Apar Industries financials and balance sheet

NSE: APARINDSBSE: 532259Electrical EquipmentMid Cap

₹14,379.00₹334.00 (2.27%)BSE ₹14,355.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹14,713.00.

52-week range of traded prices to 23 Oct 2026

₹6,801.00Low, 21 Jan 2026₹19,265.00High, 22 Sep 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹60,208 Cr209th largest listed
P/E: 51.0
P/B: 11.2
Dividend yield: 0.42%
ROE: 23.9%
ROCE: 31.9%
Debt to equity: 0.16
Volume, NSE: 1,92,89238.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Apar Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹22,902 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.0% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue22,902
Materials and goods−18,091
Employee costs−428
Other expenses−2,507
Operating profit1,876
Depreciation−161
Other income+65
One-off items−33
Finance costs−437
Profit before tax1,310
Tax−333
Joint ventures+0.1
Net profit977

What the company owns

Receivables₹5,334 Cr
Inventory₹4,153 Cr
Plant, investments and other assets₹3,448 Cr
Cash and bank₹732 Cr
Current investments₹44 Cr

What pays for it: net worth and liabilities

Owed to suppliers₹6,856 Cr
Net worth₹5,393 Cr
Borrowings₹841 Cr
Other liabilities₹622 Cr

Apar Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Apar Industries segment results by quarter

Revenue by segment

₹24,501 CrTotal

Conductor₹12,712 Cr51.9% of total
Power / Telecom cables₹6,220 Cr25.4% of total
Transformer and speciality oils₹5,373 Cr21.9% of total
Others₹196 Cr0.8% of total

Profit by segment

Conductor₹995 Cr50.6% of total
Power / Telecom cables₹595 Cr30.2% of total
Transformer and speciality oils₹364 Cr18.5% of total
Others₹14 Cr0.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Conductor
Revenue, ₹ crore
3,915
3,624
2,908
4,204
7,013
8,031
9,582
12,712
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
151
158
68
163
682
858
816
995
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Power / Telecom cables
Revenue, ₹ crore
1,684
1,601
1,270
1,994
3,263
3,859
4,945
6,220
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
173
155
33
80
317
405
459
595
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Transformer and speciality oils
Revenue, ₹ crore
2,630
2,323
2,364
3,560
4,657
4,837
5,086
5,373
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
119
121
266
268
225
292
347
364
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
35
43
57
107
123
144
196
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
3
4
7
12
11
14
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	8,229	7,582	6,584	9,815	15,040	16,850	19,757	24,501
Company revenue, as in its results	7,964	7,462	6,388	9,320	14,352	16,153	18,581	22,902
Revenue	3,915	3,624	2,908	4,204	7,013	8,031	9,582	12,712
Revenue growth	–	−7.4%	−19.8%	44.6%	66.8%	14.5%	19.3%	32.7%
Profit	151	158	68	163	682	858	816	995
Profit growth	–	4.6%	−56.8%	139.3%	319.3%	25.6%	−4.8%	21.9%
Margin	3.8%	4.3%	2.3%	3.9%	9.7%	10.7%	8.5%	7.8%
Return on capital	143.8%	49.6%	13.1%	35.6%	95.9%	48.4%	44.0%	27.2%
Assets	2,125	1,926	2,090	3,017	3,665	4,450	5,213	6,701
Liabilities	2,021	1,609	1,572	2,559	2,953	2,679	3,359	3,042
Capital employed	105	317	518	458	712	1,772	1,853	3,660
Revenue	1,684	1,601	1,270	1,994	3,263	3,859	4,945	6,220
Revenue growth	–	−4.9%	−20.7%	57.0%	63.7%	18.2%	28.1%	25.8%
Profit	173	155	33	80	317	405	459	595
Profit growth	–	−10.7%	−78.8%	143.3%	297.1%	27.9%	13.4%	29.5%
Margin	10.3%	9.7%	2.6%	4.0%	9.7%	10.5%	9.3%	9.6%
Return on capital	25.8%	24.2%	7.4%	9.9%	33.1%	25.8%	23.1%	36.0%
Assets	1,089	1,211	1,164	1,615	1,988	2,409	3,083	4,096
Liabilities	419	573	722	809	1,031	841	1,095	2,441
Capital employed	670	638	442	805	958	1,569	1,988	1,655
Revenue	2,630	2,323	2,364	3,560	4,657	4,837	5,086	5,373
Revenue growth	–	−11.7%	1.8%	50.6%	30.8%	3.9%	5.2%	5.6%
Profit	119	121	266	268	225	292	347	364
Profit growth	–	1.7%	120.9%	0.8%	−16.1%	29.6%	18.8%	4.9%
Margin	4.5%	5.2%	11.3%	7.5%	4.8%	6.0%	6.8%	6.8%
Return on capital	34.1%	30.3%	51.1%	41.0%	28.2%	30.9%	38.5%	43.0%
Assets	1,483	1,399	1,551	1,825	2,376	2,590	2,623	2,716
Liabilities	1,136	1,001	1,030	1,170	1,578	1,645	1,724	1,870
Capital employed	347	398	522	655	799	945	900	845
Revenue	–	35	43	57	107	123	144	196
Profit	–	2	3	4	7	12	11	14
Margin	–	4.9%	8.1%	6.7%	6.3%	9.7%	7.8%	7.3%
Return on capital	–	–	–	3.7%	7.2%	–	4.8%	19.3%
Assets	–	118	203	151	188	166	345	199
Liabilities	–	1,471	1,685	48	94	168	109	125
Capital employed	–	−1,354	−1,482	102	94	−2	236	74
Revenue	45	–	–	–	–	–	–	–
Profit	2	–	–	–	–	–	–	–
Assets	324	–	–	–	–	–	–	–
Liabilities	1,445	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Apar Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 26 Jun	Mar 2021Filed 1 Jun	Mar 2022Filed 28 May	Mar 2023Filed 9 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
Revenue from operations	5,289	5,939	7,964	7,462	6,388	9,320	14,352	16,153	18,581	22,902
	4,872	5,531	7,496	6,986	5,973	8,772	13,125	14,631	17,034	21,026
Materials and goods bought	3,573	4,495	6,336	5,751	4,800	7,208	10,709	12,540	14,739	18,091
Employee costs	–	–	148	169	160	172	221	289	338	428
Other expenses	–	–	1,012	1,066	1,012	1,392	2,196	1,802	1,957	2,507
Operating profit before depreciation	417	408	468	476	415	548	1,227	1,522	1,547	1,876
Operating margin	7.9%	6.9%	5.9%	6.4%	6.5%	5.9%	8.5%	9.4%	8.3%	8.2%
Materials, % of revenue	–	–	79.6%	77.1%	75.1%	77.3%	74.6%	77.6%	79.3%	79.0%
Employee costs, % of revenue	–	–	1.9%	2.3%	2.5%	1.9%	1.5%	1.8%	1.8%	1.9%
Other expenses, % of revenue	–	–	12.7%	14.3%	15.8%	14.9%	15.3%	11.2%	10.5%	10.9%
Depreciation and amortisation	45	56	67	87	93	98	104	116	132	161
Operating profit after depreciation	372	352	401	389	322	450	1,123	1,407	1,415	1,715
Other income	16	11	15	8	22	32	37	86	99	65
Finance costs	114	140	200	228	136	141	306	387	409	437
Profit before one-off items and tax	273	223	216	169	208	342	855	1,106	1,106	1,342
One-off items	0	0	0	0	0	0	0	0	0	−33
Profit before tax	273	223	216	169	208	342	855	1,106	1,106	1,310
	97	78	80	34	48	85	217	281	284	333
Current tax	–	75	76	47	52	84	224	291	285	335
Deferred tax	–	3	4	−12	−4	1	−7	−11	0	−2
Share of profit of joint ventures and associates	–	–	–	–	–	0	0	−1	0	0
Net profit	177	145	136	135	161	257	638	825	821	977
Other comprehensive income	–	–	2	−83	82	95	−59	−19	8	89
Total comprehensive income	–	–	138	52	243	352	579	806	829	1,066
Net margin	3.3%	2.4%	1.7%	1.8%	2.5%	2.8%	4.4%	5.1%	4.4%	4.3%
Net margin without joint ventures and associates	–	–	–	–	–	2.8%	4.4%	5.1%	4.4%	4.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 8 Jun	Mar 2020Filed 26 Jun	Mar 2021Filed 1 Jun	Mar 2022Filed 28 May	Mar 2023Filed 9 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
	1,202	1,166	1,409	1,715	2,236	3,876	4,504	5,393
Share capital	38	38	38	38	38	40	40	40
Reserves	1,164	1,128	1,371	1,677	2,198	3,836	4,463	5,353
	218	282	213	253	304	406	470	841
Repayable after a year	130	188	192	195	151	334	298	433
Repayable within a year	88	94	21	57	153	71	172	408
	3,639	3,231	3,321	4,568	5,727	5,316	6,334	7,730
Trade payables	3,264	2,848	3,038	4,122	5,207	4,813	5,549	6,856
Other financial liabilities	115	206	122	126	107	143	133	180
Other liabilities	95	82	125	243	209	184	441	219
Provisions	2	1	3	6	4	7	7	53
Tax owed	76	0	11	13	48	98	31	15
	180	256	279	324	254	423	426	588
Other financial liabilities	3	59	59	64	69	74	107	107
Provisions	6	8	8	12	12	14	18	21
Deferred tax	40	1	20	52	22	1	3	26
Total assets	5,021	4,654	5,009	6,608	8,218	9,616	11,264	13,711
	855	987	966	1,050	1,210	1,446	1,951	2,515
Plant in use, after depreciation	704	830	876	880	949	1,130	1,432	1,609
Plant being built	103	55	29	38	99	121	128	539
Intangible assets	3	54	2	1	1	63	108	109
Goodwill	2	0	0	0	0	0	0	0
Intangible assets being developed	0	0	0	0	0	2	3	0
Investments	0	0	0	1	4	7	11	0
Loans given	0	0	0	1	3	2	2	3
Other financial assets	12	14	18	58	11	13	12	45
Trade receivables	2	3	8	11	28	12	115	3
Other assets	29	31	34	60	115	96	140	207
	4,166	3,667	4,043	5,558	7,008	8,170	9,313	11,197
Inventories	1,283	1,331	1,563	2,139	2,576	2,864	3,311	4,153
Trade receivables	2,142	1,899	1,861	2,531	3,198	3,929	4,078	5,334
Cash and cash equivalents	213	164	209	253	499	584	686	669
Other bank balances	12	12	12	13	31	62	75	63
Current investments	187	0	60	30	50	3	208	44
Loans given	22	30	17	7	5	1	1	1
Other financial assets	25	25	24	335	82	82	101	266
Tax paid in advance	54	0	0	0	–	0	0	–
Other assets	228	206	296	249	566	644	853	666
Net debt	−194	106	−69	−44	−276	−244	−499	64

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 1 Jun	Mar 2022Filed 28 May	Mar 2023Filed 9 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
	324	244	698	−283	1,291	968
	373	335	917	−36	1,559	1,340
	−24	−171	−230	−1,545	46	−460
Receivables	−46	−957	−836	−913	−528	−1,041
Inventories	−231	−576	−424	−287	−441	−826
Payables	254	1,361	984	−391	974	1,387
Other working capital	0	0	46	47	40	20
Tax paid	−44	−91	−219	−247	−269	−372
Capital spending	56	130	248	331	510	737
Free cash flow	268	114	451	−614	781	231
	−111	−91	−269	−268	−705	−558
Plant and property sold	1	1	1	1	3	4
Companies bought	0	0	−4	−4	−4	0
Interest received	0	0	0	11	6	4
	−167	−106	−184	635	−483	−434
Borrowings raised	21	4	58	193	16	190
Borrowings repaid	−73	−21	−54	−90	−4	−130
Interest paid	−110	−47	−120	−285	−270	−271
Lease payments	0	−6	−10	0	−20	−18
Dividends paid	0	36	57	153	205	205
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	983	0	0
Net change in cash	46	47	245	84	103	−24

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Apar Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 26 Jun	Mar 2021Filed 1 Jun	Mar 2022Filed 28 May	Mar 2023Filed 9 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
Earnings per share	₹45.88	₹37.82	₹35.55	₹35.32	₹41.94	₹67.09	₹166.64	₹212.10	₹204.47	₹243.21
Diluted earnings per share	₹45.88	₹37.82	₹35.55	₹35.32	₹41.94	₹67.09	₹166.64	₹212.10	₹204.47	₹242.81
Dividend per share	₹10.00	₹9.50	₹9.50	₹9.50	₹9.50	₹15.00	₹40.00	₹51.00	₹51.00	₹60.00
Book value per share	–	–	₹314.18	₹304.79	₹368.23	₹448.19	₹584.37	₹965.01	₹1,121.12	₹1,342.64
Dividend payout	21.7%	25.1%	26.7%	26.9%	22.7%	22.4%	24.0%	24.8%	24.9%	24.7%
Shareholder yield	–	–	–	–	0.0%	1.5%	0.6%	−3.0%	0.9%	0.5%
Market cap at the year end (₹ crore)	2,886	2,786	2,571	1,103	1,819	2,485	9,586	28,033	22,253	39,690

Ratios

Consolidated, years to March.Apar Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 26 Jun	Mar 2021Filed 1 Jun	Mar 2022Filed 28 May	Mar 2023Filed 9 May	Mar 2024Filed 15 May	Mar 2025Filed 12 Jun	Mar 2026Filed 28 May
Revenue growth	4.1%	12.3%	34.1%	−6.3%	−14.4%	45.9%	54.0%	12.5%	15.0%	23.3%
Operating profit growth	14.7%	−2.2%	14.8%	1.7%	−12.7%	31.9%	124.0%	24.1%	1.6%	21.2%
Net profit growth	8.5%	−18.0%	−6.0%	−0.7%	18.8%	60.0%	148.4%	29.4%	−0.5%	18.9%
Earnings per share growth	–	−17.6%	−6.0%	−0.6%	18.7%	60.0%	148.4%	27.3%	−3.6%	18.9%
	–	–	11.3%	11.4%	12.5%	16.4%	32.3%	27.0%	19.6%	19.7%
	–	–	–	0.1 pts	1.1 pts	4.0 pts	15.8 pts	−5.3 pts	−7.4 pts	0.1 pts
From the net margin	–	–	–	0.7 pts	4.4 pts	1.2 pts	10.1 pts	4.8 pts	−3.6 pts	−0.7 pts
From asset turnover	–	–	–	−0.3 pts	−2.3 pts	2.9 pts	5.5 pts	−2.4 pts	−0.4 pts	0.6 pts
From borrowing	–	–	–	−0.3 pts	−1.1 pts	−0.1 pts	0.3 pts	−7.7 pts	−3.3 pts	0.2 pts
Return on capital employed	–	–	28.2%	26.8%	19.9%	22.9%	44.2%	32.8%	28.5%	27.5%
Cash conversion	–	–	–	–	201.6%	94.9%	109.5%	−34.3%	157.1%	99.1%
Interest cover	3.3	2.5	2.0	1.7	2.4	3.2	3.7	3.6	3.5	3.9
Debt to equity	–	–	0.18	0.24	0.15	0.15	0.14	0.10	0.10	0.16
Receivable days	–	–	98	93	106	99	81	89	80	85
Inventory days	–	–	74	85	119	108	88	83	82	84
Payable days	–	–	188	181	231	209	177	140	137	138
Cash conversion cycle, days	–	–	−16	−3	−6	−1	−8	32	25	30
Working capital days	–	–	9	17	26	29	22	51	43	49
Asset turnover	–	–	1.59	1.54	1.32	1.60	1.94	1.81	1.78	1.83
Assets per rupee of net worth	–	–	4.18	4.08	3.75	3.72	3.75	2.92	2.49	2.52
Sales per rupee of plant	–	–	11.32	8.99	7.29	10.59	15.12	14.30	12.98	14.24
Capital spending to depreciation	–	–	–	–	0.59	1.33	2.38	2.86	3.86	4.57
Plant being built, % of plant in use	–	–	14.7%	6.6%	3.3%	4.4%	10.4%	10.7%	8.9%	33.5%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 7.8%
Cash from operations against operating profit: 51.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	16.3%	29.1%	16.9%
Profit growth, yearly rate	19.6%	43.5%	15.3%
Return on equity, average	–	23.0%	22.1%
Return on capital employed, average	–	31.2%	29.6%
Operating margin, average	7.4%	8.1%	8.6%
Net margin, average	3.3%	4.2%	4.6%
Asset turnover, average	–	1.79	1.81
Cash conversion cycle, days, average	–	16	29
Interest cover, average	3.0	3.6	3.7
Debt to equity, average	–	0.13	0.12

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,917	1,975	968
Cash from investing	−1,891	−1,531	−558
Cash from financing	−572	−282	−434
Capital spending	1,955	1,577	737
Dividends paid	656	562	205
Shares bought back	0	0	0
Shares issued for cash	983	983	0
Borrowings raised	461	399	190
Borrowings repaid	300	225	130

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	6	9	3	5	6
Altman Z-scorePublished threshold 1.81	–	–	2.71	2.53	2.36	2.49	3.74	6.04	4.94	5.80
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.86	−1.90	−2.17	−1.55	−2.41	−2.06
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.09	1.78	2.81	15.44	2.26	4.54
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.20	0.38	0.75	0.75
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−5.04	12.42	−9.91	−27.64	10.31	−11.23	7.54
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	13.02	33.91	−13.30	−28.14	−5.89	−1.97	2.70
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.03	1.39	2.83	0.45	0.48	1.22	−0.09
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.26	0.21	0.38	0.57	0.41	0.29	1.60
Effective tax ratePublished threshold 17.16 per cent	35.53	35.03	37.07	20.22	22.94	24.94	25.37	25.37	25.71	25.43
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.63	−0.25	3.02	1.40	−2.97

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
9 Sep 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	CARE AAReview, Upgrade	Stable	937.78
9 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AAReview, Upgrade	Stable	715
9 Sep 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE AA / CARE A1+Review, Upgrade	Stable	11,306.97

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.