Apar Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Apar Industries Ltd filed with BSE on 04 Jun 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 Q4 FY26 revenue of Rs 6,603 crore, up 26.7% year-on-year, with EBITDA post forex at Rs 584 crore and PAT margin of 3.8%. Management attributed growth to domestic demand, improved product mix and higher U.S. shipments, while noting one-off provisions including gratuity, an ECB mark-to-market impact and a legal case provision that affected reported PAT. Management also described disruptions from the Middle East conflict affecting the oil and cable divisions, and announced a planned FY27 capex increase to about Rs 1,500 crore.
Numbers mentioned
Consolidated revenue: INR6,603 crores (Q4 FY26)
p. 3
“The consolidated revenue for the quarter stands at INR6,603 crores, which was almost equal to the annual sales of FY21, representing a growth of 26.7% over the last year of Q4.”
Kushal Desai, page 3 of the filed PDF · View the filing
EBITDA post forex: INR584 crores (Q4 FY26)
p. 3
“EBITDA post forex for the quarter came in at INR584 crores, representing a year-on-year growth of approximately 19.3%.”
Kushal Desai, page 3 of the filed PDF · View the filing
PAT margin: 3.8% (Q4 FY26)
p. 3
“The PAT margin is at 3.8%, which is only 100 basis points lower than the same period previous year.”
Kushal Desai, page 3 of the filed PDF · View the filing
Annual revenue: INR22,902 crores (FY26)
p. 4
“On an annual basis, the revenues have reached INR22,902 crores, as I explained, which is 23.3% higher than FY25.”
Kushal Desai, page 4 of the filed PDF · View the filing
Annual EBITDA post forex: INR2,067 crores (FY26)
p. 4
“EBITDA post open period forex grew by 23% to INR2,067 crores at an EBITDA margin of 9%.”
Kushal Desai, page 4 of the filed PDF · View the filing
Annual PAT: INR977 crores (FY26)
p. 4
“The PAT has grown by 19% to INR977 crores at a margin of 4.3%.”
Kushal Desai, page 4 of the filed PDF · View the filing
Conductor division revenue: INR3,764 crores (Q4 FY26)
p. 5
“Revenue for the quarter reached INR3,764 crores, representing a significant 29.9% year-on-year growth.”
Kushal Desai, page 5 of the filed PDF · View the filing
Conductor EBITDA per metric ton: INR44,919 per metric ton (Q4 FY26)
p. 5
“EBITDA post open period forex stands at INR44,919 per metric ton compared to INR41,430 a metric ton a year ago.”
Kushal Desai, page 5 of the filed PDF · View the filing
Conductor order book: INR7,671 crores (as on March 31, 2026)
p. 5
“The order book as on March 31 stands at a healthy INR7,671 crores.”
Kushal Desai, page 5 of the filed PDF · View the filing
Cable division revenue: INR1,903 crores (Q4 FY26)
p. 6
“Revenues for the quarter reached INR1,903 crores, up 35% over Q4 of FY25.”
Kushal Desai, page 6 of the filed PDF · View the filing
Cable division EBITDA margin: 10.6% (Q4 FY26)
p. 6
“The EBITDA post forex grew 34.5% year-on-year to reach INR202 crores at an EBITDA margin of 10.6%.”
Kushal Desai, page 6 of the filed PDF · View the filing
FY26 capex incurred: INR740 crores (FY26)
p. 7
“We plan to increase our capex for FY27 to about INR1,500 crores in addition to the FY26 capex that we have incurred of INR740 crores.”
Kushal Desai, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
FY27 capex — INR1,500 crores · FY27
stated firmly by Kushal Desai
p. 7
“We plan to increase our capex for FY27 to about INR1,500 crores in addition to the FY26 capex that we have incurred of INR740 crores.”
Kushal Desai, page 7 of the filed PDF · View the filing
Conductor EBITDA per metric ton — INR35,000 to INR36,000 per metric ton · medium to long-term
stated conditionally by Ramesh Iyer
p. 9
“we expect that from a medium to long-term perspective, our conductor margins could be in the range of INR35,000 to INR36,000 per metric ton.”
Ramesh Iyer, page 9 of the filed PDF · View the filing
Cables capex allocation for FY27 — INR850 crores · FY27
stated firmly by Ramesh Iyer
p. 11
“Around INR400 crores would be coming from conductor division, around INR200-odd crores on oil division, and cable would be in the range of INR850 crores.”
Ramesh Iyer, page 11 of the filed PDF · View the filing
Cable division revenue target — INR10,000 crores · 5-year timeframe
stated as an aspiration by Kushal Desai
p. 15
“Capex is working towards getting to that INR10,000 crores.”
Kushal Desai, page 15 of the filed PDF · View the filing
Conductor volume growth — 10% growth year-on-year
stated as an aspiration by Kushal Desai
p. 16
“Overall figures, we are continuing to look at a 10% growth year-on-year on our Conductor side by volume.”
Kushal Desai, page 16 of the filed PDF · View the filing
Cable volume growth — 25% a year
stated as an aspiration by Kushal Desai
p. 16
“We are looking -- continuing to look at growing by 25% a year in our cable side of the business as well.”
Kushal Desai, page 16 of the filed PDF · View the filing
U.S. market sales — FY27
stated firmly by Kushal Desai
p. 17
“we see that with tariffs, we will grow significantly in FY27 over FY26 as far as the U.S. market is concerned.”
Kushal Desai, page 17 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 said U.S. traction is strong, led by data centers, with $15 million of cables supplied to three major projects so far, and expects a larger APAR presence in FY27.
Answered by Kushal Desai
Asked by Nitin Arora: How is the U.S. data center and conductor opportunity shaping up given tariff challenges?
p. 8
“We've supplied to 3 major data center projects so far in the U.S. The total of cables that have gone in there is in the range of about $15 million.”
Kushal Desai, page 8 of the filed PDF · View the filing
CFO reiterated medium to long-term guidance of INR35,000-36,000 per metric ton plus tailwinds, noting rising interest costs from higher metal prices.
Answered by Ramesh Iyer
Asked by Nitin Arora: How should investors think about conductor profitability next year?
p. 9
“we expect that from a medium to long-term perspective, our conductor margins could be in the range of INR35,000 to INR36,000 per metric ton.”
Ramesh Iyer, page 9 of the filed PDF · View the filing
Management gave utilization figures of 90-95% for conductor, 85-90% for cables, and 65-70% for oil.
Answered by Ramesh Iyer
Asked by Umesh Raut: What is current capacity utilization across the three divisions?
p. 10
“So on the conductor division, our capacity utilization currently will be about 90% to 95%. And similarly, for cables, it could be close to about 85% to 90%.”
Ramesh Iyer, page 10 of the filed PDF · View the filing
Management said HVDC projects have just been awarded and conductor/oil supply will come later, running through FY27 and FY28.
Answered by Kushal Desai
Asked by Umesh Raut: Are HVDC project material awards already happening or expected in FY27?
p. 11
“So the answer to the first question is no. These HVDC projects have just been awarded. So both conductor and the oil will come significantly later.”
Kushal Desai, page 11 of the filed PDF · View the filing
Management explained sourcing from Saudi Aramco's Yanbu refinery continued uninterrupted while sales to Saudi Arabia and Kuwait were affected by the war, with shipments resuming in May.
Answered by Kushal Desai
Asked by Mohit Kumar: What is APAR's dependence on the Middle East for Specialty Oils sourcing and sales?
p. 13
“So in terms of sourcing, the refinery that we source a reasonable amount of quantity and have a long-term contract with is Saudi Aramco base oil refinery in Yanbu.”
Kushal Desai, page 13 of the filed PDF · View the filing
Management said competitors are focusing on building wires and light-duty cables rather than specialty high-value cables, and expects the overall market to keep growing despite some margin pressure.
Answered by Kushal Desai
Asked by Amit Anwani: What is the outlook for Cables margins given rising competition from UltraTech and Adani?
p. 16
“I don't think either the current plan or the immediate launch that UltraTech is going to do -- the Aditya Birla Group is going to do is going to affect these high-value products.”
Kushal Desai, page 16 of the filed PDF · View the filing
Management said the tariff rationalization reduced uncertainty and is a positive for planning, with growth expected in FY27 for the U.S. market.
Answered by Kushal Desai
Asked by Amitoj Singh: How do the revised U.S. Section 232 tariffs affect APAR's pipeline?
p. 17
“So in that sense, it is positive.”
Kushal Desai, page 17 of the filed PDF · View the filing
Risks flagged
Middle East war disrupting supply chains and freight for the oil division
p. 6
“the supply chain for petroleum products came to a grinding halt with all major refineries curtailing production and also reducing contract volumes which were signed up with us.”
Kushal Desai, page 6 of the filed PDF · View the filing
Shortage and price increase of specialty polymers sourced from the Middle East affecting cables
p. 6
“There's clearly been an impact from the war on both the price and availability of specialty polymers, many of this were being sourced from multinational plants that are located in the Middle East area, notably in Abu Dhabi.”
Kushal Desai, page 6 of the filed PDF · View the filing
Manpower shortages at project sites due to elections
p. 7
“There have been several manpower issues in the recent months at various project sites with the elections coming up in the East, and this has impacted the transit of goods to some extent within the country, but much larger in the form of the operation of the ports.”
Kushal Desai, page 7 of the filed PDF · View the filing
Rising domestic competition increasing pricing pressure
p. 7
“We also see, in addition to this, that domestic players have started increasing their capacities, and this is increasing some amount of pricing pressure.”
Kushal Desai, page 7 of the filed PDF · View the filing
Chinese competition and LME-SHFE price differential
p. 7
“The Chinese competition is still quite severe in certain parts of the world.”
Kushal Desai, page 7 of the filed PDF · View the filing
Customers postponing deliveries due to insurance and freight issues in Middle East shipping
p. 7
“The Middle East is where the maximum amount of problems are there because the containers are being transferred without complete insurance cover, resulting in some of the projects being actually deferred or delayed.”
Kushal Desai, page 7 of the filed PDF · View the filing
Short-term slowdown in ordering due to higher aluminum and freight costs
p. 10
“So there is a small -- meaning I expect a short-term slowdown.”
Kushal Desai, page 10 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.