?

APAR Industries is undertaking capex of about INR 1,400 crores for expansion in conductors and cables.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.