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.

Apar Industries filed its July 2026 corporate presentation with the National Stock Exchange of India Limited and BSE Limited on July 27, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing provides a comprehensive overview of the company’s operational scale, segmental performance, and financial health through the first quarter of FY27, highlighting its position as India’s largest player in conductor sales and private sector manufacturer of specialty oils.

The company reported consolidated revenue from operations of ₹22,902.12 crore for FY26, a significant increase from ₹16,152.98 crore in FY24 and ₹18,581.21 crore in FY25. For Q1FY27, revenue stood at ₹6,591.06 crore. EBITDA post open period forex was ₹2,067.65 crore in FY26, compared to ₹1,631.57 crore in FY24, and ₹814.30 crore in Q1FY27. Profit after tax (PAT) reached ₹976.93 crore in FY26, up from ₹825.11 crore in FY24. The export mix declined to 29.77% in FY26 from 45.20% in FY24, reflecting a shift towards domestic demand, though exports remained substantial at ₹6,817.96 crore.

Segmental Performance

The conductors division remained the largest revenue contributor, generating ₹12,711.95 crore in FY26, up from ₹8,030.98 crore in FY24. Volume sales increased to 2,41,788 MT in FY26 from 2,06,633 MT in FY24. The premium product mix improved to 45.82% in FY26 from 44.80% in FY24. In Q1FY27, the segment reported revenue of ₹3,338.13 crore with a premium mix of 50.26%. Installed capacity rose to 2,77,327 MT in FY26 from 2,14,438 MT in FY24.

The transformer and specialty oils segment, where Apar is the largest private sector manufacturer by capacity, reported revenue of ₹5,373.07 crore in FY26, compared to ₹4,836.93 crore in FY24. Volume sales grew to 6,31,985 KL in FY26 from 5,37,862 KL in FY24. Export revenue for this segment was ₹2,164.81 crore in FY26, representing an export mix of 40.29%. Installed capacity reached 9,34,600 MT in FY26.

The cables segment recorded revenue of ₹6,219.51 crore in FY26, up from ₹3,858.88 crore in FY24. Installed capacity expanded significantly to 9,50,656 KM in FY26 from 6,81,780 KM in FY24. Export revenue for cables was ₹2,022.43 crore in FY26, with an export mix of 32.52%.

Financial Health and Capital Allocation

Capex expenditure increased sharply to ₹736.66 crore in FY26 from ₹330.67 crore in FY24, driven by investments in cables (₹400.98 crore), conductors (₹223.12 crore), and oils (₹103.91 crore). The debt-to-equity ratio remained low at 0.16 in FY26, up slightly from 0.10 in FY24 and FY25. Working capital days were stable at 51.84 in FY26, compared to 53.60 in FY24 and 47.07 in FY25.

What the Numbers Show

The data reveals a strategic pivot towards domestic markets, with the overall export mix falling from 45.20% in FY24 to 29.77% in FY26. Despite this decline in export reliance, total revenue grew robustly, indicating strong domestic demand absorption across transmission, renewables, and infrastructure sectors. The increase in capex outlay, particularly in the cables segment, aligns with the company’s positioning as a leading supplier for renewable energy projects and data center buildouts. The maintenance of healthy return ratios, with ROE at 19.74% and ROCE at 24.46% in FY26, underscores efficient capital deployment despite the aggressive expansion phase.