Apar Industries Ltd.

•

apar.comBSE: 532259NSE: APARINDS

Market Cap₹ 73,260 Cr.

Current Price

High / Low₹ 18,465 / 6,801

Stock P/E62.7

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 62.7 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 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

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

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

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

3,469

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%

-8

Interest

108

114

104

101

134

122

Depreciation

Profit before Tax

258

248

271

322

262

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%

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

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%

Interest

129

152

214

244

148

163

323

405

423

457

461

Depreciation

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

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

103

121

123

513

119

187

216

935

1,141

1,223

1,268

1,479

1,992

2,461

2,643

3,163

3,987

3,726

3,962

5,278

Cash & Bank

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

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

-381

-116

-76

-251

-264

-699

-537

Cash from Financing

-193

-65

-288

-202

-68

-82

-161

650

-457

-419

139

-40

-42

166

151

-23

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