Apar Industries Ltd.

•

apar.comBSE: 532259NSE: APARINDS

Market Cap₹ 73,260 Cr.

Current Price

High / Low₹ 18,465 / 6,801

Stock P/E62.0

Book Value₹ 1,989

Price to Book7.40

Dividend Yield0.34 %

ROCE31.8 %

ROE19.8 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Conductor: 49.9% • Power/Telecom Cable: 26.2% • Transformer & Speciality Oils: 23.3%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 43.5% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 36.8%
Company has a good return on equity (ROE) track record: 3 Years ROE 22.1%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 77.8% YoY, showing strong momentum
Company has delivered good sales growth of 29.1% CAGR over last 5 years

CONS

Total debt has risen sharply - up 78.8% year on year
Valuation is stretched - P/E of 62.0 is well above its own 5-year median (34.0)
Stock is trading at 7.4x its book value
Growth is decelerating - 3Y profit CAGR (15.3%) trails the 5Y trend (43.5%)
Expensive relative to growth - PEG of 4.1

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTYM150MOMNTM50 NIFTY ALPHA 50 NIFTY500MOMENTM50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150

S.No.	Name
1.	ABB	7269.10	51.56	154038.32	0.54	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	910.00	114.69	143365.96	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	SIEMENS	3960.90	43.07	141055.77	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	POWERINDIA	31415.40	121.72	140025.86	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
5.	GVT&D	4545.00	623.18	116373.15	0.22	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3178.75	76.08	113201.81	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2627.50	19.80	75580.39	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17496.15	62.01	73260.47	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1114.80	42.84	69960.57	0.90	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	44.16	19.31	60700.73	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1227.70	159.75	29354.80	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	TDPOWERSYS	804.85	91.45	25148.09	0.13	862.93	72.33	6400.54	72.10	34.01	19.00

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	3,736	3,891	3,986	4,433	3,984	4,623	4,696	5,189	5,084	5,694	5,461	6,571	6,591
	3,421	3,575	3,603	4,028	3,634	4,288	4,360	4,755	4,652	5,255	5,035	6,107	6,002
Operating Profit	315	316	382	404	350	335	336	434	432	439	426	464	589
OPM %	8.43%	8.12%	9.60%	9.12%	8.78%	7.26%	7.16%	8.37%	8.50%	7.72%	7.80%	7.07%	8.93%
	14	21	21	27	15	33	34	20	25	27	-10	12	34
Interest	70	103	113	101	90	101	118	100	86	108	106	137	123
Depreciation	27	28	29	31	31	32	33	36	38	40	41	42	46
Profit before Tax	263	237	284	322	270	257	239	340	353	341	288	329	623
Tax %	24.97%	26.51%	23.47%	26.55%	25.09%	24.48%	26.64%	26.48%	25.42%	26.08%	27.47%	22.96%	24.92%
Net Profit	0	0	0	0	203	194	175	250	263	252	209	253	467
	51.59	45.43	56.62	60.97	50.42	48.27	43.55	62.23	65.45	62.66	52.01	63.09	116.37

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	4,832	5,819	7,964	7,425	6,388	9,317	14,336	16,153	18,581	22,902	24,317
	4,400	5,393	7,473	6,939	5,959	8,784	13,097	14,583	16,981	20,990	22,399
Operating Profit	432	425	490	487	429	533	1,240	1,570	1,600	1,912	1,918
OPM %	8.94%	7.31%	6.16%	6.55%	6.71%	5.72%	8.65%	9.72%	8.61%	8.35%	7.89%
	17	11	16	24	30	78	63	84	81	34	64
Interest	131	158	223	254	157	171	344	432	443	474	474
Depreciation	45	56	67	87	93	98	104	116	132	161	169
Profit before Tax	273	223	216	169	208	342	855	1,106	1,106	1,310	1,580
Tax %	35.53%	35.03%	37.07%	20.22%	22.94%	24.93%	25.37%	25.39%	25.72%	25.43%	25.23%
Net Profit	176	145	136	135	160	257	638	825	821	977	1,181
EPS	45.88	37.82	35.55	35.32	41.94	67.09	166.64	205.40	204.46	243.20	—
Dividend Payout %	21.67%	25.12%	26.72%	26.90%	22.65%	22.36%	24.00%	24.83%	24.94%	24.67%	—

COMPOUNDED SALES GROWTH

10 Years:: 16%
5 Years:: 29%
3 Years:: 17%

COMPOUNDED PROFIT GROWTH

10 Years:: 23%
5 Years:: 44%
3 Years:: 15%

STOCK PRICE CAGR

10 Years:: 42%
5 Years:: 93%
3 Years:: 53%
1 Year:: 107%

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 23%
3 Years:: 22%
Last Year:: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	38	38	38	38	38	38	38	40	40	40
	998	1,070	1,164	1,128	1,361	1,677	2,198	3,836	4,461	5,322
	307	365	259	379	300	356	376	413	451	862
Trade Payables	1,772	2,551	3,264	2,848	3,038	4,083	5,206	4,765	5,549	6,856
	332	251	231	261	262	453	399	562	763	631
Total Liabilities	3,448	4,276	4,957	4,654	4,999	6,608	8,218	9,616	11,264	13,711
	574	649	709	885	878	881	950	1,193	1,540	1,717
Capital Work in Progress	28	19	103	55	29	38	99	121	128	539
	119	0	187	0	60	31	54	11	219	55
	994	1,212	1,283	1,331	1,563	2,139	2,576	2,864	3,310	4,153
	0	0	0	0	0	0	0	3,929	4,078	5,334
Cash & Bank	123	274	225	176	222	266	530	646	761	732
	1,612	2,122	2,450	2,207	2,247	3,252	4,008	852	1,226	1,180
Total Assets	3,448	4,276	4,957	4,654	4,999	6,608	8,218	9,616	11,264	13,711

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	413	285	705	174	326	335	917	-283	1,291	968
Cash from Investing	-166	-5	-388	45	-115	-91	-267	-268	-705	-558
Cash from Financing	-157	-69	-293	-189	-123	-106	-186	635	-483	-434
	-11	152	-49	-49	44	47	245	84	104	-24

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.77	57.77	57.77	57.77	57.77	57.77	57.77	57.77	57.76
	11.51	10.97	10.22	9.87	9.06	9.24	9.35	9.38	10.76
	19.73	20.41	21.24	20.63	21.79	22.64	23.20	24.15	23.02
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	11.00	10.86	10.78	11.74	11.37	10.35	9.67	8.71	8.46

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Copy of Newspaper Publication

2026-09-10 - Apar Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-10

Credit Rating- Revision

2026-09-10 - Apar Industries Limited has informed the Exchange about Credit Rating- Revision

2026-08-26

Copy of Newspaper Publication

2026-08-26 - Apar Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-25

Record Date

2026-08-25 - Apar Industries Limited has informed the Exchange that Record date for the purpose of Dividend is 14-Sep-2026.

2026-08-25

Updates

2026-08-25 - Apar Industries Limited has informed the Exchange regarding 'Submission of BRSR for FY 25-26'.

2026-08-25

Shareholders meeting

2026-08-25 - Apar Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 21, 2026

2026-08-21

Copy of Newspaper Publication

2026-08-21 - Apar Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Allotment of Securities

2026-08-13 - Apar Industries Limited has informed the Exchange regarding allotment of 1688618 securities pursuant to Qualified Institution Placement at its meeting held on August 13, 2026.

2026-08-13

General Updates

2026-08-13 - Apar Industries Limited has informed the Exchange about Outcome of Share Issue Committee of Directors.

News

Recent coverage and analyst commentary for APARINDS

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Apar Industries Ltd.

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Free 5nance Account

Name

ABB

7269.10

51.56

154038.32

0.54

3623.00

930.02

35588.70

1110.31

30.18

12.56

CGPOWER

910.00

114.69

143365.96

0.14

308.28

15.52

3280.81

13.99

27.94

12.11

SIEMENS

3960.90

43.07

141055.77

0.45

214.31

-49.38

4713.70

8.44

21.42

9.14

POWERINDIA

31415.40

121.72

140025.86

0.03

2941.50

2135.18

24936.90

1586.18

28.73

14.58

GVT&D

4545.00

623.18

116373.15

0.22

362.99

24.65

1836.14

38.04

75.51

25.10

ENRIN

3178.75

76.08

113201.81

0.13

440.90

67.83

2485.60

39.28

40.19

23.56

WAAREEENER

2627.50

19.80

75580.39

0.15

891.87

15.39

7931.79

79.22

37.92

18.15

APARINDS

17496.15

62.01

73260.47

0.34

4674.50

1677.98

65910.60

1191.31

31.84

11.50

HAVELLS

1114.80

42.84

69960.57

0.90

289.71

-16.64

6518.19

19.48

25.74

7.15

SUZLON

44.16

19.31

60700.73

0.00

305.22

-5.89

3829.09

22.83

35.79

15.55

SCHNEIDER

1227.70

159.75

29354.80

0.00

12.44

-69.84

651.36

4.78

31.01

5.23

TDPOWERSYS

804.85

91.45

25148.09

0.13

862.93

72.33

6400.54

72.10

34.01

19.00

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

3,736

3,891

3,986

4,433

3,984

4,623

4,696

5,189

5,084

5,694

5,461

6,571

6,591

3,421

3,575

3,603

4,028

3,634

4,288

4,360

4,755

4,652

5,255

5,035

6,107

6,002

Operating Profit

315

316

382

404

350

335

336

434

432

439

426

464

589

OPM %

8.43%

8.12%

9.60%

9.12%

8.78%

7.26%

7.16%

8.37%

8.50%

7.72%

7.80%

7.07%

8.93%

-10

Interest

103

113

101

118

100

108

106

137

123

Depreciation

Profit before Tax

263

237

284

322

270

257

239

340

353

341

288

329

623

Tax %

24.97%

26.51%

23.47%

26.55%

25.09%

24.48%

26.64%

26.48%

25.42%

26.08%

27.47%

22.96%

24.92%

Net Profit

203

194

175

250

263

252

209

253

467

51.59

45.43

56.62

60.97

50.42

48.27

43.55

62.23

65.45

62.66

52.01

63.09

116.37

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

4,832

5,819

7,964

7,425

6,388

9,317

14,336

16,153

18,581

22,902

24,317

4,400

5,393

7,473

6,939

5,959

8,784

13,097

14,583

16,981

20,990

22,399

Operating Profit

432

425

490

487

429

533

1,240

1,570

1,600

1,912

1,918

OPM %

8.94%

7.31%

6.16%

6.55%

6.71%

5.72%

8.65%

9.72%

8.61%

8.35%

7.89%

Interest

131

158

223

254

157

171

344

432

443

474

Depreciation

104

116

132

161

169

Profit before Tax

273

223

216

169

208

342

855

1,106

1,310

1,580

Tax %

35.53%

35.03%

37.07%

20.22%

22.94%

24.93%

25.37%

25.39%

25.72%

25.43%

25.23%

Net Profit

176

145

136

135

160

257

638

825

821

977

1,181

EPS

45.88

37.82

35.55

35.32

41.94

67.09

166.64

205.40

204.46

243.20

—

Dividend Payout %

21.67%

25.12%

26.72%

26.90%

22.65%

22.36%

24.00%

24.83%

24.94%

24.67%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

998

1,070

1,164

1,128

1,361

1,677

2,198

3,836

4,461

5,322

307

365

259

379

300

356

376

413

451

862

Trade Payables

1,772

2,551

3,264

2,848

3,038

4,083

5,206

4,765

5,549

6,856

332

251

231

261

262

453

399

562

763

631

Total Liabilities

3,448

4,276

4,957

4,654

4,999

6,608

8,218

9,616

11,264

13,711

574

649

709

885

878

881

950

1,193

1,540

1,717

Capital Work in Progress

103

121

128

539

119

187

219

994

1,212

1,283

1,331

1,563

2,139

2,576

2,864

3,310

4,153

3,929

4,078

5,334

Cash & Bank

123

274

225

176

222

266

530

646

761

732

1,612

2,122

2,450

2,207

2,247

3,252

4,008

852

1,226

1,180

Total Assets

3,448

4,276

4,957

4,654

4,999

6,608

8,218

9,616

11,264

13,711

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

413

285

705

174

326

335

917

-283

1,291

968

Cash from Investing

-166

-5

-388

-115

-91

-267

-268

-705

-558

Cash from Financing

-157

-69

-293

-189

-123

-106

-186

635

-483

-434

-11

152

-49

245

104

-24

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

57.77

57.76

11.51

10.97

10.22

9.87

9.06

9.24

9.35

9.38

10.76

19.73

20.41

21.24

20.63

21.79

22.64

23.20

24.15

23.02

Government

0.00

11.00

10.86

10.78

11.74

11.37

10.35

9.67

8.71

8.46

Apar Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Apar Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI