Apar Industries FY26 revenue Rs 22,902 cr, up 23%

Apar Industries Ltd (BSE: 532259, NSE: APARINDS) closed FY26 with its highest-ever consolidated revenue, supported by strong domestic demand, a better product mix, and higher shipments to the US. In its Q4 FY26 earnings call dated May 28, 2026, the company said FY26 consolidated revenue reached Rs 22,902 crore, up 23.3% versus FY25, implying a five-year CAGR of about 29% from FY21.

The quarter also stood out for scale. Apar said Q4 FY26 consolidated revenue was Rs 6,625 crore, a level it compared to its full-year FY21 revenue base. Alongside growth, management flagged near-term operational pressures from currency moves, metal prices, and supply-chain disruptions in parts of its export footprint.

FY26 revenue milestone and five-year scale-up

Management outlined a sharp expansion in topline over five years. Apar said it scaled revenue from Rs 6,406 crore in FY21 to Rs 22,902 crore in FY26, translating into a CAGR of approximately 29% over the period.

A separate earnings summary for the year ended March 31, 2026 reported full-year revenue of INR 229,668.9 million, which converts to Rs 22,966.9 crore (1 crore = 10 million). The same summary reported full-year net income of INR 9,769.3 million, or Rs 976.9 crore, compared with INR 8,213.0 million (Rs 821.3 crore) a year ago.

Q4 FY26: revenue growth led by domestic business

For Q4 FY26, the company reported consolidated revenue of Rs 6,625 crore, representing 26.7% growth over the previous year’s Q4, as per management commentary. Apar attributed the performance mainly to domestic business momentum, improved product mix, and operating discipline.

Apar also highlighted higher shipments to the United States during the quarter. It said the US business started scaling up after realigned US tariffs, and that US revenues were 28.8% higher than the same period last year and 250% higher sequentially.

Domestic and exports: growth, but export mix moderates

The company reported that domestic revenues grew 33.6% over Q4 FY25, while exports increased 13.3% year-on-year. On a sequential basis, exports grew 30%, according to management.

However, management also indicated that the export mix in Q4 FY26 was 28%, compared with 31% in Q4 FY25, pointing to a quarter where domestic growth outpaced exports.

On a full-year basis, Apar said domestic revenue was up 29% and export revenue up about 12%.

Profitability: EBITDA after forex and reported net profit

Apar reported EBITDA post forex of Rs 584 crore for the quarter, a year-on-year increase of approximately 19.3%, which it linked to operational performance and product mix.

The earnings summary for the fourth quarter reported revenue of INR 66,225.3 million (Rs 6,622.5 crore) versus INR 52,298.9 million (Rs 5,229.9 crore) a year ago. It also reported Q4 net income of INR 2,534.4 million (Rs 253.4 crore) versus INR 2,499.9 million (Rs 250.0 crore) a year ago, with basic EPS at Rs 63.09.

Conductor division: highest-ever quarterly topline

Apar said Q4 FY26 delivered the highest top line for its conductor division. Revenue for the quarter reached Rs 3,764 crore, up 29.9% year-on-year, driven by increased volume and improved product mix.

On a full-year basis, the conductor division’s revenue rose 32.7% to Rs 12,712 crore, and management noted that the segment crossed the Rs 10,000 crore revenue milestone.

Cable division: Rs 1,903 crore quarterly revenue

In the cable division, management said Q4 FY26 revenues reached Rs 1,903 crore, up 35% over Q4 FY25. It added that both domestic and export revenues grew during the quarter.

Management also discussed the US market opportunity for cables, particularly linked to data center demand. It said it has supplied major data center projects, is receiving more RFQs, and has made CapEx provisions to meet US specifications. Despite tariff-related challenges, it expects a larger presence in the US market in FY27, driven by data center and utility projects.

Oil division: export disruptions and capacity utilisation

Management flagged disruptions in the oil division’s exports due to Middle East supply-chain issues, affecting March operations. It said sourcing from Saudi Aramco remains stable, but acknowledged the broader impact of the regional situation on shipments.

Apar shared approximate capacity utilisation levels across verticals: conductors at 90-95%, cables at 85-90%, and oil at 65-70%.

CapEx plan: Rs 1,500 crore for FY27

For FY27, management outlined a Rs 1,500 crore CapEx plan, broken down as:

• Rs 400 crore for conductors
• Rs 200 crore for the oil business
• Rs 850 crore for cables

The company also referenced the HVDC opportunity. Management said HVDC projects have been awarded and expects significant business in FY27 and FY28, while noting some delays in tender finalisation due to inflation and manpower issues and a possible pickup in the second half of the year.

Near-term risks: currency, metal prices, freight, and orders

Apar said a sharp depreciation of the rupee affected the mark-to-market on an ECB loan. It also cautioned that higher metal prices and increased freight costs linked to geopolitical tensions could impact short-term demand and profitability.

Management added that higher aluminium prices and cost pressures could lead to a short-term slowdown in ordering. These comments were framed as near-term operating constraints rather than changes in longer-term demand drivers.

Key numbers at a glance

What investors may track next

Near-term, investors are likely to watch how the company manages currency-related MTM volatility, the path of aluminium and other metal prices, and freight costs. The pace of order intake across conductors, cables, and the oil division will also be important, especially with management indicating the possibility of a short-term ordering slowdown.

On the growth side, management commentary pointed to continued scaling in the US, including data center-related cable demand and utilities, and a potential ramp-up from HVDC-linked opportunities across FY27 and FY28.

Conclusion

Apar Industries ended FY26 with record revenue of Rs 22,902 crore and strong Q4 momentum led by domestic demand, while maintaining expansion plans through a Rs 1,500 crore FY27 CapEx program. The next few quarters are set to be shaped by input costs, currency swings, and the timing of tender finalisations, alongside the company’s push into US-driven opportunities.