APARINDS

Apar Industries share price & financials

Price
₹16,280
Market cap
₹57.6k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 24 Jul 2026

Apar Industries Limited Q1 FY27

Revenue ₹6,591 cr +29%EBITDA ₹814 cr +63%EBITDA Margin 12.4% PAT ₹467 cr +78%

What went well

  • Consolidated revenues grew 29.1% YoY to INR 6,591 crores.
  • EBITDA grew 62.7% YoY to INR 814 crores, with margin expanding to 12.4% from 9.8% (a 260 bps increase).
  • Profit After Tax (PAT) increased 77.7% YoY to INR 467 crores, with PAT margin at 7.1% (a 200 bps increase).

What to watch

  • Conductor division volume was down 6.7% YoY due to metal price surge and customer delays in manufacturing clearance.
  • Oil division volume declined 13.7% YoY, impacted by UAE facility restrictions and Hamriyah port closure.
Read the full call →

What Apar Industries Limited does

Apar Industries manufactures power-transmission conductors, speciality transformer and industrial/automotive oils and lubricants (POWEROIL brand), and power, telecom and speciality/renewable cables (Anushakti, Shakti, Fire Protekt brands) across three reported segments — Conductors, Speciality Oils & Lubricants, and Cables. It runs 11 manufacturing plants (10 in India, 1 in Sharjah, UAE) and serves over 4,000 clients in 140+ countries through a network of 18 depots/warehouses and offices across India and overseas, combining domestic sales with exports including a scaling US business. It also makes speciality automotive lubricants and fluids (ARKOS, BOLT, POWEROIL AdBlue) and thermoplastic elastomer compounds for automotive and industrial use under the APARPRENE brand.

Segments

  • Conductors
  • Speciality Oils & Lubricants
  • Cable Solutions (incl. Telecom)
Manufacturing plants
11 (10 in India, 1 in Sharjah, UAE)
Countries served
140+
Global clients
4,000+
Depots and warehouses
18
Offices
16 across India, 2 overseas
Market position — transformer oils
#1 in India, #3 globally
Headquarters Mumbai, Maharashtra (registered office in Vadodara, Gujarat)Employees 2,056 (FY2024-25) Company website

Guidance record · Q1 FY27

what the last two calls moved 12 tracked 4 delivered 1 missed 7 open
  • Conductor EBITDA per MT delivered said Q3 FY25 Promised: ₹28,500 on an Annual Basis Q1 FY27: Promise concluded in FY26. Q1 FY27 EBITDA/MT of ₹53,418 continues to far exceed the original target.
  • Conductor Division Volume Growth went quiet said Q3 FY25 Promised: about 10 percentage on volume terms for Annual period Q1 FY27: Promise concluded and ghosted in FY26.
  • Conductor Division Volume Growth at risk said Q4 FY26 Promised: 10% YoY for FY27 Q1 FY27: Q1 FY27 volume declined 6.7% YoY due to customer delays from metal price volatility. Management views this as temporary, but it puts the full-year 10% growth target at risk.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 29.1%, net profit up 77.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue4,645 4,716 5,210 5,104 5,715 +23%5,480 +16%6,603 +27%6,591 +29%
EBITDA357 356 455 452 465 +30%452 +27%496 +9%758 +68%
Net profit194 175 250 263 252 +30%209 +19%253 +1%467 +78%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +106.1% 1Y

₹10k₹15kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 30 Oct 2025Q3 FY26 — 4 Feb 2026Q4 FY26 — 27 May 2026Q1 FY27 — 24 Jul 2026

1Y: ₹8,493 on 10 Sept 2025 → ₹17,500. High ₹18,000 (12 Aug 2026), low ₹6,966 (21 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
+3.5%
24 Jul
Q4 FY26
−2.3%
28 May
Q3 FY26
−2.9%
4 Feb
Q2 FY26
−2.2%
30 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 16.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.1%.

Year endingFY23FY24FY25FY26
Revenue₹14.4k Cr₹16.2k Cr₹18.6k Cr₹22.9k Cr
Operating profit₹1.2k Cr₹1.5k Cr₹1.5k Cr₹1.9k Cr
Operating margin8.6%9.5%8.3%8.1%
Interest₹305 Cr₹387 Cr₹409 Cr₹437 Cr
Depreciation₹104 Cr₹115 Cr₹132 Cr₹161 Cr
Net profit₹638 Cr₹825 Cr₹822 Cr₹977 Cr
Net margin4.4%5.1%4.4%4.3%
Cash from operations₹698 Cr₹-283 Cr₹1.3k Cr₹968 Cr
Free cash flow₹452 Cr₹-613 Cr₹784 Cr₹235 Cr
ROCE51.0%44.0%33.0%31.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹38 Cr₹38 Cr₹38 Cr₹40 Cr₹40 Cr₹40 Cr
Reserves₹1.4k Cr₹1.7k Cr₹2.2k Cr₹3.8k Cr₹4.8k Cr₹5.4k Cr
Borrowings₹325 Cr₹359 Cr₹376 Cr₹476 Cr₹704 Cr₹956 Cr
Other liabilities₹3.3k Cr₹4.5k Cr₹5.6k Cr₹5.3k Cr₹5.8k Cr₹7.4k Cr
Total liabilities₹5.0k Cr₹6.6k Cr₹8.2k Cr₹9.6k Cr₹11.3k Cr₹13.7k Cr
Fixed assets₹878 Cr₹881 Cr₹950 Cr₹1.2k Cr₹1.6k Cr₹1.7k Cr
Capital work in progress₹29 Cr₹38 Cr₹99 Cr₹122 Cr₹366 Cr₹539 Cr
Investments₹60 Cr₹31 Cr₹54 Cr₹11 Cr₹28 Cr₹59 Cr
Other assets₹4.0k Cr₹5.7k Cr₹7.1k Cr₹8.3k Cr₹9.4k Cr₹11.4k Cr
Total assets₹5.0k Cr₹6.6k Cr₹8.2k Cr₹9.6k Cr₹11.3k Cr₹13.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Aug 2026

Since Sep 2025, promoters trimmed −2.35 pp while DIIs added +2.24 pp. The shareholder count shrank 8% to 97,938.

Promoters
55.4%
FIIs
11.4%
DIIs
24.9%
Public
8.3%

Since Sep 2025

  • Promoters −2.35 pp
  • DIIs +2.24 pp
  • FIIs +2.12 pp

How it drifted, 12 quarters

Over this window DIIs went from 18.6% to 24.9% — +6.3 pp.

Dec '23Mar '25Aug '26

Ownership split by quarter, oldest first. Dec '23: Promoters 57.8%, FIIs 11.0%, DIIs 18.6%, Public 12.6%.Mar '24: Promoters 57.8%, FIIs 11.6%, DIIs 18.9%, Public 11.8%.Jun '24: Promoters 57.8%, FIIs 11.5%, DIIs 19.7%, Public 11.0%.Sep '24: Promoters 57.8%, FIIs 11.0%, DIIs 20.4%, Public 10.8%.Dec '24: Promoters 57.8%, FIIs 10.2%, DIIs 21.2%, Public 10.8%.Mar '25: Promoters 57.8%, FIIs 9.9%, DIIs 20.6%, Public 11.7%.Jun '25: Promoters 57.8%, FIIs 9.1%, DIIs 21.8%, Public 11.4%.Sep '25: Promoters 57.8%, FIIs 9.2%, DIIs 22.6%, Public 10.3%.Dec '25: Promoters 57.8%, FIIs 9.3%, DIIs 23.2%, Public 9.7%.Mar '26: Promoters 57.8%, FIIs 9.4%, DIIs 24.1%, Public 8.7%.Jun '26: Promoters 57.8%, FIIs 10.8%, DIIs 23.0%, Public 8.5%.Aug '26: Promoters 55.4%, FIIs 11.4%, DIIs 24.9%, Public 8.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Jun 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 8 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Aug 2026 filing

Every holder of Apar Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.

HolderStakeChange
Chaitanya N Desai 21.78%−0.92 pp
Kushal N Desai 21.78%−0.92 pp
Maithili N Desai Family Private Trust No 2 - Trustee Maithili Trusteeship Services Private Limited 10.58%−0.44 pp
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund Mutual fund4.59%−0.15 pp
HDFC Small Cap Fund Mutual fund2.74%−0.16 pp
Kotak Midcap Fund Mutual fund2.55%−0.05 pp
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund2.55%unchanged
ICICI Prudential Midcap Fund Mutual fund2.27%+0.66 pp
Motilal Oswal Large And Midcap Fund Mutual fund1.75%−0.10 pp
HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund1.61%+0.18 pp
Government Pension Fund Global Sovereign1.07%−0.10 pp
Maithili N Desai Family Private Trust - Trustee Mr. K. N. Desai and Mr. C. N. Desai 0.24%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in APARINDS

Filings to Aug 2026

2 new, 7 added, 5 trimmed, 0 sold out — net +1.36 L shares (+6.3%).

Held by funds
₹3.7k Cr
17 schemes
Biggest holder
Nippon India Small Cap Fund
₹1.4k Cr · 1.7% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹1.4k Cr−0.33 L
HDFC Balanced Advantage Fund HDFC Mutual Fund₹691 Cr−0.07 L
HDFC Small Cap Fund HDFC Mutual Fund₹674 Cr−0.35 L
SBI Contra Fund SBI Mutual Fund₹299 Crnew
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹154 Crheld
Nippon India Power & Infra Fund Nippon India Mutual Fund₹100 Cr+0.25 L
HDFC Multi Cap Fund HDFC Mutual Fund₹100 Cr−0.32 L
HDFC Value Fund HDFC Mutual Fund₹95 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

7 added, 5 trimmed — net +1.36 L shares (+6.3%)

Funds are sitting on
+324%
vs est. average cost
Held by funds
₹3.7k Cr
17 schemes · ≈ 6.5% of the company
Biggest holder
Nippon India Small Cap Fund
₹1.4k Cr · 1.7% of that fund

Shares held by these funds −41%

Aug '23 20.90 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹17500, this stock must grow earnings at 34% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹6229 — downside of 64%.

Growth the price implies
33.9% a year
for 7 years, fading to 4%
It has actually compounded at
15.3% a year
net profit, FY23–FY26 · EPS 13.4%
The gap
0.2 pp
-64% downside if it only repeats history
Price today ₹17,500 Value at the reference growth ₹6,229.31

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Apar Industries Limited

Guides on how to read this kind of business and the numbers that matter.