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Revenue
₹5,715 Cr
verified against source
Revenue YoY
23.1%
reported change
EBITDA
₹499 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Apar Industries reported a strong Q2 FY26 with consolidated revenue of ₹5,715 crore (+23.1% YoY) and EBITDA of ₹499 crore (+24% YoY), driven by volume growth across all divisions and a 43% surge in exports. The conductor division saw 34.9% revenue growth with premium product mix improving to 45.4%, while cables grew 25.1% with margins expanding 50bps to 10.2%. However, management flagged near-term headwinds: a sudden spike in aluminum and copper prices has paused new orders globally, and US tariff uncertainty (Section 232 at 50% on metals) caused a two-month order drought in Q2. Order inflow has resumed in Q3 but at lower margins, with US revenues likely to be recognized only in Q4. Domestic transmission line execution remains sluggish due to right-of-way issues. The medium-term outlook remains intact, supported by renewable energy investments and grid modernization, but Q3 will see pressure on both topline and profitability. Key risk: sustained high metal prices could further delay order conversion.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated medium-to-long-term guidance of ₹30,000 per metric ton EBITDA for conductors, despite recent outperformance.
- Cable division EBITDA margin expected to remain in the 10-12% range over medium to long term.
- Total capex for FY26 is approximately ₹1,300 crore across all divisions, with bulk of cable expansion commissioning by June 2026.
- New US orders started flowing in Q3 after a two-month pause, but revenues will be recognized in Q4, causing Q3 topline pressure.
Risks flagged
- Section 232 tariffs (50% on metals) and reciprocal tariffs create cost disadvantages vs. Middle East/UK competitors; new orders are at lower margins.
- Sharp rise in aluminum and copper prices has caused customers to postpone orders globally, impacting near-term order inflow.
- Transmission line additions in H1 FY26 were only 39% of target, and right-of-way issues continue to hamper execution.
- Management acknowledged Q3 will see lower US billing and margins due to the order pause and metal price disruption.
Key quotes
- So there is a definite impact but the order inflow has already started coming in and as I mentioned with certain customers who want to avail of these incentives in the United States on the renewable energy there are certain timelines in which they need to deliver.
- We have not reduced anything in terms of the capex that the company has announced. So we are going ahead with all our capex plans because we believe fundamentally that the demand is going to continue to remain strong.
- Our sense is that more and more of this reconductoring will have to come up. CEA has also been lobbying with CEA saying please allow new lines to be laid with the top end conductors which is HTLS etc.
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