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Revenue
₹5,480 Cr
verified against source
Revenue YoY
16.2%
reported change
EBITDA
₹483 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Apar Industries reported a solid Q3 FY26 with consolidated revenue of ₹5,480 crore (+16.2% YoY) and EBITDA of ₹483 crore (+20.4% YoY), driven by strong domestic growth (+30%) and favorable product mix. PAT came in at ₹209 crore (+19.4% YoY), despite a ₹25 crore exceptional provision for gratuity. The conductor division saw EBITDA per metric ton surge to ₹44,195 (+49% YoY) on premium mix expansion to 44.2%. However, export revenues fell 11.2% due to US tariff headwinds, with cable exports down 44.3%. Management expects a recovery in US cable exports in Q4, backed by ₹500 crore of new orders. The order book for conductors stands at ₹7,396 crore. Key risk: sustained US tariffs and commodity price volatility could pressure export margins and delay order execution.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of 20%+ revenue growth for the cable division for the full year, supported by strong domestic demand and US order recovery.
- Management expects full-year conductor volume growth to be in the 8-9% range, in line with 9-month YTD performance.
- ₹500+ crore capex already done; remaining to be completed by Q1 FY27, with all facilities operational by September 2026.
- Despite margin pressure from US business, management expects cable EBITDA margin to stay near 10% for the full year, similar to 9-month level.
Risks flagged
- Sustained 50% tariff under Section 232 continues to pressure US export margins; management had to reduce prices to secure orders, impacting profitability.
- Rising aluminum and copper prices may cause customers to postpone deliveries, affecting volume execution in Q4 and beyond.
- Increased Chinese competition in geographies outside the US impacted conductor volumes, as noted in the press release.
- Shortage of bushings is delaying transformer deliveries and substation work, which in turn delays transmission line execution and conductor demand.
Key quotes
- Our strategy is to continue to ride this period by making sure that we service customers there even though it means at a slightly lower margin.
- We are still targeting hitting what our guidance is for the year and this 500 crores is going to help definitely achieve the top line.
- Apar is clearly the leader in carrying current in all different forms... and carrying current business is going to only increase as the years come by.
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