APAR Industries
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APAR Industries (APARINDS) investor relations material

APAR Industries Q4 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 25/26 earnings summary28 May, 2026

Executive summary

  • Achieved record annual consolidated revenue of ₹22,902 crore in FY26, up 23.3% year-over-year, with all-time high PAT of ₹977 crore, up 19.0% year-over-year, driven by strong domestic demand, scaling US business, and improved product mix.

  • Q4 FY26 consolidated revenue reached ₹6,625 crore, up 26.7% year-over-year, with EBITDA of ₹584 crore (+19.3% YoY) and PAT at ₹254 crore (+1.4% YoY), impacted by one-off provisions and forex effects; excluding one-offs, Q4 PAT up 14%.

  • Growth supported by robust domestic and US performance, higher realisations, and premium product focus; exports contributed up to 29.8% of revenue.

  • Excluding non-operating impacts, FY26 PAT growth would have been 27% year-over-year.

  • EBITDA for FY26 rose to ₹2,067 crore (+23.0% YoY), with margin at 9.0%.

Financial highlights

  • Domestic revenue grew 29% annually; export revenue up 12%; US revenue surged nearly 50% year-over-year.

  • Q4 domestic revenue up 33.6%, exports up 13.3%; US Q4 revenue up 28.8% year-over-year and 250% sequentially.

  • Export revenue share at 29.8% for FY26; Q4 export mix at 27.6%.

  • EBITDA margin for FY26 at 9%; PAT margin at 4.3%.

  • Exceptional loss of ₹33 crore in FY26 due to wage code, MTM impact, and legal provision.

Outlook and guidance

  • Strong order book in conductors (₹7,671 crore pending, 38.9% export mix) and cables (₹1,800 crore pending); new order inflow in conductors at ₹11,450 crore (+24.2% YoY).

  • Medium to long-term conductor EBITDA margin guidance at ₹35,000–36,000 per metric ton plus tailwinds.

  • CapEx for FY27 planned at ₹1,500 crore to support future growth, up from ₹740 crore in FY26.

  • Focus remains on premium, high-margin products, expanding global presence, and strong growth expected in US and Indian markets, especially in data centers, renewables, and transmission infrastructure.

  • Short-term demand expected to slow due to high metal prices, freight costs, and supply chain disruptions from geopolitical tensions.

What restricted Speciality Oils order booking?
What is the purpose of the Brazil investment?
What caused the FY26 exceptional item charge?
Impact of premium mix on conductor EBITDA per MT
Drivers for 49.7% annual US revenue growth
Advantage of hybrid cables for 5G densification
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Q1 26/2724 Jul, 2026
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