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Indian manufacturer of power/transmission conductors, transformer oils and specialty cables.
Indian manufacturer of power/transmission conductors, transformer oils and specialty cables.
Moat: narrow (process know-how, scale). Established manufacturing scale and technical expertise in conductors and specialty oils, with export presence.
Headquarters: Mumbai, India · Founded: 1958 · Employees: 10,139
Size APAR Industries (APARINDS.NS) is an India Industrials company (Electronic Equipment/Instruments) with a market value of $6.25B, the 181st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹14,106 on 6 Nov 2026.
Performance Over six months the shares gained 10.2%, against -13.9% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 15 in its peer set.
Growth Revenue grew 23.4% over the last twelve months (peer median +6.6%); the operating margin is 8.8% (peer median 15.2%).
Valuation It trades at 34.6× forward earnings against a peer median of 19.6× (4th most expensive of 15).
Capital Return on invested capital runs 7.4 points above its cost of capital (13.6% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹256B | ₹229B | ₹186B | ₹161B | ₹143B |
| Revenue growth | — | +23% | +15% | +13% | — |
| Gross profit | ₹49.0B | ₹34.1B | ₹26.5B | ₹25.5B | ₹24.5B |
| EBITDA | ₹24.2B | ₹19.4B | ₹16.0B | ₹15.5B | ₹12.8B |
| Net income | ₹13.8B | ₹9.77B | ₹8.21B | ₹8.25B | ₹6.38B |
| Free cash flow | n/a | -₹354M | ₹5.17B | -₹8.87B | ₹3.31B |
| Capital expenditure | n/a | ₹7.37B | ₹5.10B | ₹3.31B | ₹2.48B |
| Total debt | ₹10.1B | ₹9.56B | ₹5.85B | ₹4.76B | ₹3.76B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| APAR Industries APARINDS.NS | $6.25B | +10% | +23% | 9% | 34.6× | n/a |
| Hitachi Energy India POWERINDIA.NS | $13.1B | -20% | +40% | 15% | 79.8× | 50.3% |
| Polycab India POLYCAB.NS | $12.5B | -13% | +41% | 13% | 33.8× | n/a |
| KEI Industries KEI.NS | $4.03B | -22% | +25% | 10% | 33.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | APARINDS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.3% | -8.6% | lowest of 15 |
| 6-month return | +10.2% | -13.9% | 2nd highest of 15 |
| Distance from 52-week high | -26.8% | -27.9% | 6th highest of 15 |
| Revenue growth (TTM) | +23.4% | +6.6% | 2nd highest of 15 |
| Operating margin | 8.8% | 15.2% | 2nd lowest of 15 |
| Forward P/E | 34.6× | 19.6× | 4th most expensive of 15 |
| ROIC minus cost of capital | +7.4 pp | +1.8 pp | 4th highest of 15 |
| EV / EBITDA | 24.2× | 16.7× | 3rd most expensive of 13 |
| Net debt / EBITDA | -0.2× | -0.2× | 7th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| APAR Industries APARINDS.NS | India | $6.25B | +10% | +23% | 9% | 34.6× | n/a | n/a |
| Yokogawa Electric 6841.T | Japan | $6.24B | -30% | +7% | 13% | 15.5× | 6.8% | +10.1% |
| MSA Safety MSA | United States | $6.55B | 0% | +8% | 22% | 17.5× | 8.3% | +6.8% |
| Sensata Technologies ST | United States | $5.72B | -13% | +4% | 16% | 9.9× | 5.2% | +4.1% |
| ESCO Technologies ESE | United States | $7.14B | -24% | +17% | 16% | 25.8× | 25.5% | +8.4% |
| China Railway Signal & Communication 3969.HK | Hong Kong | $7.40B | -15% | +6% | 12% | 7.4× | -6.9% | -3.6% |
| Ralliant RAL | United States | $7.49B | +43% | -4% | 15% | 19.2× | 20.5% | -0.3% |
| Azbil 6845.T | Japan | $4.63B | -2% | +1% | 15% | 18.7× | 5.5% | +3.9% |
| Posco Future M 003670.KS | South Korea | $10.6B | -36% | -9% | 2% | 282.1× | n/a | n/a |
| Hitachi Energy India POWERINDIA.NS | India | $13.1B | -20% | +40% | 15% | 79.8× | 50.3% | +19.0% |
| Honeywell Automation India HONAUT.NS | India | $2.81B | -2% | +5% | 13% | 39.5× | 32.9% | +9.2% |
| Standex International SXI | United States | $2.76B | -13% | +8% | 18% | 20.9× | 15.2% | +6.3% |
| Shihlin Electric & Engineering 1503.TW | Taiwan | $2.51B | -20% | +8% | 12% | 18.9× | 11.5% | +7.7% |
| NXT NXT | United States | $15.8B | -17% | +14% | 19% | 20.9× | 22.0% | +24.4% |
| Fortive FTV | United States | $19.5B | +8% | -22% | 20% | 20.0× | 17.2% | -2.1% |