APAR Industries Posts Record Revenue of INR 22,902 Crore in FY26, Accelerates Capex to INR 1,500 Crore for FY27; Conductors business crossed the INR 10,000 crore revenue milestone

APAR Industries Posts Record Revenue of INR 22,902 Crore in FY26, Accelerates Capex to INR 1,500 Crore for FY27; Conductors business crossed the INR 10,000 crore revenue milestone

The Electrical Post

APAR Industries Limited delivered record revenue and profit in FY2025–26, reporting consolidated revenue of INR 22,902 crore, an increase of 23.3% year-on-year, as rising global electricity demand, infrastructure expansion and the shift towards premium products strengthened its business performance. The company recorded EBITDA of INR 2,067 crore, up 23%, while profit after tax (PAT) increased 19% to INR 977 crore. Building on this performance, APAR has outlined an accelerated capital expenditure plan of INR 1,500 crore for FY2026–27 to expand manufacturing capacity and capture emerging opportunities across power transmission and distribution, renewable energy, data centres and specialised cable applications.

In his annual report statement for FY2025–26, Kushal N. Desai, Chairman and Managing Director of APAR Industries Limited, expressed appreciation to stakeholders for their continued trust and support, describing the year as a pivotal milestone for the organisation. He attributed the company's performance to consistent execution, strategic foresight and the ability to navigate global uncertainties while capitalising on emerging opportunities. He also emphasised that, despite geopolitical tensions and market volatility, the growing global demand for energy and electrification remains a fundamental driver of long-term business growth.

The company's annual report theme, “Powering the Energy Value Chain – From Generation to Transmission and Distribution,” reflects APAR's focus on strengthening India's energy infrastructure while supporting the global energy transition. According to Desai, the theme highlights the company's role as a strategic partner delivering integrated solutions across domestic and international markets.

APAR's FY26 performance was supported by contributions from all three major business segments. The Conductors business crossed the INR 10,000 crore revenue milestone, recording growth of 32.7%. Cables became the company's second-largest segment, generating revenue of INR 6,220 crore, up 25.8%, while Speciality Oils and Lubricants recorded revenue of ₹5,373 crore, registering 6% growth. The company also continued to move towards premium and specialised products, strengthening its revenue mix and positioning itself for improved long-term competitiveness.

Desai highlighted that the company's growth is supported by several structural demand drivers, including rising consumption, industrial expansion, urbanisation, improving living standards and increasing mobility. The rapid development of artificial intelligence infrastructure, hyperscale data centres and high-performance computing facilities is creating an additional source of electricity demand. These facilities require reliable power delivery systems, advanced cabling, conductors, transformers and other electrical infrastructure capable of handling higher load densities.

For APAR, this emerging demand represents a significant growth opportunity beyond traditional utility and industrial markets. The company is focusing on innovations that improve current-carrying capacity, reduce power losses, enhance safety and deliver more environmentally responsible solutions. These priorities are aligned with the growing need for efficient and resilient electricity grids.

The global energy sector presents a substantial long-term opportunity, with electricity demand projected to grow at an average annual rate of 3.6% between 2026 and 2030. In India, an estimated INR 9 trillion (US $96.7 billion) domestic transmission and distribution investment pipeline through 2032 offers significant opportunities for companies supplying conductors, cables and related infrastructure. Meanwhile, the global data-centre cable market is projected to increase from US$12.24 billion in 2026 to US$18.81 billion by 2032, supported by continued investment in hyperscale computing infrastructure.

The expansion of renewable energy is further strengthening demand for modern power networks. Global renewable capacity additions reached a reported 692 GW in 2025, including more than 510 GW of solar capacity. India added approximately 51 GW of renewable energy capacity in FY2025–26, including a record 44.61 GW of solar capacity. The growing integration of renewable energy, energy storage, electric vehicles and green hydrogen is increasing the need for specialised cables, efficient conductors and upgraded grid infrastructure.

APAR's international presence remains central to its growth strategy. Operating in more than 140 countries, the company derives approximately 30% of its consolidated FY26 revenue from exports. North America represents an important growth market, supported by grid modernisation, industrial electrification and rising power requirements from data centres. APAR has already begun supplying cables for US data-centre projects and is building its presence through product certifications, distribution networks and approvals from contractors and asset aggregators. The company reported nearly 50% year-on-year growth in US revenue in FY26, despite tariff-related challenges affecting Indian exporters.

Europe also offers opportunities through investments in decarbonisation, transmission expansion and last-mile network upgrades. APAR is pursuing specialised conductor and cable opportunities, including continuously transposed conductors (CTC), while working towards additional approvals and certifications in international markets. The company expects evolving trade arrangements and growing investment in power infrastructure to support further expansion of its global footprint.

In its Conductors business, APAR is focusing on high-performance products designed to increase transmission capacity and improve grid efficiency. Its portfolio supports both the modernisation of existing networks and the development of new transmission lines, while also addressing transformer applications and railway electrification. Premium conductors, including high-temperature low-sag (HTLS) and AL59 products, accounted for 45.8% of segment revenue and slightly more than half of the segment's order book, reflecting the increasing contribution of higher-value products.

The Cables business is similarly moving towards specialised applications where safety, reliability and performance are critical. APAR has expanded its portfolio across aerospace, fire-survival, solar, wind, defence and naval applications. Newer offerings, including Sureshield™ zero-halogen flame-retardant compounds and Green TPE, are intended to strengthen its presence in safer and more sustainable cable technologies. The company aims to achieve approximately 25% annual value growth in this business while improving its product mix and supporting margin resilience.

Speciality Oils, Lubricants and Telecom Solutions are also contributing to APAR's expansion into infrastructure-led markets. The company is India's largest transformer oil supplier and ranks third globally, according to its annual report statement. Demand for its POWEROIL transformer oil brand is growing at more than 10% annually. Its copper continuously transposed conductors, used in transformer windings, recorded 250% growth in FY26. Together, transformer oil and CTC products represent important opportunities as power infrastructure investment expands.

APAR's Telecom Solutions business is broadening its capabilities in high-capacity fibre and specialised connectivity applications, including submarine and drone-based solutions, as well as the Kavach railway safety project. These initiatives reflect the company's strategy to participate in higher-growth technology-driven markets alongside its established energy infrastructure businesses.

To support the next phase of growth, APAR is increasing investment in manufacturing capacity. After executing capital expenditure of INR 740 crore in FY26, the company has set FY27 capex guidance at INR 1,500 crore. The planned investment spans all three major business segments and includes accelerated capacity expansion, manufacturing bottleneck removal and a faster rollout of its cable expansion programme. APAR is aligning its capacity planning with anticipated demand from wind and solar projects, data centres, transmission and distribution networks, and international markets.

Desai's outlook centres on the view that electrification, renewable energy integration and digital infrastructure will continue to reshape global power requirements. By investing ahead of demand, expanding its premium product portfolio and strengthening its international presence, APAR Industries aims to reinforce its position across the energy value chain and sustain growth over the coming decade.

Published at : Oct 21, 2026 02:59 PM (IST)

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