APAR Industries (APARINDS) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue grew 27.3% year-over-year to ₹5,104 crore, driven by strong domestic and export performance across all business segments.

• EBITDA increased 27% year-over-year to ₹501 crore, with margin stable at 9.8%.

• Profit after tax rose 29.9% year-over-year to ₹263 crore, with a margin of 5.2%.

• Export revenues contributed 31.6% to turnover; US revenue up 111.3% year-over-year.

• Domestic business grew 38.3% year-over-year, with robust performance across segments.

Financial highlights

• Conductor division revenue grew 43.9% year-over-year, with 18% volume growth and strong domestic demand.

• Cable segment revenue rose 36.3% year-over-year to ₹1,419 crore, with export revenue up 69.7% year-over-year.

• Oil business volumes grew 8.1% year-over-year, with transformer oil up 7.4% and domestic transformer oil up nearly 20%.

• EBITDA per metric ton in conductors increased to ₹43,688 from ₹38,532 year-over-year.

• EPS (basic) for Q1 FY26 was ₹65.45, compared to ₹50.42 in Q1 FY25.

Outlook and guidance

• Strong order book in conductors (₹7,779 crore) and cables (₹1,653 crore) supports future growth.

• Guidance for conductor EBITDA per ton maintained at ₹30,000+ with potential tailwinds depending on product and geography mix.

• Cable segment guided for 25% value growth despite export uncertainties.

• Management expects continued healthy performance, citing market leadership and sectoral tailwinds.

• CapEx plan of ₹1,300 crore by June 2026, with ₹150 crore spent and ₹350 crore to be spent in coming months.