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Apar Industries Margin Trend — Quarter by Quarter

Apar Industries's EBITDA margin moved from 9.8% in Q1 FY24 to 8.8% in Q3 FY26 across 11 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY268.8%—
Q2 FY268.7%—
Q1 FY269.8%—
Q4 FY259.3%—
Q3 FY258.5%-220 bps
Q2 FY258.7%—
Q1 FY259.8%—
Q4 FY2410.3%-60 bps
Q3 FY2410.8%+190 bps
Q2 FY249.5%+220 bps
Q1 FY249.8%+200 bps

What management said about ebitda margin

G

Q3 FY26 · Cable EBITDA margin to remain around 9.5%-10%

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

G

Q2 FY26 · Conductor EBITDA per ton guidance maintained at INR 30,000

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

G

Q2 FY26 · Cables EBITDA margin guidance of 10-12%

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

G

Q1 FY26 · Conductor EBITDA per ton guidance maintained at ₹30,000+ tailwinds

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

G

Q4 FY25 · Conductor EBITDA per ton of INR 30,000+ in FY26

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.

G

Q4 FY25 · Oil volume growth of 6-8% and EBITDA per KL of INR 5,000-6,000 in FY26

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

G

Q3 FY25 · Cable EBITDA margin target of 11%-12%

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

G

Q2 FY25 · Conductor EBITDA per ton guidance maintained at INR 28,500

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

G

Q1 FY25 · Cable EBITDA margin 10-12%

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

G

Q4 FY24 · Conductor EBITDA per metric ton guidance of INR 28,000-28,500

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.

G

Q1 FY24 · Conductor EBITDA per ton of INR 25,000+ with tailwinds

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

G

Q1 FY24 · Cable EBITDA margin of 10%-12%

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