APAR Industries (APARINDS) Q4 24/25 earnings summary

Executive summary

• Achieved record consolidated revenue of INR 18,581 crore in FY25, up 15% year-on-year, with all-time high quarterly and annual revenues across business verticals and strong domestic and US market growth.

• Q4 FY25 revenue reached INR 5,210 crore, up 16.9% year-on-year, marking the first time quarterly revenue crossed INR 5,000 crore.

• US business rebounded in Q4 FY25, with revenue up 195.6% year-on-year and 48.1% sequentially, highlighting execution strength.

• Export revenues contributed 32.8% to FY25, with domestic business growing 31.4% year-on-year in Q4.

• Board recommended a final dividend of INR 51 per share, subject to AGM approval.

Financial highlights

• FY25 segment revenues: Conductors INR 9,582 crore (+19.3% YoY), Specialty Oils & Lubricants INR 5,087 crore (+5.2% YoY), Cables INR 4,945 crore (+28.1% YoY).

• Q4 FY25 EBITDA was INR 483 crore, up 5.7% YoY, with a 9.3% margin; Q4 PAT was INR 250 crore, up 5.9% YoY; FY25 EBITDA reached INR 1,681 crore, up 3% YoY, with a 9.0% margin; FY25 PAT was INR 821 crore, down 0.5% YoY.

• EPS for FY25 at INR 205; ROE at 32.3%; Debt/Equity ratio improved to 0.10.

• Net cash from operations at INR 1,290.6 crore; capex of INR 509.7 crore in FY25.

• Export mix for FY25 was 32.8% of revenue, down from 45.2% in FY24.

Outlook and guidance

• FY26 guidance: oil division volume growth 6%-8%, EBITDA INR 5,000-6,000 per KL; cable division value growth 25%, EBITDA margin 10%-12%; conductor division volume growth 10%, EBITDA per metric ton INR 30,000+.

• CapEx of INR 1,300 crore planned over 15-18 months: INR 800 crore for cables, INR 300 crore for conductors, INR 200 crore for oil.

• Strong order book in conductors (INR 7,163 crore) and cables (INR 1,690 crore) supports future growth.

• Management remains optimistic on medium-term growth, focusing on efficiency, innovation, and premium product mix despite tariff and competition risks.

• Continued investments in R&D, capacity, and green initiatives to support long-term growth.