APAR Industries (APARINDS) Q2 25/26 earnings summary

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 rose 25.5% YoY to ₹1,000 crores (margin 9.2%), and PAT increased 29.9% YoY to ₹515 crores.

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

• Business fundamentals remain robust, supported by global renewable energy and grid investments, though short-term headwinds from US tariffs and metal price volatility persist.

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

Financial highlights

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

Outlook and guidance

• Guidance for conductor EBITDA remains at ₹30,000 per metric ton for the medium to long term.

• Cables business EBITDA margin expected to remain in the 10–12% range over the medium to long term.

• Q3 FY26 expected to be under pressure due to US tariffs and high metal prices, but order inflow and execution are expected to improve in Q4.

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

• Continued focus on premium product mix and export expansion, especially in the US and renewables.