1. At a Glance
Apar Industries is the kind of company that makes your lights work, your trains move, and your phone charge — all while quietly compounding your returns like a well-oiled transformer. With ₹5,715 crore revenue and ₹252 crore PAT in Q2FY26, the company once again proved that “shocking results” aren’t always a bad thing.
The market cap has surged past ₹38,000 crore, and with a ROCE of 32.7% and ROE of 19.5%, Apar is playing in a league where engineering meets execution. The stock trades at ₹9,462, up a lazy 71% in the last six months, because apparently the market finally realized cables can be sexier than tech stocks when electrification is the new religion.
It’s diversified across three profitable verticals — Conductors (48%), Specialty Oils (26%), and Cables (25%) — and exports to 140 countries, from Australia to Algeria. Q2FY26’s results show steady growth: revenue up 23.1% YoY, PAT up 29.8%, and operating margins holding at 8% despite commodity tantrums.
In short: Apar’s running India’s wiring like a puppet master — conductors carry the juice, cables spread the power, and transformer oils keep the current smooth. All while investors just plug in and watch the stock charge itself.
2. Introduction – When Electricity Got Its MBA
If Tesla had a desi cousin, it would look suspiciously like Apar Industries. Founded way back in 1958 by Dharmsinh D. Desai, this company started by making transformer oils and cables, then quietly turned into the world’s largest conductor manufacturer and India’s largest transformer oil producer.
Think of it this way: every time India electrifies a village, builds a data center, or launches a Vande Bharat train — Apar’s products are probably involved. You may not see their logo on billboards, but their cables run through half the infrastructure India is proud of.
Today, Apar isn’t just a cable company; it’s a power grid whisperer with operations stretching from UAE to Brazil and Saudi Arabia. Their order book sits at a juicy ₹8,853 crore (₹7,163 Cr for conductors + ₹1,690 Cr for cables), proving demand for power infrastructure is no longer just government talk — it’s an industrial buffet, and Apar has the first plate.
The company’s P/E may scream “expensive” at 40x, but with three decades of margin discipline, global reach, and a knack for selling oils, cables, and conductors like hot samosas in a monsoon, Apar has earned its premium.
3. Business Model – WTF Do They Even Do?
Apar Industries does what every engineer’s PowerPoint says: “Converting current into cash flow.” It’s divided into three major divisions, each electrifying a different piece of the economy.
1. Conductors (48% of Revenue)
They make the metal veins that carry electricity across nations. Apar is the world’s largest conductor manufacturer, churning out over 2.22 lakh metric tonnes annually.
Their range runs from boring old aluminum wires to cutting-edge High Efficiency Conductors (HEC) and High Temperature Low Sag (HTLS) conductors — because power lines, like startups, need to handle “scaling.”
The company even builds turnkey T&D projects, completing 165 transmission jobs and 45 distribution lines so far.
2. Transformer & Specialty Oils (26%)
This is the cash cow and global export hero — Apar makes over 350 grades of oil and 500+ variants of transformer oils.
They’re the world’s 3rd largest and India’s #1 in this segment with 60% domestic market share.
Their brand POWEROIL has gone international, and they’ve diversified into automotive lubricants under ENI and POWEROIL.
They’re OEM suppliers to tractor giants like TAFE, Escorts, Eicher, ITL, and more.
3. Power & Telecom Cables (25%)
Here’s where Apar flexes its innovation muscle.
They make railway, naval, renewable, and telecom cables, including fiber optics,
