APAR Industries (APARINDS) Q4 24/25 earnings summary

Executive summary

• Achieved record consolidated revenue of INR 18,581 crore in FY25, up 15% year-over-year, with all business segments—conductors, oils, and cables—delivering record revenues and volumes.

• Q4 FY25 revenue reached INR 5,210 crore, up 16.9% YoY, with domestic business growing 31.4% and US business surging 195.6% YoY.

• FY25 EBITDA was INR 1,681 crore (up 3% YoY), with Q4 EBITDA at INR 483 crore (up 5.7% YoY, margin 9.3%); PAT for FY25 was INR 821 crore (down 0.5% YoY), and Q4 PAT was INR 250 crore (up 5.9% YoY).

• Export revenues contributed 32.8% to FY25, with strong domestic demand and US market recovery.

• Board recommended a final dividend of Rs. 51 per share, subject to AGM approval.

Financial highlights

• Q4 FY25 consolidated revenue: INR 5,210 crore (+16.9% YoY); annual revenue: INR 18,581 crore (+15% YoY).

• FY25 EBITDA margin stood at 9.0% (down from 10.1% in FY24); PAT margin was 4.4% (down from 5.1%).

• Q4 EBITDA: INR 483 crore (+5.7% YoY), margin 9.3%; Q4 PAT: INR 250 crore (+5.9% YoY), margin 4.8%.

• Debt/equity ratio remained low at 0.10 in FY25, indicating strong balance sheet health.

• EPS for FY25 was INR 204.47.

Outlook and guidance

• FY26 guidance: oil division volume growth 6%-8%, EBITDA INR 5,000-6,000 per KL; conductor division volume growth 10%, EBITDA per metric ton INR 30,000+; cable division value growth 25%, EBITDA margin 10%-12%.

• Order book for conductors at INR 7,163 crore (35.6% exports); cable division order book at INR 1,690 crore.

• CapEx of INR 1,300 crore planned over next 15-18 months: INR 800 crore for cables, INR 300 crore for conductors, INR 200 crore for oils.

• Cable business expected to double capacity to INR 10,000 crore revenue potential post-expansion.

• Focus remains on efficiency, premium product mix, and export growth, especially in renewables and US market.