Apar Industries Q1FY27 net profit rises 77.80% YoY
The consolidated results show revenue of Rs 6,591.06 cr and net profit of Rs 467.45 cr for the quarter ended 30 June 2026.
Filed 24 Jul 2026, 12:41 IST · Apar Industries Ltd (APARINDS)
Key takeaways
- Consolidated operating margin rose 4.79 percentage points sequentially to 7.45% as expenses fell 5.09% while revenue was broadly flat.
- Revenue grew 29.13% year on year and operating profit increased 75.51%, with costs growing slower than revenue at 26.44%.
- Management said conductor premium products reached 50.3% of mix and the pending conductor order book stood at Rs 10,190 crore.
Price around the results
Operating margin rebounds from the Q4FY26 trough
Apar Industries reported consolidated revenue of Rs 6,591.06 cr, nearly unchanged sequentially at -0.18%, but operating profit rose 179.19%. Expenses fell 5.09%, driving a 4.79 percentage-point expansion in operating margin to 7.45%. This was the second consecutive quarterly margin improvement after the 2.03% level in Q3FY26.
Revenue growth outpaced costs year on year
Revenue increased 29.13% year on year, while expenses grew 26.44%, widening operating profit by 75.51% and lifting margin by 1.97 percentage points. Interest expense still rose 42.69%, but the tax rate fell 0.49 percentage points to 24.93%, providing a modest additional lift to net profit. Other income was 5.41% of pre-tax profit, so reported earnings were mainly operating in origin.
Premium mix and order visibility offset execution disruptions
Management said the conductor division's premium-product mix increased to 50.3% from 43.7% a year earlier, while it received Rs 5,245 crore of new orders in the quarter, with exports at 65.8%. It also reported a conductor order book of Rs 10,190 crore and a cable order book of Rs 1,925 crore. Management said surging metal prices affected conductor booking and delivery schedules, while the Middle East crisis and Hamriyah port closure reduced UAE volumes; it also said lower April oil-supplier allocations were subsequently restored.
Margin matched the reported Industrials peer median
Apar's 7.45% operating margin matched the median for 11 Industrials companies that had reported the same quarter. The company ranked sixth from the bottom on this measure, placing it around the middle of the reported peer set. The stock rose 2.81% on the results day, below its 3.83% median absolute move after the last eight results; six of those reactions were positive and two were negative.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹6,591 cr | ₹6,603 cr | -0.18% | +29.13% |
| Other income | ₹34 cr | ₹20 cr | +70.64% | +35.74% |
| Expenses | ₹6,100 cr | ₹6,427 cr | -5.09% | +26.44% |
| Operating profit | ₹491 cr | ₹176 cr | +179.19% | +75.51% |
| Operating margin (%) | 7.45% | 2.66% | — | — |
| Interest | ₹123 cr | ₹137 cr | -9.96% | +42.69% |
| Depreciation | ₹46 cr | ₹42 cr | +7.60% | +19.63% |
| Profit before tax | ₹622 cr | ₹329 cr | +89.28% | +76.55% |
| Tax | ₹155 cr | ₹75 cr | +105.55% | +73.14% |
| Net profit | ₹467 cr | ₹253 cr | +84.44% | +77.80% |
| EPS (₹) | ₹116.37 | ₹63.09 | +84.45% | +77.80% |
Operating margin of 7.45% compares with a Industrials sector median of 7.45% across 11 peers that have reported Q1FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +2.81% | +3.24% |
Volume on the results session was 3.59× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The conductor division increased its premium product mix to 50.3% in Q1 FY27 from 43.7% a year earlier.
- Auto oil volume grew 6.6% and industrial lubricant oil volume grew 12.1% year on year.
New orders
- The conductor division received ₹5,245 crore of new orders in Q1 FY27, with exports comprising 65.8%.
- Two major overseas electric utility orders exceeding ₹2,800 crore have delivery spread over the next four years.
- The conductor division had a pending order book of ₹10,190 crore, with exports contributing 56.8%.
- The cable division's pending order book was ₹1,925 crore, up from ₹1,653 crore a year earlier.
- New order inflow from the US had started to increase in the cable division.
Problems & risks
- Surging metal prices affected conductor order booking and delivery schedules for orders in hand.
- The Middle East crisis and Hamriyah port closure reduced volumes at the UAE facility.
- Lower oil-supplier allocations in April affected volumes, but allocations were subsequently restored.
- Rising ICE gas oil prices caused oil-product selling prices to increase, leading to a ₹93 crore provision.
What to watch
- Whether operating margin holds above 7.45% after the 4.79 percentage-point sequential recovery.
- Progression of the Rs 10,190 crore conductor order book and the Rs 1,925 crore cable order book.
- Whether conductor premium mix remains near 50.3% as metal prices affect booking and delivery schedules.