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Swing Capital

Apar Industries Ltd

NSE: APARINDS BSE: 532259Energy

Apar, founded by Mr. Dharmsinh D. Desai in 1958, is a market leader in India with a global presence. Contributing to India’s process of electrification it started from manufacturing power transmission cables to having three broad business segments, which are Conductors, Transformer and specialty oils (TSO), and Power/telecom Cables. [1] [2]

₹11,979
52W: ₹6800 — ₹13024
PE 49 · Book ₹1153 · +939% vs book
Market Cap₹48,117 Cr
Stock P/E49Price to Earnings
ROCE33.3%Return on Capital
ROE19.8%Return on Equity
Div. Yield0.4%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 41.6% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 25.4%
  • +Company has been maintaining a healthy dividend payout of 25.4%

Weaknesses

  • −Stock is trading at 10.6 times its book value
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters57.77%
FIIs9.38%
DIIs24.15%
Public8.71%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters57.77%57.77%57.77%57.77%57.77%57.77%57.77%57.77%
FIIs11.51%10.97%▼0.510.22%▼0.89.87%▼0.49.06%▼0.89.24%▲0.29.35%▲0.19.38%▲0.0
DIIs19.73%20.41%▲0.721.24%▲0.820.63%▼0.621.79%▲1.222.64%▲0.923.2%▲0.624.15%▲0.9
Public11%10.85%▼0.210.77%▼0.111.73%▲1.011.38%▼0.310.35%▼1.09.68%▼0.78.71%▼1.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales3,6443,7424,2263,7474,3164,5104,9814,8815,4635,192
Expenses3,2943,3613,8083,3893,9874,1634,5354,4435,0044,764
Operating Profit350381417357329346446438459428
OPM %10%10%10%10%8%8%9%9%8%8%
Net Profit186206238196178176244258254208
EPS ₹48.551.2459.3648.6944.2643.8360.8164.1963.251.69

AI Insights

Revenue Trend

TTM revenue at ₹20,516Cr, up 16.9% YoY. OPM at 9%.

Debt Position

Borrowings at ₹659Cr. Debt-to-equity ratio: 0.14x. Healthy balance sheet.

Capex Cycle

CWIP at ₹356Cr (25% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 24.15% (+6.18pp change). FIIs: 9.38% (+1.91pp change). Promoters hold 57.77%.

Margin & Efficiency

ROCE improving from 17% (Mar 2014) to 33% (Mar 2025). Working capital days: 41.

Valuation

PE 49x with 33.3% ROCE. Price is 939% above book value of ₹1,153. Dividend yield: 0.4%.

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