Apar Industries Limited (APARINDS)

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Apar Industries Limited (APARINDS) · mywealthgrid

About

Apar Industries manufactures electrical equipment for industrial applications within the Industrials sector. With quarterly revenue around ₹5–6.5k Cr and market capitalisation of ₹67k Cr, it operates in a capital-intensive, competitive segment.

Face value: ₹10

Market cap

₹70,945 Cr

P/E

60.0×

P/B

13.1×

Dividend yield

0.3%

ROE

19.7%

ROCE

32.6%

Debt / equity

0.16

OPM

8.2%

EPS (TTM)

₹294.1

Book value

₹1,342.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High valuation with PE of 56.79; stock gained 92% over one year, suggesting market has priced in significant growth expectations—verify if fundamentals support this level
Operating margins average 8.19%, leaving thin cushion against raw material cost inflation; verify hedging practices and pricing power to absorb input cost shocks
Recent margin expansion to 11%+ (Jun 2026) from 7.5% earlier requires verification for sustainability—clarify if driven by volume, pricing, cost management, or one-time items
Revenue growth trajectory not evident from quarterly data; verify end-market demand drivers and competitive positioning in electrical equipment segments

Generated analysis · source review pending

Growth drivers

Operating margins expanded to 11.44–11.49% in Jun 2026 (from 7.51–7.58% in Mar 2026); if sustained, this ~50% margin improvement would lift absolute profit significantly even with flat revenue
EPS surged to 112.79 in Jun 2026 from 63.36 in Mar 2026 (78% growth) while revenue remained stable at ₹6.5k Cr; verify if this reflects margin expansion or structural profit improvement
ROE of 19.74% indicates strong returns on capital; combined with low debt (D/E 0.16), the company has financial capacity to fund expansion or acquisitions
Dividend consistency (payouts recorded in 2025, 2024, 2023, 2022, 2021) demonstrates stable cash generation to fund reinvestment or returns

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹17,648.0-0.9%1Y

Quick read

rule-based

Pros

+Strong return on equity of 22.1% (3-yr avg)
+High return on capital employed of 36.5%
+Profit CAGR of 43.5% over the last 5 years
+Revenue CAGR of 29.1% over the last 5 years

Cons

−Expensive at 60× trailing earnings
−Trading at 13.1× book value

Research score

Structured signal from quality, growth, valuation and momentum.

46/100

Business quality: 55
Growth: 80
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,939	5,939	7,964	7,462	6,388	9,320	14,352	16,153	18,581	22,902
COGS	4,495	4,495	6,336	5,751	4,800	7,208	10,709	12,540	14,739	18,091
Gross profit	1,444	1,444	1,628	1,711	1,588	2,112	3,643	3,613	3,842	4,811
	1,036	1,036	1,160	1,235	1,172	1,564	2,416	2,091	2,295	2,935
	408	408	468	476	415	548	1,227	1,522	1,547	1,876
OPM %	6.9%	6.9%	5.9%	6.4%	6.5%	5.9%	8.6%	9.4%	8.3%	8.2%
Depreciation	56	56	67	87	93	98	104	116	132	161
Interest	140	140	200	228	136	141	306	387	409	437
	11	11	15	8	22	32	37	86	99	32
Profit before tax	223	223	216	169	208	342	855	1,106	1,106	1,310
Tax	78	78	80	34	48	85	217	281	284	333
Tax %	35%	35%	37.1%	20.2%	22.9%	24.9%	25.4%	25.4%	25.7%	25.4%
	145	145	136	135	161	257	638	825	821	977
PAT margin %	2.4%	2.4%	1.7%	1.8%	2.5%	2.8%	4.4%	5.1%	4.4%	4.3%
EPS (₹)	37.8	37.8	35.6	35.3	41.9	67.1	166.6	212.1	204.5	243.2
EPS adjusted (₹)	37.8	37.8	35.6	35.3	41.9	92	166.6	205.4	204.5	243.2
	26.4%	25.1%	26.7%	26.9%	22.7%	22.4%	24%	24%	24.9%	24.7%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	37	38	38	38	38	38	38	38	40	40	40
Reserves	14	998	1,070	1,164	—	1,361	1,677	2,198	3,836	4,463	5,353
Minority interest	661	—	—	—	—	—	—	—	—	—	—
	481	277	332	218	—	264	253	304	406	470	841
	1,839	2,205	2,829	3,601	—	3,335	4,639	5,677	5,334	6,290	7,477
Total equity & liabilities	3,031	3,518	4,269	5,021	—	4,999	6,608	8,218	9,616	11,264	13,711
	383	574	649	709	885	878	881	950	1,193	1,540	1,717
CWIP	—	27	19	103	—	29	38	99	121	128	539
Investments	6	119	0	187	—	60	31	54	11	219	44
	2,643	2,798	3,602	4,022	—	4,032	5,657	7,114	8,291	9,376	11,410
Total assets	3,031	3,518	4,269	5,021	—	4,999	6,608	8,218	9,616	11,264	13,711

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Conductor	12,711.95	995.01	6,701.44	3,041.65	3,659.79	27.19
Power / Telecom cables	6,219.51	595.05

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	20.4%	22.9%	24.9%	22.7%	25.4%	22.4%	20.7%	21%
EBITDA margin %	5.9%	6.4%	6.5%	5.9%	8.6%	9.4%	8.3%	8.2%
EBIT margin %	5%	5.2%	5%	4.8%	7.8%	8.7%	7.6%	7.5%
PAT margin %	1.7%	1.8%	2.5%	2.8%	4.4%	5.1%	4.4%	4.3%
Working capital
Receivable days	98	—	106	99	81	89	80	85
Inventory days	74	—	119	108	88	83	82	84
Payable days	188	—	231	209	177	140	137	138
NWC days	-16	—	-6	-1	-8	32	25	30
Leverage
Current ratio	1.14	—	1.22	1.22	1.22	1.54	1.47	1.45
Debt to EBITDA	0.47	—	0.64	0.46	0.25	0.27	0.3	0.45
Debt to equity	0.18	—	0.19	0.15	0.14	0.1	0.1	0.16
Interest coverage	2.1	1.7	2.5	3.4	3.8	3.9	3.7	4.1
Asset turnover	1.59	—	1.28	1.41	1.75	1.68	1.65	1.67
Return ratios
Return on assets %	2.7%	—	3.2%	3.9%	7.8%	8.6%	7.3%	7.1%
Return on capital employed %	30.9%	—	20.5%	26%	51.2%	44%	32.8%	32.6%
Return on equity %	11.3%	—	11.5%	15%	28.5%	21.3%	18.2%	18.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.64%	57.77%	57.77%	57.77%	57.77%	57.77%	57.77%	57.77%	57.77%	57.77%	57.77%	57.76%
	9.09%	10.97%	11.55%	11.51%	10.97%	10.22%	9.86%	9.07%	9.25%	9.35%	9.37%	10.75%
	17.05%	18.62%	18.9%	19.73%	20.4%	21.24%	20.63%	21.79%	22.64%	23.21%	24.15%	23.02%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	13.22%	12.64%	11.78%	10.99%	10.86%	10.77%	11.74%	11.37%	10.34%	9.67%	8.71%	8.47%
No. of shareholders	—	—	—	—	—	—	—	—	1,06,316	97,761	89,009	95,279

Promoter holding down 2.88 percentage points since Sep 2023.

9 deals · 17 Dec 2021 – 15 Sept 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
15 Sept 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Sell	2,88,194	₹5,191.26	₹149.61 Cr
20 Jun 2022	XTX MARKETS LLP	Bulk	NSE	Buy	2,43,918	₹994.57	₹24.26 Cr
20 Jun 2022	XTX MARKETS LLP	Bulk	NSE	Sell	2,43,851	₹995.57	₹24.28 Cr
20 Jun 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,18,869	₹996.93	₹21.82 Cr
20 Jun 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,18,869	₹995.43	₹21.79 Cr
20 Jun 2022	UBS IQ MSCI ASIA APEX 50 ETHICAL ETF	Bulk	NSE	Buy	2,12,859	₹997.04	₹21.22 Cr
17 Dec 2021	HDFC MUTUAL FUND	Bulk	NSE	Sell	6,73,639	₹750.00	₹50.52 Cr
17 Dec 2021	HDFC MUTUAL FUND	Bulk	NSE	Buy	5,00,000	₹750.00	₹37.50 Cr
17 Dec 2021	HDFC MUTUAL FUND	Bulk	NSE	Buy	2,00,000	₹748.80	₹14.98 Cr

1–9 of 9

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Kushal N. DesaiExecutive Director-Chairperson-CEO-MD
Mr. Chaitanya N. DesaiExecutive Director-MD
Mr. Rajesh Narayan SehgalNon-Executive - Independent Director
Mr. Rishabh Kushal DesaiExecutive Director
Mr. Kaushal Jaysingh SampatNon-Executive - Independent Director
Mrs. Nirupa Kiran BhattNon-Executive - Independent Director
Mr. Pitamber ShivnaniNon-Executive - Independent Director
Mr. Ramesh Seshan IyerChief Financial Officer
Sanjaya R KunderCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

103

across 18 fund houses

Held by these funds

14.93%

of the company's equity

All mutual funds

21.37%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

103 schemes · 18 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	8.08 L	1,430.68	1.73%	2.01%	-32,551
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	5.85 L	1,035.49	1.45%	1.455%	—
Midcap Fund	Axis Mutual Fund	5.47 L	968.43	2.73%	1.361%	+24,317
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	4.59 L	812.76	4.03%	1.142%	-36,703
Flexi Cap Fund	Axis Mutual Fund	3.19 L	565.52	4.06%	0.795%	+9,625
Focused Fund	Axis Mutual Fund	3.03 L	536.14	4.69%	0.753%	+8,105
Multi Cap FundNEW	ICICI Prudential Mutual Fund	3 L	531.86	2.72%	0.747%	—
Mid Cap FundNEW	ICICI Prudential Mutual Fund	2.74 L	484.52	5.77%	0.681%	—

1–8 of 103

1 / 13

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

40 announcementsExport CSV

25 Aug 2026, 3:03 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	20.4%	22.9%	24.9%	22.7%	25.4%	22.4%	20.7%	21%
EBITDA margin %	5.9%	6.4%	6.5%	5.9%	8.6%	9.4%	8.3%	8.2%
EBIT margin %	5%	5.2%	5%	4.8%	7.8%	8.7%	7.6%	7.5%
PAT margin %	1.7%	1.8%	2.5%	2.8%	4.4%	5.1%	4.4%	4.3%
Working capital
Receivable days	98	—	106	99	81	89	80	85
Inventory days	74	—	119	108	88	83	82	84
Payable days	188	—	231	209	177	140	137	138
NWC days	-16	—	-6	-1	-8	32	25	30
Leverage
Current ratio	1.14	—	1.22	1.22	1.22	1.54	1.47	1.45
Debt to EBITDA	0.47	—	0.64	0.46	0.25	0.27	0.3	0.45
Debt to equity	0.18	—	0.19	0.15	0.14	0.1	0.1	0.16
Interest coverage	2.1	1.7	2.5	3.4	3.8	3.9	3.7	4.1
Asset turnover	1.59	—	1.28	1.41	1.75	1.68	1.65	1.67
Return ratios
Return on assets %	2.7%	—	3.2%	3.9%	7.8%	8.6%	7.3%	7.1%
Return on capital employed %	30.9%	—	20.5%	26%	51.2%	44%	32.8%	32.6%
Return on equity %	11.3%	—	11.5%	15%	28.5%	21.3%	18.2%	18.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Apar Industries LimitedAPARINDSAPARINDS	₹70,945 Cr	₹71,785 Cr	₹24,389 Cr	₹2,159 Cr	8.2%	₹1,182 Cr	4.3%	32.6%	19.7%	30
Waaree Energies LimitedWAAREEENERWAAREEENER	₹67,322 Cr	₹69,813 Cr	₹30,043 Cr	₹6,351 Cr	22.3%	₹2,763 Cr	14.6%	39.7%	30.9%	95
Premier Energies LimitedPREMIERENEPREMIERENE	₹39,863 Cr	₹43,480 Cr	₹8,466 Cr	₹2,543 Cr	30.4%	₹1,665 Cr	19.3%	36.3%	42.4%	115
Mtar Technologies LimitedMTARTECHMTARTECH	₹24,015 Cr	₹24,384 Cr	₹1,080 Cr	₹228 Cr	19.5%	₹133 Cr	10.7%	17.2%	12.1%	419
Emmvee Photovoltaic Power LimitedEMMVEEEMMVEE	₹21,177 Cr	₹21,355 Cr	₹5,578 Cr	₹1,932 Cr	34.3%	₹1,274 Cr	21.4%	43.6%	51.1%	159
Diamond Power Infrastructure LimitedDIACABSDIACABS	₹18,182 Cr	₹20,711 Cr	₹2,298 Cr	₹270 Cr	11.7%	₹197 Cr	8.3%	12.4%	—	93
Avalon Technologies LimitedAVALONAVALON	₹15,232 Cr	₹15,415 Cr	₹1,764 Cr	₹201 Cr	10.8%	₹134 Cr	7.1%	23.4%	16.9%	160
Fujiyama Power Systems LimitedUTLSOLARUTLSOLAR	₹12,327 Cr	₹12,788 Cr	₹3,403 Cr	₹639 Cr	18.5%	₹294 Cr	11.5%	29.6%	23.9%	123
Genus Power Infrastructures LimitedGENUSPOWERGENUSPOWER	₹8,518 Cr	₹10,817 Cr	₹5,173 Cr	₹973 Cr	19.2%	₹652 Cr	12.5%	31%	29%	188
Waaree Renewable Technologies LimitedWAAREERTLWAAREERTL	₹8,436 Cr	₹8,517 Cr	₹3,652 Cr	₹697 Cr	19.2%	₹511 Cr	14.4%	84.1%	68.9%	37
Ram Ratna Wires LimitedRAMRATRAMRAT	₹5,752 Cr	₹6,407 Cr	₹6,047 Cr	₹310 Cr	5.1%	₹127 Cr	2.1%	30.4%	20.1%	33
Vikram Solar LimitedVIKRAMSOLRVIKRAMSOLR	₹5,594 Cr	₹5,694 Cr	₹5,232 Cr	₹800 Cr	19.1%	₹357 Cr	9.8%	31.4%	21.3%	11

Date	Category	Subject	Filing
25 Aug 2026, 3:03 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
25 Aug 2026, 2:47 pm	AGM/EGM AGM	Submission Of Notice Of The 37Th Annual General Meeting (AGM) Scheduled On Monday, September 21, 2026	PDF
25 Aug 2026, 2:39 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
21 Aug 2026, 2:36 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
13 Aug 2026, 11:20 pm	Company Update Allotment of Equity Shares	Announcement under Regulation 30 (LODR)-Allotment	PDF
13 Aug 2026, 11:12 pm	Company Update General	Outcome Of The Meeting Of The Share Issue Committee Of Directors	PDF
13 Aug 2026, 7:48 pm	Company Update Qualified Institutional Placement	Announcement under Regulation 30 (LODR)-Qualified Institutional Placement	PDF
13 Aug 2026, 7:45 pm	Company Update General	Outcome Of The Meeting Of The Share Issue Committee Of Directors	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	412	312	225	632	94	324	244	698	-283	1,291	968
	-223	-166	-5	-388	45	-111	-91	-269	-268	-705	-558
	-153	-157	-69	-293	-189	-167	-106	-184	635	-483	-434
Net cash flow	36	-11	152	-49	-49	46	47	245	84	103	-24
Free cash flow	289	143	98	425	-51	268	114	451	-614	781	231
CFO / Operating profit %	—	76.7%	55.2%	135.1%	19.8%	77.9%	44.5%	56.9%	-18.6%	83.4%	51.6%

Apar Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

22

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Conductor · revenue

Apar Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends22

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Conductor · revenue

22

1