APAR Industries (APARINDS) Q4 25/26 earnings summary

Executive summary

• Achieved record annual consolidated revenue of ₹22,902 crore in FY26, up 23.3% year-over-year, with all-time high PAT of ₹977 crore, up 19.0% year-over-year, driven by strong domestic demand, scaling US business, and improved product mix.

• Q4 FY26 consolidated revenue reached ₹6,625 crore, up 26.7% year-over-year, with EBITDA of ₹584 crore (+19.3% YoY) and PAT at ₹254 crore (+1.4% YoY), impacted by one-off provisions and forex effects; excluding one-offs, Q4 PAT up 14%.

• Growth supported by robust domestic and US performance, higher realisations, and premium product focus; exports contributed up to 29.8% of revenue.

• Excluding non-operating impacts, FY26 PAT growth would have been 27% year-over-year.

• EBITDA for FY26 rose to ₹2,067 crore (+23.0% YoY), with margin at 9.0%.

Financial highlights

• Domestic revenue grew 29% annually; export revenue up 12%; US revenue surged nearly 50% year-over-year.

• Q4 domestic revenue up 33.6%, exports up 13.3%; US Q4 revenue up 28.8% year-over-year and 250% sequentially.

• Export revenue share at 29.8% for FY26; Q4 export mix at 27.6%.

• EBITDA margin for FY26 at 9%; PAT margin at 4.3%.

• Exceptional loss of ₹33 crore in FY26 due to wage code, MTM impact, and legal provision.

Outlook and guidance

• Strong order book in conductors (₹7,671 crore pending, 38.9% export mix) and cables (₹1,800 crore pending); new order inflow in conductors at ₹11,450 crore (+24.2% YoY).

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

• CapEx for FY27 planned at ₹1,500 crore to support future growth, up from ₹740 crore in FY26.

• Focus remains on premium, high-margin products, expanding global presence, and strong growth expected in US 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 geopolitical tensions.