Apar Industries Ltd.

•

apar.comBSE: 532259NSE: APARINDS

Market Cap₹ 73,029 Cr.

Current Price

High / Low₹ 18,465 / 6,801

Stock P/E62.5

Book Value₹ 1,931

Price to Book7.73

Dividend Yield0.34 %

ROCE32.7 %

ROE20.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Conductor: 43.9% • Transformer & Speciality Oils: 32.6% • Power/Telecom Cables: 22.8%

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 48.1% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 37.7%
Company has a good return on equity (ROE) track record: 3 Years ROE 23.1%
Latest quarter profit grew 75.7% YoY, showing strong momentum
Company has delivered good sales growth of 29.8% CAGR over last 5 years

CONS

Total debt has risen sharply - up 78.8% year on year
Valuation is stretched - P/E of 62.5 is well above its own 5-year median (34.1)
Stock is trading at 7.7x its book value
Growth is decelerating - 3Y profit CAGR (17.3%) trails the 5Y trend (48.1%)
Expensive relative to growth - PEG of 3.6

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

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTY ALPHA 50 NIFTY MIDCAP 150 NIFTY500MOMENTM50 NIFTY 500 NIFTY LARGEMID250

S.No.	Name
1.	ABB	7393.30	52.44	156670.22	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	927.00	116.83	146044.22	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	POWERINDIA	31580.00	122.36	140759.52	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
4.	SIEMENS	3947.50	42.92	140578.57	0.46	214.31	-49.38	4713.70	8.44	21.42	9.14
5.	GVT&D	4663.20	639.39	119399.62	0.21	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3179.80	76.10	113239.20	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2567.50	19.35	73854.48	0.16	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17440.85	61.81	73028.91	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1121.10	43.08	70355.94	0.89	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	45.60	19.93	62680.10	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1197.05	155.76	28621.95	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	TDPOWERSYS	755.00	85.79	23590.49	0.14	862.93	72.33	6400.54	72.10	34.01	19.00

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	3,469	3,610	3,720	4,203	3,720	4,294	4,490	4,960	4,861	5,441	5,173	6,431	6,477
	3,169	3,294	3,361	3,808	3,388	3,987	4,163	4,539	4,443	5,004	4,764	5,971	5,900
Operating Profit	300	316	359	395	332	308	326	420	418	437	409	460	577
OPM %	8.64%	8.75%	9.65%	9.39%	8.91%	7.16%	7.27%	8.48%	8.60%	8.04%	7.91%	7.15%	8.91%
	16	23	23	30	17	35	36	20	27	24	-8	14	34
Interest	64	98	108	97	85	95	114	97	83	104	101	134	122
Depreciation	24	25	25	28	28	29	30	33	35	37	37	39	42
Profit before Tax	258	248	271	322	262	239	239	332	347	342	282	331	611
Tax %	25.19%	25.12%	23.98%	26.02%	25.46%	25.74%	26.21%	26.53%	25.70%	25.70%	26.30%	23.14%	25.82%
Net Profit	193	186	206	238	196	178	176	244	258	254	208	255	453
	50.53	48.50	53.56	61.54	48.69	44.26	43.83	60.81	64.19	63.20	51.68	63.36	112.79

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	4,776	5,516	7,586	7,017	5,961	8,592	13,153	15,109	17,552	21,997	23,522
	4,341	5,104	7,100	6,553	5,577	8,110	11,997	13,594	16,025	20,130	21,639
Operating Profit	435	411	486	464	384	483	1,156	1,515	1,528	1,866	1,883
OPM %	9.11%	7.46%	6.41%	6.61%	6.44%	5.62%	8.79%	10.03%	8.70%	8.49%	8.01%
	17	11	15	31	33	82	69	92	87	40	63
Interest	129	152	214	244	148	163	323	405	423	457	461
Depreciation	43	50	60	79	85	87	92	103	119	148	155
Profit before Tax	279	221	228	172	185	316	810	1,099	1,073	1,302	1,565
Tax %	34.76%	34.93%	35.42%	19.04%	25.92%	25.98%	25.56%	25.12%	26.02%	25.18%	25.31%
Net Profit	182	144	147	139	137	234	603	823	794	974	1,169
EPS	47.38	37.64	38.44	36.32	35.75	61.04	157.48	204.95	197.58	242.45	—
Dividend Payout %	20.99%	25.24%	24.72%	26.16%	26.57%	24.57%	25.40%	24.88%	25.81%	24.75%	—

COMPOUNDED SALES GROWTH

10 Years:: 16%
5 Years:: 30%
3 Years:: 19%

COMPOUNDED PROFIT GROWTH

10 Years:: 24%
5 Years:: 48%
3 Years:: 17%

STOCK PRICE CAGR

10 Years:: 41%
5 Years:: 92%
3 Years:: 51%
1 Year:: 104%

RETURN ON EQUITY

10 Years:: 19%
5 Years:: 24%
3 Years:: 23%
Last Year:: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	910	981	1,087	1,051	1,258	1,547	2,021	3,656	4,249	5,091
	249	306	200	263	246	293	329	363	410	829
Trade Payables	1,704	2,426	3,132	2,707	2,878	3,855	4,837	4,358	5,272	6,575
	330	247	225	252	235	423	379	574	800	695
Total Liabilities	3,230	3,999	4,683	4,312	4,656	6,156	7,605	8,990	10,771	13,230
	468	544	604	742	733	732	793	1,043	1,401	1,573
Capital Work in Progress	28	18	103	55	29	37	99	121	123	513
	119	0	187	0	62	32	56	10	216	54
	935	1,141	1,223	1,268	1,479	1,992	2,461	2,643	3,163	3,987
	0	0	0	0	0	0	0	3,726	3,962	5,278
Cash & Bank	97	235	195	154	199	256	439	621	714	680
	1,584	2,060	2,370	2,092	2,154	3,108	3,757	827	1,194	1,143
Total Assets	3,230	3,999	4,683	4,312	4,656	6,156	7,605	8,990	10,771	13,230

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	411	263	702	184	270	307	788	-236	1,238	933
Cash from Investing	-111	0	-381	55	-116	-76	-251	-264	-699	-537
Cash from Financing	-193	-65	-288	-202	-68	-82	-161	650	-457	-419
	7	139	-40	-42	43	60	166	151	82	-23

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

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