Apar Industries Management Guidance Tracker

43 forward-looking guidance items tracked across 11 quarters.

Growth

Q1 FY24Conductor volume growth of ~10% for FY24Active

Management maintained guidance of ~10% volume growth in conductors for the full year, despite near-term export headwinds.

Q2 FY24Full ramp-up of new capacities by FY25Tracked

New capacities from the current capex cycle will be fully loaded during FY25, with commissioning expected by Q4 FY24.

Q3 FY24Conductor volume growth of 15% for FY25Tracked

Management expects 15% volume growth in conductors for the next year, supported by capacity additions.

Q3 FY24Cable business CAGR of 25% for next few yearsTracked

Cable business expected to grow at 25% CAGR, driven by renewable energy, railways, defense, and mining.

Q3 FY24Transformer oil double-digit volume growthTracked

Transformer oil expected to grow at double-digit rates, leading the oil vertical.

Q4 FY24Conductor volume growth of ~15% CAGR on a medium-term basisTracked

Management expects conductor division to grow about 15% on volume terms on a staggered basis over the medium to long term.

Q1 FY25Conductor volume growth 10-15% for FY25Tracked

Management expects full-year volume growth in conductors between 10-15%, driven by domestic demand and recovery in exports.

Q2 FY25Conductor volume growth may fall short of 10% guidance for FY25Active

Management expects full-year conductor volume growth to be below the earlier 10% guidance due to lower H1 volumes, but aims to make up in H2.

Q2 FY25US business expected to show sequential growthActive

Management sees sequential improvement in US orders, with Q2 order intake up 17.5% QoQ, and expects this trend to continue.

Q3 FY25Conductor division volume growth of 10%Active

Management expects conductor division to grow 10% year-on-year in volume terms for FY25.

Q3 FY25Oil division volume growth of 5%-8%Active

Management expects oil division to grow 5%-8% year-on-year in volume terms for FY25.

Q4 FY25Oil volume growth of 6-8% and EBITDA per KL of INR 5,000-6,000 in FY26Tracked

Oil division targets volume growth of 6-8% and EBITDA per kiloliter in the range of INR 5,000-6,000 for FY2026.

Q1 FY26Conductor volume growth of 10% annuallyTracked

Management reiterated guidance for 10% volume growth in conductors on an annual basis, with some quarterly variation.

Q3 FY26Conductor volume growth to return to double digits in FY27Tracked

After 8.5% volume growth in 9M FY26, management targets double-digit volume growth in FY27, supported by resolution of transformer bushing shortages and strong renewable energy demand.

Margins

Q1 FY24Conductor EBITDA per ton of INR 25,000+ with tailwindsActive

Guidance for conductor EBITDA per metric ton remains at INR 25,000 plus tailwinds, which are expected to taper over the next two quarters.

Q1 FY24Cable EBITDA margin of 10%-12%Active

Management guided cable division EBITDA margin in the range of 10%-12% for FY24.

Q4 FY24Conductor EBITDA per metric ton guidance of INR 28,000-28,500Tracked

Despite current higher levels, management continues to guide long-term EBITDA per metric ton at around INR 28,000-28,500 for the conductor division.

Q1 FY25Cable EBITDA margin 10-12%Tracked

Management expects cable EBITDA margins to remain in the 10-12% range for FY25.

Q2 FY25Conductor EBITDA per ton guidance maintained at INR 28,500Active

Despite current higher margins, management maintains a conservative guidance of INR 28,500 per ton for conductor EBITDA.

Q3 FY25Cable EBITDA margin target of 11%-12%Tracked

Management targets cable division EBITDA margin of 11%-12%, driven by U.S. recovery and cost optimization.

Q4 FY25Conductor EBITDA per ton of INR 30,000+ in FY26Tracked

Conductor division is expected to achieve EBITDA per metric ton of INR 30,000 or more on a 12-month basis, supported by premium product mix.

Q1 FY26Conductor EBITDA per ton guidance maintained at ₹30,000+ tailwindsActive

Management maintained the guidance of ₹30,000+ tailwinds for conductor EBITDA per ton, citing uncertainty from US tariffs and competition.

Q2 FY26Conductor EBITDA per ton guidance maintained at INR 30,000Active

Despite recent performance of INR 39,636 per ton, management maintains medium-term guidance of INR 30,000 per metric ton for conductors.

Q2 FY26Cables EBITDA margin guidance of 10-12%Active

Management expects cables EBITDA margins to remain in the 10-12% range over the medium to long term.

Q3 FY26Cable EBITDA margin to remain around 9.5%-10%Active

Despite margin pressure from US tariff adjustments, management expects cable EBITDA margin to stay in the 9.5%-10% range for FY26.

Capex

Q1 FY24CapEx of INR 350-400 crore over 12-18 monthsTracked

CapEx plan remains unchanged at INR 350-400 crore, with two-thirds allocated to cables.

Q2 FY24Capex of INR 350-400 crore for FY24Active

Management expects to spend INR 350-400 crore on capex by end of FY24, with INR 150 crore already spent in H1. The capex is expected to generate revenue of INR 4,000-5,000 crore at current asset turnover ratios.

Q3 FY24Annual capex of ~INR 300 croreTracked

Company plans to spend about INR 300 crore annually on capex for conductor and cable capacity expansion.

Q4 FY24Annual CapEx of INR 350-400 croreTracked

The company plans to incur around INR 350-400 crore in capital expenditure each year for capacity expansion across divisions.

Q1 FY25CapEx of INR 300-350 crore in FY25Tracked

Capital expenditure for FY25 is planned at INR 300-350 crore, primarily for cable and conductor divisions.

Q2 FY25CTC capacity doubling to come on stream in JanuaryActive

APAR is doubling its CTC conductor capacity, with the new capacity expected to be operational in January 2025.

Q4 FY25Capex of INR 1,300 crore over 15-18 monthsTracked

Planned capex of INR 1,300 crore (INR 800 crore cables, INR 300 crore conductors, INR 200 crore oil) to be deployed over 15-18 months, funded 50% debt and 50% internal accruals.

Q1 FY26Capex of ₹1,300 crore by June 2026Tracked

Planned capex of ₹1,300 crore, with ₹150 crore spent in Q1 and ₹350 crore expected in the next few months; major payouts in Nov-Dec-Jan.

Q2 FY26Cables capacity expansion to INR 10,000 crores revenue potentialTracked

INR 800 crores CapEx in cables will increase revenue capacity from INR 5,000 crores to INR 10,000 crores over time, with bulk commissioning by June 2026.

Q2 FY26FY26 CapEx of INR 1,300 croresActive

Total capital expenditure for FY26 across all divisions is approximately INR 1,300 crores, with INR 400 crores incurred in H1.

Q3 FY26Capex plan of INR 1,400 crore on trackActive

INR 500+ crore capex completed by Q3; remaining capex to be executed by Q4 and Q1 FY27, with all facilities operational by mid-FY27.

Expansion

Q2 FY24BharatNet participation intentTracked

Apar intends to bid for at least one package in the BharatNet project, which involves end-to-end supply and network operation, though final tender details are pending.

Revenue

Q4 FY24Cable revenue growth of 25% YoYActive

Management expects cable division to grow at 25% year-on-year in value terms over the next few years.

Q1 FY25Cable revenue growth of 25% for FY25Tracked

Cables division targets 25% annual revenue growth, assuming US demand recovery and strong domestic momentum.

Q3 FY25Cable division top-line growth of 25% on value termsActive

Management reiterated guidance for cable division to grow 25% year-on-year in value terms for FY25.

Q4 FY25Cable revenue growth of 25% in FY26Tracked

Management guided for 25% value growth in the cable division for FY2026, driven by strong domestic demand and U.S. recovery.

Q1 FY26Cable segment 25% value growthActive

Management guided for 25% value growth in the cable segment, despite US tariff uncertainty.

Q3 FY26Cable revenue growth of 20%+ for FY26Active

Management expects cable division to achieve over 20% revenue growth for the full year, driven by domestic strength and US order recovery in Q4.