Any current/future capex/capital investment/strategic investment?

FY'26 Capex target is about Rs. 1,300 crores across all three divisions (Ramesh Iyer, Page 30). Rs. 400 crores of Capex incurred in 1H FY'26 (Page 34). Rs. 800 crores Capex in the cable division aims to increase revenue-generating capacity from Rs. 5,000 crores to about Rs. 10,000 crores (Page 34). Cable division’s new 66-acre site allows faster incremental capacity addition with new equipment (Page 34). Cable equipment installation expected mostly completed by June 2026; ramp-up gradual over next few quarters (Page 26). Conductor capacity expansion to largely complete by March FY'26, with som

Future growth expectations in sales/revenue/volumes?

The company expects continued strong growth with a 25% year-on-year increase in cables and conductors revenue guided consistently. Domestic demand remains robust with growth momentum continuing in the 20%+ range, supported by premium product contributions. Post-Q3 blip due to right of way delays and metal price volatility, a pick-up is expected from Q4 through March, the prime construction season. Expansion in cable capacity (66-acre new plot) will enable higher revenue, targeting Rs. 10,000 crores revenue capacity from Rs. 5,000 crores. Conductor capacity expansion mostly completing b

Future growth expectations in earnings/operating earnings/profits/EPS?

APAR Industries expects strong fundamental drivers for business growth to continue. Short-term impact expected in Q3 FY'26, especially due to US business and right-of-way issues domestically, with improvement anticipated in Q4 FY'26. Capex of Rs. 1,300 crores planned for FY'26 to expand capacity over 2+ years; subsequent years' Capex likely lower. Conductors and cables capacity utilization currently around 75%-85%; expansions underway to support FY'26 and FY'27 growth. Domestic demand expected to pick up post-Diwali (Nov-Mar), during peak construction season, aided by backlog in transmission l

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at Rs. 7,168 crores (Page 6). New orders received during H1 FY'26 were Rs. 5,256 crores (Page 6). Order inflow faced a short-term slowdown in Q3 FY'26, primarily due to U.S. tariff uncertainties and elevated metal prices (Pages 14, 21). Recent order inflow from the U.S. market has resumed strongly post-Diwali (late October), especially from renewable energy segments like solar and wind (Page 21). For Q3, order booking is expected to be lower due to prior delays, but improved order inflow and execution anticipated in Q4 FY'26 (Page 35). Domestic conductor orders affect

Any current/future new fundraising through debt or equity?

There is no specific mention of any current or planned fundraising through debt or equity in the provided excerpts from the Q2 & H1 FY'26 earnings call. The company is focusing on capital expenditure (Capex) for capacity expansion, with Rs. 1,300 crores targeted for FY'26. Capex is largely being funded internally as the discussions emphasize capacity building and expansion plans without reference to raising external funds. Management notes that the substantial Capex this year will likely reduce the need for similar spending in FY'27 and FY'28. No explicit announcements or indications regarding

Apar Industries LtdQ3 FY26Electrical Equipment

Apar Industries Ltd Q3 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹16,691P/E: 52.2Market Cap: ₹63.0K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company expects continued strong growth with a 25% year-on-year increase in cables and conductors revenue guided consistently.
→Domestic demand remains robust with growth momentum continuing in the 20%+ range, supported by premium product contributions.
→Post-Q3 blip due to right of way delays and metal price volatility, a pick-up is expected from Q4 through March, the prime construction season.
→Expansion in cable capacity (66-acre new plot) will enable higher revenue, targeting Rs. 10,000 crores revenue capacity from Rs. 5,000 crores.
→Conductor capacity expansion mostly completing by March 2026, with some lines operational by Q1 FY'27, enabling capacity utilization to increase from 75-80% to higher levels.
→Export growth, particularly to the US, may improve as Section 232 tariff impacts stabilize; orders are expected to resume in Q4.
→Renewable energy projects and government infrastructure plans (reconductoring, transmission) are strong demand drivers over medium to long term.

Margin guidance

Category 3

→APAR Industries expects strong fundamental drivers for business growth to continue.
→Short-term impact expected in Q3 FY'26, especially due to US business and right-of-way issues domestically, with improvement anticipated in Q4 FY'26.
→Capex of Rs. 1,300 crores planned for FY'26 to expand capacity over 2+ years; subsequent years' Capex likely lower.
→Conductors and cables capacity utilization currently around 75%-85%; expansions underway to support FY'26 and FY'27 growth.
→Domestic demand expected to pick up post-Diwali (Nov-Mar), during peak construction season, aided by backlog in transmission lines.
→EBITDA per ton guidance for conductors maintained around Rs. 30,000 medium to long term, with recent performance exceeding this.
→Cable division EBITDA margins expected to hover between 10%-12%.
→Renewable energy segment, particularly wind and solar, seen as key growth area.
→Overall, management remains optimistic about earnings and profit growth beyond short-term Q3 challenges.

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Fundraise plans

→There is no specific mention of any current or planned fundraising through debt or equity in the provided excerpts from the Q2 & H1 FY'26 earnings call.
→The company is focusing on capital expenditure (Capex) for capacity expansion, with Rs. 1,300 crores targeted for FY'26.
→Capex is largely being funded internally as the discussions emphasize capacity building and expansion plans without reference to raising external funds.
→Management notes that the substantial Capex this year will likely reduce the need for similar spending in FY'27 and FY'28.
→No explicit announcements or indications regarding new debt or equity issuance were made during the call.

Order book

Yes

→Current order book stands at Rs. 7,168 crores (Page 6).
→New orders received during H1 FY'26 were Rs. 5,256 crores (Page 6).
→Order inflow faced a short-term slowdown in Q3 FY'26, primarily due to U.S. tariff uncertainties and elevated metal prices (Pages 14, 21).
→Recent order inflow from the U.S. market has resumed strongly post-Diwali (late October), especially from renewable energy segments like solar and wind (Page 21).
→For Q3, order booking is expected to be lower due to prior delays, but improved order inflow and execution anticipated in Q4 FY'26 (Page 35).
→Domestic conductor orders affected recently by right-of-way issues, expected to normalize in the second half of FY'26, enabling strong execution till March 31, 2026 (Page 35).

Capex plans

Yes

→FY'26 Capex target is about Rs. 1,300 crores across all three divisions (Ramesh Iyer, Page 30).
→Rs. 400 crores of Capex incurred in 1H FY'26 (Page 34).
→Rs. 800 crores Capex in the cable division aims to increase revenue-generating capacity from Rs. 5,000 crores to about Rs. 10,000 crores (Page 34).
→Cable division’s new 66-acre site allows faster incremental capacity addition with new equipment (Page 34).
→Cable equipment installation expected mostly completed by June 2026; ramp-up gradual over next few quarters (Page 26).
→Conductor capacity expansion to largely complete by March FY'26, with some by Q1 next year (Page 25).
→The current Capex is front-loaded to build capacity for over 2 years (Page 30).
→Post FY'26, Capex expected to be substantially lower since major capacity additions happen this year (Page 30).

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