Apar Industries

APARINDS · NSE · Large Cap

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Cables & Conductors·Listed·Directness 65/100

Apar Industries

Conductors, specialty cables and transformer oils; clear renewable evacuation winner.

Cables & ConductorsTransmission & Grid
Sell / Avoid
Last price
₹12852.00
52W: ₹6,226 – ₹12,947
-0.7% from 52W high
Mkt Cap
₹51.62K Cr
P/E
52.0x
EV/EBITDA
33.0x
ROCE
32.7%
ROE
19.5%
Book Value
₹1,208.0
Promoter
57.8%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

B+
Fundamental (30%)
88
Valuation (20%)
23
Technical (20%)
70
Solar exposure (10%)
65
Policy beneficiary (7.5%)
82
Project pipeline (5%)
88
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹6,226Current: ₹12,852₹12,947
P/E
52.0x
P/B
10.6x
Div Yield
0.41%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Apar Industries: solar capex + rooftop wave + electrification all support double-digit cable demand growth.

Bull case

Bull case for Apar Industries: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Apar Industries: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentCables & Conductors
Directness65/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)52.0x—
Forward P/E——
EV/EBITDA33.0x—
EV/Sales2.8x—
P/B10.6x—
FCF Yield1.1%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker APARINDS · last updated 2026-05-11

Open on Screener.in
Market Cap
₹51.62K Cr
Price
₹12,852.00
Stock P/E
52.0x
Book Value
₹1,208.0
ROCE
32.7%
ROE
19.5%
Div Yield
0.41%
52W Range
₹6,226 – ₹12,947

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y15.0%
Sales 3Y CAGR25.9%
Sales 5Y CAGR30.6%
PAT 1Y-0.5%
PAT 3Y CAGR47.3%
PAT 5Y CAGR50.5%
Profitability
OPM latest9.0%
PAT margin latest4.4%
PAT margin 3Y avg4.7%
ROE19.5%
ROCE32.7%
Asset turnover1.65x
Leverage & cash
D / E0.13x
Net Debt / EBITDA0.37x
Borrowings / Assets5.2%
CFO / EBITDA0.82x
CFO / PAT1.57x
FCF (TTM proxy)₹586 Cr
Valuation
P/E52.0x
EV/EBITDA33.0x
EV/Sales2.81x
P/B10.64x
FCF Yield1.14%
Div Yield0.41%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales6,3889,31714,33616,15318,581
Operating Profit4405781,2671,5681,582
OPM %7%6%9%10%9%
Net Profit160257638825821
EPS (₹)41.9467.09166.64205.41204.46

Quarterly results · last 4 quarters

₹ Crore.

MetricDec 2024Mar 2025Jun 2025Sep 2025
Sales4,7165,2105,1045,715
OPM %8%9%9%8%
Net Profit175250263252

Balance sheet · 5 years

₹ Crore.

ItemMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital3838384040
Reserves1,3611,6772,1983,8364,463
Borrowings325359376476585
Fixed Assets—————
Total Assets4,9996,6088,2189,61611,264

Cash flow · 5 years

₹ Crore.

ActivityMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating281244698-2831,291
Investing-115-91-267-267-705
Financing-123-106-186635-483
Net Cash Flow434724585103

Shareholding pattern

Latest disclosed

Promoters
57.77%
FII
9.38%
DII
24.15%
Public
8.71%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.