Claim Ledger
79% answered
Did management answer the analysts?
12 analyst questions audited, 1 evaded or deflected.
View Claim Ledger →
Apar Industries Limited — Q4 FY26
Apar Industries reported a strong Q4 FY26 with consolidated revenue of ₹6,625 crore, up 26.7% YoY, driven by domestic growth (33.6%) and US scaling.
bullish
high
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Apar Industries reported a strong Q4 FY26 with consolidated revenue of ₹6,625 crore, up 26.7% YoY, driven by domestic growth (33.6%) and US scaling. EBITDA grew 19.3% YoY to ₹584 crore, though margin contracted 100bps to 8.8% due to one-time provisions. PAT stood at ₹254 crore, with adjusted PAT of ₹285 crore (up ~14% YoY). The conductor division posted record revenue of ₹3,764 crore (+29.9% YoY) with EBITDA per ton improving to ₹44,919. Cable revenue grew 35% to ₹1,193 crore, while oil division grew modestly at 5.6% due to Middle East disruptions. Management guided for medium-term conductor EBITDA margins of ₹35,000-36,000/ton plus tailwinds, and announced a ₹1,500 crore capex for FY27 to capture demand from data centers, renewables, and grid modernization. Near-term risks include elevated metal prices, freight costs, and Middle East supply chain disruptions.
अपार इंडस्ट्रीज ने वित्त वर्ष 2026 की चौथी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कुल आय ₹6,625 करोड़ रही, जो पिछले साल से 26.7% अधिक है। इसकी वजह देश में 33.6% और अमेरिका में बढ़ी बिक्री है। कमाई (EBITDA) ₹584 करोड़ रही, जो 19.3% बढ़ी, लेकिन मुनाफा दर 8.8% पर आ गई। कंपनी का शुद्ध लाभ ₹254 करोड़ रहा। कंडक्टर डिवीजन ने ₹3,764 करोड़ की रिकॉर्ड आय दी। केबल बिक्री 35% बढ़ी, जबकि तेल डिवीजन में मामूली बढ़ोतरी हुई। कंपनी ने डेटा सेंटर और नवीकरणीय ऊर्जा की मांग को पूरा करने के लिए ₹1,500 करोड़ के निवेश की योजना बनाई है। हालांकि, धातु की ऊंची कीमतें और मिडिल ईस्ट में आपूर्ति में रुकावट जोखिम हैं।
Promises0 met · 3 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Promises
3 promises
Promise Tracker
0 delivered, 0 close, 3 missed.
View Promises →
Risks
4 risks
Risk Intelligence
Middle East supply chain disruption
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Conductor EBITDA per ton
₹44,919/ton
+₹3,489/ton YoY
Improved product mix and premium products (49.3% of revenue) drove higher per-ton profitability.
Conductor order book
₹7,671 crore
+₹1,450 crore YoY
Healthy order book provides visibility; order inflow for the year was ₹11,450 crore.
Cable division revenue
₹1,193 crore
+35% YoY
Cable overtook oil as second-largest segment; US revenue up 52.2% YoY.
Premium product mix (conductor)
49.3%
+500bps YoY
Premium products now nearly half of conductor revenue, supporting margin expansion.
What Changed vs Last Quarter
NEW
Medium-term conductor EBITDA margin of ₹35,000-36,000/ton plus tailwinds
Management expects conductor EBITDA per ton to be in the range of ₹35,000-36,000 on a medium to long-term basis, excluding potential tailwinds from premium products and reconductoring.
NEW
Capex of ₹1,500 crore in FY27
Planned capex of ₹1,500 crore for FY27, with ₹850 crore for cables, ₹400 crore for conductors, and ₹200 crore for oil division, to front-load capacity for future demand.
NEW
Cable revenue CAGR of 25% to reach ₹10,000 crore
Cable division aims for 25% CAGR to achieve ₹10,000 crore revenue in five years, with current expansions aligned to this target.
UPDATED
Conductor volume growth of ~10% YoY
Management targets approximately 10% volume growth in conductors year-on-year, supported by strong demand from transmission and renewable sectors.
DROPPED
Cable business to grow 20%+ in FY26
Management reiterated guidance of 20%+ revenue growth for the cable division for the full year, supported by strong domestic demand and US order recovery.
DROPPED
Capex of ₹1,400 crore largely completed by mid-FY27
₹500+ crore capex already done; remaining to be completed by Q1 FY27, with all facilities operational by September 2026.
DROPPED
Cable EBITDA margin to remain around 10%
Despite margin pressure from US business, management expects cable EBITDA margin to stay near 10% for the full year, similar to 9-month level.
NEW RISK
Middle East supply chain disruption
War in the Middle East has caused refinery supply cuts, freight spikes, and project delays, impacting oil division volumes and margins in the near term.
NEW RISK
Elevated metal prices and freight costs
Sharp increases in aluminum, copper, and polymer prices, along with higher freight and war premiums, are causing customers to postpone orders and deliveries.
NEW RISK
Increased domestic competition in cables
New entrants like UltraTech and Adani are investing in wire and cable capacity, potentially pressuring margins in the building wire segment, though management sees limited impact on specialty cables.
NEW RISK
US tariff uncertainty and Chinese competition
While Section 232 tariffs have stabilized, any further changes could affect competitiveness; Chinese dumping remains a threat in certain markets.
RISK GONE
US tariff impact on export margins
Sustained 50% tariff under Section 232 continues to pressure US export margins; management had to reduce prices to secure orders, impacting profitability.
RISK GONE
Commodity price volatility delaying customer deliveries
Rising aluminum and copper prices may cause customers to postpone deliveries, affecting volume execution in Q4 and beyond.
RISK GONE
Chinese competition in non-US export markets
Increased Chinese competition in geographies outside the US impacted conductor volumes, as noted in the press release.
RISK GONE
Transformer bushing shortage delaying transmission projects
Shortage of bushings is delaying transformer deliveries and substation work, which in turn delays transmission line execution and conductor demand.
🤫 Topics management stopped discussing
Mentioned in Q2 FY26, Q3 FY26
Despite margin pressure from US business, management expects cable EBITDA margin to stay near 10% for the full year, similar to 9-month level.
Fast read
Guidance and risk preview
Management expects conductor EBITDA per ton to be in the range of ₹35,000-36,000 on a medium to long-term basis, excluding potential tailwinds from...
War in the Middle East has caused refinery supply cuts, freight spikes, and project delays, impacting oil division volumes and margins in the near...
View Risks →