APAR Industries Limited (APARINDS) AI Stock Analysis

• Market Cap: ₹321.26B
• Dividend Yield: 0.57%
• Average Volume (3M): 4.83K
• Price to Earnings (P/E): 33.0
• Beta (1Y): 1.69
• Revenue Growth: 21.16%
• EPS Growth: 8.27%
• Country: IN
• Employees: 2,045
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Electrical Equipment & Parts
• EPS (TTM): 58.20
• Shares Outstanding: 40,168,316
• 10 Day Avg. Volume: 2,571
• 30 Day Avg. Volume: 4,831
• PEG Ratio: -7.45
• Price to Book (P/B): 4.89
• Price to Sales (P/S): 1.19
• P/FCF Ratio: 28.21
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ₹8,609.00 ▲(4.16% Upside)

APAR Industries Limited's strong financial performance and positive technical indicators are the primary drivers of its stock score. The high P/E ratio suggests a premium valuation, which slightly tempers the overall score. The absence of earnings call and corporate events data means these factors do not influence the score.

Positive Factors

Consistent revenue growth and improving margins

Sustained top-line growth and rising gross and net margins indicate structural improvement in product mix and operating efficiency. Over 2–6 months this supports reinvestment capacity, stronger EBIT/EBITDA conversion and resilience versus peers, enabling steadier earnings and funding for growth initiatives.

Healthy balance sheet with manageable leverage

A favorable debt-to-equity and improved ROE provide durable financial flexibility for bidding larger tenders, funding capex, and absorbing cyclical downturns. Manageable leverage lowers refinancing risk and preserves the ability to pursue strategic investments without immediate capital-market dependence.

Diversified segments and positive free cash flow turnaround

Exposure across conductors, specialty oils and lubricants, plus domestic and export channels, smooths demand cycles. The recent shift to positive free cash flow signals improving cash conversion, enabling sustainable reinvestment, deleveraging or shareholder returns over the medium term.

Negative Factors

Commodity raw-material exposure impacts margins

Significant dependence on aluminium, copper and base oils creates structural margin vulnerability; pass-through is often lagged and conversion margins can compress when input costs spike. This makes multi-month margin predictability and long-term profitability sensitive to commodity cycles.

Tender/project-driven revenue cyclicality

Heavy reliance on project and tender cycles produces lumpy revenues and uneven capacity utilization. Over a 2–6 month horizon this reduces visibility for forecasting, forces working-capital swings around large contracts, and can magnify operational gearing during weak tender windows.

Rising liabilities and cash-flow volatility to monitor

An uptick in total liabilities combined with historically volatile cash flows raises structural financing and liquidity risk. If working capital or commodity pressures persist, higher liabilities could constrain capex or require refinancing, limiting strategic flexibility across business cycles.

APAR Industries Limited Business Overview & Revenue Model

Company Description

Apar Industries Limited engages in the electrical and metallurgical engineering business in India. The company offers transformer oils, including naphthenic and iso--paraffinic grades; liquid paraffins that are used in baby oil, medical and pharma, cosmetic, food packaging and coating, personal care, bakery, and plastic industries; petroleum jelly for use in pharmaceutical formulations, dermatological and ophthalmic formulations, battery terminal compounds, release agents for plaster molds and castings, and personal care and leather industries; process oils for rubber and tires, EPDM rubber/profiles, low PCA oils, TPE and plastics, hot melt adhesives, and ink oils; base oils for metal working fluids; and process oils for general applications. It also provides CTC/PICC conductors, railway overhead conductors, T&D overhead conductors, optical ground wires, aluminum and alloy rods, specialty wires, and turnkey solutions, as well as copper rods, wires, busbars, and strips; electrical cables, elastomer and E-beam cables, light duty cables and wires, fiber optic cables, and specialty products and services; and thermoplastic elastomers, thermoplastic vulcanizates, zero halogen flame-retardant materials, various other polymer compounds, and customizable products under the Aparprene brand. In addition, the company offers automotive and industrial lubricants; and specialty automotive products comprising batteries and lubricants. It also exports its products to various countries. The company was founded in 1958 and is headquartered in Mumbai, India.

How the Company Makes Money

APAR Industries generates revenue through multiple key streams, primarily from the sale of electrical conductors, transformers, and specialty oils. The company has established significant partnerships with various public and private sector entities, contributing to its robust order book and steady revenue flow. Additionally, APARINDS benefits from long-term contracts and ongoing projects, particularly in the power and infrastructure sectors, which ensure consistent cash flow. The company also invests in research and development, enabling it to introduce new products that meet evolving market demands, further enhancing its revenue potential.

APAR Industries Limited Financial Statement Overview

Summary

APAR Industries Limited shows strong financial performance with consistent revenue and profitability growth. The balance sheet is robust with manageable debt, and cash flow management has improved despite some volatility.

Income Statement

APAR Industries Limited has demonstrated strong revenue growth over the years, with a notable increase from 2024 to 2025. The Gross Profit Margin and Net Profit Margin have both improved, indicating efficient cost management and profitability. EBIT and EBITDA margins have also shown positive trends, reflecting operational efficiency. Overall, the income statement shows a robust financial performance with consistent growth.

Balance Sheet

The company's balance sheet is solid, with a favorable Debt-to-Equity ratio indicating manageable leverage. The Return on Equity has improved over time, showcasing effective use of shareholder funds to generate profits. The Equity Ratio is healthy, suggesting financial stability. However, the increase in total liabilities warrants cautious monitoring.

Cash Flow

APAR Industries has seen a significant turnaround in cash flow generation, with Free Cash Flow turning positive in 2025 after a negative period in 2024. Operating Cash Flow to Net Income Ratio is healthy, reflecting strong cash conversion from profits. Nevertheless, fluctuations in cash flow metrics hint at potential volatility in cash management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	196.75B	185.81B	161.53B	143.36B	93.17B	63.88B
Gross Profit	40.17B	38.08B	35.81B	32.38B	20.93B	15.73B
EBITDA	16.32B	15.65B	15.34B	12.41B	5.44B	4.15B
Net Income	8.82B	8.21B	8.25B	6.38B	2.57B	1.60B
Balance Sheet
Total Assets	0.00	112.64B	96.16B	82.18B	66.08B	50.09B
Cash, Cash Equivalents and Short-Term Investments	9.01B	9.69B	5.87B	6.28B	2.83B	2.67B
Total Debt	0.00	5.85B	4.76B	3.76B	3.59B	3.25B
Total Liabilities	-45.04B	67.60B	57.39B	59.81B	48.92B	35.99B
Stockholders Equity	45.04B	45.04B	38.76B	22.36B	17.15B	14.09B
Cash Flow
Free Cash Flow	0.00	7.81B	-6.14B	4.51B	1.13B	2.68B
Operating Cash Flow	0.00	12.91B	-2.83B	6.98B	2.44B	3.24B
Investing Cash Flow	0.00	-7.05B	-2.68B	-2.69B	-906.10M	-1.15B
Financing Cash Flow	0.00	-4.83B	6.35B	-1.84B	-1.06B	-1.23B

APAR Industries Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 8265.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:APARINDS, the sentiment is Neutral. The current price of 8265.5 is above the 20-day moving average (MA) of 7579.31, below the 50-day MA of 8315.49, and above the 200-day MA of 8152.87, indicating a neutral trend. The MACD of -246.53 indicates Negative momentum. The RSI at 56.15 is Neutral, neither overbought nor oversold. The STOCH value of 87.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:APARINDS.

APAR Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NATIONALUM	84 Outperform	₹706.55B	11.50	―	3.62%	30.80%	97.08%
APARINDS	74 Outperform	₹321.26B	33.00	―	0.57%	21.16%	8.27%
HINDCOPPER	74 Outperform	₹663.91B	116.87	―	0.33%	16.05%	41.18%
SHYAMMETL	66 Neutral	₹239.69B	24.63	―	0.77%	18.36%	13.94%
PARADEEP	62 Neutral	₹144.17B	12.36	―	0.62%	64.80%	151.92%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SARDAEN	61 Neutral	₹172.46B	16.22	―	0.28%	46.66%	75.53%

APAR Industries Limited Corporate Events

Apar Industries Delivers Record Nine-Month Revenue on Strong Domestic Demand Despite Export Headwinds

Apar Industries Limited has released its investor update for the third quarter and nine months ended December 31, 2025, reporting strong top- and bottom-line growth driven by robust domestic demand and an improved product mix. Consolidated revenue from operations rose 16.2% year-on-year in Q3 FY26 to ₹5,480 crore and 21.9% in the nine-month period to an all-time high of ₹16,299 crore, with domestic revenue up 30.0% in Q3 and 26.9% over nine months. While exports declined 11.2% in Q3 due to weaker US business amid ongoing tariff issues, they still grew 11.9% over the nine-month period, and the US market, despite a 51.0% quarterly drop, showed a 57.5% increase over nine months versus the prior year. EBITDA after forex adjustments increased 20.4% in Q3 and 23.8% over nine months, supported by better performance in premium segments, while PAT rose 19.4% in Q3 to ₹209 crore and 26.6% over nine months to ₹723 crore, with modest margin expansion. The company also booked an exceptional expense of ₹25 crore related to provisions arising from the enactment of the new labour code, slightly weighing on reported earnings but reflecting compliance with evolving regulatory requirements.

APAR Industries Files January 2026 Corporate Presentation with Stock Exchanges

APAR Industries Limited has released its latest corporate presentation for January 2026 and submitted it to both the National Stock Exchange of India and BSE for the information of its members and investors. The disclosure, made under applicable SEBI listing regulations, is intended to update stakeholders on the company’s current status and outlook, reinforcing its transparency and ongoing engagement with the capital markets.

Apar Industries Schedules Q3 FY26 Earnings Call with Analysts and Investors

Apar Industries Limited has announced that it will host a conference call for analysts and investors on Thursday, January 29, 2026, at 3:30 p.m. IST to discuss its financial results for the third quarter of fiscal year 2026. The call, organized through S-Ancial Technologies, will be led by Chairman and Managing Director Kushal Desai, Managing Director Chaitanya Desai, and Chief Financial Officer Ramesh Iyer, underscoring the company’s intent to maintain active engagement and transparency with the investment community regarding its quarterly performance and outlook.

APAR Industries Ventures into Dark Fiber Monetization with Strategic Partnership

APAR Industries Limited, through its wholly owned subsidiary APAR Transmission & Distribution Project Private Limited (ATDPPL), is entering the dark fiber monetization business by partnering with Karnataka Power Transmission Corporation Limited (KPTCL). This strategic move allows APAR to operate, maintain, and monetize a 6,100 km OPGW fiber network in Karnataka for 15 years, creating a new revenue stream by leasing network capacity to Telecom service providers. This diversification into the brownfield OPGW infrastructure segment in India is expected to enhance APAR’s market positioning as a data connectivity solution provider, leveraging its existing relationships and expertise.

APAR Industries Schedules Analyst and Investor Meet

APAR Industries Limited has announced a scheduled meeting with analysts and institutional investors on November 6, 2025. The meeting, organized by B&K One India Inc. Leaders Conferences, will be held physically and will involve several analysts and institutional investors. During the meeting, APAR Industries may share presentations already available on their website and stock exchanges, ensuring no unpublished price-sensitive information is disclosed.