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Revenue
₹6,625 Cr
verified against source
Revenue YoY
26.7%
reported change
EBITDA
₹584 Cr
latest reported figure
Source
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record provenance
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Where this quarter sits.
Quarter read
What the record says.
Apar Industries reported a strong Q4 FY26 with consolidated revenue of ₹6,625 crore, up 26.7% YoY, driven by domestic growth (33.6%) and US scaling. EBITDA grew 19.3% YoY to ₹584 crore, though margin contracted 100bps to 8.8% due to one-time provisions. PAT stood at ₹254 crore, with adjusted PAT of ₹285 crore (up ~14% YoY). The conductor division posted record revenue of ₹3,764 crore (+29.9% YoY) with EBITDA per ton improving to ₹44,919. Cable revenue grew 35% to ₹1,193 crore, while oil division grew modestly at 5.6% due to Middle East disruptions. Management guided for medium-term conductor EBITDA margins of ₹35,000-36,000/ton plus tailwinds, and announced a ₹1,500 crore capex for FY27 to capture demand from data centers, renewables, and grid modernization. Near-term risks include elevated metal prices, freight costs, and Middle East supply chain disruptions.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects conductor EBITDA per ton to be in the range of ₹35,000-36,000 on a medium to long-term basis, excluding potential tailwinds from premium products and reconductoring.
- Planned capex of ₹1,500 crore for FY27, with ₹850 crore for cables, ₹400 crore for conductors, and ₹200 crore for oil division, to front-load capacity for future demand.
- Management targets approximately 10% volume growth in conductors year-on-year, supported by strong demand from transmission and renewable sectors.
- Cable division aims for 25% CAGR to achieve ₹10,000 crore revenue in five years, with current expansions aligned to this target.
Risks flagged
- War in the Middle East has caused refinery supply cuts, freight spikes, and project delays, impacting oil division volumes and margins in the near term.
- Sharp increases in aluminum, copper, and polymer prices, along with higher freight and war premiums, are causing customers to postpone orders and deliveries.
- New entrants like UltraTech and Adani are investing in wire and cable capacity, potentially pressuring margins in the building wire segment, though management sees limited impact on specialty cables.
- While Section 232 tariffs have stabilized, any further changes could affect competitiveness; Chinese dumping remains a threat in certain markets.
Key quotes
- We have concluded FI26 with a reasonably healthy growth trajectory reaching an all-time high revenue of 22,92 crores.
- We plan to increase our capex for FI27 to about 1,500 crores in addition to the FI26 capex that we have incurred of 740 crores.
- We expect that from on a medium to long-term perspective our conductor margins could be in the range of 35 to 36,000 per metric ton.
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