Apar Industries Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
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
How does Apar Industries Ltd rank in Electrical Equipment?
Compare Apar Industries Ltd against every Electrical Equipment company this quarter on revenue, margins and earnings-call signals.
Apar Industries Ltd — Quarterly revenue & net profit
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.
🏗️ 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.
📋 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
Continue your research
What Apar Industries Ltd's management said in earlier quarters
Others in Electrical Equipment this season
- MTAR Technologies Ltd (Q3 FY26)
As of Q3 end FY '26, closing order book stood at INR 2,394 crores. Key concall takeaways from MTAR Technologies Ltd's Q3 FY26 earnings call — and how it ranks…
- TD Power Systems Ltd (Q3 FY26)
Capacity utilization is increasing; ramp-up to INR 550-575 crores per quarter in Q4 FY '26 and around INR 600 crores per quarter from Q1 FY '27 onward. Key…
- Rishabh Instrum. (Q3 FY26)
Focus on new product developments (medium voltage segment) to contribute incremental revenue up to 50% over five years. Key concall takeaways from Rishabh…
- CG Power & Ind (Q3 FY26)
Power Systems segment sales grew sharply by 44% YoY in Q3 FY26, with further margin expansion. Key concall takeaways from CG Power & Ind's Q3 FY26 earnings…
Frequently Asked Questions
What were Apar Industries Ltd Q3 FY26 results?
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.
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.
Keep Apar Industries Ltd on your radar — track it to get its next earnings analysis in your feed.
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.