Apar Industries Q1 FY26: Revenue up 27%, PAT 30%

What Apar Industries reported for Q1 FY26

Apar Industries Ltd. reported consolidated results for the quarter ended June 30, 2025, showing strong year-on-year growth in revenue and profit. The company posted revenue of ₹5,104 crore for Q1 FY26, up 27.3% year-on-year. Profit after tax (PAT) came in at ₹263 crore, rising about 30% year-on-year, while EBITDA increased 27% to about ₹501 crore. The EBITDA margin was reported at 9.8% and PAT margin at 5.2%. The results were announced on July 29, 2025, and the stock rose as much as 13% on the day following the update.

Market reaction and what likely drove the move

The sharp move in the share price followed broad-based growth across the conductors and cables businesses, alongside stable reported margins. Management commentary in the provided release highlights strong domestic demand as a key driver. Domestic revenue growth was stated at 38.3% year-on-year. Exports continued to contribute meaningfully, though the overall export share moderated to 31.6% from 37.0% a year ago, based on the same summary. The US market was cited as a standout with strong year-on-year growth, supporting investor focus on export traction even as the overall mix shifted.

Consolidated financial performance: YoY up, QoQ slightly softer on income

On the consolidated headline, revenue was reported at ₹5,104 crore for the quarter, compared with ₹4,011 crore in Q1 FY25. Total income, as per another filing excerpt, was ₹5,128.95 crore in Q1 FY26 versus ₹4,025.82 crore in Q1 FY25, a 27.40% increase. Sequentially, total income fell 1.87% from ₹5,226.89 crore in Q4 FY25. PAT increased sequentially to ₹262.91 crore from ₹249.97 crore in Q4 FY25, up 5.18% QoQ. EPS for the quarter was reported at ₹65.39, versus ₹62.23 in the previous quarter.

Expense and profitability snapshot from the quarter

Reported total operating expense for the June 2025 quarter was ₹4,690.12 crore, compared with ₹3,666.00 crore in the year-ago quarter. Depreciation and amortisation was ₹38.21 crore. Operating income was reported at ₹414.04 crore, and net income before taxes was ₹352.52 crore. Net income (PAT) was ₹262.91 crore, higher than ₹202.54 crore in the year-ago quarter. Diluted normalised EPS was stated at ₹65.39.

Conductors segment: order book strength and premium mix

The conductors segment was highlighted as the main growth driver during the quarter. Segment revenue was reported at ₹2,785 crore, up 43.9% year-on-year. Volume growth in the segment was stated at about 18%, and premium products accounted for 43.5% of conductor sales, up from 37.1% a year ago. EBITDA per metric ton increased to ₹43,688 from ₹38,532, as cited in the release. The segment order book stood at ₹7,779 crore, and the quarter also saw new orders of ₹3,135 crore, as per the summary. Export mix for conductors was referenced at about 20.1% in one section, while another excerpt mentions 20% of total revenue.

Cables segment: exports lift revenue; order book disclosed

The power and telecom cables business reported revenue of ₹1,419 crore, up 36.3% year-on-year. Exports formed 41.3% of segment sales, rising from 33.2% last year. The release also stated that the US market saw a sharp year-on-year jump in cable revenues, with US sales up 136.6% YoY in one excerpt. Segment EBITDA rose 32.2% to ₹142 crore, with an EBITDA margin stated at about 10%. The order book for the cable division was reported at ₹1,653 crore.

Transformer and specialty oils: volumes rose despite flat revenue

The transformer and specialty oils business was described as flat on revenue year-on-year, largely linked in the release to lower average prices of crude gas oil and derivatives. Segment revenue was cited at ₹1,262 crore. Despite the flat revenue trend, volumes grew 8.1% year-on-year. The release added that global transformer oil and automotive oil volumes rose 7.4% and 8.4%, respectively. Export contribution in the oils business moderated to 36.8% from 45% a year ago. EBITDA per kL improved to ₹7,004 from ₹6,935.

Capex plan and other disclosures

Apar Industries indicated a capex plan of ₹1,300 crore by June 2026. It also disclosed that ₹150 crore was already spent in Q1, with spending focused on capacity expansion and flexibility in the product mix. Another disclosure noted that subsidiaries contributed ₹126 crore in revenue and ₹3.5 crore in PAT (unaudited). The summary also referenced a clean limited review report with an unmodified opinion on standalone and consolidated results.

Key numbers at a glance

Why this update matters for investors tracking the stock

The quarter combined strong year-on-year growth with segment-specific disclosures that investors typically track closely, including order books and export mix. Conductors stood out on both revenue growth and order book visibility, while cables showed strong export-led momentum with a higher export mix. Oils remained a steadier contributor, with volume growth and improved EBITDA per kL even as revenue stayed flat year-on-year. Sequentially, total income was slightly lower than the March quarter, but PAT and EPS improved on a QoQ basis based on the numbers provided. The next focus areas for the market, based on the company’s stated plans, include execution against the disclosed order books and progress on the ₹1,300 crore capex program through June 2026.