APAR Industries (APARINDS) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated revenue rose 17.7% year-on-year to ₹4,716 crores, driven by strong domestic growth in T&D, renewables, and railways, while export mix moderated to 33.5% from 40.7% last year.

• Domestic revenue grew 31.8% year-on-year; exports contributed 33.5% of revenue in Q3 and 33.4% in 9M FY25, down from 40.7% and 47.4% last year, respectively.

• EBITDA for Q3 FY25 declined 7.1% year-on-year to ₹401 crores, with margin at 8.5%; PAT fell 19.7% to ₹175 crores.

• Nine-month consolidated revenue reached ₹13,371 crores, up 14.3% year-on-year; 9M FY25 EBITDA was ₹1,198 crores, up 2.0% YoY; PAT was ₹571 crores, down 3.0%.

• Domestic demand surged, especially in T&D, renewables, and railways.

Financial highlights

• Q3 FY25 EBITDA margin was 8.5% (down 2.3pp YoY); PAT margin at 3.7% (down 1.7pp YoY); 9M FY25 EBITDA margin at 9.0% and PAT margin at 4.3%.

• Export revenue share at 33.4% in 9M FY25, down from 47.4% YoY; US revenue in 9M FY25 declined 30.7% YoY.

• EPS for 9M FY25 at ₹142.

• Interest-bearing acceptance reduced to ₹2,500 crores; short-term debt at ₹120 crores, long-term at ₹330 crores.

• CapEx for nine months was ₹270 crores.

Outlook and guidance

• Guidance maintained: cable division top-line growth of 25%, conductor division 10% volume growth, oil division 5-8% volume growth.

• Margins expected to improve as U.S. and export business recovers and cost optimization initiatives take effect.

• Order book remains strong, with conductors at ₹7,601 crores and cable division at ₹1,550 crores; new orders and re-tendering expected to drive future growth.

• Premium product mix and channel expansion to support future growth.

• Management optimistic about domestic growth, driven by infrastructure capex, and expects export headwinds to gradually subside.