APAR Industries (APARINDS) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue rose 21.3% YoY to ₹6,931 crore; EBITDA after open-period forex rose 57.8% to ₹787 crore and PAT increased 77.8% to ₹447 crore.

• H1 revenue reached ₹13,522 crore, up 25.0%; EBITDA after open-period forex rose 60.2% to ₹1,602 crore and PAT increased 77.7% to ₹915 crore.

• Record orders and strong demand support expectations of stronger H2 execution, though customer clearances and shipment timing remain factors.

Financial highlights

• Q2 revenue from operations was ₹6,931 crore versus ₹5,715 crore a year earlier; H1 revenue was ₹13,522 crore versus ₹10,820 crore.

• Q2 domestic revenue grew 34.3% YoY while exports declined 3.3%; H1 domestic revenue rose 35.5% and exports grew 3.7%, excluding ₹800 crore of in-transit sales.

• Q2 EBITDA margin improved 270 bps YoY to 11.4%; H1 margin was 11.8%, up 260 bps.

• Q2 PAT margin was 6.5%, up 210 bps YoY; H1 PAT margin was 6.8%, up 200 bps.

Outlook and guidance

• Conductor volumes are expected to recover in H2, with Q3 and Q4 stronger than Q1 and Q2; timing depends on customer clearances and execution.

• Cable revenue growth guidance remains 25% YoY, with confidence in meeting or exceeding it; DDP products in transit are expected to be recognized in Q3.

• Cable EBITDA margin target is 11%-12%; Q2 margin was 11%, with freight, metal premiums and steel costs cited as headwinds.

• Conductor EBITDA per metric ton guidance was INR 35,000-INR 36,000 plus tailwinds; no quarterly or annual guidance was provided due to order-mix and execution variability.