APAR Industries Limited, a Mumbai-based maker of power transmission conductors, cables and transformer oils, reported a net profit of ₹447 crore for the quarter ended 30 September 2026, up 77.8% from ₹252 crore a year earlier. Revenue from operations rose 21.3% to ₹6,931 crore, the company said in a filing on 29 October 2026. Its conductor order book reached ₹12,025 crore, which APAR called its highest ever. The oil division was the main driver of the profit rise, while US revenue fell 29.7%.
Key Financial Figures
According to APAR’s earnings update for the September quarter:
- Revenue from operations: ₹6,931 crore, against ₹5,715 crore in Q2 FY26 and ₹6,591 crore in Q1 FY27
- EBITDA (earnings before interest, tax, depreciation and amortisation): ₹787 crore, up 57.8% from ₹499 crore
- EBITDA margin: 11.4%, against 8.7% a year earlier
- Net profit margin: 6.5%, against 4.4%
- H1 FY27 revenue: ₹13,522 crore, up 25.0% from ₹10,820 crore
- H1 FY27 net profit: ₹915 crore, up 77.7% from ₹515 crore
EBITDA here is the company’s post-open-period forex measure, before unallocable corporate expenditure. Domestic revenue rose 34.3% year on year. Exports fell 3.3%, bringing the export mix to 27.6% from 34.7%. Revenue from the United States was flat against Q1 FY27. The company has not broken down the reasons for the US decline in the update.
Conductor Division
Conductors are the largest division. Revenue rose 21.1% to ₹3,753 crore, which APAR attributes to higher realisations. Volumes fell 9.2% year on year but rose 7.2% from the previous quarter. Divisional EBITDA rose 11.3% to ₹276 crore, or ₹48,241 per tonne against ₹39,363 per tonne a year earlier.
The order book is the main development. New orders of ₹4,775 crore were received during the quarter, up 123.1% from Q2 FY26. The pending book of ₹12,025 crore is up 67.2% from a year earlier, and exports make up 51.0% of it. Domestic conductor revenue rose 22.0% and export revenue rose 18.3%, with exports at 23.6% of the division’s sales. Premium products formed 39.4% of the conductor mix in the quarter, against 45.3% in Q2 FY26. The update does not name the customers or the delivery schedule for the orders.
Cable and Oil Divisions
Cable revenue rose 22.1% to ₹1,875 crore, again on higher realisations. Domestic cable revenue rose 71.4%, while exports fell 45.2% and US cable revenue fell 53.8%. Export share of cable revenue fell to 19.0% from 42.3%. EBITDA for the division rose 31.9% to ₹207 crore at a margin of 11.0%. The pending cable order book stands at ₹3,012 crore, against ₹1,653 crore a year earlier, and 32.5% of it is for export.
Oil revenue rose 35.6% to ₹1,819 crore even as volumes fell 20.0%. Domestic oil revenue rose 50.9%, and exports made up 37.0% of the division’s sales. EBITDA for the division rose 185.7% to ₹299 crore, or ₹23,262 per kilolitre against ₹6,517 per kilolitre a year earlier. The H1 FY27 figure was ₹628 crore, up 215.5%.
Management Comment
Chairman and Managing Director Kushal N Desai said the company closed the first half with a healthy performance in revenue and profitability amid global uncertainties. He said the recent qualified institutional placement will bolster the balance sheet and provide headroom to accelerate growth initiatives. He said metal and base oil prices remain elevated in the short term, but that the order book looks strong and that the focus remains on capabilities and consistent performance.
Capital and Corporate Moves
APAR completed its qualified institutional placement on 13 August 2026. It allotted 16,88,618 equity shares at ₹14,805 each, raising approximately ₹2,500 crore. Paid-up equity capital rose to ₹41.87 crore from ₹40.18 crore. The board also approved a further investment in Petroleum Specialities Pte Ltd, its Singapore subsidiary, alongside the results.
On 30 October 2026, APAR said that subsidiary will acquire 70% of Hebei Jinghuan Cable Co. Ltd in China, a non-operating company in the overhead conductor industry. The target had nil turnover in FY2025 and will operate as a 100% exports-focused enterprise. APAR said it wants to diversify its manufacturing of aluminium overhead conductors across geographies. The estimated price is RMB 24.85 million in cash, with 30% due within 7 business days of closing and 70% held in escrow until the seller fulfils agreed conditions. The subsidiary also holds a call option on the remaining 30% after 5 years.
About APAR
APAR’s registered office is at Vadodara in Gujarat and its corporate office is at Chembur in Mumbai. Its three main businesses are conductors, oils and cables. In H1 FY27, conductor revenue was ₹7,092 crore, oil revenue ₹3,525 crore and cable revenue ₹3,713 crore. Conductor EBITDA in the half rose 12.6% to ₹560 crore, while cable EBITDA rose 34.2% to ₹401 crore.
Outlook
Conversion of the ₹12,025 crore conductor book is the main item to watch, particularly the 51.0% that is export work. Group US revenue is down, led by cables, although conductor revenue from the country rose 12.2% year on year and 111.8% from Q1 FY27. Closing the Hebei purchase, which involves compliance with the Foreign Exchange Management Act and registration with China’s State Administration of Foreign Exchange, is the next corporate step. The Q3 FY27 update should also show how the ₹2,500 crore placement proceeds are being used.
Official Sources
- APAR Industries Limited – Press release and results update, Q2 and H1 FY27 (NSE, 29 October 2026): https://nsearchives.nseindia.com/corporate/APARINDS_29102026134745_OutcomeQ2FY27.pdf
- APAR Industries Limited – Investor update, Q2 FY27 (NSE, 29 October 2026): https://nsearchives.nseindia.com/corporate/APARINDS_29102026141200_InvestorupdateQ2FY27.pdf
- APAR Industries Limited – Acquisition by wholly owned subsidiary: Hebei Jinghuan Cable Co. Ltd (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/APARINDS_30102026145125_Chinaintimation.pdf
- APAR Industries Limited – Outcome of Share Issue Committee: qualified institutions placement allotment (NSE, 13 August 2026): https://nsearchives.nseindia.com/corporate/APARINDS_13082026225730_OutcomeSICfinal.pdf
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