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
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Outlook on US market, data center opportunity, and capex visibility.
Asked by Nithan Aurora, Axis Mutual Fund
Management provided specific details on US traction, data center projects, and $15 million in cables.
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Question
how big is these uh opportunity are becoming for you because given uh such a tariff challenging you're still able to deliver such high profitability on the conductor side despite us being down for us so going in FI27 FI28 uh how this US opportunity looks like to you because you're increasing again the capeex which you know um looks like a very high visibility you are seeing
Management (unidentified)
the US market we are seeing actually a very strong uh traction in the US market. It is being clearly led by u the data center opportunity there... we have already supplied to three major data center projects so far and um in the US uh the total of cables that have gone in there is in the range of about $15 million
Answered
Medium priority
Whether capex is driven by US hyperscalers blocking capacity.
Asked by Nithan Aurora, Axis Mutual Fund
Management directly denied capacity blocking and explained the EPC-driven nature.
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Question
on this capeex which you have announced and upsized again. Uh is it like coming more from the US data center hyperscaler side where they're trying to block your capacity that the way they're doing for all the vendors around the world or is it a mix of both India capeex and and US capex all together?
Management (unidentified)
No. So it's looking at all the opportunities... the US is being led by data centers but you know unlike in the case of fiber and some of the other things where they're directly and blocking capacities here. These are largely projects which are awarded to EPC players
Partial answer
High priority
Profitability outlook for conductor business next year.
Asked by Nithan Aurora, Axis Mutual Fund
Management gave a medium-term range but did not commit to next year's specific profitability.
no specific next-year guidancemedium-to-long-term range given
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Question
if US increases next year uh in exposure and uh you know and you're already able to do 44,000 in conductor for the whole year how one should think about profitability of a conductor business next year.
Management (unidentified)
we expect that from on a medium to long-term perspective our conductor margins could be in the range of 35 to 36,000 per metric ton and this has been resulting because of the impact of high premium products... plus the tailwinds coming our way.
Answered
High priority
Current capacity utilization and capex breakdown for FY27.
Asked by Fumesha, Namora Holdings
Management provided specific utilization percentages and capex breakdown by division.
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Question
my first question is pertaining to our current capacity utilization uh in these three divisions and uh at the same time if you can give us further detail breakup of 1500 of capex that you are planning for FI27.
Management (unidentified)
conductor division our capacity utilization currently be about 90 to 95%age. And similarly for cables it could be close to about 85 to 90%age... around 400 400 crores would be coming from conductor division around 200 odd crores from oil division and cable would be in the range of 850 cr.
Answered
Medium priority
Domestic market awarding for HVDC projects and tender delays.
Asked by Fumesha, Namora Holdings
Management clearly stated that awards have not started and will run through FY27-28.
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Question
now that uh lot of these large HPC projects are entering into execution mode. Uh so just wanted to know whether uh material awarding uh for these projects are already being done or uh it is expected to come up in FI27 and second any kind of uh delay in tender finalization that you see in domestic uh market for transmission lines.
Management (unidentified)
no with these HVDC projects have just been uh just been awarded. So both conductor and the oil will come significantly later... the business will run through FI27, FI28 also uh in terms of the awards taking place.
Partial answer
Medium priority
Data center cable value per MW, pricing, and long-term contracts in US.
Asked by Fumesha, Namora Holdings
Management gave cable value per data center but did not address pricing or long-term contracts directly.
no specific pricing comparisonno long-term contract details
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Question
any rough cut idea about how much of uh value of cable uh supply that you can give to 1 megawatt or 1 gig of data center infrastructure suppose in US. Second uh uh do you see uh pricing in data center user industry to be relatively far better than other ind other user industries and third any uh any color on potential long-term contract that you can get
Management (unidentified)
a medium-siz um data center that you would supply in the US would be taking about 10 to 12 million worth of cables of just the medium voltage cables... about 25-30 million for a medium size data center in the US.
Evasive
High priority
Potential improvement in conductor EBITDA per ton given order backlog.
Asked by Fumesha, Namora Holdings
Management deflected by reiterating medium-term range and refusing to comment on next year.
repeated medium-term guidancedeclined to give next-year guidance
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Question
if I look at our pending order backlog where export mix is relatively higher at about 39%... considering all these things it looks like you can report uh probably improvement on last year's of a pattern number reported at about 43,000 rupees. So any color over here?
Management (unidentified)
So that's what we always indicate 35 to 36 plus tailwinds and uh as you can see the order book is not representing the entire uh uh requirement for the year... we don't give the guidances for next year.
Answered
Medium priority
Dependence on Middle East for specialty oil sourcing and sales.
Asked by Moit Kumar, ICICI Securities
Management provided specific details on sourcing and sales impact from Middle East.
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Question
can you help us with your dependence on the Middle East for a specialty oil business in terms of sourcing and sales?
Management (unidentified)
the refinery that we source a reasonable amount of quantity and have a long-term contract with is Saudi Aramco's base oil refinery in Yanbo... from a sourcing standpoint there is not not a major impact from the refinery in the Middle East.
Answered
Medium priority
Growth outlook for premium conductors in domestic market.
Asked by Moit Kumar, ICICI Securities
Management gave specific mix percentages and positive outlook for premium conductors.
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Question
can you help us with the growth outlook in premium conductors in domestic markets and compare the inquiry pipeline with the last year I'm specifically talking about A59 HTLS railway overhead CTC conductors and copper plates.
Management (unidentified)
Generally we see a good growth prospects in this year there was a little bit of uh holding back of tenders last year. uh this year we expect lot of more tenders to be finalized... 45.8% is the mix uh that we had of uh premium uh products and if you look at that as a percentage of you know the current order book it's about a little over 50%.
Answered
High priority
Cables capex and long-term revenue target of 10,000 crores.
Asked by Amit Arwani, PL Capital
Management confirmed capex is aligned with the 10,000 crore revenue target.
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Question
on the cables capex which you said uh probably about 850 crics which we have envy for this year also uh with earlier capexes we were probably trying for roughly about 10,000 cr revenue so any change in terms of uh you know the volumes we want to achieve after this uh round of kix
Management (unidentified)
we have already spent about 400 crores in FI26 and uh if you look at all the carry forward projects which we have into FI27 that's about 850 crores... we are seeing this is a capex towards that 10,000 crores only.
Partial answer
Medium priority
Fungibility of cable capacity for data centers and margin outlook.
Asked by Amit Arwani, PL Capital
Management addressed fungibility but gave only vague margin outlook and no data center contribution.
no specific data center contributionmargin impact vague
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Question
is the capacity kind of funible? U since it's a data center, there would be different specs in in India and also in exports and you are building capabilities there. So uh is your current capacity fungeible there? And second uh what like what kind of expectations we have in terms of data center kind of contribution going forward since we're building this capacity for that also. And second on margin we have about 10.2%. Uh how these margins can move
Management (unidentified)
the machineries are capable of producing uh different specification of products... the fungibility is going to remain reasonably high... There could be uh you know increased competition uh to some extent. You may lose a percentage or so in eida here or there but the overall size of the pie will continue to grow.
Answered
High priority
Impact of US tariff changes on pipeline and competitive intensity.
Asked by Amit Singh, 361 Capital
Management directly addressed tariff impact and gave a positive growth outlook.
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Question
Recently US has changed their section 2C2 tariffs. There's a flat tariff for 50% on conductors and 25% on cables. So how do we see the pipeline evolving due to these tariffs like is it beneficial for a power and how has the customer reaction been?
Management (unidentified)
whatever rationalization has been done it seems like that now this is here to stay for a while. So the uncertaintity which was uh really the big problem that existed uh in the last financial year that problem is now uh at least that visibility is there... we see that at these tariffs we will grow significantly in FI27 over FI26 as far as the US market is concerned.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Conductor volume growth target 10% YoY, cable 25% YoY | 10% | 26.7% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.