Apar Industries Ltd

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Apar Industries Ltd

₹ 17,983 -1.40%
23 Sep 12:33 p.m.
apar.com BSE: 532259 NSE: APARINDS
About

Apar, founded by Mr. Dharmsinh D. Desai in 1958, is a market leader in India with a global presence. Contributing to India’s process of electrification it started from manufacturing power transmission cables to having three broad business segments, which are Conductors, Transformer and specialty oils (TSO), and Power/telecom Cables. [1] [2]

Key Points

Business Segments:[1] [2]
a) Conductors (51% in FY26 vs 48% in FY25):[3][4]
The company is the world’s largest aluminium conductor manufacturer and the largest exporter of conductors from India, serving leading utilities and EPC players. Its portfolio includes conventional conductors, HTLS conductors, OPGW, OPPC, railway conductors, busbars, ACS wires, speciality alloy rods, etc. It has a technology tie-up with CTC Global (USA) for ACCC conductors, and was among the pioneers in India to test 765kV, 800kV, and 1200kV conductors. It further expanded its product portfolio in FY25 by launching coated conductors, high-fibre-count OPGW, Cu-Mg catenary wires, Cu-Ag contact wires, and lead connection cables. The company is also a market leader in reconductoring, having completed over 272 projects covering 7,075 ckm+ of transmission lines.

Website BSE NSE
  • Market Cap ₹ 75,301 Cr.
  • Current Price ₹ 17,983
  • High / Low ₹ 19,269 / 6,800
  • Stock P/E 62.5
  • Book Value ₹ 1,343
  • Dividend Yield 0.33 %
  • ROCE 31.8 %
  • ROE 20.3 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 24.8%

Cons

  • Stock is trading at 13.5 times its book value
  • Promoter holding has decreased over last quarter: -2.35%
  • Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Electrical Equipment Other Electrical Equipment

Part of Nifty 500 Multicap 50:25:25 Nifty Midcap 150 Nifty LargeMidcap 250 Nifty MidSmallcap 400 BSE Industrials

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
3,767 3,925 4,009 4,455 4,011 4,645 4,716 5,210 5,104 5,715 5,480 6,603 6,591
3,421 3,576 3,604 4,028 3,634 4,288 4,360 4,755 4,652 5,250 5,028 6,107 5,833
Operating Profit 346 349 405 427 377 357 356 455 452 465 452 496 758
OPM % 9% 9% 10% 10% 9% 8% 8% 9% 9% 8% 8% 8% 11%
14 19 21 27 15 33 34 20 25 23 -17 12 34
Interest 70 103 113 101 90 101 118 100 86 108 106 137 123
Depreciation 27 28 29 31 31 32 33 36 38 40 41 42 46
Profit before tax 263 237 284 322 270 257 238 340 353 341 288 329 623
Tax % 25% 27% 23% 27% 25% 24% 27% 26% 25% 26% 27% 23% 25%
197 174 218 236 203 194 175 250 263 252 209 253 467
EPS in Rs 51.59 45.44 54.16 58.81 50.42 48.27 43.55 62.24 65.45 62.66 52.01 63.09 116.36
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
5,108 5,078 4,832 5,818 7,964 7,425 6,388 9,317 14,336 16,153 18,581 22,902 24,389
4,843 4,698 4,398 5,393 7,472 6,930 5,948 8,739 13,069 14,585 16,981 20,980 22,218
Operating Profit 264 380 434 426 491 495 440 578 1,267 1,568 1,601 1,922 2,171
OPM % 5% 7% 9% 7% 6% 7% 7% 6% 9% 10% 9% 8% 9%
1 10 15 11 15 15 19 33 36 86 81 24 52
Interest 162 175 131 158 223 254 157 171 344 432 443 474 474
Depreciation 31 38 45 56 67 87 93 98 104 116 132 161 169
Profit before tax 72 178 273 223 216 169 208 342 855 1,106 1,106 1,310 1,580
Tax % 32% 32% 36% 35% 37% 20% 23% 25% 25% 25% 26% 25%
49 122 177 145 136 135 160 257 638 825 821 977 1,182
EPS in Rs 12.86 31.61 46.14 37.82 35.55 35.32 41.94 67.09 166.64 205.41 204.46 243.21 294.12
Dividend Payout % 27% 21% 22% 25% 27% 27% 23% 22% 24% 25% 25% 25%
Compounded Sales Growth
10 Years: 16%
5 Years: 29%
3 Years: 17%
TTM: 24%
Compounded Profit Growth
10 Years: 24%
5 Years: 44%
3 Years: 16%
TTM: 37%
Stock Price CAGR
10 Years: 41%
5 Years: 95%
3 Years: 51%
1 Year: 110%
Return on Equity
10 Years: 20%
5 Years: 22%
3 Years: 22%
Last Year: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 38 38 38 38 38 38 38 38 38 40 40 40
Reserves 691 815 998 1,070 1,164 1,128 1,361 1,677 2,198 3,836 4,463 5,353
494 384 305 363 253 372 325 359 376 476 585 956
1,732 1,680 2,107 2,805 3,501 3,116 3,275 4,533 5,605 5,264 6,175 7,362
Total Liabilities 2,956 2,919 3,448 4,276 4,957 4,654 4,999 6,608 8,218 9,616 11,264 13,711
395 398 574 649 709 885 878 881 950 1,193 1,540 1,717
CWIP 10 56 28 20 103 55 29 38 99 122 130 540
Investments 5 112 119 0 187 0 60 31 54 11 219 55
2,546 2,352 2,728 3,608 3,958 3,714 4,032 5,657 7,114 8,290 9,373 11,399
Total Assets 2,956 2,919 3,448 4,276 4,957 4,654 4,999 6,608 8,218 9,616 11,264 13,711

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
298 412 312 225 632 94 281 244 698 -283 1,291 968
-59 -223 -166 -5 -388 45 -115 -91 -267 -267 -705 -552
-369 -153 -157 -69 -293 -189 -123 -106 -186 635 -483 -434
Net Cash Flow -130 36 -11 151 -49 -49 43 46 246 85 103 -18
Free Cash Flow 243 289 146 97 424 -50 226 114 452 -613 784 235
CFO/OP 120% 108% 95% 67% 143% 35% 74% 58% 72% -2% 97% 70%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 91 78 95 109 98 93 106 99 81 89 80 85
Inventory Days 84 72 102 98 74 85 119 108 85 83 82 84
Days Payable 141 130 181 207 188 182 231 207 172 140 137 138
Cash Conversion Cycle 34 20 15 0 -16 -4 -6 1 -5 32 25 30
Working Capital Days 22 5 22 21 6 13 25 27 18 50 39 43
ROCE % 17% 28% 31% 27% 30% 28% 22% 27% 51% 44% 33% 32%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Conductor Division Order Book
₹ crores

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Conductor Division Sales Volume
MT
Specialty Oil & Lubricant Division Sales Volume
KL
Conductor Premium Product Mix
% of revenue
Conductor Division Installed Capacity
MT
Cable Division Order Book
₹ crores
Conductor Division New Order Inflow
₹ crores
Transformer & Specialty Oil Installed Capacity
KL

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Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Aug 2026
57.77% 57.77% 57.77% 57.77% 57.77% 57.77% 57.77% 57.77% 57.77% 57.77% 57.76% 55.42%
10.98% 11.55% 11.51% 10.97% 10.22% 9.87% 9.06% 9.24% 9.35% 9.38% 10.76% 11.36%
18.62% 18.90% 19.73% 20.41% 21.24% 20.63% 21.79% 22.64% 23.20% 24.15% 23.02% 24.88%
12.63% 11.78% 11.00% 10.85% 10.77% 11.73% 11.38% 10.35% 9.68% 8.71% 8.47% 8.34%
No. of Shareholders 94,35490,96991,4911,00,8211,02,3621,14,5531,12,3651,06,31697,76189,00995,27997,938

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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