APAR Industries Stock: Which Business Delivered the Strongest Growth?

Synopsis: Three divisions, one record year – the power infrastructure giant’s FY26 results reveal which business is pulling ahead and why the bottom line tells a different story.

India’s energy infrastructure buildout is creating winners across the supply chain. One diversified manufacturer – supplying conductors, cables, and specialty oils to utilities and industrial customers – closed FY26 with revenues at an all-time high, even as one-off charges kept profit growth modest. The numbers across its three divisions tell three different stories.

In the conductor space, APAR holds the distinction of being the world’s largest manufacturer of aluminium and alloy conductors. Its specialty oils division is India’s largest and the world’s third-largest producer of transformer oils, commanding roughly 45% of the domestic market. In cables, it ranks fifth in India’s organised sector and is the country’s largest exporter of renewable energy cables.

APAR Industries closed FY26 with consolidated revenue from operations of ₹22,902 crore, up 23.3% from ₹18,581 crore in FY25. Full-year PAT came in at ₹977 crore, rising 19% over ₹821 crore in the previous year. In the fourth quarter alone, revenue touched ₹6,603 crore – a 26.7% jump over Q4 FY25 – driven by a strong domestic market, a growing US business, and higher commodity-linked realisations.

Conductors: The Biggest Revenue Engine

The conductor division remained the company’s largest contributor, posting FY26 revenue of ₹12,712 crore – up 32.7% over FY25. Volume for the year grew 8.6% to 2,41,788 metric tonnes, while EBITDA climbed 27.3% to ₹1,040 crore. What stood out was the improvement in product mix: premium products accounted for 45.8% of the conductor volume in FY26, up from 40.6% a year ago. This shift helped lift EBITDA per metric tonne to ₹43,012 in FY26 from ₹36,683 in FY25 – a jump of 17.3%. The pending order book for conductors stood at ₹7,671 crore at year-end, with new order inflows of ₹11,450 crore during FY26, up 24.2% over the previous year.

Cables: The Fastest Grower

While conductors led on size, the cable division delivered the sharpest growth in the quarter. Q4 FY26 cable revenue came in at ₹1,903 crore, up 35% over Q4 FY25 and up 39.8% sequentially. For the full year, cable revenue grew 25.8% to ₹6,220 crore, with EBITDA rising 27.1% to ₹633 crore. EBITDA margin held steady at 10.2% for FY26, nearly flat year on year. US revenue from cables surged 52.2% in Q4 FY26 over Q4 FY25 and was up 46.7% for the full year. The pending order book for cables stood at ₹1,800 crore.

Specialty Oils: Steady but Slower

The specialty oil and lubricant division was the quieter performer. FY26 revenue grew 5.6% to ₹5,373 crore, with volumes up 9% to 6,31,985 kilolitres. EBITDA rose 5.4% to ₹376 crore, but EBITDA per kilolitre slipped to ₹5,942 from ₹6,145 in FY25, reflecting softer realisations. Transformer oil – the division’s largest product – saw domestic volume grow 12.2% over FY25, while automotive and industrial lubricants also posted double-digit volume gains for the year.

One-Off Charges Kept Profits in Check

The company’s sales grew strongly, but its final profit number did not grow at the same pace. The reason was a set of one-time expenses that hit the books in Q4 FY26. These included a higher payout liability due to changes in government rules around gratuity and leave encashment, a mark-to-market loss on a foreign currency loan, and a provision set aside for an old legal dispute. Together, these added up to an exceptional loss of ₹8 crore in Q4 and ₹33 crore for the full year. Strip these out, and the underlying business was actually growing much faster – Q4 profit would have been 14% higher than the same quarter last year, and full-year profit would have been up 27%.

About the Company

APAR Industries Limited is a Vadodara-based manufacturer operating across three segments – conductors, specialty oils and lubricants, and cables. It supplies to utilities, infrastructure companies, and industrial customers in India and globally, with a growing presence in the US market. The company is listed on both BSE and NSE.

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