Apar Industries reported its highest-ever quarterly consolidated revenue of ₹6,591.06 crore and net profit after tax (PAT) of ₹467.45 crore for Q1FY27, marking a 29.1% and 78% year-on-year increase respectively. The strong performance was driven by a shift towards premium products in the Conductors division and significant margin expansion in the Transformer and Speciality Oils division, despite volume headwinds from high metal prices and geopolitical disruptions. Chairman and Managing Director Kushal Desai described the quarter as a demonstration of superior risk management and execution discipline amid external challenges including the U.S.-Iran conflict and logistics difficulties.

Financial Performance Highlights

Consolidated EBITDA surged 62.7% to ₹814 crore, with margins expanding to 12.4% from 9.8% in the prior year. Standalone revenue grew 33.7% to ₹6,477.35 crore. Basic earnings per share (EPS) rose to ₹116.37 from ₹65.45 in Q1FY26. The company’s domestic revenue grew by 36.8%, outpacing export revenue growth of 12.4%, reducing the export mix to 27.5% from 31.6%. CFO Ramesh Iyer noted that the steep EBITDA growth was attributable to higher sales realizations and unit profitability across all three divisions, with the oil division being the highest incremental contributor.

Derived from segment results less unallocable expenses as per source context.

Segment-Wise Growth Drivers

The Conductors division reported revenue of ₹3,338 crore, up 19.9% YoY, despite a 6.7% volume decline due to customers withholding manufacturing clearance amid surging aluminum prices. However, the premium product mix increased to 50.3% from 43.7%, driving EBITDA growth of 14% to ₹285 crore. EBITDA per ton rose to ₹53,418 from ₹43,688 a year earlier. The division also achieved its all-time highest reconducting installations and secured approval for OPGW with 144 counts from a major U.S. utility.

The Transformer and Speciality Oils division saw revenue grow 34.7% to ₹1,701 crore, though volumes fell 13.7% due to Hamriyah port closures in the UAE. Despite an inventory provision of ₹94 crore as per accounting standards, EBITDA grew 214% to ₹329 crore, with margins reaching ₹25,482 per kL compared to ₹7,004 in the prior year. This was attributed to selling historical low-cost inventory at higher market prices linked to ICE gas oil benchmarks.

The Power/Telecom Cables division recorded revenue of ₹1,838 crore, up 29.5%, with domestic revenue growing 59.9%. Export revenue declined 13.7%, but U.S. revenue grew 2.5% YoY. APAR secured critical approvals from Meta, Microsoft, and Google for data center cables, enabling participation in RFQs for copper cables in low and medium voltage segments. EBITDA rose 36.7% to ₹194 crore, with margins improving by 60 basis points to 10.6%.

Strategic Expansions and Corporate Actions

On July 24, 2026, the Board approved the incorporation of Apar Industries UK Limited to facilitate trading in conductors and cables in Europe. The company also authorized an investment of up to BRL 3,000,000 in its Brazilian subsidiary, Apar Industries Latam Ltda. Additionally, 9,484 equity shares were allotted against Employee Stock Appreciation Rights (ESARs), increasing paid-up capital to ₹40,18,37,190. Statutory auditors C N K & Associates LLP issued an unmodified limited review report on the results.

What the Numbers Show

The disproportionate rise in EBITDA relative to revenue underscores significant operating leverage and favorable product mix shifts. While conductor volumes dipped due to high metal prices, the shift towards premium products maintained revenue growth. In the oil division, despite volume contractions from geopolitical disruptions, sharp increases in selling prices linked to ICE gas oil benchmarks drove substantial margin expansion. The pending order book stands at ₹10,190 crore for conductors and ₹1,925 crore for cables, providing visibility into future revenues. Working capital days remain stable at 45–50 days, indicating disciplined execution despite commodity volatility.

Apar Industries Limited secured near-unanimous shareholder approval for a special resolution to raise funds through the issuance of securities up to ₹2,500 crore. The Extra-Ordinary General Meeting (EGM), held on July 30, 2026, via video conferencing, concluded with 99.99% of valid votes cast in favor of the proposal. This decisive mandate empowers the company’s Board to execute significant capital-raising activities aimed at supporting strategic growth initiatives and expanding its operational footprint.

The meeting commenced at 11:00 A.M. (IST) and concluded at 11:14 A.M. (IST). Kushal N. Desai, Chairman & Managing Director, presided over the proceedings after confirming the requisite quorum with Central Depository Services (India) Limited (CDSL). All directors, including those from the Audit Committee and Share Transfer and Stakeholders’ Grievance-cum-Stakeholders’ Relationship Committee, were present virtually. The Statutory Auditors, Secretarial Auditors, Chief Financial Officer, Company Secretary Sanjaya Kunder, and Vinayak Lele, Sr. Vice President (Finance), also attended.

Voting Results Breakdown

The single agenda item required a special resolution to approve raising funds through the issuance of securities up to ₹2,500 crore. The Chairman outlined the purposes of the proposed fund-raising activity as detailed in the notice issued on July 3, 2026. Members were informed that remote e-voting facilities were available, along with e-voting during the meeting and for fifteen minutes thereafter.

Hemang Mehta (Membership No. 4965), Proprietor of M/s. H. M. Mehta & Associates, Practicing Company Secretaries, Vadodara, Gujarat, India, was appointed as the Scrutinizer by the Board of Directors. His role was to scrutinize the remote e-voting and e-voting processes in a fair and transparent manner. The results, along with the Scrutinizer’s report, are to be declared and disseminated within two working days of the EGM’s conclusion to the stock exchanges and posted on www.apar.com and www.evotingindia.com .

Regulatory Compliance

The filing was made pursuant to Regulation 44 and all other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time. The summary of proceedings was digitally signed by Sanjaya Kunder, Company Secretary, on July 30, 2026. The notice was also published in "Business Standard" (English) and "Vadodara Samachar" (Gujarati) newspapers on July 7, 2026, ensuring broad dissemination to stakeholders.