Apar Industries has steadily changed the mix and scale of the business behind the stock. Conductors remain the largest segment, but cable solutions and higher-value speciality products have expanded the earnings base, helping revenue rise significantly between FY21 and FY26.
That business expansion has translated into exceptional shareholder returns. Apar Industries shares have surged about 2,543% in five years, compared with roughly 55% for the benchmark Nifty 500.
Multibagger Return Backed By Business Expansion
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Financial performance | FY21 | FY26 |
Revenue | Rs 6,410 Cr | Rs 22,902 Cr |
Ebitda | Rs 438 Cr | Rs 2,067 Cr |
PAT | Rs 161 Cr | Rs 977 Cr |
EPS | Rs 35.75 | Rs 243.2 |
ROE | 12% | 19.8% |
Capex | Rs 344 Cr (FY15-FY21) | Rs 737 Cr |
The numbers show that the change was not simply revenue-led. Ebitda increased from Rs 438 crore to Rs 2,067 crore, while ROE improved from about 12% to 19.8%.
Apar Industries also maintained a broadly stable capital structure, with debt-to-equity at around 0.1 in FY21 and remaining at a low level in FY26.
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Premium Products Have Become More Important
One of the prime reasons behind the multibagger run of the company could be its shift towards higher-value products and applications.
In FY21, Apar Industries was already the largest global manufacturer of aluminium and alloy conductors, with 1,80,000 MTPA capacity, while exports accounted for 41% of consolidated revenue. The conductor business included high-efficiency conductors, OPGW, copper conductors and other specialised products.
Five years later, the conductor business accounted for 51.9% of the FY26 revenue mix. Cable Solutions represented 21.9%, while Speciality Oils contributed 25.4%.
During FY26, Conductors generated Rs 12,712 crore of revenue and Rs 1,040 crore of Ebitda, while Cable Solutions contributed Rs 6,220 crore of revenue and Rs 633 crore of Ebitda. Speciality Oils added Rs 5,373 crore of revenue and Rs 376 crore of Ebitda.
FY26 business | Revenue | Ebitda |
Conductors | Rs 12,712 Cr | Rs 1,040 Cr |
Cable Solutions | Rs 6,220 Cr | Rs 633 Cr |
Speciality Oils | Rs 5,373 Cr | Rs 376 Cr |
Q1 FY27 Keeps The Earnings Momentum Intact
Apar's expansion has continued into FY27. Revenue for the June quarter increased 29.1% year-on-year to Rs 6,591 crore, while Ebitda jumped 62.7% to Rs 814 crore. Ebitda margin expanded to 12.4% from 9.8% a year earlier. PAT rose 77.7% to Rs 467 crore.
For the stock, the next phase will depend on whether Apar Industries can sustain the shift towards higher-value products while scaling the cable and conductor businesses. The five-year financial progression suggests the company has moved into a substantially larger earnings bracket. The challenge now is converting the expanded capacity, product portfolio and infrastructure opportunity into another sustained phase of growth.
Also Read: Dividend Alert: Apar Industries Declares Rs 60/Share Payout After Stock Rallies 20% In A Month
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