Apar Industries Limited reported its highest-ever annual revenue and profits for the financial year ended March 31, 2026, with consolidated revenue from operations growing 23.3% year-on-year to ₹22,902 crores and net profit after tax rising 19% to ₹977 crores. For the fourth quarter, revenue grew 26.7% to ₹6,603 crores, driven by sustained domestic business performance, improved product mix, higher realisation, and growth in US operations, with US business growing 28.8% over Q4 FY25 and 49.7% versus 12M FY25. The board recommended a final dividend of ₹60 per share (face value ₹10 each) on 4,01,68,315 equity shares, aggregating to ₹241.01 crores, subject to shareholder approval at the ensuing Annual General Meeting. The audited financial results were approved at the Board of Directors meeting held on May 28, 2026, and the statutory auditors M/s. C N K & Associates LLP issued an unmodified opinion on both standalone and consolidated results.

Financial Performance

Full-year EBITDA grew 23% to ₹2,067 crores, with an EBITDA margin of 9%. For Q4 FY26, EBITDA increased to ₹584 crores from ₹490 crores year-on-year, while the EBITDA margin stood at 8.8% compared to 9.4% in the same period last year. The results were impacted by exceptional items, including a provision of ₹32.53 crores (₹7.54 crores during the quarter) in consolidated financials towards past service costs on gratuity and compensated absences, based on actuarial valuation. Excluding these one-offs, PAT would have grown by 14% in Q4 and 27% for the full year. Domestic revenue grew 33.6% versus Q4 FY25, while exports grew 11.7% over Q4 FY25, with the export mix at 27.6% of overall revenues in Q4 FY26.

The following table summarises the key consolidated financial metrics for the full year:

Quarterly performance for the period ended March 31, 2026 is presented below:

Segmental Performance

Apar Industries delivered broad-based growth across all business segments during FY26. The Conductors segment posted revenue of ₹12,712 crores for 12M FY26, up 32.7% year-on-year, with Q4 FY26 revenue at ₹3,764 crores. Volumes grew 9% versus Q4 FY25 and 8.6% for 12M FY26. Domestic business in the Conductors segment grew 34.8% versus Q4 FY25 and 38.3% versus 12M FY25. The premium products mix stood at 49.3% in Q4 FY26 versus 44.3% in Q4 FY25, and at 45.8% for 12M FY26 versus 40.6% in 12M FY25. EBITDA post forex for the Conductors segment grew 18.2% to ₹292 crores in Q4 FY26, at a margin of ₹44,919 per MT versus ₹41,430 per MT in Q4 FY25, with the EBITDA margin per MT for 12M FY26 at ₹43,012 versus ₹36,683 in 12M FY25. The pending order book for the Conductors segment remained strong at ₹7,671 crores at the end of Q4 FY26, with an export mix of 21% for 12M FY26.

Transformer and Speciality Oils revenue grew 5.6% to ₹5,373 crores for 12M FY26, with Q4 FY26 revenue at ₹1,311 crores, up 4.8% year-on-year. Volume for Q4 FY26 was at par versus the same quarter last year, while 12M FY26 volumes grew 9% versus 12M FY25. Global transformer oil volume grew 1.4% year-on-year, domestic transformer oil grew 8.5% versus Q4 FY25, automotive oil grew 19.5% versus Q4 FY25, and industrial lubricant grew 6.1% versus Q4 FY25. EBITDA post forex for the segment stood at ₹84 crores in Q4 FY26, with EBITDA per KL at ₹5,656 versus ₹5,873 in Q4 FY25. For 12M FY26, EBITDA post forex grew 5.4% versus 12M FY25 to ₹376 crores, at an EBITDA per KL margin of ₹5,942. Power/Telecom Cables revenue grew 25.8% to ₹6,220 crores for 12M FY26, with Q4 FY26 revenue at ₹1,903 crores, up 35% year-on-year. Exports in the Cable Solutions segment grew 33.6% versus Q4 FY25 and 30.6% versus 12M FY25, with US sales up 52.2% versus Q4 FY25 and 46.7% versus 12M FY25. Cable EBITDA post forex grew 34.5% to ₹202 crores in Q4 FY26, with a margin of 10.6%, while EBITDA post forex for 12M FY26 grew 27.1% with a margin of 10.2%. The Cable division reported a pending order book of ₹1,800 crores.

The segment-wise revenue and results for FY26 are summarised below:

Segment results (profit before finance cost and tax) for FY26 are presented below:

Balance Sheet Highlights

As at March 31, 2026, consolidated total assets stood at ₹13,711.29 crores versus ₹11,263.55 crores as at March 31, 2025. Total equity increased to ₹5,393.38 crores from ₹4,503.54 crores. Cash and cash equivalents at the end of the year stood at ₹668.72 crores (consolidated) and ₹617.16 crores (standalone). Net cash generated from operating activities was ₹967.58 crores on a consolidated basis.

Board Decisions and Corporate Actions

The board approved several key appointments and investments at its meeting held on May 28, 2026. M/s. Rahul Ganesh Dugal & Co. was appointed as Cost Auditor for FY26-27, and M/s Deloitte Touche Tohmastu India LLP was appointed as Internal Auditor for the same period. The board also approved a further investment of up to BRL 550,000 in Apar Industries Latam Ltda, a wholly-owned subsidiary in Brazil engaged in trading of Conductors, Rods and Cables, to capitalise on opportunities in South and Latin America. Additionally, the board allotted 5,920 equity shares to eligible employees upon exercise of Employee Stock Appreciation Rights (ESARs) under the APAR Industries Limited Employee Stock Appreciation Rights Plan 2024, increasing the paid-up share capital to 4,01,74,235 equity shares.

Management Commentary

Commenting on the results, Mr. Kushal N. Desai, Chairman & Managing Director of Apar Industries, said, "We concluded the year on a strong note, capped by an all-time high consolidated top line and bottom line that reflects the resilience of our operational excellence and strong execution capabilities, despite geopolitical upheaval during the year. With the massive decadal opportunity seen in an electricity demand, we are optimistic on creating shareholder value year on year." Apar Industries, described as the world's largest aluminium and alloy conductor manufacturer, the third largest transformer oil manufacturer globally, and India's largest exporter and producer of speciality and renewable cables, now reaches over 140 countries with 10 manufacturing facilities across India and a strategic facility in the UAE.

Nomura Holdings has maintained its Buy rating on apar industries and raised its target price to ₹14,240, underpinned by a strong fourth-quarter performance and an optimistic outlook across key business segments. The brokerage noted that EBITDA beat estimates by 3–5% during the quarter, reflecting operational strength across the company's diversified portfolio.

Strong 4Q Performance Drives Estimate Revisions

The fourth-quarter results served as a catalyst for Nomura's upward revision of its financial estimates. The brokerage has raised its FY27 and FY28 EBITDA estimates by 7% and 9%, respectively, reflecting improved visibility into earnings. The company has also set its FY27 capital expenditure guidance at ₹15bn, signalling continued investment in capacity and growth infrastructure.

The following table summarises the key highlights from Nomura's updated assessment:

Conductor Segment Shows Structural Demand Strength

The conductor business delivered a notable improvement, with conductor EBITDA per metric tonne rising 8% YoY. Nomura highlighted that demand in this segment remains structurally healthy, supported by ongoing investments in power transmission and grid infrastructure. This consistent demand profile reinforces the segment's contribution to overall profitability.

Cable Business Sustains Robust Growth Momentum

The cable segment continued its strong growth trajectory, with the DC (direct current) segment emerging as a key driver. Nomura noted that the DC segment offers premium pricing opportunities along with favourable demand dynamics, positioning it as a high-value contributor within the cable business. The combination of volume growth and pricing power in this segment adds a meaningful dimension to the company's earnings profile.

Valuation and Outlook

Nomura projects a FY26–29 EBITDA CAGR of 19%, reflecting confidence in the company's multi-year growth trajectory across both the conductor and cable segments. At current levels, the stock trades at 37x FY27F EPS and 29x FY28F EPS, as per Nomura's estimates. The maintained Buy rating alongside the revised target price of ₹14,240 underscores the brokerage's positive stance on Apar Industries' near- and medium-term earnings outlook.