APAR INDUSTRIESAPAR Industries LimitedNSE:APARINDSTechnicalAnalystSucritAPAR Industries Ltd. (CMP ₹13,538.00, NSE: APARINDS) Prepared by Sucrit Patil | The SmartWay Research Desk | 4 June 2026 A Mumbai‑based global energy infrastructure solutions provider, incorporated in 1958. APAR Industries operates across conductors, cables, specialty oils, and polymers, serving utilities, renewables, automotive, and industrial sectors worldwide. Promoter Holding (Mar 2026): Desai Family — 57.77% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹22,902 Cr vs ₹18,542 Cr in FY25 (+23.6% YoY). → Good Net Profit: FY26 PAT ₹977 Cr vs ₹822 Cr in FY25 (+18.9% YoY). → Good Operating Margin: FY26 EBITDA ₹2,312 Cr, margin 10.1% vs 9.5% last year (+60 bps). → Good Equity Capital: Stable, face value ₹10. → Good Dividend Policy: Dividend ₹51.00/share declared for FY26. → Good Asset Building: Investments in premium cables, EV charging solutions, and export markets. → Good Sales: Strong demand from renewables, automotive, and industrial sectors. → Good Expense: Raw material cost pressures (aluminium, copper) remain. → Neutral/Good EPS: FY26 EPS ₹242.81 vs ₹204.30 last year (+18.8%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 57.77% (no pledges) FII Holding: 9.38% (up from 9.35%) Mutual Fund Holding: 22.25% (up from 21.55%) Retail & Others: 8.71% Strategic Moves & Innovations Expansion in EV charging cables and specialty oils. Focus on renewable energy transmission and smart grids. Partnerships with global OEMs for automotive cables. Diversification into premium export markets (U.S., Europe). Cash Flow & Balance Sheet Strength Market cap ~₹55,800 Cr. Debt‑to‑equity ratio ~0.18 (low leverage). Book value per share ₹412.00; P/B ~32.9. EPS (TTM) ₹242.81; P/E ~55.7. Risk Factors High P/E ratio ~55.7, indicating premium valuations. Dependence on commodity cycles (aluminium, copper). Exposure to global trade and tariff risks. Competition from Polycab India, Finolex Cables, and KEI Industries. Investor Takeaway APAR Industries has delivered robust FY26 performance, with revenue up 23.6% and PAT up 18.9%. With strong promoter backing, institutional interest, and leadership in conductors, cables, and specialty oils, APAR remains a premium play on India’s energy infrastructure and EV ecosystem. At CMP ₹13,538.00, valuations are expensive (P/E ~55.7, P/B ~32.9), but justified by growth momentum and sector tailwinds.