Apar Industries Limited (APARINDS)
Large CapIndustrials stocks · Large cap · NSE
Apar Industries Limited manufactures conductors, specialty oils & lubricants, and cables. It serves domestic and international markets, including the US, with a focus on premium products for power transmission, automotive, and industrial applications.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +29% YoY · PAT +78% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,591 Cr | +29.1% | -0.2% |
| EBITDA | ₹758 Cr | +67.7% | +52.8% |
| Operating margin | 11.0% | +200 bps | +300 bps |
| PAT | ₹467 Cr | +77.6% | +84.6% |
| PAT margin | 7.1% | +194 bps | +326 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
APARINDS reports strong Q4 & FY26 revenue growth, driven by domestic demand and US business scale-up. Consolidated revenue hit an all-time high, but Q4 PAT growth was muted by one-off expenses.
The company delivered robust top-line growth in Q4 and FY26, with all divisions contributing. Conductor and Cable divisions showed strong revenue and EBITDA growth, supported by order books. Specialty Oil saw volume growth in key segments. While Q4 PAT was impacted by one-offs, adjusted PAT growth was healthy. The increasing premium product mix and US market expansion are positive.
FY26 EBITDA by Division
Latest issuer-disclosed distribution across 4 reported categories.
Domestic Business Growth
Domestic revenue up 33.6% over Q4 FY25 and 28.8% over 12M FY25.
US Business Expansion
US revenue up by 28.8% over Q4 FY25, up 254.7% v/s Q3 FY26 and up 49.7% in 12 FY26 v/s 12M FY 25.
Premium Product Mix Improvement
Premium product mix came in at 49.3% in Q4 FY26 v/s 44.3% in Q4 FY25 and 45.8% in 12M FY26 v/s 40.6% in 12M FY25.
Conductor Division Order Inflow
In 12M FY26 new order inflow stands at ₹ 11,450 crores, up 24.2% YoY.
Higher Realisations
Q4 FY26 revenue... led by sustained domestic business, scaling up of US business and higher realisations.
Improved Product Mix
Improved product mix have largely contributed to higher EBITDA margin (Conductor Division).
Commodity Price Increase (Cable Division)
Revenue for Q4 FY26 came in at ₹ 1,903 crores up 35.0% v/s Q4 FY25 led by commodity price increase.
Exceptional Losses
Q4 had one-offs due to additional impact in the new wage code on gratuity and leave encashment, MTM impact of ECB loan and provision for an old legal case.
Export Mix Decline (Specialty Oil)
Export mix stands at 36.3% in Q4 FY26 v/s 41.7% in Q4 FY25 and 39.8% in 12M FY26 v/s 44.0% in 12M FY25.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall annual growth and performance trends, especially for a manufacturing business. QoQ comparison is important to track sequential momentum, particularly in export and US market scaling, and to understand the impact of commodity price changes and product mix shifts within the financial year.
Order Inflow (Conductor)
In 12M FY26 new order inflow stands at ₹ 11,450 crores, up 24.2% YoY
Order Book (Conductor)
Pending order book was ₹ 7,671 crores of which export mix is 38.9%
Order Book (Cable)
Pending order book is at ₹ 1,800 crores
EBITDA Margin (Consolidated)
EBITDA Margin 8.8% (Q4 FY26), 9.0% (12M FY26)
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Revenue Growth | Q4 FY26 revenue stands at ₹ 6,603 crores, grew 26.7% over Q4 FY25. | Sustained double-digit growth, especially from domestic and US markets. |
| EBITDA Margin Stability | EBITDA Margin 8.8% (Q4 FY26), 9.0% (12M FY26). | Maintenance or improvement of margins, particularly given commodity price fluctuations and product mix changes. |
| Conductor Division Order Book | Pending order book was ₹ 7,671 crores. | Growth in order book and timely execution to support future revenue. |
| Premium Product Mix | Premium product mix came in at 49.3% in Q4 FY26 (Conductor Division). | Continued increase in the share of premium products across divisions to drive margin expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
66Bullishfull bull SMA stack · SMA20 +19.7% / mo · MACD − · near 52W high
Technical chart
APARINDSdaily · 1Y · AUTO+67.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 58. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~16.4% over last month) — short-term momentum positive.
- RSI(14) at 58 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 6% off 52W high · 156% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 33.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +10.5%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 15/20 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -49.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 92nd percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 55.4%. Key concern: Promoter holding fell 2.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 92nd pctile, median 68 · Large: 83rd pctile, median 73
191 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 55.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.6%.
- ▸11 years of positive FCF.
Trust risks
- ▸Promoter holding fell 2.4%.
- ▸ROCE trend is -4.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 60.50
- P/B
- 12.97
- EV/EBITDA
- 31.58
- Market Cap
- 72946.00Cr
Profitability
- ROE
- 20.30%
- ROCE
- 31.80%
- ROA
- 8.62%
- Dividend Y
- 0.34%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 44.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 4.58×
- Altman Z
- 8.25
- Book Value
- 1343.00
Cash Flow
- FCF Yield
- 0.57%
- FCF Positive Y
- 11/5
- OCF
- 968.00 Cr
- EPS TTM
- 294.12
Shareholding
- Promoter Hold
- 55.42%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.