Risks
4 risks
Risk Intelligence
US tariff uncertainty impacting exports
View Risks →Apar Industries Limited — Q1 FY26
Apar Industries reported a strong Q1 FY26 with revenue of ₹5,104 crore (+27.3% YoY), EBITDA of ₹501 crore (+27% YoY), and PAT of ₹263 crore (+30% YoY).
bullish
high
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Apar Industries reported a strong Q1 FY26 with revenue of ₹5,104 crore (+27.3% YoY), EBITDA of ₹501 crore (+27% YoY), and PAT of ₹263 crore (+30% YoY). Growth was driven by robust domestic demand across all segments, particularly conductors (+43.9% YoY revenue) and cables (+36.3% YoY). The conductor division benefited from improved product mix and premium product sales, with EBITDA per ton rising to ₹43,688. The oil business saw volume growth of 8.1% despite flat revenues due to lower crude prices. Management maintained guidance for 10% volume growth in conductors and 25% value growth in cables. Key risks include US tariff uncertainty, Chinese subsidized exports, and project delays in oil export markets. The company is executing a ₹1,300 crore capex plan to expand capacity and enhance flexibility.
अपार इंडस्ट्रीज ने पहली तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई ₹5,104 करोड़ रही, जो पिछले साल से 27% ज्यादा है। मुनाफा ₹263 करोड़ रहा, जो 30% बढ़ा। कंडक्टर और केबल की बिक्री में जबरदस्त उछाल आया। कंडक्टर से कमाई 43.9% और केबल से 36.3% बढ़ी। कंडक्टर के हर टन पर मुनाफा ₹43,688 रहा। तेल कारोबार में बिक्री 8.1% बढ़ी, लेकिन कच्चे तेल के सस्ते होने से कमाई नहीं बढ़ी। कंपनी को उम्मीद है कि कंडक्टर की बिक्री 10% और केबल की 25% बढ़ेगी। अमेरिकी टैरिफ, चीनी सस्ते उत्पाद और तेल निर्यात में देरी जोखिम हैं। कंपनी क्षमता बढ़ाने के लिए ₹1,300 करोड़ खर्च कर रही है।
Risks4 trackedTranscriptfull text
Research workspace
Focused Modules
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Conductor EBITDA per ton
₹43,688
+₹5,156 YoY
Improved US and export product mix, along with premium business growth, drove EBITDA per ton higher.
Conductor order book
₹7,779 crore
+₹3,135 crore new orders in Q1
Strong order inflow driven by domestic demand; order book remains healthy.
Cable export mix
41.3%
+8.1pp YoY
Exports surged due to pre-buying ahead of US tariff changes; US revenues grew 136% YoY.
Transformer oil volume growth (domestic)
20%
+20% YoY
Domestic transformer oil demand strong; export projects delayed in Saudi, South Africa, Australia.
What Changed vs Last Quarter
NEW
Conductor volume growth of 10% annually
Management reiterated guidance for 10% volume growth in conductors on an annual basis, with some quarterly variation.
NEW
Cable segment 25% value growth
Management guided for 25% value growth in the cable segment, despite US tariff uncertainty.
NEW
Capex of ₹1,300 crore by June 2026
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.
UPDATED
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.
DROPPED
Cable revenue growth of 25% in FY26
Management guided for 25% value growth in the cable division for FY2026, driven by strong domestic demand and U.S. recovery.
DROPPED
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.
DROPPED
Capex of INR 1,300 crore over 15-18 months
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.
NEW RISK
Project delays in oil export markets
Transformer oil projects in Saudi Arabia, South Africa, and Australia have been delayed, pushing out execution of the strong order book.
NEW RISK
Potential competitive disadvantage if US tariffs favor other countries
If US finalizes lower reciprocal tariffs with countries like Vietnam or Indonesia, India could be at a disadvantage, impacting export competitiveness.
RISK GONE
Execution risk on large capex
The INR 1,300 crore capex plan is historically large; delays in commissioning or cost overruns could strain balance sheet and returns.
RISK GONE
Potential inventory destocking in U.S.
Analyst raised concern about front-loading of orders ahead of tariffs; management downplayed but acknowledged risk of inventory buildup if tariff clarity is delayed.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q3 FY25
Management targets cable division EBITDA margin of 11%-12%, driven by U.S. recovery and cost optimization.
Mentioned in Q2 FY25, Q3 FY25
Cable margins remain low due to competitive pricing in the domestic market, with management citing price competition as a key factor.
Mentioned in Q3 FY25, Q4 FY25
Oil division targets volume growth of 6-8% and EBITDA per kiloliter in the range of INR 5,000-6,000 for FY2026.
Fast read
Guidance and risk preview
Management reiterated guidance for 10% volume growth in conductors on an annual basis, with some quarterly variation.
Uncertainty around reciprocal tariffs and Section 232 duties on aluminum/steel could affect landed costs and demand for conductors and cables in th...
View Risks →