At a Glance
Apar Industries, the conductor-to-oil kingpin, trades at ₹8,782 with a P/E of 40. The company’s profits have skyrocketed with a 43.5% CAGR in five years, and ROCE is sizzling at 32%. Despite aggressive growth, the stock is priced at 7.8× book value—enough to give value investors a heart attack. Expansion into Brazil and Saudi Arabia, plus CTC capacity addition, ensures the buzz stays electric.
Introduction
Apar began as a transformer oil maker in 1958 and evolved into a global power solution provider. Now it dominates in conductors, transformer/specialty oils, and power & telecom cables. The company is like the Swiss Army knife of the power sector. However, with great growth comes… an expensive tag. Will Apar keep the lights on for investors or short-circuit under valuation pressure? Stay tuned.
Business Model (WTF Do They Even Do?)
The company operates in three revenue-heavy segments:
- Conductors – 48% of revenue; Apar is the world’s largest.
- Transformer & Specialty Oils (TSO) – supplies to power utilities & OEMs.
- Power/Telecom Cables – includes high-margin products and EPC services.
Plus, Apar provides turnkey T&D project solutions. Think of it as the IKEA of the power sector—but with better margins and no confusing manuals.
Financials Overview
FY25 Highlights:
- Revenue: ₹18,581 Cr
- EBITDA: ₹1,547 Cr
- Net Profit:
