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
✓ 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.
91%Questions answered0Evaded / deflected11Questions auditedContradictedNumbers vs filing
Answered
High priority
What explains strong profit despite exports? Is it AL-59?
Asked by Mohit Kumar, ICICI Securities
Management provided specific reasons and percentages.
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Question
What explains the strong profit despite your exports? Is it AL-59?
Ramesh Iyer, CFO
45% of the products are premium, giving a higher margin. Plus, AL-59 margins are higher. U.S. business rebound also helped.
Answered
High priority
Will Q1 be weak due to U.S. uncertainty?
Asked by Mohit Kumar, ICICI Securities
Management gave a clear outlook for Q1.
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Question
Is it impacting our sales in Q1? Is it a fair assumption that Q1 will be weak?
Kushal Desai, Chairman and Managing Director
Q1, we are still continuing. We got a green signal for materials planned. You won't see that dip substantially in Q1.
Answered
Medium priority
What is the outlook for non-U.S. conductor export markets?
Asked by Mohit Motwani, Tara Capital
Management clearly described the situation.
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Question
Can you talk about the outside U.S. markets, what we have seen there?
Kushal Desai, Chairman and Managing Director
Outside U.S. and India, markets were weak due to Chinese competition. That continues. Domestic market is strong.
Evasive
Low priority
Why did employee expenses grow sharply quarter-on-quarter?
Asked by Mohit Motwani, Tara Capital
Management did not explain the sharp increase.
no specific reason givenvague explanation
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Question
Any reason for the sharp growth quarter on quarter?
Ramesh Iyer, CFO
There's no specific reason. Some estimates based on quarterly numbers, we revised the employee benefit expenses.
Partial answer
High priority
Will the INR 800 crore cable CapEx be margin accretive?
Asked by Amit Anwani, PL Capital
Described capacity but did not quantify margin impact.
no explicit margin guidance
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Question
Where will the focus be in this capacity expansion, and will it be margin accretive?
Kushal Desai, Chairman and Managing Director
All varieties of cables expanding. Medium voltage capacity up 4x. Utility and conversion cost will substantially fall.
Answered
High priority
What is the one thing still bothering you about U.S. business?
Asked by Amit Anwani, PL Capital
Management addressed the concern with specific data.
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Question
What is still bothering us? Will it be landing cost?
Kushal Desai, Chairman and Managing Director
Three data points: $20B imports, India not at disadvantage vs others, Section 232 at 25%. Optimistic things settle.
Answered
High priority
Can you provide FY26 guidance for EBITDA per ton and oil EBITDA?
Asked by Amit Anwani, PL Capital
Management gave specific numerical guidance.
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Question
Any guidance you would like to give for EBITDA per ton growth, or also for the oil business?
Ramesh Iyer, CFO
Oil: volume growth 6-8%, EBITDA INR 5,000-6,000/KL. Conductor: volume growth 10%, EBITDA INR 30,000+/MT. Cable: value growth 25%, EBITDA 10-12%.
Answered
Medium priority
How are you thinking about non-U.S. business with Chinese competition?
Asked by Nitin (from Axis Mutual Fund), Axis Mutual Fund
Management explained strategy clearly.
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Question
How are you thinking about it? Will it structurally keep being a perennial issue?
Chaitanya Desai, Managing Director
Chinese subsidies go in cycles. We do not want backward integration in China. We are looking at manufacturing in the U.S.
Answered
High priority
Is the duty arbitrage between India and China narrowed?
Asked by Nitin (from Axis Mutual Fund), Axis Mutual Fund
Management gave a clear comparison.
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Question
Is the duty arbitrage has become very narrowed down or still the arbitrage is about 20%?
Kushal Desai, Chairman and Managing Director
Everything reverted with a 10% delta. In China, additional is 13%. Delta will probably remain at 20%.
Partial answer
Medium priority
What is the outlook for domestic conductors in FY26?
Asked by Sagar Dhawan, Valuequest
Management did not give a separate domestic growth number.
no specific domestic growth guidance
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Question
What is the outlook and what could be the drivers for growth?
Kushal Desai, Chairman and Managing Director
We look at blended growth. Domestic grew 64%. We allocate capacity based on profitability.
Answered
High priority
How will you fund the INR 1,300 crore CapEx?
Asked by Maulik Patel, Equirus Securities
Management gave a clear funding split.
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Question
How are you going to fund this CapEx of INR 1,300 crore?
Kushal Desai, Chairman and Managing Director
Plan is INR 650 crore from equity and INR 650 crore from long-term debt.
Answered
High priority
How is the additional 10% U.S. tariff shared with customers?
Asked by Avnish Tiwari, Vaikarya Change
Management explained the sharing mechanism.
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Question
How is it being shared between you and your end customers?
Ramesh Iyer, CFO
Different contracts: FOB, DDP. Some customers agree to share part. Overall, no major impact for this 10% phase.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Oil division volume growth guidance 6%-8% | 7% | 16.9% | Understated vs filing |
| Conductor volume growth guidance 10% | 10% | 16.9% | Understated vs filing |
| Cable value growth guidance 25% | 25% | 16.9% | Overstated vs filing |
| Cable EBITDA margin guidance 10%-12% | 11% | 9.3% | Overstated vs filing |
| U.S. revenue about INR 1,600 crore in FY25 | ₹1,600 cr | ₹5,210 cr | Understated vs filing |
| Anusakti revenue about INR 375 crore in FY25 | ₹375 cr | ₹5,210 cr | Understated vs filing |
| Anusakti growth 37% in FY25 | 37% | 16.9% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.