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 margins at 8.8%. Profit after tax post-exceptional loss was ₹209 crore, up 19.4% year-on-year.

• Nine-month consolidated revenue hit ₹16,299 crore, up 21.9% year-on-year, with all-time highs in both top and bottom lines.

• PAT for 9M FY26 reached ₹723 crore, a 26.6% increase, with PAT margin improving to 4.4%.

• Domestic revenue outpaced exports, which were impacted by US tariffs, though US revenue rebounded over nine months.

Financial highlights

• Q3 FY26 consolidated revenue grew 16.2% YoY to ₹5,480 crore; 9M FY26 revenue up 21.9% YoY to ₹16,299 crore, both record highs.

• Q3 PAT rose 19.4% YoY to ₹209 crore; 9M PAT up 26.6% YoY to ₹723 crore.

• Q3 EBITDA post forex up 20.4% YoY; margin at 8.8%. 9M EBITDA up 23.8% YoY to ₹1,483 crore; margin at 9.1%.

• Domestic revenue grew 30% YoY in Q3; export revenue declined 11.2% YoY, with US business down 51% YoY.

• Exceptional loss of ₹25 crore in Q3 FY26 due to new labour code provisions.

Outlook and guidance

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

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

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

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

• Double-digit volume growth targeted for conductor business in FY27 as project delays resolve.