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APAR Industries (APARINDS) investor relations material

APAR Industries Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary30 Oct, 2025

Executive summary

  • Achieved record H1 FY26 revenue of ₹10,820 crores, up 25% YoY, with Q2 revenue at ₹5,715 crores, up 23.1% YoY, driven by strong domestic and export growth, especially in the US.

  • H1 FY26 EBITDA reached ₹1,000 crores, up 25.5% YoY (margin 9.2%), and PAT rose 29.9% to ₹515 crores, with Q2 PAT at ₹252 crores (margin 4.4%).

  • Export revenue mix increased to 34.7% in Q2 and 33.2% in H1, with US revenue surging over 120% YoY.

  • Premium products contributed 45.4% of conductor revenue in Q2 FY26.

  • All-time high half-yearly EBITDA and profit, with robust growth across all divisions.

Financial highlights

  • Q2 FY26 consolidated revenue: ₹5,715 crores (+23.1% YoY); H1 FY26: ₹10,820 crores (+25% YoY); FY25: ₹18,581 crores (+15% YoY).

  • Q2 FY26 EBITDA: ₹499 crores (+24% YoY, margin 8.7%); H1 FY26 EBITDA: ₹1,000 crores (+25.5% YoY, margin 9.2%).

  • Q2 FY26 PAT: ₹252 crores (+30% YoY, margin 4.4%); H1 FY26 PAT: ₹515 crores (+29.9% YoY, margin 4.8%).

  • Debt/equity ratio improved to 0.10 in H1 FY26; ROE at 19.6%.

  • EPS for H1 FY26 at ₹128 (not annualized); net fixed asset turnover at 11.27x.

Outlook and guidance

  • Strong order book in conductors (₹7,168 crores) and cables (₹1,836 crores) as of H1 FY26.

  • Guidance for conductor EBITDA per ton maintained at ₹30,000 for the next 12 months, despite recent quarters exceeding this level.

  • Cable business margins expected to remain in the 10–12% range medium to long term.

  • Management expects continued growth driven by renewables and grid modernization globally, with tactical adjustments for US tariffs.

US tariff impact on Q3 order execution?
Metal price spike: impact on new order inflow?
Reconductoring opportunity in India
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Frequently asked questions

APAR Industries Limited is an India-based company engaged in the manufacturing and distribution of electrical and metallurgical products. The company operates through three main segments: conductors, specialty oils, and power/telecom cables. It supplies aluminum and alloy conductors for power transmission, transformer oils and lubricants, and a wide range of cables for power and communication infrastructure. APAR serves sectors including utilities, renewable energy, automotive, and telecom across domestic and international markets. The company is headquartered in Mumbai, India, and its shares are listed on the BSE.

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