Apar Industries
Apar Industries
Capital GoodsKey Fundamentals
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 24.8%
Weaknesses
3- Stock is trading at 13.1 times its book value
- Promoter holding has decreased over last quarter: -2.35%
- Company's cost of borrowing seems high
Growth Rate
AI Analysis — Bull vs Bear
Apar Industries (market cap about ₹72,358 Cr) has grown sales at a 29% CAGR and profit at a 44% CAGR over 5 years, with TTM growth of 24% in sales and 37% in profit, and ROE held near 20-22% over 3, 5 and 10 years. The stock trades at a P/E of 63.1 and a P/B of 9.45 (13.2x by another book-value measure), after returns of 113% over 1 year and a 94% CAGR over 5 years. Promoter holding fell 2.35% last quarter, and borrowing costs look high.
- Sales growth has picked up recently: TTM sales growth of 24% is above the 3-year CAGR of 17% and the 10-year CAGR of 16%.
- TTM profit growth of 37% is faster than TTM sales growth of 24%, which points to operating leverage or better margins.
- The 5-year profit CAGR of 44% and 5-year sales CAGR of 29% show sustained growth over a multi-year period, not a single strong year.
- ROE has stayed steady at 22% over 3 and 5 years, 20% over 10 years and 20% last year, which suggests consistent capital efficiency through the cycle.
- Profit has compounded at 24% over 10 years, ahead of 10-year sales growth of 16%, which points to long-term margin expansion.
- A 24.8% dividend payout ratio returns cash to shareholders while keeping most earnings for reinvestment.
- The stock has returned a 41% CAGR over 10 years and a 46% CAGR over 3 years, a long record of creating shareholder value.
- A P/E of 63.1 prices in a lot of future growth. It is well above the 3-year profit CAGR of 16%, which leaves little room for execution misses.
- Price-to-book is high at 9.45, and 13.2x by another book-value measure. That is a large premium to net assets for a manufacturing business with a 20% ROE.
- Promoter holding fell 2.35% in the last quarter. That can raise supply overhang concerns and questions about insider sentiment.
- The company's cost of borrowing looks high, which could pressure net margins in a capital-intensive, working-capital-heavy business such as conductors and cables.
- The 1-year stock return of 113% is far ahead of TTM profit growth of 37%. Much of the recent gain came from a higher valuation multiple rather than earnings.
- A dividend yield of only 0.34% offers little income support if the valuation falls.
- The 3-year sales CAGR of 17% and 3-year profit CAGR of 16% are well below the 5-year rates of 29% and 44%, so the strongest growth phase may be tapering.
- Last year's ROE of 20% is slightly below the 3-year and 5-year averages of 22%, a possible sign of modest pressure on returns.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Geopolitical risks flagged at AGM Sep 21
Management addressed geopolitical risks at the 37th AGM on Sep 21, 2026. That matters for an exporter of conductors, cables and speciality oils. The article doesn't say which risks or how large their impact could be.
- QIP adds equity dilution Sep 9
The ₹2,500-crore QIP completed in August 2026 strengthened the capital structure, but it also means more shares outstanding, which can weigh on per-share earnings. The article doesn't give the dilution percentage.
- Q1 FY27 profit jumps 77.8% Sep 9
Consolidated net profit rose 77.80% to ₹467.45 crore in Q1 FY27, and revenue grew 29.16% to ₹6,566.62 crore year-on-year.
- CARE upgrades rating to AA Sep 9
CARE Ratings raised the long-term rating and long-term bank facilities rating to 'CARE AA' from 'CARE AA-' with a stable outlook, and reaffirmed the short-term rating at 'CARE A1+'. It cited growing scale, better profitability and a stronger capital structure after the QIP.
- Operating margin expands to 11.5% Sep 9
Operating margin rose to 11.50% in Q1 FY27 from 8.86% in Q1 FY26, helped by a larger share of premium products.
- ₹2,500 cr QIP strengthens balance sheet Sep 9
The ₹2,500-crore qualified institutions placement completed in August 2026 significantly strengthened the capital structure, according to CARE, and was a key reason for the rating upgrade.
- FY26 operating income up 23.2% Sep 9
FY26 operating income grew 23.2% to ₹22,902 crore and PBILDT grew 21.1% to ₹1,922 crore. Q1 FY27 operating income rose 29.1% to ₹6,591 crore.
- ₹60 dividend approved at AGM Sep 21
Shareholders approved the ₹60 per share final dividend for FY26 (600% of the ₹10 face value). The record date was Monday, Sep 14, and payment is due within about 30 days.
- Director Chaitanya Desai reappointed Sep 21
Shareholders reappointed director Chaitanya N. Desai at the 37th AGM held on Sep 21, 2026, which keeps the board stable.
- Stock slips before record date Sep 9
Shares traded 0.50% lower at ₹17,354.20 on Wednesday ahead of the Sep 14 dividend record date.
TL;DR: Apar Industries is executing well. Q1 FY27 net profit rose 77.8% to ₹467.45 crore, operating margin widened to 11.5% from 8.86% on a better product mix, and CARE upgraded its rating to AA after the ₹2,500-crore QIP. The main risks are geopolitical issues flagged at the AGM and dilution from the QIP. A trading price around ₹17,354 also means investors already expect a lot. The trend is improving, and the key question is whether the premium-product mix can hold margins above 11% in the coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,767 | 3,925 | 4,009 | 4,455 | 4,011 | 4,645 | 4,716 | 5,210 | 5,104 | 5,715 | 5,480 | 6,603 | 6,591 |
| Expenses | 3,421 | 3,576 | 3,604 | 4,028 | 3,634 | 4,288 | 4,360 | 4,755 | 4,652 | 5,250 | 5,028 | 6,107 | 5,833 |
| Operating Profit | 346 | 349 | 405 | 427 | 377 | 357 | 356 | 455 | 452 | 465 | 452 | 496 | 758 |
| OPM % | 9% | 9% | 10% | 10% | 9% | 8% | 8% | 9% | 9% | 8% | 8% | 8% | 11% |
| Other Income | 14 | 19 | 21 | 27 | 15 | 33 | 34 | 20 | 25 | 23 | -17 | 12 | 34 |
| Interest | 70 | 103 | 113 | 101 | 90 | 101 | 118 | 100 | 86 | 108 | 106 | 137 | 123 |
| Depreciation | 27 | 28 | 29 | 31 | 31 | 32 | 33 | 36 | 38 | 40 | 41 | 42 | 46 |
| PBT | 263 | 237 | 284 | 322 | 270 | 257 | 238 | 340 | 353 | 341 | 288 | 329 | 623 |
| Tax % | 25% | 27% | 23% | 27% | 25% | 24% | 27% | 26% | 25% | 26% | 27% | 23% | 25% |
| Net Profit | 197 | 174 | 218 | 236 | 203 | 194 | 175 | 250 | 263 | 252 | 209 | 253 | 467 |
| EPS in Rs | 51.59 | 45.44 | 54.16 | 58.81 | 50.42 | 48.27 | 43.55 | 62.24 | 65.45 | 62.66 | 52.01 | 63.09 | 116 |
Profit & Loss
| Particulars | 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 | 24,389 |
| 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 | 22,218 |
| Operating Profit | 264 | 380 | 434 | 426 | 491 | 495 | 440 | 578 | 1,267 | 1,568 | 1,601 | 1,922 | 2,171 |
| 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 | 52 |
| Interest | 162 | 175 | 131 | 158 | 223 | 254 | 157 | 171 | 344 | 432 | 443 | 474 | 474 |
| Depreciation | 31 | 38 | 45 | 56 | 67 | 87 | 93 | 98 | 104 | 116 | 132 | 161 | 169 |
| PBT | 72 | 178 | 273 | 223 | 216 | 169 | 208 | 342 | 855 | 1,106 | 1,106 | 1,310 | 1,580 |
| 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 | 1,182 |
| EPS in Rs | 12.86 | 31.61 | 46.14 | 37.82 | 35.55 | 35.32 | 41.94 | 67.09 | 167 | 205 | 204 | 243 | 294 |
| Div. Payout % | 27% | 21% | 22% | 25% | 27% | 27% | 23% | 22% | 24% | 25% | 25% | 25% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 40 | 40 | 40 |
| Reserves | 691 | 815 | 998 | 1,070 | 1,164 | 1,128 | 1,361 | 1,677 | 2,198 | 3,836 | 4,463 | 5,353 |
| Borrowings | 494 | 384 | 305 | 363 | 253 | 372 | 325 | 359 | 376 | 476 | 585 | 956 |
| 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 |
| 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 |
| Fixed Assets | 395 | 398 | 574 | 649 | 709 | 885 | 878 | 881 | 950 | 1,193 | 1,540 | 1,717 |
| CWIP | 10 | 56 | 28 | 20 | 103 | 55 | 29 | 38 | 99 | 122 | 130 | 540 |
| Investments | 5 | 112 | 119 | 0 | 187 | 0 | 60 | 31 | 54 | 11 | 219 | 55 |
| 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 |
| 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 298 | 412 | 312 | 225 | 632 | 94 | 281 | 244 | 698 | -283 | 1,291 | 968 |
| Investing | -59 | -223 | -166 | -5 | -388 | 45 | -115 | -91 | -267 | -267 | -705 | -552 |
| Financing | -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/OP | 120 | 108 | 95 | 67 | 143 | 35 | 74 | 58 | 72 | -2 | 97 | 70 |
Ratios
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY11–FY27.
Documents
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Company Information
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]
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