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View Risks →Apar Industries Limited — Q4 FY25
APAR Industries reported a record Q4 FY25 with consolidated revenue of INR 5,210 crore (+16.9% YoY), driven by strong domestic demand and a rebound in U.S.
bullish
high
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APAR Industries reported a record Q4 FY25 with consolidated revenue of INR 5,210 crore (+16.9% YoY), driven by strong domestic demand and a rebound in U.S. exports. EBITDA stood at INR 483 crore (9.3% margin), while PAT was INR 250 crore. The conductor segment saw 24.5% revenue growth with premium product mix at 45.9%, and cables grew 30% with U.S. revenues surging 268% YoY. Management guided for cable revenue growth of 25% in FY26 and conductor EBITDA per ton of INR 30,000+. A massive INR 1,300 crore capex plan over 15-18 months aims to double cable capacity to INR 10,000 crore. Key risks include U.S. tariff uncertainty and aggressive Chinese competition in non-U.S. markets, which could pressure export margins.
APAR Industries ने वित्त वर्ष 2025 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल कमाई 5,210 करोड़ रुपये रही, जो पिछले साल से 16.9% ज्यादा है। इसकी वजह देश में मजबूत मांग और अमेरिका को निर्यात में सुधार था। कंपनी ने 483 करोड़ रुपये का परिचालन लाभ (EBITDA) कमाया, जो कमाई का 9.3% है। शुद्ध लाभ (PAT) 250 करोड़ रुपये रहा। कंडक्टर सेगमेंट में कमाई 24.5% बढ़ी, जबकि केबल सेगमेंट में 30% की बढ़ोतरी हुई। अमेरिका में केबल की बिक्री 268% उछल गई। कंपनी अगले 15-18 महीनों में 1,300 करोड़ रुपये निवेश करके केबल क्षमता दोगुनी करेगी। जोखिमों में अमेरिकी टैरिफ और चीनी प्रतिस्पर्धा शामिल है।
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Conductor EBITDA per metric ton
INR 41,430
-14.5% YoY
Q4 FY25 EBITDA per ton was INR 41,430 vs INR 48,438 in Q4 FY24, but improved sharply from Q3 FY25 low of INR 18,860.
Cable U.S. revenue growth
268%
+268% YoY
Cable division's U.S. revenues grew 268% YoY in Q4 FY25, driven by increased shipments and order execution.
Conductor order book
INR 7,163 crore
N/A
Conductor order book stands at INR 7,163 crore, with new orders of INR 2,114 crore received in Q4.
Cable pending order book
INR 1,500 crore
N/A
Cable division's pending order book is approximately INR 1,500 crore as of Q4 FY25.
What Changed vs Last Quarter
NEW
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.
NEW
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.
NEW
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.
UPDATED
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
Cable division top-line growth of 25% on value terms
Management reiterated guidance for cable division to grow 25% year-on-year in value terms for FY25.
DROPPED
Conductor division volume growth of 10%
Management expects conductor division to grow 10% year-on-year in volume terms for FY25.
DROPPED
Cable EBITDA margin target of 11%-12%
Management targets cable division EBITDA margin of 11%-12%, driven by U.S. recovery and cost optimization.
NEW RISK
U.S. tariff uncertainty
The 90-day tariff pause and potential reciprocal tariffs create an overhang on U.S. exports, which could impact pricing and order flow beyond Q1 FY26.
NEW RISK
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.
NEW RISK
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.
RISK GONE
Domestic tender delays due to budget mismatches
Many tenders for transmission lines and substations are being retendered because bids exceeded budgets, slowing order finalization and execution.
RISK GONE
U.S. policy uncertainty under new administration
Potential changes to IRA benefits and tariffs could impact U.S. demand, though management notes it's too early to assess.
RISK GONE
Margin pressure from domestic competition
Cable margins remain low due to competitive pricing in the domestic market, with management citing price competition as a key factor.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q1 FY25, Q2 FY25, Q3 FY24, Q3 FY25, Q4 FY24
Management expects conductor division to grow 10% year-on-year in volume terms for FY25.
Mentioned in Q1 FY24, Q1 FY25, Q3 FY25
Management targets cable division EBITDA margin of 11%-12%, driven by U.S. recovery and cost optimization.
Mentioned in Q1 FY24, Q2 FY24
Distributors in the US and Europe are reducing inventory levels, leading to slower order inflows for cables and conductors. This could persist for several months, impacting near-term export revenue.
Mentioned in Q3 FY24, Q4 FY24
Higher freight costs due to Red Sea disruptions affect export competitiveness, especially to Europe.
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.
Fast read
Guidance and risk preview
Management guided for 25% value growth in the cable division for FY2026, driven by strong domestic demand and U.S.
The 90-day tariff pause and potential reciprocal tariffs create an overhang on U.S.
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