Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 10 Sep - CARE upgraded APAR’s long-term rating to AA; Stable and reaffirmed short-term A1+ on September 9, 2026.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result24 Jul, 06:19 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
50NeutralRSI oversold · MACD −
Stock trend: 52
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
APARINDSD candles · FIT view+24.6%Latest close ₹15122.00 on 2026-10-21
Bar
-4.9%
RSI
30
MACD hist
-342.82
52W pos
67%
2026-10-21O ₹15897.00H ₹16037.00L ₹14882.00C ₹15122.00Vol 3.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
APARINDSNifty India ManufacturingNifty 500
- APARINDS
- +9.3%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +15.8 pp
Chart stats
21 Oct 2026- From 52W high
- -21.5%
- 52W range position
- 67%
- ATR (14)
- 4.9%
- Volume vs 20D
- 2.56x
- Avg traded value
- ₹228 Cr
- 20D price channel
- ₹14,882 - ₹19,265
₹19,265
₹6,801 - ₹19,265
₹746.4
Latest completed session
20-session average
38.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +29.1% · PAT +77.6% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model-30.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +29% YoY · PAT +78% YoY · margin expansion · operating leverage
Filed 24 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 55.70
- P/B
- 11.94
- EV/EBITDA
- 29.10
- Market Cap
- 67134.00Cr
Profitability
- ROE
- 20.30%
- ROCE
- 31.80%
- ROA
- 8.62%
- Dividend Y
- 0.37%
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
- 7.83
- Book Value
- 1343.00
Cash Flow
- FCF Yield
- 0.62%
- FCF Positive Y
- 11/5
- OCF
- 968.00 Cr
- EPS TTM
- 294.12
Shareholding
- Promoter Hold
- 55.42%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 74%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 22.9k+23.3% vs prev
Net Profit
₹ CrLatest: 977+19.0% vs prev
Return on Equity
%Latest: 18.1-0.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 30. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 30 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 22% off 52W high · 122% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
96
RS percentile
Stage 2 UptrendEstablished S2
1M return
-20.2%
3M return
+9.3%
6M return
+27.7%
1Y return
+59.8%
RS 1D
0
RS 20D
-2
Sector rank
#6
Industry rank
#1
Stage evidence
- Price is 3.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
26 Feb 2026
S2 age
167 trading sessions
Sector
weakening
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 188.42-3.01%
RS vs Nifty 500188
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth16/25
Quality15/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 15/20 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Fair-value margin of safety is negative at -30.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
55.7
PB
11.9
EV/EBITDA
29.1
ROE
20.3%
ROCE
31.8%
FCF Yield
0.6%
Debt/Equity
0.2
MoS
-30.8%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-30.8%
Previous: -36.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
47
47
47
47
47
47
47
48
48
48
48
48
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹2,981.2
-407.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹11,558.92
-30.8% MoS
PEG
1.70
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RRKABEL
Large
R R Kabel Limited
Electrical Equipment
match 56
53
49.2
21.3%
-13%
FAIR VALUE
CGPOWER
Large
CG Power and Industrial Solutions Limited
Electrical Equipment
match 56
47
107.0
20.5%
-174%
FAIR VALUE
FINCABLES
Large
Finolex Cables Limited
Electrical Equipment
match 54
36
26.1
12.3%
-2%
WATCHLIST
GVT&D
Mid
GE Vernova T&D India Limited
Electrical Equipment
match 54
64
74.9
57.4%
-96%
UNDERVALUED
TARIL
Large
Transformers And Rectifiers (India) Limited
Electrical Equipment
match 53
55
32.4
19.1%
+18%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T07:40:59.838Z
Management commentary snapshot
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.
Current business mix
FY26 EBITDA by Division
Latest issuer-disclosed distribution across 4 reported categories.
Conductor50.3%
Specialty Oil and Lubricant18.2%
Cable30.6%
Others0.9%
Growth engines
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.
Tailwinds
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.
Headwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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)
Thesis monitor
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.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
208 docs text-extracted · 98 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Industrials: 92nd pctile, median 68 · Large: 82nd pctile, median 73
Evidence depth
Financial-only
208 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
95
strong · quarterly consistency
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.
Continue researching Apar Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Sep - Newspaper Publication for publicizing Special Window for Re-lodgement of Transfer Requests of Physical Shares
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 13 Aug - APAR approved QIP closure, allocating 16,88,618 shares at ₹14,805 each on August 13, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Allotment 13 Aug - APAR Industries allotted 16,88,618 shares in ₹2,500 crore QIP on August 13, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Aug - Submission of publication of advertisement regarding 37th Annual General Meeting of Shareholders of APAR Industries Limited in the newspapers (Post-dispatch)
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug - Submission of publication of advertisement regarding 37th Annual General Meeting of Shareholders of APAR Industries Limited ("the Company") in newspaper (Pre-dispatch)
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Jul - Intimation of schedule of analysts and investors to the conference call to be made on Q1-FY27 - Results on Friday, July 24, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Jul - Submission of publication of advertisement regarding Extra-Ordinary General Meeting of APAR Industries Limited (the Company) in newspapers (Post-dispatch).
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Raising of Funds 30 Jun - Board approved fundraise up to ₹2,500 crore via QIP, rights issue, preferential allotment; postal ballot to follow.
Source: Bse
Announcement
Announcement Pertaining To Apar Industries Middle East Limited, KSA, Our Wholly Owned Subsidiary. 22 Jun - Company shared an announcement for subsidiary Apar Industries Middle East Limited, KSA.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.