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View Risks →Apar Industries Limited — Q2 FY26
Apar Industries reported a strong Q2 FY26 with consolidated revenue of ₹5,715 crore (+23.1% YoY) and EBITDA of ₹499 crore (+24% YoY), driven by volume growth across all divisions and a 43% surge in exports.
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Apar Industries reported a strong Q2 FY26 with consolidated revenue of ₹5,715 crore (+23.1% YoY) and EBITDA of ₹499 crore (+24% YoY), driven by volume growth across all divisions and a 43% surge in exports. The conductor division saw 34.9% revenue growth with premium product mix improving to 45.4%, while cables grew 25.1% with margins expanding 50bps to 10.2%. However, management flagged near-term headwinds: a sudden spike in aluminum and copper prices has paused new orders globally, and US tariff uncertainty (Section 232 at 50% on metals) caused a two-month order drought in Q2. Order inflow has resumed in Q3 but at lower margins, with US revenues likely to be recognized only in Q4. Domestic transmission line execution remains sluggish due to right-of-way issues. The medium-term outlook remains intact, supported by renewable energy investments and grid modernization, but Q3 will see pressure on both topline and profitability. Key risk: sustained high metal prices could further delay order conversion.
अपार इंडस्ट्रीज ने दूसरी तिमाही में मजबूत प्रदर्शन किया। कुल कमाई ₹5,715 करोड़ रही, जो पिछले साल से 23% ज्यादा है। मुनाफा ₹499 करोड़ (+24%) रहा। सभी डिवीजनों में बिक्री बढ़ी और निर्यात में 43% का उछाल आया। कंडक्टर डिवीजन की कमाई 34.9% बढ़ी, जबकि केबल्स 25.1% बढ़ी। लेकिन कंपनी ने आगे की चुनौतियां बताईं: एल्युमीनियम और तांबे के दाम अचानक बढ़ने से दुनिया भर में नए ऑर्डर रुक गए। अमेरिकी टैरिफ अनिश्चितता के कारण दूसरी तिमाही में दो महीने तक ऑर्डर नहीं आए। तीसरी तिमाही में ऑर्डर आने शुरू हुए हैं, लेकिन मुनाफा कम है। भारत में बिजली लाइनों का काम धीमा चल रहा है। मध्यम अवधि की संभावनाएं अच्छी हैं, लेकिन तीसरी तिमाही में कमाई और मुनाफा दोनों पर दबाव रहेगा।
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Conductor volume growth
16.2%
+16.2% YoY
Conductor division volume grew 16.2% YoY in Q2 FY26, contributing to revenue growth of 34.9%.
US revenue growth (H1)
145%
+145% YoY
US revenue in H1 FY26 grew 145% YoY for conductors and 127.7% for cables, driven by strong demand.
Conductor order book
₹7,168 crore
N/A
Conductor order book stood at ₹7,168 crore at end of Q2, with new orders of ₹5,256 crore in H1.
Cable export mix
42.3%
+13.3pp YoY
Cable export mix rose to 42.3% in Q2 FY26 from 29% a year ago, led by US shipments.
Fast read
Guidance and risk preview
Management reiterated medium-to-long-term guidance of ₹30,000 per metric ton EBITDA for conductors, despite recent outperformance.
Section 232 tariffs (50% on metals) and reciprocal tariffs create cost disadvantages vs.
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