Apar Industries reports record half-year revenue, strong Q2 growth

Apar Industries Limited announced robust financial results for Q2 and H1 FY26, with consolidated revenue reaching INR 5,715 crores in Q2, a 23.1% year-on-year increase. Exports surged by 43%, contributing 34.7% to the consolidated revenue, up from 29.8% in Q2 FY25. EBITDA post open period forex rose 24% to INR 499 crores, with a margin of 8.7%. Profit after tax increased by 30% to INR 252 crores. For the first half of FY26, consolidated revenue crossed INR 10,000 crores for the first time, hitting INR 10,820 crores, a 25% year-on-year increase, with EBITDA at INR 1,000 crores.

The conductor division saw a 34.9% year-on-year revenue growth in Q2, driven by a 16.2% volume increase and a 74.6% boost in exports. Premium product mix contributed 45.4%. The cable business reported a 25.1% revenue growth to INR 1,535 crores in Q2, with H1 revenues up 30.2% to INR 2,954 crores. Export mix in Q2 was 42.3%, compared to 29% in Q2 FY25. The company incurred INR 400 crores in Capex during H1 FY26, with a total planned Capex of INR 1,300 crores for FY26 to expand capacity, expecting to increase cable revenue generating capacity to INR 10,000 crores.

Management noted a short-term impact on Q3 FY26 revenues due to increased metal prices (aluminum at $2,900/ton, copper at $11,200/metric ton) and US Section 232 tariffs, which temporarily halted order inflows. However, order inflows have resumed in Q3, particularly from the US renewable energy sector, with full revenue recognition expected in Q4 FY26. The company remains optimistic about long-term growth, citing strong fundamental drivers and increasing demand for reconductoring projects in India.