Apar Industries Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹66,102 Cr
- P/E
- 54.84
- ROE
- 20.26%
- PEG
- 3.38
- Price to sales
- 2.70
- Debt to equity
- 0.18
- 52W high / low
- ₹18,945 / ₹6,966
- Sales growth (5Y)
- 29.09%
- EBITDA margin
- 8.90%
- Net profit margin
- 4.38%
- Promoter holding
- 55.42%
- Sales (last year)
- ₹24,389 Cr
Apar, founded by Mr. Dharmsinh D. Desai in 1958, is a market leader in India with a global presence. Contributing to India’s process of electrification it started from manufacturing power transmission cables to having three broad business segments, which are Conductors, Transformer and specialty oils (TSO), and Power/telecom Cables. [1] [2]
Guidance scorecard · Q2 FY27 call
What Apar Industries Ltd's management guided
and where it ranks in Electrical Equipment
Electrical Equipment
RevenueQ1 FY27 call
20–40%- APAR Industries expects growth in premium products, especially in the conductor division, driven by HTLS, copper transposed conductors, and reconducting installations.
- Large multiyear export orders in conductor division (notably from US and Europe utilities) signal sustained future revenue over the next 4 years.
- Cable division is witnessing rising domestic revenue (up 60%) and steady US market approval for copper cables, indicating increasing future order inflows.
- The conductor division’s new orders (INR5,245 crore this quarter, 65.8% exports) suggest continued volume growth as these orders are executed.
- The company is undertaking capex to debottleneck and expand current capacities running at 80-90%.
2 more points from Apar Industries Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Apar Industries Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- APAR Industries is undertaking significant capex to build capacity for growth.
- Current capacities across product categories are running at a high utilization level of 80%-90%.
- Ongoing and planned capex is aimed at debottlenecking these capacities to support increased production.
2 more points from Apar Industries Ltd's call on capex
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FundraisingQ1 FY27 call
See what Apar Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Current conductor order backlog is approximately INR 10,000 crores.
- Two large orders contribute about INR 3,000 crores, executable over the next 4 years.
- Remaining large portion of backlog is executable within about a year, with some spillover beyond that.
- Export backlog is spread across North America, Europe, Africa, Latin America, and Asia.
- Bulk of export backlog originates from Americas (North & Latin) and Europe.
- Cable division pending orders stand at INR 1,925 crores, covering near-term requirements, up from INR 1,653 crores a year ago.
2 more points from Apar Industries Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹72,673 Cr | 18.1 | |
| 2 | 40%+ | Up 2%+ | ₹21,700 Cr | 158.1 | |
| 3 | 40%+ | Up 2%+ | ₹491 Cr | 12.2 | |
| 4 | 40%+ | Up 0–2% | ₹12,434 Cr | 48.4 | |
| 5 | 40%+ | Up 0–2% | ₹2,042 Cr | 35.4 | |
| 6 | 40%+ | Up 0–2% | ₹529 Cr | 7.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingApar Industries Ltd announcements
All announcements →- Capex / expansionNotableAPAR Industries sends October 2026 corporate presentation; FY26 revenue ₹22,902 crore
Financials of Apar Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Apar Industries Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 57.77% | 57.77% | 57.77% | 57.77% | 57.77% | 57.77% | 57.77% | 57.77% | 57.77% | 57.77% | 57.76% | 55.42% |
| FIIs + | 10.98% | 11.55% | 11.51% | 10.97% | 10.22% | 9.87% | 9.06% | 9.24% | 9.35% | 9.38% | 10.76% | 12.55% |
| DIIs + | 18.62% | 18.90% | 19.73% | 20.41% | 21.24% | 20.63% | 21.79% | 22.64% | 23.20% | 24.15% | 23.02% | 23.83% |
| Public + | 12.63% | 11.78% | 11.00% | 10.85% | 10.77% | 11.73% | 11.38% | 10.35% | 9.68% | 8.71% | 8.47% | 8.22% |
| No. of Shareholders | 94,354 | 90,969 | 91,491 | 1,00,821 | 1,02,362 | 1,14,553 | 1,12,365 | 1,06,316 | 97,761 | 89,009 | 95,279 | 98,764 |
Financials of Apar Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,925 | 4,009 | 4,455 | 4,011 | 4,645 | 4,716 | 5,210 | 5,104 | 5,715 | 5,480 | 6,603 | 6,591 | 6,931 |
| Expenses + | 3,576 | 3,604 | 4,028 | 3,634 | 4,288 | 4,360 | 4,755 | 4,652 | 5,250 | 5,028 | 6,107 | 5,833 | 6,210 |
| Operating Profit | 349 | 405 | 427 | 377 | 357 | 356 | 455 | 452 | 465 | 452 | 496 | 758 | 721 |
| OPM % | 9% | 10% | 10% | 9% | 8% | 8% | 9% | 9% | 8% | 8% | 8% | 11% | 10% |
| Other Income + | 19 | 21 | 27 | 15 | 33 | 34 | 20 | 25 | 23 | -17 | 12 | 34 | 61 |
| Interest | 103 | 113 | 101 | 90 | 101 | 118 | 100 | 86 | 108 | 106 | 137 | 123 | 138 |
| Depreciation | 28 | 29 | 31 | 31 | 32 | 33 | 36 | 38 | 40 | 41 | 42 | 46 | 47 |
| Profit before tax | 237 | 284 | 322 | 270 | 257 | 238 | 340 | 353 | 341 | 288 | 329 | 623 | 597 |
| Tax % | 27% | 23% | 27% | 25% | 24% | 27% | 26% | 25% | 26% | 27% | 23% | 25% | 25% |
| Net Profit + | 174 | 218 | 236 | 203 | 194 | 175 | 250 | 263 | 252 | 209 | 253 | 467 | 447 |
| EPS in Rs | 45.44 | 54.16 | 58.81 | 50.42 | 48.27 | 43.55 | 62.24 | 65.45 | 62.66 | 52.01 | 63.09 | 116.36 | 106.83 |
Financials of Apar Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 5,108 | 5,078 | 4,832 | 5,818 | 7,964 | 7,425 | 6,388 | 9,317 | 14,336 | 16,153 | 18,581 | 22,902 | 25,605 |
| Expenses + | 4,843 | 4,698 | 4,398 | 5,393 | 7,472 | 6,930 | 5,948 | 8,739 | 13,069 | 14,585 | 16,981 | 20,980 | 23,178 |
| Operating Profit | 264 | 380 | 434 | 426 | 491 | 495 | 440 | 578 | 1,267 | 1,568 | 1,601 | 1,922 | 2,426 |
| OPM % | 5% | 7% | 9% | 7% | 6% | 7% | 7% | 6% | 9% | 10% | 9% | 8% | 9% |
| Other Income + | 1 | 10 | 15 | 11 | 15 | 15 | 19 | 33 | 36 | 86 | 81 | 24 | 90 |
| Interest | 162 | 175 | 131 | 158 | 223 | 254 | 157 | 171 | 344 | 432 | 443 | 474 | 504 |
| Depreciation | 31 | 38 | 45 | 56 | 67 | 87 | 93 | 98 | 104 | 116 | 132 | 161 | 176 |
| Profit before tax | 72 | 178 | 273 | 223 | 216 | 169 | 208 | 342 | 855 | 1,106 | 1,106 | 1,310 | 1,836 |
| Tax % | 32% | 32% | 36% | 35% | 37% | 20% | 23% | 25% | 25% | 25% | 26% | 25% | |
| Net Profit + | 49 | 122 | 177 | 145 | 136 | 135 | 160 | 257 | 638 | 825 | 821 | 977 | 1,377 |
| EPS in Rs | 12.86 | 31.61 | 46.14 | 37.82 | 35.55 | 35.32 | 41.94 | 67.09 | 166.64 | 205.41 | 204.46 | 243.21 | 338.29 |
| Dividend Payout % | 27% | 21% | 22% | 25% | 27% | 27% | 23% | 22% | 24% | 25% | 25% | 25% |
Financials of Apar Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 40 | 40 | 40 | 42 |
| Reserves | 691 | 815 | 998 | 1,070 | 1,164 | 1,128 | 1,361 | 1,677 | 2,198 | 3,836 | 4,463 | 5,353 | 8,478 |
| Borrowings + | 494 | 384 | 305 | 363 | 253 | 372 | 325 | 359 | 376 | 476 | 585 | 956 | 1,014 |
| Other Liabilities + | 1,732 | 1,680 | 2,107 | 2,805 | 3,501 | 3,116 | 3,275 | 4,533 | 5,605 | 5,264 | 6,175 | 7,362 | 6,755 |
| Total Liabilities | 2,956 | 2,919 | 3,448 | 4,276 | 4,957 | 4,654 | 4,999 | 6,608 | 8,218 | 9,616 | 11,264 | 13,711 | 16,289 |
| Fixed Assets + | 395 | 398 | 574 | 649 | 709 | 885 | 878 | 881 | 950 | 1,193 | 1,540 | 1,717 | 1,813 |
| CWIP | 10 | 56 | 28 | 20 | 103 | 55 | 29 | 38 | 99 | 122 | 130 | 540 | 903 |
| Investments | 5 | 112 | 119 | 0 | 187 | 0 | 60 | 31 | 54 | 11 | 219 | 55 | 297 |
| Other Assets + | 2,546 | 2,352 | 2,728 | 3,608 | 3,958 | 3,714 | 4,032 | 5,657 | 7,114 | 8,290 | 9,373 | 11,399 | 13,275 |
| Total Assets | 2,956 | 2,919 | 3,448 | 4,276 | 4,957 | 4,654 | 4,999 | 6,608 | 8,218 | 9,616 | 11,264 | 13,711 | 16,289 |
Financials of Apar Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 298 | 412 | 312 | 225 | 632 | 94 | 281 | 244 | 698 | -283 | 1,291 | 968 |
| Cash from Investing Activity + | -59 | -223 | -166 | -5 | -388 | 45 | -115 | -91 | -267 | -267 | -705 | -552 |
| Cash from Financing Activity + | -369 | -153 | -157 | -69 | -293 | -189 | -123 | -106 | -186 | 635 | -483 | -434 |
| Net Cash Flow | -130 | 36 | -11 | 151 | -49 | -49 | 43 | 46 | 246 | 85 | 103 | -18 |
| Free Cash Flow | 243 | 289 | 146 | 97 | 424 | -50 | 226 | 114 | 452 | -613 | 784 | 235 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 120% | 108% | 95% | 67% | 143% | 35% | 74% | 58% | 72% | -2% | 97% | 70% |
Financials of Apar Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 91 | 78 | 95 | 109 | 98 | 93 | 106 | 99 | 81 | 89 | 80 | 85 |
| Inventory Days | 84 | 72 | 102 | 98 | 74 | 85 | 119 | 108 | 85 | 83 | 82 | 84 |
| Days Payable | 141 | 130 | 181 | 207 | 188 | 182 | 231 | 207 | 172 | 140 | 137 | 138 |
| Cash Conversion Cycle | 34 | 20 | 15 | 0 | -16 | -4 | -6 | 1 | -5 | 32 | 25 | 30 |
| Working Capital Days | 22 | 5 | 22 | 21 | 6 | 13 | 25 | 27 | 18 | 50 | 39 | 43 |
| ROCE % | 17% | 28% | 31% | 27% | 30% | 28% | 22% | 27% | 51% | 44% | 33% | 32% |
Guidance history
How Apar Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
84 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +67.5% | 89% |
| Last 6 months | +28.5% | 79% |
| Last 3 months | +15.3% | 84% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Apar Industries Ltd: 0.4 × 89 + 0.4 × 79 + 0.2 × 84 = 84.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Apar Industries Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q2 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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