APAR Industries (APARINDS) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated revenue rose 17.7% year-on-year to ₹4,716 crores, driven by strong domestic volume growth in T&D, renewables, and railways; domestic revenue surged 31.8% while exports contributed 33.5% of revenue, down from 40.7% last year.

• EBITDA for Q3 FY25 declined 7.1% YoY to ₹401 crores, margin at 8.5%; PAT dropped 19.7% to ₹175 crores, margin at 3.7%.

• Nine-month FY25 consolidated revenue reached ₹13,371 crores, up 14.3% YoY; PAT for nine months was ₹571 crores, down 3.0%.

• EBITDA for 9M FY25 rose 2.0% YoY to ₹1,198 crores.

• Export mix declined YoY but improved sequentially; US revenue down 30.7% YoY for 9M FY25.

Financial highlights

• Q3 FY25 EBITDA margin at 8.5% (down 2.3pp YoY); PAT margin at 3.7% (down 1.7pp YoY).

• 9M FY25 EBITDA margin at 9.0% (down 1.0pp YoY); PAT margin at 4.3% (down 0.7pp YoY).

• Debt/equity ratio at 0.19; ROE at 32.3% for FY24.

• EPS for 9M FY25 at ₹43; for FY24 at ₹212.1.

• Interest-bearing acceptance at ₹2,500 crores; total LC at ₹3,300 crores; short-term debt ₹120 crores, long-term debt ₹330 crores.

Outlook and guidance

• Guidance maintained: cable division top-line growth of 25% (value), conductor division 10% (volume), oil division 5-8% (volume).

• Margins expected to improve as U.S. and export business picks up and freight costs normalize.

• Industry 4.0 initiatives and cost optimization expected to support margin expansion.

• Strong domestic demand expected to continue, driven by government focus on T&D, renewables, and infrastructure.

• Order book remains robust, with new order inflow up 62.3% YoY in conductors.