Apar Industries Limited — Q3 FY26
APAR Industries reported a solid Q3 FY26 with consolidated revenue of INR 5,480 crore (+16.2% YoY) and EBITDA of INR 483 crore (+20.4% YoY), driven by strong domestic performanc...
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.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
What is driving the strong EBITDA and volume outlook for conductors?
Asked by Amit Anwani, PL Capital
Management directly explained the product mix shift and gave specific percentages.
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Question
So what do you mean by product mix? Is it the premium product where we have seen the contribution of 44%-45% in 9M versus last 9M was about 37%? So would you be able to explain more in terms of what is driving this strong EBITDA part and for conductors? And also would like to understand the volume scope.
Kushal Desai, Chairman and Managing Director
It is largely because of increase in the premium mix as compared to the total sales of the conductor. ... last quarter three, we had a premium mix of about 37%, which in this particular quarter has grown to 44%, due to which our EBITDA margins have been higher.
Evasive
High priority
Is the EBITDA guidance of INR 30+ thousand being revised upward?
Asked by Amit Anwani, PL Capital
Management did not provide any update or revision despite strong performance.
no revision givenrepeated same guidance
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Question
So the sustainable EBITDA part, are you revising that guidance of INR 30+ thousand because we have been delivering exceptionally well on EBITDA part and still despite the U.S. challenge?
Kushal Desai, Chairman and Managing Director
We'll continue with the same guidance that we have been giving in the past. ... But for now, we'll continue with the same guidance.
Answered
Medium priority
What is the impact of commodity prices on margins and demand?
Asked by Amit Anwani, PL Capital
Management clearly explained pass-through model and potential delays.
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Question
So if at all there's an impact, is there a chance that we might also have to take a hit? Or what exactly are you anticipating for 4Q and Q1 in terms of commodity price impact, whether on the business or the margins?
Kushal Desai, Chairman and Managing Director
Our business model is a pass-through, so we are not taking any risk on the commodity prices per se. ... we have seen a little bit of that affecting us in this Q3, and it is possible in Q4 also there could be some.
Partial answer
High priority
What is the status of US business normalization under 50% tariff?
Asked by Amit Anwani, PL Capital
Management described actions but did not give a specific quarter for normalization.
no clear timeline for normalization
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Question
So what is the view now? Are we back on track in terms of better performance in 4Q? ... Is it Q4 or Q1 when we see the normalized business?
Kushal Desai, Chairman and Managing Director
The current tariff situation remains the same at 54%. ... we have had to reduce prices to some extent in order to book fresh product. ... our strategy is to continue to ride this period by making sure that we service customers there.
Declined
Medium priority
What is the US revenue for nine months for conductors and cables?
Asked by Amit Anwani, PL Capital
Management did not provide the requested nine-month breakdown.
number not available
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Question
So possible to share the U.S. revenue for nine months basis for conductors and cables?
Kushal Desai, Chairman and Managing Director
We don't have that number handy right now. I have the six-month number, which was equal INR 1,600 crores is the six-month.
Partial answer
Medium priority
How big is the EU market and what is the impact of the India-EU FTA?
Asked by Umesh Raut, Nomura
Management acknowledged the opportunity but gave no concrete numbers or timeline.
no specific size givendeferred to later
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Question
So my first question is on recent FTA between India and EU. And I want to understand how big the EU market is in terms of conductor and cable, and how competition is also over there.
Kushal Desai, Chairman and Managing Director
The fine print of the EU deal is still something that we need to go through. ... The European market otherwise is very large, but the access to the market has been very restricted.
Answered
High priority
What is the volume growth outlook for conductors in FY27?
Asked by Umesh Raut, Nomura
Management gave a clear double-digit growth target for FY27.
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Question
So I think going into FY27, considering that there were delays in FY26, ... how can one factor in volume growth for conductor business in FY27?
Kushal Desai, Chairman and Managing Director
That's clearly the target. ... we expect next year volumes to again be past double-digit.
Answered
High priority
How is the cable business tracking towards the 20% CAGR and 11% margin target?
Asked by Umesh Raut, Nomura
Management provided specific nine-month revenue growth and EBITDA margin figures.
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Question
So where are we on those plans on the top-line growth side for cable business? And second, I think on the EBITDA margin side, our endeavor is also to get into double-digit range more close to 11%.
Kushal Desai, Chairman and Managing Director
If you take the nine-month period, volume, I mean, our revenues are 22%. ... nine-month EBITDA is at 10%. ... we've been managing between other markets, domestic, etc., to maintain both top-line and bottom-line so far.
Answered
Medium priority
What is the scope and opportunity of the new Kavach project order?
Asked by Kunal Sheth, B&K Securities
Management explained the project scope, value, and timeline clearly.
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Question
Sir, first question is around this new line of business announcement that you have made, the INR 156 crore order. If you can talk more about it, our scope of work, and how big the opportunity is for APAR?
Kushal Desai, Chairman and Managing Director
It's really an extension of what we're trying to do in the cable solution space around telecommunication ... That package is about INR 153 crore. ... Execution time frame is approximately 22-24 months.
Answered
High priority
What are customer conversations in the US given tariff and commodity volatility?
Asked by Kunal Sheth, B&K Securities
Management differentiated between aluminum and copper products and described ongoing customer engagement.
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Question
Sir, what are the kind of conversations that customers are having now, especially in the U.S. market, given the commodity volatility? This tariff has continued for too long now.
Kushal Desai, Chairman and Managing Director
On the tariff front, you have two sets of products. ... For aluminum-based products, by making an adjustment in the price, we are still in a position to make a positive margin ... Customers are still having conversations with us.
Answered
Medium priority
Why did the cable order book dip QoQ despite improved US inflows?
Asked by Nikhil Abhyankar, UTI Mutual Fund
Management explained the short cycle nature of cable orders, making order book fluctuations normal.
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Question
I was saying, sir, you mentioned that the order inflow has started to improve from Q3, but we see a dip in the order book for the cables division, QOQ. So just some clarity on that.
Kushal Desai, Chairman and Managing Director
Cable business typically operates on a low order book period. ... from order to delivery, the expectation is a bit shorter. So you will find that the order book may vary.
Partial answer
Medium priority
How did cable exports to non-US markets grow and is it sustainable?
Asked by Mahesh Patil, ICICI Securities
Management listed geographies but did not quantify growth or sustainability.
no specific growth numbers for other markets
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Question
So we see the exports were down 65% from U.S. market. However, the overall exports are down 44%. So clearly, there is some increase in other markets. So if you can highlight how we have grown in other markets and how is the growth sustainable?
Kushal Desai, Chairman and Managing Director
We've been exporting products to Latin America, some products to Europe, and Australia. ... That presence continues. ... This is a relatively steady business.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Cable revenue growth 22% in nine months | 22% | 16.2% | Overstated vs filing |
| Cable EBITDA margin 10% in nine months | 10% | 8.8% | Overstated vs filing |
| Domestic cable revenue up 33.4% in Q3 | 33.4% | 16.2% | Overstated vs filing |
| Conductor volume growth 8.5% in nine months | 8.5% | 16.2% | Understated vs filing |
| US six-month revenue INR 1,600 crore | ₹1,600 cr | ₹5,480 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.