APAR Industries
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APAR Industries (APARINDS) investor relations material

APAR Industries Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary29 Jan, 2026

Executive summary

  • Consolidated Q3 FY26 revenue reached ₹5,480 crore, up 16.2% year-on-year, driven by strong domestic growth and premium product mix, while exports declined due to U.S. tariffs.

  • Nine-month FY26 consolidated revenue hit ₹16,299 crore, up 21.9% year-on-year, with PAT at ₹723 crore, up 26.6%, and EBITDA at ₹1,483 crore, up 23.8%.

  • Domestic revenue grew 30% in Q3, while export revenue fell 11.2% due to U.S. tariffs, though U.S. revenue rebounded over nine months.

  • Exceptional loss of ₹25 crore recognized in Q3 due to new labour code provisions for gratuity and compensated absences.

  • Board approved unaudited financial results for Q3 and 9M FY26 and appointed Mr. Pitamber Shivnani as Independent Director, pending shareholder approval.

Financial highlights

  • Q3 EBITDA margin at 8.8%; PAT margin at 3.8%, 10 bps higher year-on-year; 9M EBITDA margin at 9.1%.

  • FY25 revenue reached ₹18,581 crore, a 15% increase over FY24; PAT for FY25 was ₹821 crore.

  • Debt/equity ratio at 0.10 and net fixed asset turnover at 10.13x in 9M FY26; ROE at 20.0%; EPS at ₹44 (not annualized).

  • Conductor division Q3 revenue up 25.1% YoY; premium product mix at 44.2% vs. 37.4% last year.

  • Oil business Q3 revenue grew 18.4%; transformer oil volume up 10.6%, automotive oil up 14.6%.

Outlook and guidance

  • Management maintains guidance for sustainable EBITDA per metric ton and expects a rebound in U.S. exports in Q4, with INR 500 crore in new cable orders.

  • Strong order book in conductors and cables, with new order inflow of ₹8,052 crore in 9M FY26.

  • Double-digit volume growth targeted for conductor business in FY27 as supply chain issues resolve.

  • Continued investment in R&D, capacity expansion, and digitalization to capture growth in renewables, infrastructure, and telecom.

  • Cable business expected to maintain 20%+ CAGR and 10% EBITDA margin, with some margin sacrifice in U.S. market for strategic reasons.

US market strategy given Q3 de-growth?
Explain Speciality Oils EBITDA per KL decline.
What are other financial impacts of new labor codes?
Address Q3 conductor volume decline reasons.
APAR's EV charging harness market strategy?
Financial benefit from Wind-Solar hybrid plant?
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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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