Apar Industries LimitedQ2 FY27 Results & Financial Update
Apar Industries Limited: Q2 FY27 consolidated results and company financials – revenue ₹173.08 Cr, PAT ₹0.11 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Apar Industries Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Apar Industries reported consolidated revenue from operations of ₹6,931 crore for Q2 FY27, representing a 21.3% increase over ₹5,715 crore recorded in Q2 FY26, and a 5.2% sequential expansion over the ₹6,591 crore reported in Q1 FY27.
Profit after tax (PAT) reached ₹447 crore for the quarter, marking a 77.8% surge compared to ₹252 crore in the corresponding period of the previous year, while contracting by 4.3% sequentially from ₹467 crore in Q1 FY27.
EBITDA post open period forex reached ₹787 crore in Q2 FY27, up 57.8% YoY from ₹499 crore, with the corresponding EBITDA margin improving by 270 basis points to 11.4% from 8.7% in Q2 FY26.
Domestic revenue exhibited strong momentum, growing 34.3% YoY during the quarter, whereas export performance experienced headwinds with overall exports de-growing by 3.3% YoY and an export mix settling at 27.6%.
The Conductor division registered revenue of ₹3,753 crore, up 21.1% YoY driven by higher realisations, although segment volumes moderated by 9.2% YoY to 57,137 MT due to lower demand and sales clearances amid elevated metal prices.
The Oil division delivered revenue of ₹1,819 crore, surging 35.6% YoY, accompanied by an EBITDA expansion of 185.7% YoY to ₹299 crore, benefiting from strong realisations despite a 20.0% volume decline to 128,590 KL.
The Cable division recorded revenue of ₹2,221 crore equivalent across segments (reported at ₹1,875 crore operational revenue), reflecting 22.1% YoY growth, with segment EBITDA improving by 31.9% YoY to ₹207 crore.
Management noted continued robust order intake, with the company's pending order book providing revenue visibility across its key manufacturing divisions heading into the second half of the fiscal year.
01 · Business model
What does Apar Industries do?
Apar Industries Limited operates across three primary manufacturing verticals: Conductors, Specialty Oils, and Cables, serving both domestic and international energy, transmission, and industrial infrastructure markets.
The Conductor division manufactures aluminium and alloy conductors for electrical transmission grids, while the Oil division produces transformer oils, automotive lubricants, and specialty process oils.
The Cable division supplies power, control, telecommunication, and specialty cables, catering to diverse sectors such as renewables, railways, defence, and industrial manufacturing.
Geographically, the company maintains a broad footprint with substantial domestic market penetration alongside significant export operations spanning multiple continents and key international accounts.
02 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹173.08 Cr | ₹142.69 Cr | ₹6,591.06 Cr |
| Profit after tax | ₹0.11 Cr | ₹0.06 Cr | ₹467.45 Cr |
| EPS | ₹110.10 | — | ₹116.02 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Domestic revenue grew 34.3% over Q2 FY26 and 4.9% sequentially over Q1 FY27, serving as the primary top-line growth anchor.
Higher product realisations across divisions compensated for lower physical sales volumes in certain segments such as conductors and oils.
Conductor division revenue grew 21.1% YoY to ₹3,753 crore, Oil division revenue rose 35.6% YoY to ₹1,819 crore, and Cable division revenue advanced 22.1% YoY to ₹1,875 crore.
What drove margins
Consolidated EBITDA margin expanded by 270 basis points YoY to 11.4% in Q2 FY27, up from 8.7% in Q2 FY26.
Conductor EBITDA per MT increased 22.6% YoY to ₹48,241; Oil EBITDA per KL jumped 256.9% YoY to ₹23,262; Cable EBITDA margin rose 80 bps YoY to 11.0%.
Cost of raw materials increased 20.5% YoY to ₹5,387 crore, mirroring higher underlying metal and commodity input costs.
04 · Demand, customers & order book
Where demand is coming from
Conductor pending order book stood at ₹12,025 crore, up 67.2% compared to H1 FY26, with exports comprising 51.0% of the total order book.
New orders worth ₹4,775 crore were secured during Q2 FY27, representing a 123.1% increase over Q2 FY26.
Cable pending order book stood at ₹3,012 crore compared to ₹1,653 crore in the year-ago period, with an export mix of 32.5%.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Revenue reached ₹3,753 crore (+21.1% YoY); volumes stood at 57,137 MT (-9.2% YoY); EBITDA post open forex reached ₹276 crore.
Revenue reached ₹1,819 crore (+35.6% YoY); volumes stood at 128,590 KL (-20.0% YoY); EBITDA post open forex reached ₹299 crore.
Revenue reached ₹1,875 crore (+22.1% YoY); EBITDA reached ₹207 crore (+31.9% YoY); domestic revenue grew 71.4% YoY.
Geography and market mix
Exports de-grew 3.3% YoY in Q2 FY27, with the export mix accounting for 27.6% of consolidated revenue compared to 34.7% in Q2 FY26.
US revenue contracted by 29.7% YoY in Q2 FY27, though it remained flat on a sequential quarter basis.
06 · Reported developments
What changed operationally
Consolidated PAT for Q2 FY27 surged 77.8% YoY to ₹447 crore, supported by robust operating efficiencies and higher realisations.
Conductor division secured robust new orders of ₹4,775 crore in Q2 FY27, driving total pending orders to ₹12,025 crore.
07 · Pressure points & risks
What is not going smoothly
Physical sales volumes declined across conductors (-9.2% YoY) and oils (-20.0% YoY) due to higher metal prices and freight rates.
Consolidated exports declined 3.3% YoY, with US-specific revenue decreasing 29.7% YoY during the quarter.
08 · Items worth noticing
The line items that can distort a quick read
EBITDA figures are adjusted for post open period forex before unallocable corporate expenditure net of income, reflecting ₹26 crore in open period forex impact for H1 FY27.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash used in operating activities for H1 FY27 was ₹863 crore, compared to ₹169 crore generated in H1 FY26, driven by working capital expansion.
During H1 FY27, trade receivables increased by ₹447 crore, inventories rose by ₹901 crore, and trade payables decreased by ₹771 crore.
Capital allocation & funding
Non-current borrowings stood at ₹615 crore and current borrowings at ₹273 crore as of September 30, 2026.
Total equity expanded to ₹8,520 crore as of H1 FY27, bolstered by equity share capital and other equity additions.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Executive Management
The earnings update was released under the authorisation of Company Secretary Sanjaya Kunder from the corporate office in Chembur, Mumbai.
11 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations rose 5.2% QoQ from ₹6,591 crore in Q1 FY27 to ₹6,931 crore in Q2 FY27.
PAT contracted slightly by 4.3% QoQ from ₹467 crore in Q1 FY27 to ₹447 crore in Q2 FY27.
12 · Key Q&A
The quarter, answered directly
What does Apar Industries do?
Apar Industries Limited operates across three primary manufacturing verticals: Conductors, Specialty Oils, and Cables, serving both domestic and international energy, transmission, and industrial infrastructure markets.
What is the clearest takeaway from Q2 FY27?
Apar Industries reported consolidated revenue from operations of ₹6,931 crore for Q2 FY27, representing a 21.3% increase over ₹5,715 crore recorded in Q2 FY26, and a 5.2% sequential expansion over the ₹6,591 crore reported in Q1 FY27.
What drove revenue or demand?
Domestic revenue grew 34.3% over Q2 FY26 and 4.9% sequentially over Q1 FY27, serving as the primary top-line growth anchor.
What mattered most for margins or profitability?
Consolidated EBITDA margin expanded by 270 basis points YoY to 11.4% in Q2 FY27, up from 8.7% in Q2 FY26.
What changed operationally beyond the headline numbers?
The earnings update was released under the authorisation of Company Secretary Sanjaya Kunder from the corporate office in Chembur, Mumbai.
What are the main pressure points disclosed for the quarter?
Physical sales volumes declined across conductors (-9.2% YoY) and oils (-20.0% YoY) due to higher metal prices and freight rates.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Volume Recovery: Monitor physical volume off-take in the Conductor and Oil divisions against prevailing metal and raw material price trends.
- 02
Export Trajectory: Track export market recovery, particularly US demand trends and export order book execution.
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