Apar Industries Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 14 Jun 2026 | Electrical Equipment | Market Cap: ₹63.0K Cr

Conductor division expected to grow volumes by around 10% year-on-year. - Cable division targets a 25% annual volume growth to achieve INR10,000 crores revenue within 5 years. - U.S. APAR Industries aims for INR10,000 crores revenue from cables within 5 years, targeting a 25% CAGR in the cable business and 10% volume growth in conductors annually.

From Apar Industries Ltd's Q4 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

→Conductor division expected to grow volumes by around 10% year-on-year.
→Cable division targets a 25% annual volume growth to achieve INR10,000 crores revenue within 5 years.
→U.S. cable sales expected to increase in FY27 and further in FY28 with approvals and wider customer orders.
→Data center cable demand in India and U.S. is rising; medium-voltage cable sales to grow with specialized capacity expansion.
→Overall market in India and overseas is large, with continued growth expected despite new competition.
→Renewable energy and data center sectors are key drivers of long-term growth.
→Capex of approx. INR850 crores planned for cables in FY27 to support expansions in medium-voltage cables for data centers, utilities, wind, solar, railways, and defence.
→Transmission infrastructure growth and clean energy expansion underpin demand increase.

📈 Profitability & Margins

→APAR Industries aims for INR10,000 crores revenue from cables within 5 years, targeting a 25% CAGR in the cable business and 10% volume growth in conductors annually.
→Premium conductor products contributed 45.8% of volumes in FY26, showing strong growth potential.
→U.S. sales expected to increase in FY27 and FY28 due to rationalized duty structures and successful approvals.
→FY27 cable capex at INR850 crores (part of INR1,500 crores total capex) is frontloaded to support growth across sectors including data centers, solar, wind, railways, and defense.
→EBITDA per ton in conductor division targeted at INR35,000-36,000 plus tailwinds; FY26 actual was INR43,000, indicating potential margin improvements.
→Moderate EBITDA margin pressure expected due to increased competition but overall pie size growth anticipated.
→PAT grew 19% in FY26; operating PAT growth was around 14%.
→Long-term robust growth backed by domestic and export market expansion, especially U.S. data centers and renewable energy sectors.

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

🏗️ Capital Expenditure Plans

→APAR plans to increase capex for FY27 to about INR 1,500 crores, in addition to INR 740 crores spent in FY26.
→FY27 capex breakup: INR 850 crores for Cables, INR 400 crores for Conductor division, and around INR 200 crores for Oil division.
→Capex is aimed at expanding capacity to reach INR 10,000 crores revenue target within 5 years.
→Focus areas include medium-voltage cable expansion (XLP and rubber-based for data centers), wind, solar, railways, defense sectors.
→Capex is frontloaded, moving from INR 1,200 crores over 2 years to more in early years to meet growing demand.
→Capacity is designed to be fungible for differing specifications (India and export markets like the U.S.).
→Strategic investment in U.S. market data center cables, with capacity tailored for higher specification cables.
→The overall capex supports growing market opportunities in India and overseas, especially U.S. data centers and renewable energy sectors.

💰 Fundraising & Capital Structure

→No explicit mention of new fundraising through debt or equity in the provided transcript.
→The company is focusing on capital expenditure (capex) totaling around INR1,500 crores for FY27, in addition to INR740 crores spent in FY26.
→Capex is aimed at capacity expansion to meet future demand, particularly in cables and conductors, driven by growth in India and the U.S. markets.
→There is reference to an ECB (External Commercial Borrowing) loan with mark-to-market impact due to rupee depreciation but no mention of new borrowing plans.
→The company appears to be financing growth internally or through existing financial arrangements without announcing fresh fundraising at this time.

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

📋 Order Book & Pipeline

→Conductor division order book as of March 31, FY26 stands at approximately INR 7,671 crores.
→Cable division pending order book is about INR 1,800 crores.
→Overall order inflow for the conductor division during the year was INR 11,450 crores.
→HVDC project material awarding has just started and significant orders are expected in FY27 and FY28.
→Despite some short-term delays in tender finalization due to inflationary pressures and manpower issues, strong execution intensity is anticipated in the second half of FY27.
→Order books do not fully represent the entire requirement for the year, indicating room for additional orders.

Key Metrics

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Frequently Asked Questions

What were Apar Industries Ltd Q4 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 plans to increase capex for FY27 to about INR 1,500 crores, in addition to INR 740 crores spent in FY26. - FY27 capex breakup: INR 850 crores for Cables, INR 400 crores for Conductor division, and around INR 200 crores for Oil division. - Capex is aimed at expanding capacity to reach INR 10,000 crores revenue target within 5 years. - Focus areas include medium-voltage cable expansion (XLP and rubber-based for data centers), wind, solar, railways, defense sectors. - Capex is frontloaded, moving from INR 1,200 crores over 2 years to more in early years to meet growing demand. - Capacity is designed to be fungible for differing specifications (India and export markets like the U.S.). - Strategic investment in U.S.

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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.