APAR Industries delivered a record performance in FY26, reporting an all-time high consolidated revenue of ₹22,902 crores, representing a 23.3% increase over FY25. The company's Q4FY26 earnings conference call, held on May 28, 2026, featured Chairman and Managing Director Kushal Desai, Managing Director Chaitanya Desai, and CFO Ramesh Iyer discussing the audited financial results for the quarter and full year ended March 31, 2026. The submission was made pursuant to Regulation 30(6) of the SEBI (LODR) Regulations, 2015.

Full Year FY26 Financial Performance

Apar Industries scaled its top line from ₹6,406 crores in FY21 to ₹22,902 crores in FY26, representing a CAGR of approximately 29% over five years. The following table summarises the key consolidated financial metrics for the full year:

Q4FY26 Quarterly Performance

For the quarter, consolidated revenue stood at ₹6,603 crores, representing a growth of 26.70% year-on-year. Domestic revenues grew 33.60% over Q4 FY25, while exports grew 13.30%. On a sequential basis, exports grew 30% as U.S. business scaled up post tariff realignment. U.S. revenues were higher by 28.80% year-on-year and 250% higher on a sequential quarter basis. Export mix stood at approximately 27.60% in Q4 FY26 compared to 31.30% in Q4 FY25.

Management noted that the reported PAT of ₹254 crores was impacted by one-time provisions totalling ₹31 crores, including gratuity and leave encashment (approximately ₹8 crores), a mark-to-market impact on an ECB loan due to rupee depreciation, and a provision for an old legal case. Excluding these non-operating items, PAT would have been ₹285 crores, implying approximately 14% operating growth year-on-year.

Segment-Wise Performance

Conductor Division

The Conductor division posted its highest-ever quarterly top line, with Q4FY26 revenue reaching ₹3,764 crores, up 29.90% year-on-year. Sales volume grew 9%, domestic business grew 34.80%, and export revenue grew 14.60% year-on-year. On a sequential basis, exports were up 48.70%. Premium products constituted 49.30% of the mix in Q4FY26 versus 44.30% a year ago. EBITDA post open period forex stood at ₹44,919 per metric ton compared to ₹41,430 per metric ton a year ago.

For the full year, Conductor division revenues rose 32.70% to ₹12,712 crores, crossing the ₹10,000 crores milestone. Volumes grew 8.60%, domestic revenues were up 38.30%, and export revenues grew approximately 15%. Premium product contribution stood at 45.80% for the year. Full-year EBITDA margin post forex came in at ₹43,012 per metric ton versus ₹36,683 per metric ton a year ago. Order inflow during the year was ₹11,450 crores, with the order book as on March 31 standing at ₹7,671 crores.

Oil Division

The Oil division's revenue from operations grew by 5.60% for Q4FY26, with volumes approximately at par with the same period last year. Exports were severely affected in March due to Middle East supply chain disruptions and a sharp increase in freight costs. Global transformer oil volume was marginally down 1.40%, while domestic transformer oil volume grew 8.50%. Automotive oil grew 19.50% and industrial lubricant grew 6.10%. Exports contributed 36.30% to overall oil division revenues in Q4 versus 41.70% a year ago. EBITDA per KL post forex stood at ₹5,656 per KL against ₹5,873 per KL in the prior year period.

For the full year, revenues grew 6.00% to ₹5,373 crores. Domestic transformer oil grew 12.20%, automotive oil grew 11.10%, and industrial oil grew 13.80%. Export mix stood at 39.80% for the year compared to 44.40% a year ago. Full-year EBITDA per KL came in at ₹5,943 per KL versus ₹6,145 per KL a year ago.

Cable Division

The Cable division reported Q4FY26 revenues of ₹1,903 crores, up 35.00% over Q4 FY25. Domestic revenues grew 35.40% and exports grew 33.60%. U.S. revenues were up 52.20% year-on-year. Export mix was 28.10% in Q4 FY26 versus 28.40% in Q4 FY25. EBITDA post forex grew 34.50% year-on-year to ₹202 crores at an EBITDA margin of 10.60%. The pending order book remained at approximately ₹1,800 crores.

For the full year, Cable division revenues rose 25.80% to ₹6,220 crores, overtaking the Oil division to become APAR's second-largest business segment. Domestic revenues grew 23.60%, export revenues grew 30.60%, and U.S. revenues were higher by 46.70%. Export mix stood at 32.30%. Full-year EBITDA post forex grew 27.10% to ₹633 crores at a margin of 10.20%. The B2B channel business crossed ₹500 crores in only its second year of operation, and the company added 120 new B2C distributors and 25 new B2B distributors during the year.

Capex Plans and Capacity Utilisation

Management announced a capex plan of ₹1,500 crores for FY27, in addition to the ₹740 crores incurred in FY26. Management has indicated that capital expenditure is expected to contribute approximately ₹3,000–5,000 crores annually, increasing revenue by 15–20%. The division-wise breakup of the planned FY27 capex is as follows:

Current capacity utilisation levels across divisions are summarised below:

The Cable division capex is directed towards expansion of medium-voltage cables (XLPE and rubber-based) for data centers, wind, solar, railways, and defence segments, with the long-term target of reaching ₹10,000 crores in Cable division revenues. Management indicated a target of approximately 10% volume growth per year for Conductors and 25% per year for Cables.

Industry Outlook and Management Guidance

Management highlighted robust structural tailwinds, including record non-fossil fuel capacity additions of over 50 gigawatts in the last quarter — the highest ever in a financial year — bringing India's total non-fossil capacity to between 250 and 270 gigawatts, making it the third largest in the world in renewable energy deployment. Solar power crossed 140 gigawatts with a record annual addition of approximately 54 gigawatts in FY26, while wind capacity increased by approximately 6 gigawatts. India's data center capacity currently stands at 1.5 to 1.7 gigawatts and is expected to scale to 5 gigawatts by 2030 in a base case, attracting more than $30 billion in investments. Cables are expected to account for approximately 2.5% of data center capex, underlining the significant addressable opportunity for APAR's Cable division.

On transmission infrastructure, transformation capacity addition in FY26 stood at 113,000 MVA, 30% higher than FY25, with 48% of additions at the 765 KV high-voltage level. The National Electricity Plan envisages the transmission network expanding from approximately 5 lakh circuit kilometers to about 6.5 lakh circuit kilometers by 2032.

For the Conductor division, management has set a target EBITDA of ₹40,000 per metric ton with a volume growth target of 10% per year. The stabilisation of Section 232 tariffs — at 50% for conductors and 25% for cables — has improved customer decision-making visibility. U.S. revenue currently stands at ₹1,600 crores and is targeted to reach $0.5 billion (approximately ₹4,800 crores) over the next three years. The company has already supplied cables worth approximately $15 million to three major data center projects in the U.S., with a medium-sized U.S. data center requiring approximately $25 million to $30 million worth of cables. Near-term headwinds cited by management include significantly higher metal prices, elevated freight costs including war premiums, Middle East supply chain disruptions affecting specialty polymers and petroleum products, manpower constraints at project sites, and some customer preference to defer deliveries.

Nuvama has maintained its Buy rating on Apar Industries and raised its target price to ₹14,240 from ₹10,600, 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 Q4 Performance Drives Estimate Revisions

The fourth-quarter results served as a catalyst for Nuvama'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 Nuvama'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. Nuvama 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. Nuvama 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

Nuvama 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 Nuvama's estimates. The maintained Buy rating alongside the significantly revised target price of ₹14,240 — up from ₹10,600 — underscores the brokerage's positive stance on Apar Industries' near- and medium-term earnings outlook.