Apar Industries Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Apar Industries Ltd filed with BSE on 31 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
APAR Industries reported consolidated revenue growth of 29.1% year-on-year to Rs 6,591 crores in Q1 FY27, with EBITDA up 62.7% to Rs 814 crores and profit after tax up 77.7% to Rs 467 crores. Management attributed the growth to higher sales realization and unit profitability across the conductor, oil and cable divisions, describing it as the highest quarterly sales and profit in the company's history. Management also discussed disruptions from the U.S.-Iran conflict, logistics difficulties in export markets, and manpower shortages during the quarter, alongside new order wins in cables and conductors in the U.S. and Europe.
Numbers mentioned
Consolidated Revenue: INR6,591 crores (Q1 FY27)
p. 3
“The revenue has reached INR6,591 crores.”
Kushal Desai, page 3 of the filed PDF · View the filing
Consolidated EBITDA: INR814 crores (Q1 FY27)
p. 3
“EBITDA post open period forex has grown to INR814 crores, representing a growth of 62.7% year-on-year.”
Kushal Desai, page 3 of the filed PDF · View the filing
EBITDA margin: 12.4% (Q1 FY27)
p. 3
“The margin came in at 12.4% compared to 9.8% a year ago.”
Kushal Desai, page 3 of the filed PDF · View the filing
Profit after tax: INR467 crores (Q1 FY27)
p. 3
“profit after tax has increased by 77.7% to reach INR467 crores from a year ago.”
Kushal Desai, page 3 of the filed PDF · View the filing
PAT margin: 7.1% (Q1 FY27)
p. 3
“The PAT margin came in at 7.1%, so it's up about 200 basis points.”
Kushal Desai, page 3 of the filed PDF · View the filing
Conductor division revenue: INR3,338 crores (Q1 FY27)
p. 4
“Our revenues grew by 19.9% to reach INR3,338 crores.”
Kushal Desai, page 4 of the filed PDF · View the filing
Conductor division EBITDA: INR285 crores (Q1 FY27)
p. 4
“EBITDA post foreign exchange grew 14% year-on-year to INR285 crores.”
Kushal Desai, page 4 of the filed PDF · View the filing
Conductor division EBITDA per ton: INR53,418 per ton (Q1 FY27)
p. 4
“the absolute EBITDA has grown, which came in at INR53,418 per ton compared to INR43,688 per ton a year earlier.”
Kushal Desai, page 4 of the filed PDF · View the filing
Conductor pending order book: INR10,190 crores (as of Q1 FY27)
p. 4
“The pending order book stands at around INR10,190 crores with an export proportion of 56.8%.”
Kushal Desai, page 4 of the filed PDF · View the filing
Oil division revenue: INR1,701 crores (Q1 FY27)
p. 4
“Revenue here grew by 34.7% year-on-year to reach INR1,701 crores.”
Kushal Desai, page 4 of the filed PDF · View the filing
Oil division volume: 129,085 kL (Q1 FY27)
p. 5
“Volume for the quarter stands at 129,085 kL, down 13.7% compared to a year ago”
Kushal Desai, page 5 of the filed PDF · View the filing
Oil division EBITDA per kL: INR25,482 per kL (Q1 FY27)
p. 5
“the EBITDA margins came in at a substantially higher level of INR25,482 per kL compared to INR7,004 per kL a year ago.”
Kushal Desai, page 5 of the filed PDF · View the filing
Oil division EBITDA: INR329 crores (Q1 FY27)
p. 5
“The overall EBITDA has grown by 214% to reach INR329 crores.”
Kushal Desai, page 5 of the filed PDF · View the filing
Oil division provision: INR94 crores (Q1 FY27)
p. 5
“the company has followed the requirements of accounting standards and has provided for approximately INR94 crores for the oil division in the quarter.”
Kushal Desai, page 5 of the filed PDF · View the filing
Cable division revenue: INR1,838 crores (Q1 FY27)
p. 5
“Cable revenues grew 29.5% to reach INR1,838 crores.”
Kushal Desai, page 5 of the filed PDF · View the filing
Cable division EBITDA: INR194 crores (Q1 FY27)
p. 5
“EBITDA post open ForEx came in at INR194 crores, which is up 36.7%.”
Kushal Desai, page 5 of the filed PDF · View the filing
Cable division EBITDA margin: 10.6% (Q1 FY27)
p. 5
“The EBITDA margin has come in at 10.6% in Q1, which is up by 60 basis points over a year ago.”
Kushal Desai, page 5 of the filed PDF · View the filing
Cable pending order book: INR1,925 crores (as of Q1 FY27)
p. 5
“The pending order today stands at INR1,925 crores.”
Kushal Desai, page 5 of the filed PDF · View the filing
Working capital days: 45 to 50 days (Q1 FY27)
p. 11
“Working capital is in the range of 45 to 50 days.”
Ramesh Iyer, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained the margin resulted from historical cost inventory sold at higher current prices, and declined to comment on future margins due to disclosure restrictions.
Answered by Ramesh Iyer
Asked by Amit Anwani: Why was the oil division margin of INR25,000 per kL so high this quarter, and should it be expected going forward?
p. 6
“So with the historical cost based on which you have procured and the current price, which is on a higher side, the margins looks disproportionately higher, which is the reason -- due to which we have got the high margin in this particular quarter.”
Ramesh Iyer, page 6 of the filed PDF · View the filing
Management said the entire premium category grew including HTLS, copper transposed conductors and busbars, and attributed lower U.S. shipments to a lag from prior Section 232 tariff confusion and DDP delivery timing.
Answered by Kushal Desai
Asked by Amit Anwani: What is driving the premium product growth and why are U.S. cable exports weaker this quarter?
p. 7
“So we are kind of facing the corollary of that period where there were no orders, which have spilled into this period.”
Kushal Desai, page 7 of the filed PDF · View the filing
Management declined to comment on future order flow, citing restrictions, but noted the strategic significance of the wins.
Answered by Kushal Desai
Asked by Umesh Raut: Can the two large overseas utility orders be expected to recur, and is there any plan for manufacturing presence beyond APAR?
p. 9
“Unfortunately, you're putting -- you're going into a territory where that Lakshman Rekha is drawn.”
Kushal Desai, page 9 of the filed PDF · View the filing
Management confirmed premium products focus on the domestic market while standard products are directed to export markets, so the ratio and mix could vary depending on order timing.
Answered by Chaitanya Desai
Asked by Ganeshram: Would export conventional conductor orders in the order book carry lower realizations than the premium domestic mix seen this quarter?
p. 11
“So it is possible that the ratio between the premium and the conventional will be similar, except that the order book position will vary depending on, time to time, what sort of orders we receive.”
Chaitanya Desai, page 11 of the filed PDF · View the filing
Management confirmed there is no way to hedge the MJP premium directly but they lock it in through supplier contracts.
Answered by Chaitanya Desai
Asked by Siddhartha Biyanee: Is APAR exposed to unhedgeable MJP premium movements over LME?
p. 15
“Yes, we are, and there is no way to hedge it.”
Chaitanya Desai, page 15 of the filed PDF · View the filing
Management explained tariff structures including Section 232 duties, noting aluminum products including conductors face 50% duty.
Answered by Kushal Desai
Asked by Ganeshram: What tariffs apply to conductors and cables from India into the U.S.?
p. 17
“All bare products are covered under 232 with a 50% duty. So aluminum is 50%, rods are at 50% and conductors are also at 50%.”
Kushal Desai, page 17 of the filed PDF · View the filing
Risks flagged
U.S.-Iran war and related logistics difficulties in export markets
p. 3
“this has been a fairly challenging quarter from an external perspective, given the impact of the U.S.-Iran war, various logistics difficulties that have happened in the export markets and fairly significant manpower-related shortages in the month of May, which coincided with holidays as well as local elections.”
Kushal Desai, page 3 of the filed PDF · View the filing
Delayed manufacturing clearances due to metal price volatility affecting conductor volumes
p. 4
“there are some customers who are waiting for prices to come down and then hedge the metal and give manufacturing clearance.”
Kushal Desai, page 4 of the filed PDF · View the filing
Closure of Hamriyah port in UAE restricting oil division deliveries
p. 5
“the volumes were affected really because of our facility in the UAE, which because of this crisis and the resulting closure of the Hamriyah port was restricted to only making local deliveries of the product that it had in inventory.”
Kushal Desai, page 5 of the filed PDF · View the filing
Unhedgeable MJP premium exposure on metal purchases
p. 15
“So it's a public knowledge. So it has gone up quarter-to-quarter.”
Chaitanya Desai, page 15 of the filed PDF · View the filing
Potential reversal of oil division inventory margins if market prices decline
p. 15
“General trend, what you're saying is that when the prices start falling, then a reversal takes place.”
Kushal Desai, page 15 of the filed PDF · View the filing
Customer destocking and postponement of purchases amid volatile metal and oil prices
p. 14
“many customers have just postponed their purchase and they're running down their inventories.”
Kushal Desai, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.