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Apar Industries Ltd

APARINDS NSE

Key Fundamentals

MidcapOther Electrical EquipmentCapital Goods
Market Cap
₹65,830 Cr
Volatility
Moderate
P/E Ratio
58.53
EBITDA
₹1,752 Cr
Return on Equity
18.24%
Debt to Equity
0.18
Book Value
₹1,885.11
EPS
₹206.69
52W High
₹18,465
52W Low
₹6,801

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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56 extracted metrics + investor summaries across FY11–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 24.8%

Weaknesses

2
  • Stock is trading at 12.3 times its book value
  • Company's cost of borrowing seems high

Growth Rate

Revenue Growth
22.11% ↗
Net Income Growth
18.68% ↘
Cash Flow Change
555.56% ↗
ROE
-14.33% ↘
ROCE
-11.50% ↘
EBITDA Margin (Avg.)
-13.15% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 4d ago
AI opinion · based on fundamentals
Risk high

Apar Industries is a ₹71,120 Cr market cap capital goods company trading at a PE of 61.3x and 13.4x book value, with strong historical growth — 5-year profit CAGR of 44% and 5-year sales CAGR of 29% — but elevated valuations and a high cost of borrowing raise questions about the sustainability of re-rating at current levels.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 44% CAGR demonstrates consistent earnings power across cycles
  • TTM revenue growth of 24% indicates continued momentum in top-line expansion driven by conductor and cable segments
  • Consistent ROE of 20-22% over 3, 5, and 10-year periods shows disciplined capital allocation and high return generation
  • TTM profit growth of 37% outpacing revenue growth of 24% suggests improving operating leverage and margin expansion
  • Stock has delivered 63% CAGR over 3 years and 95% CAGR over 5 years, reflecting strong market confidence in the business model
  • Debt-to-equity ratio of approximately 0.18x (per recent filings) is low for a capital goods company, providing balance sheet flexibility for growth capex
  • Healthy dividend payout ratio of 24.8% maintained despite high growth reinvestment needs, indicating shareholder-friendly management
  • Beneficiary of India's ₹9 trillion transmission capex pipeline through FY32, with domestic T&D market expected to grow from $28 bn in FY24 to $38 bn by FY30
Bear Case 8
  • Stock trades at 61.3x PE, a significant premium to capital goods sector averages, leaving little room for execution misses
  • Price-to-book of 13.4x is extremely elevated, implying the market has priced in many years of future growth already
  • Company's cost of borrowing appears high relative to peers, which could pressure margins if interest rates remain elevated
  • Q4 FY24 profit fell 2.67% YoY despite 9.15% revenue growth, showing that margin expansion is not guaranteed every quarter
  • Dividend yield of just 0.28% offers negligible income cushion if stock price corrects from current elevated levels
  • 10-year sales CAGR of 16% is significantly lower than recent 5-year CAGR of 29%, suggesting current growth rates may not be structurally sustainable over full cycles
  • 1-year stock CAGR of 106% has pushed valuation well ahead of the 37% TTM profit growth, creating a valuation-growth gap
  • TOL/TNW (total outside liabilities to tangible net worth) stood at 1.48x as of March 2024, indicating meaningful leverage on the overall balance sheet despite low long-term debt

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 20h ago
Headwinds 1
  • Volume decline from volatility Jul 31

    Q1FY27 saw volume declines due to metal price volatility and port closures, partially offsetting strong margin performance.

Positives 3
  • Record Q1FY27 revenue and profit Jul 31

    Q1FY27 revenue surged 29.1% to ₹6,591 crore with PAT up 78% to ₹467 crore, driven by 50.3% premium conductor mix and oil margin expansion.

  • FY26 profit up 23% to ₹974cr Jul 28

    Full-year FY26 net profit rose 23% to ₹974 crore with ₹60 per share final dividend recommended by the Board.

  • ₹2,500cr fundraise approved Jul 30

    Shareholders approved ₹2,500 crore capital raise via special resolution at EGM on July 30, 2026 to fund strategic growth initiatives.

Neutral 1
  • ₹45.45cr block trade on NSE Aug 3

    Approximately 30,888 shares traded in a block deal at ₹14,716 per share on NSE, suggesting institutional activity worth ₹45.45 crore.

TL;DR: Apar Industries is firing on all cylinders with record quarterly revenue, surging profits, and an improving premium product mix. The ₹2,500 crore fundraise signals aggressive growth ambitions. Near-term risks are limited to metal price volatility and logistics disruptions impacting volumes. The trend is clearly improving with strong margin expansion and institutional interest confirming momentum.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
16,999
21,026
22,218
Operating Profit
264
380
434
426
491
495
440
578
1,267
1,568
1,582
1,876
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
99
32
52
Interest
162
175
131
158
223
254
157
171
344
432
443
437
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
539
Investments
5
112
119
0
187
0
60
31
54
11
219
59
Other Assets
2,546
2,352
2,728
3,608
3,958
3,714
4,032
5,657
7,114
8,290
9,373
11,396
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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-558
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
102
-24
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
99
71
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
44
ROCE %
17%
28%
31%
27%
30%
28%
22%
27%
51%
44%
33%
31%

Shareholding Pattern

As of Jun 2026
Promoters 57.76%
DIIs 23.02%
FIIs 10.75%
Public 6.71%
Others 1.75%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Nov 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
60.46%
60.46%
60.46%
60.46%
60.57%
60.64%
60.64%
60.64%
60.64%
60.64%
60.64%
57.77%
57.77%
57.77%
57.77%
57.77%
57.77%
57.77%
57.77%
57.77%
57.77%
57.77%
57.76%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
9.09%
0.00%
0.00%
11.55%
11.51%
10.97%
10.22%
9.86%
9.07%
9.25%
9.35%
9.37%
10.75%
DIIs
18.35%
18.27%
16.64%
16.58%
16.83%
16.51%
16.77%
17.53%
17.96%
17.97%
17.05%
17.83%
17.43%
18.90%
19.73%
20.40%
21.24%
20.63%
21.79%
22.64%
23.21%
24.15%
23.02%
Government
0.23%
0.23%
0.23%
0.26%
0.26%
0.00%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
12.31%
12.43%
13.07%
12.48%
12.16%
12.06%
12.86%
11.94%
11.70%
11.05%
10.35%
9.75%
9.89%
9.30%
8.77%
8.65%
8.58%
9.28%
9.11%
8.26%
7.65%
6.88%
6.71%
Others
8.64%
8.60%
9.60%
10.22%
10.19%
10.79%
9.73%
9.90%
9.71%
10.34%
2.88%
14.65%
14.91%
2.49%
2.23%
2.20%
2.19%
2.45%
2.26%
2.09%
2.02%
1.83%
1.75%
No. of Shareholders
28,119
30,122
33,724
33,231
34,460
39,680
54,212
58,212
62,726
71,660
92,403
91,220
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

Documents

Frequently Asked Questions about Apar Industries Ltd

What does Apar Industries Ltd do?
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 ...
Where is Apar Industries Ltd (APARINDS) listed?
Apar Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: APARINDS and BSE: 532259. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Apar Industries Ltd belong to?
Apar Industries Ltd operates in the Capital Goods sector within the Other Electrical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Apar Industries Ltd?
Apar Industries Ltd has a market capitalisation of approximately ₹65829.50 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Apar Industries Ltd?
The Price-to-Earnings (PE) ratio of Apar Industries Ltd is 58.53. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Apar Industries Ltd?
Over the past 52 weeks, Apar Industries Ltd has traded between a low of ₹6,801 and a high of ₹18,465. This range helps investors understand the stock's price volatility and recent trading levels.
Does Apar Industries Ltd pay dividends?
Yes, Apar Industries Ltd has a dividend yield of 0.31%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Apar Industries Ltd?
Apar Industries Ltd has a Return on Equity (ROE) of 18.24%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Apar Industries Ltd on Tapetide?
On Tapetide, you can view Apar Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website apar.com
CEO Mr. Kushal Narendra Desai
Employees 2,155
Listed 2004-07-12
Face Value ₹ 10
Issued Size 4,01,68,315

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