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Apar Industries Results: Latest Quarterly Results & Analysis

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Apar Industries Ltd. 29 May 2026 12:27 PM
Result PDF

Q4FY26 & FY26 Result Announced for Apar Industries Ltd.

Electrical Equipment & Products company Apar Industries announced Q4FY26 & FY26 results

Q4FY26 Consolidated Financial Highlights:

  • Revenue from Operations: Stood at Rs 6,602.81 crore in Q4FY26, demonstrating a YoY growth of 26.74% from Rs 5,209.76 crore in Q4FY25, and a QoQ increase of 20.49% from Rs 5,479.73 crore in Q3FY26.
  • Total Income: Reached Rs 6,622.53 crore in Q4FY26, marking a YoY growth of 26.63% from Rs 5,229.89 crore in Q4FY25, and a QoQ increase of 20.69% from Rs 5,487.40 crore in Q3FY26.
  • Profit Before Tax: Reported at Rs 328.92 crore in Q4FY26, reflecting a YoY decline of 3.27% from Rs 340.05 crore in Q4FY25, but a QoQ growth of 14.18% from Rs 288.07 crore in Q3FY26.
  • Profit After Tax: Recorded at Rs 253.44 crore in Q4FY26, showing a YoY growth of 1.38% (1.4% as per the press release) from Rs 249.99 crore in Q4FY25, and a QoQ increase of 21.31% from Rs 208.92 crore in Q3FY26.

FY26 Consolidated Financial Highlights:

  • Revenue from Operations: Achieved historically high revenue of Rs 22,902.12 crore in FY26, growing by 23.25% YoY from Rs 18,581.21 crore in FY25.
  • Total Income: Stood at Rs 22,966.89 crore in FY26, up 23.07% YoY from Rs 18,661.83 crore in FY25.
  • Profit Before Tax: Reached Rs 1,310.00 crore in FY26, representing a YoY growth of 18.48% from Rs 1,105.64 crore in FY25.
  • Profit After Tax: Grew by 18.95% YoY to Rs 976.93 crore in FY26 from Rs 821.30 crore in FY25.

Q4FY26 Standalone Financial Highlights:

  • Revenue from Operations: Reported at Rs 6,460.98 crore in Q4FY26, a YoY increase of 29.72% from Rs 4,980.63 crore in Q4FY25, and a QoQ growth of 24.45% from Rs 5,191.58 crore in Q3FY26.
  • Total Income: Reached Rs 6,482.41 crore in Q4FY26, a YoY growth of 29.63% from Rs 5,000.75 crore in Q4FY25, and a QoQ increase of 24.64% from Rs 5,200.94 crore in Q3FY26.
  • Profit Before Tax: Stood at Rs 331.16 crore in Q4FY26, reflecting a marginal YoY decline of 0.40% from Rs 332.49 crore in Q4FY25, but a QoQ growth of 17.56% from Rs 281.69 crore in Q3FY26.
  • Profit After Tax: Recorded at Rs 254.52 crore in Q4FY26, a YoY increase of 4.19% from Rs 244.29 crore in Q4FY25, and a QoQ growth of 22.59% from Rs 207.62 crore in Q3FY26.

FY26 Standalone Financial Highlights:

  • Revenue from Operations: Grew to Rs 21,996.57 crore in FY26, a YoY increase of 25.32% from Rs 17,552.26 crore in FY25.
  • Total Income: Stood at Rs 22,067.75 crore in FY26, up 25.11% YoY from Rs 17,639.09 crore in FY25.
  • Profit After Tax: Reached Rs 973.91 crore in FY26, a YoY growth of 22.71% from Rs 793.67 crore in FY25.

Business Highlights:

  • Dividend: The Board of Directors recommended a dividend of Rs 60 per equity share (600%) for the financial year FY26.
  • Operating Performance: Consolidated EBITDA for FY26 grew by 23.0% YoY to Rs 2,067 crore, achieving an EBITDA margin of 9.0%.
  • Exceptional Items: Excluding one-offs (which include the impact of a new wage code on gratuity and leave encashment, MTM impact of ECB loan, and a provision for an old legal case), PAT would have grown by 14% YoY in Q4FY26.
  • Geographical Growth: Domestic revenue was up 33.6% YoY in Q4FY26. The US business registered robust growth, expanding 28.8% YoY over Q4FY25, 254.7% QoQ over Q3FY26, and 49.7% YoY for FY26.
  • Exports: Export revenue grew 11.7% YoY over Q4FY25, with the export mix standing at 27.6% of overall revenues in Q4FY26, compared to 31.3% in Q4FY25.

Segment-wise Performance:

  • Conductor:
    • Revenue reached Rs 3,764 crore in Q4FY26, registering a 29.9% YoY growth. FY26 revenue stood at Rs 12,712 crore, up 32.7% YoY.
    • Volumes increased by 9.0% YoY in Q4FY26 and 8.6% YoY for FY26.
    • The domestic business witnessed a 34.8% YoY growth in Q4FY26 and 38.3% YoY growth in FY26.
    • The premium products mix improved to 49.3% in Q4FY26 against 44.3% in Q4FY25, and reached 45.8% for FY26.
    • EBITDA post forex for the quarter grew 18.2% YoY to Rs 292 crore.
    • The pending order book remained robust at Rs 7,671 crore in Q4FY26.
  • Speciality Oils:
    • Revenue for Q4FY26 grew 4.8% YoY to Rs 1,311 crore, while FY26 revenue came in at Rs 5,373 crore, reflecting a 5.6% YoY growth.
    • Global transformer oil volume rose 1.4% YoY, and domestic transformer oil volume was up 8.5% YoY compared to Q4FY25. Automotive oil volume increased 19.5% YoY, and Industrial Lubricant grew 6.1% YoY in Q4FY26.
    • EBITDA post forex stood at Rs 84 crore in Q4FY26, down 4.1% YoY.
    • March volumes were impacted due to war-related uncertainty in the supply chain, which restricted order booking as the focus shifted to clearing pending orders.
  • Cable Solutions:
    • Q4FY26 revenue came in at Rs 1,903 crore, representing a 35.0% YoY growth. FY26 revenue grew 25.8% YoY to Rs 6,220 crore.
    • Exports witnessed significant growth of 33.6% YoY in Q4FY26 and 123.4% QoQ versus Q3FY26.
    • US sales surged 52.2% YoY in Q4FY25 and 46.7% YoY for FY26.
    • EBITDA post forex stood at Rs 202 crore in Q4FY26, marking a 34.5% YoY growth, with an EBITDA margin of 10.6%.

Kushal N Desai, Chairman & MD, APAR Industries said: "We concluded the year on a strong note, capped by an all-time high consolidated top line and bottom line that reflects the resilience of our operational excellence and strong execution capabilities, despite geopolitical upheaval during the year. With the massive decadal opportunity seen in an electricity demand, we are optimistic on creating shareholder value year on year"

Result PDF

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Electrical Equipment & Products company Apar Industries announced Q3FY26 results

  • Revenue grew 16.2% YoY to reach Rs 5,480 crore driven by healthy domestic business performance. Domestic revenue grew 30.0% vs Q3FY25.
  • Export down 11.2% over Q3FY25. Export contributes 25.6% to overall revenues in O3 FY26 vs 33.5% in Q3FY25. US business de-grew 51.0% over Q3FY25.
  • EBIDTA post open period forex up 20.4% over Q3FY25 led by improved product mix. EBITDA post forex margin stands at 8.8%.
  • Due to the enactment of new labour code, a provision has been made towards a past service cost on gratuity and compensated absences payable to employees amounting to Rs 25 crore based on best possible estimates available, which is accounted for under Exceptional gain/losses.
  • PAT grew 19.4% vs Q3FY25 to reach at Rs 209 crore; PAT margin stands at 3.8% vs 3.7% in Q3FY25.

Kushal N Desai, Chairman & MD, APAR Industries, said: "The Company has delivered healthy performance on top line as well bottom line. Despite muted US business, the Company has managed to attenuate this impact by pivoting its focus on domestic market. Trade deals negotiations are in advance stage with US and we are optimistic that finalised terms will have positive outcomes, until which we will continue to tactically maintain business relationship."

Result PDF

Electrical Equipment & Products company Apar Industries announced Q2FY26 results

  • Revenue came in at Rs 5,715 crore up 23.1% vs Q2FY25, Domestic business continues to show healthy performance growing at 14.5% vs Q2FY25.
  • Export grew 43.1% over Q2FY25. Export mix stands at 34.7% vs 29.8% in Q2FY25. US business grew 129.6% over Q2FY25.
  • EBIDTA post open period forex posted strong growth of 24.0% over Q2FY25 led by volume acceleration, execution of high margin orders, change in product and US mix. EBITDA post forex margin stands at 8.7%.
  • PAT grew 30.0% vs Q2FY25 to reach at Rs 252 crore; with margin of 4.4% vs 4.2% in Q2FY25.

Kushal N Desai, Chairman & MD of APAR Industries said: "We have delivered strong performance in first half of the year with all time high half yearly top line and bottom line on the back of strong growth in export business and healthy domestic business performance. On the export front, the US Tariff situation is fluid at the moment with various announcements over past few months due to which we shall be taking tactical decisions to continue our strategic presence in the market. However, the fundamental growth drivers for the company remains intact thanks to the inflow of renewable energy and acceleration in grid modernization / augmentation at a global scale."

Result PDF

Electrical Equipment & Products company Apar Industries announced Q1FY26 results

  • Revenue came in at Rs 5,104 crore up 27.3% v/s Q1FY25, Domestic business continues to show strong performance growing at 38.3% v/s Q1FY25
  • Export contribution to revenue stands at 31.6% v/s 37.0% in Q1FY25. US business grew 111.3% over Q1FY25 and 23.7% over O4FY25
  • EBIDTA post open period forex posted strong growth of 27.0% over Q1FY25 on the back of volume acceleration, execution of high margin orders, change in product and US mix. EBITDA post forex margin stands at 9.8%, remains unchanged compared to Q1FY25 but higher by 0.5% on sequentially
  • PAT grew 29.9% v/s Q1FY25 to reach at Rs 263 crore; with margin of 5.2%.

Kushal N Desai, Chairman & MD of APAR Industries said, "We have commenced this financial year with strong topline and bottomline growth. Amidst complex global economic landscape, we were able to deliver strong results which encapsulates our growing market leadership position. While Chinese competition continuing in non-US markets, trade deal between India-US still underway, however, on the backdrop of energy shift, which continues to be a focal point on the global roadmap, we remain confident that we will continue to deliver healthy performance going forward"

Result PDF

Electrical Equipment & Products company Apar Industries announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue grew 16.9% YoY to reach Rs 5,210 crore, Domestic business continues to demonstrate resilient performance with growth of 31.4%. v/s LY O4
  • Export mix stands at 31.3% to overall revenue v/s 38.9% in LY O4. US business grew 195.6% over Q4FY24 and 48.1% over Q3FY25
  • EBIDTA post open period forex grew 5.7% YoY with margin came in at 9.3% in O4FY25 v/s 10.3% in O4FY24. EBITDA post forex grew 20.4% on sequential quarter basis. Improved product mix, resurgence of US demand and scale economies have contributed to EBITDA growth
  • PAT at Rs 250 crore; growing at 5.9% YoY.

FY25 Financial Highlights:

  • Revenue at Rs 18,581 crore; higher by 15.0% v/s FY24.
  • EBIDTA post open period forex at Rs 1,681 crore; up 3.0%
  • PAT came in at Rs 821 crore; down by 0.5% v/s LY

Commenting on the results as well as the outlook of the business Kushal N Desai, Chairman & MD of APAR Industries said, "We concluded the financial year with strong revenue growth across all our business verticals demonstrating our ability to deliver sustainable performance in dynamic and challenging market environment. We have achieved a historic milestone of revenue in Quarter 4 surpassing Rs 5,000 crore. Strategic business depth, resilient domestic market and growth in the US business have all contributed to achieving healthy operating margins. We are optimistic that future outlook will continue to remain strong with a steadfast commitment to higher efficiency and innovative products offerings as the world goes through the energy transition."

Result PDF

Electrical Equipment & Products company Apar Industries announced Q3FY25 results

Q3FY25 Financial Highlights:

  • Revenue up 17.7% YoY to reach Rs 4,716 crore with growth of 31.8% YoY in domestic business. Export contributed 33.5% to overall revenue v/s 40.7% in Q3FY24.
  • EBIDTA post open period forex degrew 7.1% YoY at Rs 401 crore.
  • PAT at Rs 175 crore; degrew 19.7% YoY.

Kushal N Desai, Chairman & MD of APAR Industries said: "We have delivered yet another quarter of healthy revenue growth. We continue to lead the way in our premium businesses with continued focus on innovation and customer centric approach. We remain optimistic that domestic growth trajectory will remain unwavering led by continued infrastructure capex spend. Headwinds we faced for export business is expected to reduce gradually. On the margins front, we have seen have a drop in this quarter due to unfavourable competitive prices from China and lower demand from exports. We are hopeful that export demand will improve. Freight cost have started to soften which should help reduce landed costs. However, on the back of our strong foothold around energy infrastructure space we remain confident and resolute in delivering long -term value accretion to our stakeholders"

Result PDF

Electrical Equipment & Products company Apar Industries announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue at Rs 4,645 crore; up 18.4% YoY. Domestic business growing at 61.1% YoY. Export contributed 29.8% to overall revenue v/s 48.4% in Q2FY24.
  • EBIDTA post open period forex at Rs 402 crore; up 7.8% YoY.
  • PAT at Rs 194 crore; up 11.5% YoY.

H1FY25 Financial Highlights:

  • Revenue at Rs 8,655 crore; up 12.6% YoY.
  • EBIDTA post open period forex at Rs 796 crore; up 7.2% YoY.
  • PAT at Rs 396 crore; up 6.8% YoY.

Kushal N Desai, Chairman & MD of APAR Industries said: "We concluded first half of the year with highest ever half yearly revenue and profits led by strong domestic business. Overall exports experienced some headwinds, due to global supply chain issues, competition and slow demand. However, global focus on renewables will be beneficial to us and improve our performance further. "

Result PDF

Personal Products company Apar Industries announced Q1FY25 results:

  • Revenue at Rs 4,011 crore; up 6.5% YoY.
  • EBIDTA post open period forex at Rs 394 crore; up 6.8% YoY
  • PAT at Rs 203 crore; up 2.6% YoY

Commenting on the results as well as the outlook of the business Kushal N Desai, Chairman & MD of APAR Industries said, "We had a good start to FY2025 with all time high Ql revenue led by strong performance in domestic business across the segments. US and Europe market continues to encounter few headwinds as well as export shipments were affected towards end of June due to container availability tightness and increase in freight rates. We expect demand from Western nations to accelerate by second half of FY25. We are confident to deliver long term sustainable growth by leveraging on our robust growth drivers, strategic priorities and our value proposition"

Result PDF

Electrical Equipment company Apar Industries announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue at Rs 4,455 crore; up 9% YoY. Global revenues ex-US up by 29.8% YoY.
  • EBIDTA at Rs 457 crore; up 3% YoY
  • PAT at Rs 236 crore; down 3% YoY due to high base LY Q4

FY24 Financial Highlights:

  • Revenue at Rs 16,153 crore; up 13% YoY.
  • EBIDTA at Rs 1,632 crore; up 24% YoY
  • PAT at Rs 825 crore; up 29% YoY

Commenting on the results as well as the outlook of the business Kushal N Desai, Chairman & MD of APAR Industries said, "Fourth quarter delivered a good performance with highest ever revenues and operating results. Our premium businesses viz, premium conductors, speciality cables and transformer oil continues to outperform. Export market witnessed a contraction because of de-inventorisation, red sea issue, inflation and higher cost of capital, however domestic demand contributed to strong results. The fundamental growth drivers remains intact"

Result PDF

Electrical Equipment/Products company Apar Industries announced Q3FY24 & 9MFY24 results:

  • Q3FY24:
    • Revenue at Rs 4,013 crore; up 2% YoY. Global revenues ex-US up by 17.2% YoY.
    • EBIDTA at Rs 432 crore; up 24% YoY
    • PAT at Rs 218 crore; up 28% YoY
  • 9MFY24:
    • Revenue at Rs 11,711 crore; up 14% YoY. Global revenues ex-US up by 20.0% YoY.
    • EBIDTA at Rs 1,174 crore; up 42% YoY
    • PAT at Rs 589 crore; up 49% YoY

Commenting on the results as well as the outlook of the business Kushal N Desai, Chairman & MD of APAR Industries said, "In the third quarter the Company successfully raised funds through Qualified Institutional Placement mode, aiming to strengthen our balance sheet and to fund various growth opportunities. Third quarter continues to maintain the growth momentum with strong operating performance across all segments. Our margin profile has improved in Q3 and 9MFY24. The strategic business decisions, innovations and R&D initiatives taken in the past is accelerating our growth trajectory, thereby delivering long-term value appreciation to our stakeholders. We are optimistic that growth momentum will continue in long-term as well, especially as we expect the US and other overseas markets to commence fresh ordering post rationalisation of excess inventory that was being carried."

Result PDF

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