APAR Industries Limited (APARINDS) AI Stock Analysis

• Market Cap: ₹417.54B
• Dividend Yield: 0.57%
• Average Volume (3M): 4.83K
• Price to Earnings (P/E): 40.2
• Beta (1Y): 1.66
• 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: ₹12,750.00
• Price Target Upside: 54.26% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 248.06
• Revenue Forecast (FY): ₹226.41B

• Rating: 70 Outperform
• Price Target: ₹11,471.00 ▲(38.78% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is primarily driven by strong financial performance (solid growth and improving profitability with a stable balance sheet), partially offset by stretched technical conditions (overbought momentum and slightly negative MACD) and a relatively expensive valuation (high P/E and low dividend yield).

Positive Factors

Diversified End Markets

APAR's presence across conductors, specialty oils and lubricants spreads revenue across utility, industrial and automotive end markets. That diversification reduces reliance on any single sector or tender cycle, supports cross‑sell and stabilizes cash flows across multi-year infrastructure and industrial cycles.

Strong Revenue Growth

Sustained ~20% revenue growth reflects expanding market share and rising demand for transmission, oils and lubricants. Durable top‑line expansion supports scale economies, better negotiating power with suppliers and the capacity to invest in capacity or R&D, reinforcing medium‑term competitive positioning.

Improving Margins & Cash Conversion

Improving gross and net margins plus a return to positive free cash flow indicate enhanced operational efficiency and better conversion of profits to cash. This strengthens internal funding for capex and working capital, reduces reliance on external debt and supports durable shareholder returns over several quarters.

Negative Factors

Rising Total Liabilities

Although leverage is manageable today, the noted increase in total liabilities raises medium‑term refinancing and liquidity risk. If liabilities grow faster than cash generation, financial flexibility for capex or opportunistic investments could be constrained and interest costs may pressure margins over multiple quarters.

Cash Flow Volatility

The company returned to positive free cash flow, yet historical swings in operating cash metrics suggest variable working capital needs and timing sensitivities. Persistent volatility reduces predictability for reinvestment, dividends or debt paydown and can force short‑term financing during tender or seasonality peaks.

Tender & Commodity Exposure

A large share of conductor sales come via tenders and prices are significantly affected by aluminium, copper and base‑oil costs. This structural exposure makes revenue and margins cyclically sensitive to commodity swings and tender timing, limiting margin predictability across infrastructure cycles over the medium term.

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

Strong income statement trends (revenue growth, improving gross and net margins, and better EBIT/EBITDA margins) support a high score. The balance sheet is solid with manageable leverage and improving ROE, though rising liabilities add some risk. Cash flow has improved with free cash flow turning positive, but volatility in cash metrics tempers the score.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: Positive
• Last Price: 8265.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:APARINDS, the sentiment is Positive. The current price of 8265.5 is below the 20-day moving average (MA) of 10126.30, below the 50-day MA of 8892.55, and below the 200-day MA of 8622.14, indicating a bullish trend. The MACD of 499.29 indicates Positive momentum. The RSI at 58.58 is Neutral, neither overbought nor oversold. The STOCH value of 23.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	₹726.57B	9.05	―	3.62%	30.80%	97.08%
HINDCOPPER	73 Outperform	₹539.99B	80.20	―	0.33%	16.05%	41.18%
APARINDS	70 Outperform	₹417.54B	40.22	―	0.57%	21.16%	8.27%
PARADEEP	67 Neutral	₹109.45B	23.48	―	0.62%	64.80%	151.92%
SHYAMMETL	66 Neutral	₹221.31B	29.89	―	0.77%	18.36%	13.94%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SARDAEN	61 Neutral	₹195.04B	24.09	―	0.28%	46.66%	75.53%

APAR Industries Limited Corporate Events

Apar Industries Seeks Shareholder Nod on Special Business via Postal Ballot

Apar Industries Limited has issued a postal ballot notice dated January 29, 2026 to seek shareholders’ approval on special business matters through remote e-voting. The company has submitted this notice to the NSE and BSE in compliance with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, with the full document also made available on its website for investor access.

The move underscores Apar Industries’ adherence to regulatory disclosure norms and use of postal ballot and e-voting to obtain shareholder consent on key corporate actions. This process enables wider participation by shareholders and supports transparent decision-making on special business items that may impact the company’s governance and future corporate initiatives.

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.