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APAR Industries (APARINDS) investor relations material
APAR Industries Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record H1 FY26 consolidated revenue of ₹10,820 crores, up 25% year-over-year, with Q2 revenue at ₹5,715 crores, up 23.1% YoY, driven by strong domestic and export growth, especially to the US.
H1 FY26 EBITDA reached ₹1,000 crores, up 25.5% YoY, with a margin of 9.2%; PAT rose 29.9% to ₹515 crores.
Export revenue mix increased to 34.7% in Q2 and 33.2% in H1, with US revenue surging over 120% YoY.
Premium products contributed 45.4% of conductor revenue in Q2.
All-time high half-yearly EBITDA and profit, with EPS for H1 at ₹128 (not annualized).
Financial highlights
Q2 FY26 exports grew 43% YoY, contributing 34.7% of consolidated revenue; US revenue up 129.6% YoY.
Conductor division Q2 revenue grew 34.9% YoY, with a 16.2% volume increase and 74.6% export growth.
Cable division Q2 revenue up 25.1% YoY; H1 cable revenue up 30.2% YoY.
Oil business revenue remained flat due to lower crude prices, but domestic transformer oil revenue grew 13.6% in Q2 and 17.3% in H1.
Debt/equity ratio improved to 0.10 in H1 FY26; ROE at 19.6%.
Outlook and guidance
Strong order book in conductors (₹7,168 crores) and cables (₹1,836 crores) as of H1 FY26.
Guidance for conductor EBITDA remains at ₹30,000 per metric ton for the medium to long term.
Cable division EBITDA margin expected to remain in the 10–12% range.
Q3 expected to be under pressure due to delayed order inflow and execution, with recovery anticipated in Q4.
Management expects continued growth driven by renewables and grid modernization globally.
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