Apar Industries Q2 FY27 Results Analysis: PAT Jumps 77.7%, Order Inflows Surge 123% (APARINDS)
Apar Industries Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 6,931.19 Cr (+21.27% YoY) and PAT growth of +77.72% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 6,931.19 Cr (+21.27% YoY) |
| PAT (Q2) | Rs. 447.32 Cr (+77.72% YoY) |
| EBITDA margin | 11.35% (+262 bps YoY) |
| EPS (Q2) | Rs. 110.10 (+75.74% YoY) |
| Market cap | Rs. 66,400.00 Cr |
| CMP | Rs. 15,846.00 |
Quarter Snapshot
APAR delivered its highest-ever half-yearly revenue (Rs.13,522.25 Cr) and PAT (Rs.914.80 Cr), with Q2 PAT up 77.7% YoY on 262 bps EBITDA margin expansion, led by oils (EBIT +223% YoY) and cables (margin 11.0%, in the guided band). Order inflows of Rs.4,775 Cr (+123.1% YoY) and the Rs.2,500 Cr QIP (net cash Rs.382.73 Cr) support the growth runway, but conductor volumes at −9.2% YoY are tracking well below the FY27 +10% guidance, US revenue fell 29.7% on tariffs, and H1 CFO was negative at −Rs.862.63 Cr on a Rs.900.88 Cr inventory build.
Key Investment Insights
Key Positives
- Revenue grew 21.27% YoY to Rs.6,931.19 Cr; PAT grew 77.72% YoY to Rs.447.32 Cr
- Company-metric EBITDA of Rs.787 Cr grew 57.72% YoY with margin at 11.35% vs 8.73% a year ago
- Normalized PAT (ex Rs.42.75 Cr US tariff refund) was Rs.415.28 Cr, still +64.99% YoY
- Transformer & specialty oils EBIT grew 223.46% YoY to Rs.299.62 Cr with margin at 16.50% vs 6.90%; EBITDA/kL of Rs.23,262 vs Rs.6,517
- Cables revenue grew 22.13% YoY with EBITDA margin at 11.0%, inside the guided 10–12% band
- Q2 new orders of Rs.4,775 Cr grew 123.1% YoY; order book at Rs.12,025 Cr (+67.2% YoY)
- Conductor EBITDA/MT of Rs.48,241 is well above the Rs.35,000–36,000/MT medium-term target
- Rs.2,500 Cr QIP completed; balance sheet flipped to net cash of Rs.382.73 Cr from net debt of Rs.108.63 Cr at Mar-26
- H1 revenue Rs.13,522.25 Cr and PAT Rs.914.80 Cr are the highest ever half-yearly revenue and profits
- Overseas subsidiaries moved from a −Rs.2.17 Cr drag in Q2 FY26 to +Rs.12.13 Cr contribution
Risk Factors
- Conductor volumes fell 9.2% YoY (worse than Q1's −6.7%), tracking well below the FY27 +10% guidance; H2 would need roughly +25%+ YoY volume growth
- US revenue fell 29.7% YoY with export mix down to 27.6% from 34.7% amid Section 232 tariffs
- H1 CFO was −Rs.862.63 Cr (CFO/PAT −0.94x) with FCF of −Rs.1,368.07 Cr; QIP proceeds, not operations, funded capex
- Conductor EBIT margin compressed ~47 bps YoY to 7.22% as premium mix fell to 39.4% from 50.3% in Q1
- Oils segment EBIT fell QoQ (Rs.299.62 Cr vs Rs.331.34 Cr; margin 16.50% vs 19.48%), and management has declined to guide on recurrence of inventory-valuation-driven per-unit profitability
- Finance cost rose 28.13% YoY to Rs.138.25 Cr
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.