APAR Industries (APARINDS) Q4 25/26 earnings summary

Executive summary

• Achieved record consolidated revenue of INR 22,902 crore in FY 2026, up 23.3% year-over-year, with all-time high PAT of INR 977 crore, up 19.0% year-over-year, driven by strong domestic and US business and improved product mix.

• Q4 FY 2026 revenue was INR 6,625 crore, up 26.7% year-over-year, with EBITDA of INR 584 crore, up 19.3% year-over-year, and PAT of INR 254 crore, impacted by one-off provisions and forex effects.

• Excluding non-operating impacts, Q4 PAT would have been INR 285 crore, a 14% increase year-over-year; FY 2026 PAT growth would have been 27% year-over-year.

• Growth was supported by strong domestic demand, scaling US business, and higher realisations; export revenue share was 29.8% for FY 2026.

• EBITDA for FY 2026 was INR 2,067 crore, with a margin of 9.0%.

Financial highlights

• FY 2026 consolidated revenue: INR 22,902 crore (+23.3% YoY); EBITDA: INR 2,067 crore (+23.0% YoY); PAT: INR 977 crore (+19.0% YoY).

• Q4 FY 2026 revenue: INR 6,625 crore (+26.7% YoY); EBITDA: INR 584 crore (+19.3% YoY); PAT: INR 254 crore (+1.4% YoY).

• EBITDA margin for FY 2026 at 9.0%; PAT margin at 4.3%.

• Export revenue share at 29.8% for FY 2026; export mix for Q4 at 27.6%.

• Exceptional loss of INR 33 crore in FY 2026 due to wage code, MTM impact, and legal provision.

Outlook and guidance

• Strong order book in conductors (INR 7,671 crore pending, 38.9% export mix) and cables (INR 1,900 crore pending); new order inflow in conductors at INR 11,450 crore (+24.2% YoY).

• Medium to long-term conductor EBITDA margin guidance at INR 35,000–36,000 per metric ton plus tailwinds.

• CapEx for FY 2027 planned at INR 1,500 crore to support future demand, up from INR 740 crore in FY 2026.

• Focus remains on premium, high-margin products and expanding global presence, with strong growth expected in U.S. and Indian markets, especially in data centers, renewables, and transmission infrastructure.

• Short-term demand expected to slow due to high metal prices, freight costs, and supply chain disruptions from the Middle East conflict.