APAR Industries (APARINDS) Q3 25/26 earnings summary

Executive summary

• Consolidated Q3 FY26 revenue reached ₹5,480 crore, up 16.2% year-on-year, driven by strong domestic growth and favorable product mix, while exports declined due to U.S. tariffs.

• EBITDA rose 20.4% year-on-year to ₹483 crore in Q3, with an 8.8% margin; nine-month EBITDA grew 23.8% to ₹1,483 crore, margin at 9.1%.

• PAT for Q3 FY26 increased 19.4% to ₹209 crore; nine-month PAT reached ₹723 crore, up 26.6%, with PAT margin improving to 4.4%.

• Exceptional loss of ₹25 crore in Q3 due to new labour code gratuity provision.

• Board approved unaudited results for Q3 and 9M FY26 and appointed Mr. Pitamber Shivnani as Independent Director, pending shareholder approval.

Financial highlights

• Domestic revenue grew 30% in Q3 and 26.9% for nine months; export revenue fell 11.2% in Q3 but grew 12% for nine months, reflecting strong H1 U.S. billing.

• Q3 PAT margin was 3.8%, up 10 bps year-on-year; 9M EBITDA margin at 9.1%.

• Debt/equity ratio at 0.10; net fixed asset turnover at 10.13x in 9M FY26; ROE at 20.0%.

• Export contribution at 30.7% in 9M FY26.

• FY25 revenue reached ₹18,581 crore, a 15% increase over FY24; PAT for FY25 was ₹821 crore.

Outlook and guidance

• Management maintains guidance for EBITDA per metric ton, citing ongoing macro challenges and domestic competition.

• Q4 expected to see a rebound in export business, especially to the U.S., with ₹500 crore in new orders to be executed.

• Strong order book in conductors and cables, with new order inflow of ₹8,052 crore in 9M FY26.

• Focus on premium product mix and higher-margin orders across divisions.

• Continued investment in R&D, capacity expansion, and digitalization to capture growth in renewables, infrastructure, and telecom.