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Apar Industries Ltd Earnings Release 2026

May 28, 2026

61163_rns_2026-05-28_e983dddf-00db-4a93-8657-bddd35a30c7f.pdf

Earnings Release

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APAR
Tomorrow's solutions today

SEC/2805/2026
By E-Filing
May 28, 2026

| National Stock Exchange of India Limited
“Exchange Plaza”,
C-1, Block G,
Bandra- Kurla Complex,
Bandra (E),
Mumbai – 400 051.
Scrip Symbol : APARINDS
Kind Attn.: Listing Department | BSE Limited
Corporate Relations Department,
Phiroze Jeejeebhoy Towers,
Dalal Street,
Fort,
Mumbai - 400 001.
Scrip Code : 532259
Kind Attn. : Corporate Relationship Department |
| --- | --- |

Sub. : Investor Update for Q4FY26

Ref.: Regulation 30 and all other applicable regulations, if any, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.

Dear Sir / Madam,

We are enclosing herewith an Investor Update (Conference Call Update) for the Fourth Quarter and Financial Year ended March 31, 2026 (2025-26) for the information of members and investors under the above regulations.

Thanking you,

Yours Faithfully,

For APAR Industries Limited

SANJAYA Digitally signed by SANJAYA
RAJU RAJU KUNDER
KUNDER Date: 2026.05.28 14:54:01 +05'30'
(Sanjaya Kunder)
Company Secretary

Encl. : As Above

APAR Industries Limited
Corporate Office : APAR House, Corporate Park, V. N. Purav Marg, Chembur, Mumbai - 400 071, India
+91 22 4957 2100/6780 0400 [email protected] www.apar.com
Regd. Office: 301/306, Panorama Complex, R. C. Dutt Road, Alkapuri, Vadodara - 390007, India
+91 265 6178 740 [email protected] www.apar.com CIN: L91110GJ1989PLC012802

APAR Tomorrow's solutions today

Q4 & FY26 EARNINGS CALL UPDATE

CONSOLIDATED FINANCIAL HIGHLIGHTS:

Particulars Q4 FY26 Q4 FY25 % Change Q3 FY26 % Change
Revenue from Operations 6,603 5,210 26.7% 5,480 20.5%
EBITDA* 584 490 19.3% 484 20.8%
EBITDA Margin 8.8% 9.4% -0.5% 8.8% 0.0%
Exceptional loss 8 0 100.0% 25 -69.8%
PAT 254 250 1.4% 209 21.4%
PAT Margin 3.8% 4.8% -1.0% 3.8% 0.0%
  • Adjusted for post open period forex before unallocable corporate expenditure net of income

(€ crores, unless stated otherwise)

12M FY26 12M FY25 % Change
22,902 18,581 23.3%
2,067 1,681 23.0%
9.0% 9.0% 0.0%
33 0 100.0%
977 821 19.0%
4.3% 4.4% -0.1%
  • Q4 FY26 revenue stands at ₹ 6,603 crores, grew 26.7% over Q4 FY26, led by sustained domestic business, scaling up of US business and higher realisations. Revenue for 12M FY26 grew 23.3% to reach ₹ 22,902 crores, which is at all-time high.
  • Domestic revenue up 33.6% over Q4 FY25 and 28.8% over 12M FY25.
  • Exports grew 11.7% v/s Q4 FY25, grew 29.7% v/s Q3 FY26 and grew 11.8% v/s 12M FY25. Export contributes to 27.6% of revenue in Q4 FY26 v/s 31.3% in Q4 FY25 and 29.8% in 12M FY26. US revenue up by 28.8% over Q4 FY25, up 254.7% v/s Q3 FY26 and up 49.7% in 12 FY26 v/s 12M FY 25
  • EBITDA post open period forex reached ₹ 584 crores in Q4 FY26, higher than Q4 FY25 by 19.3%. On 12M basis, EBITDA post open period forex up 23.0% to reach ₹ 2,067 crores
  • PAT stands at ₹ 254 crores, up 1.4% v/s Q4 FY26 with PAT margin of 3.8% down 100 bps v/s Q4 FY25. On 12M months basis, PAT came in at ₹ 977 crore up 19.0% over 12M FY25. PAT margin stands at 4.3% in 12M FY26.
  • Q4 had one-offs due to additional impact in the new wage code on gratuity and leave encashment, MTM impact of ECB loan and provision for an old legal case. Excluding these one-offs, PAT would have grown by 14% v/s LY Q4 and 27% v/s 12M FY25.

APAR Industries Limited

Corporate Office: APAR House, Corporate Park, V N Purav Marg, Chembur, Mumbai 400 071, India

+91 22 2526 3400/6780 0400 [email protected] www.apar.com

Regd Office: 301/306, Panorama Complex, RC Dutt Road, Alkapuri, Vadodara - 390 007, India

+91 265 6178 700/6178 709 [email protected] www.apar.com CIN: L91110GJ1989PLC012802

Earnings call update May 2026

APAR

Tomorrow's solutions today

Q4 & FY26 CONDUCTOR DIVISION HIGHLIGHTS:

(ℓ crores, unless stated otherwise)

Particulars Q4 FY26 Q4 FY25 % Change Q3 FY26 % Change
Revenue from Operations 3,764 2,898 29.9% 3,063 22.9%
Volume (MT) 64,957 59,593 9.0% 56,762 14.4%
EBITDA* 292 247 18.2% 251 16.3%
EBITDA* per MT 44,919 41,430 8.4% 44,195 1.6%
EBITDA* Margin (%) 7.8% 8.5% -0.8% 8.2% -0.4%
FY26 FY25 % Change
--- --- ---
12,712 9,582 32.7%
2,41,788 2,22,709 8.6%
1,040 817 27.3%
43,012 36,683 17.3%
8.2% 8.5% -0.3%

  • Adjusted for post open period forex before unallocable corporate expenditure net of income

  • Revenue for Q4 FY26 reached ₹ 3,764 crores, representing YoY growth of 29.9% driven by volume growth, product mix change and higher realisation. On annual basis, revenue grew 32.7% YoY to reach ₹ 12,712 crores.

  • Volume for quarter grew 9.0% v/s Q4 FY25. Volume in 12M FY26 grew 8.6% over 12M FY25
  • Domestic revenue posted YoY growth of 34.8% over Q4 FY25 and 38.3% over 12M FY25
  • Exports grew by 14.6% v/s Q4 FY25 and 48.7% v/s Q3 FY25. In 12M FY26, exports up 14.9% v/s 12M FY25. Exports mix stands at 21.6% in Q4 FY26 v/s 24.5% in Q4 FY25 and 21.0% in 12M FY26 v/s 24.2% in 12M FY25
  • US revenue remains largely at par with Q4 FY25 but is higher than Q3 FY26 by 155.5%. Similarly, US revenues for 12M FY26 is higher than 12M FY25 by 55.2%.
  • Premium product mix came in at 49.3% in Q4 FY26 v/s 44.3% in Q4 FY25 and 45.8% in 12M FY26 v/s 40.6% in 12M FY25
  • EBITDA post open period forex grew 18.2% v/s Q4 FY25 to reach ₹ 292 crores. On 12M, basis it grew 27.3% to reach ₹ 1,040 crores. EBITDA per MT stands at ₹ 44,919 in Q4 FY26 v/s ₹ 41,430 in Q4 FY25. Improved product mix have largely contributed to higher EBITDA margin. EBITDA per MT stands at ₹ 43,012 in 12M FY26 v/s ₹ 36,683 in 12M FY25
  • Pending order book was ₹ 7,671 crores of which export mix is 38.9%
  • In 12M FY26 new order inflow stands at ₹ 11,450 crores, up 24.2% YoY

APAR Industries Limited

Corporate Office: APAR House, Corporate Park, V N Purav Marg, Chembur, Mumbai 400 071, India

+91 22 2526 3400/6780 0400 [email protected] www.apar.com

Regd Office: 301/306, Panorama Complex, RC Dutt Road, Alkapuri, Vadodara - 390 007, India

+91 265 6178 700/6178 709 [email protected] www.apar.com CIN: L91110GJ1989PLC012802

Earnings call update May 2026

APAR
Tomorrow's solutions today

Q4 & FY26 SPECIALTY OIL AND LUBRICANT DIVISION HIGHLIGHTS:

(ℓ crores, unless stated otherwise)

Particulars Q4 FY26 Q4 FY25 % Change Q3 FY26 % Change
Revenue from Operations 1,311 1,250 4.8% 1,458 -10.1%
Volume (KL) 1,49,234 1,49,840 -0.4% 1,72,603 -13.5%
EBITDA* 84 88 -4.1% 92 -8.3%
EBITDA* per KL 5,656 5,873 -3.7% 5,334 6.0%
EBITDA* Margin (%) 6.4% 7.0% -0.6% 6.3% 0.1%
  • Adjusted for post open period forex before unallocable corporate expenditure net of income
FY26 FY25 % Change
5,373 5,087 5.6%
6,31,985 5,79,642 9.0%
376 356 5.4%
5,942 6,145 -3.3%
7.0% 7.0% 0.0%
  • Transformer oil volume at global level, up 1.4% v/s Q4 FY25 and up 3.5% v/s 12M FY25 while domestic transformer oil business posted volume growth of 8.5% v/s Q4 FY25 and 12.2% v/s 12M FY25
  • Automotive oil volume is higher than Q4 FY25 by 19.5% and 11.1% higher than 12M FY25. Industrial lubricant up by 6.1% v/s Q4 FY25 and 13.8% v/s 12M FY25
  • Export mix stands at 36.3% in Q4 FY26 v/s 41.7% in Q4 FY25 and 39.8% in 12M FY26 v/s 44.0% in 12M FY25
  • EBITDA post open period forex stands at ₹ 84 crores in Q4 FY26 and at ₹ 376 crores in 12M FY26. EBITDA per KL stands at ₹ 5,656 in Q4 FY 26 v/s ₹ 5,873 in Q4 FY25. On 12M basis it is at ₹ 5,942 in 12M FY26 v/s ₹ 6,145 in 12M FY25.

APAR Industries Limited
Corporate Office: APAR House, Corporate Park, V N Purav Marg, Chembur, Mumbai 400 071, India
+91 22 2526 3400/6780 0400 [email protected] www.apar.com
Regd Office: 301/306, Panorama Complex, RC Dutt Road, Alkapuri, Vadodara - 390 007, India
+91 265 6178 700/6178 709 [email protected] www.apar.com CIN: L91110GJ1989PLC012802
Earnings call update May 2026

APAR
Tomorrow's solutions today

Q4 & FY26 CABLE DIVISION HIGHLIGHTS:

Particulars Q4 FY26 Q4 FY25 % Change Q3 FY26 % Change
Revenue from Operations 1,903 1,410 35.0% 1,362 39.8%
EBITDA* 202 150 34.5% 132 52.2%
EBITDA* Margin (%) 10.6% 10.6% 0.0% 9.7% 0.9%

(*crores, unless stated otherwise)

FY26 FY25 % Change
6,220 4,945 25.8%
633 498 27.1%
10.2% 10.1% 0.1%

  • Adjusted for post open period forex before unallocable corporate expenditure net of income

  • Revenue for Q4 FY26 came in at ₹ 1,903 crores up 35.0% v/s Q4 FY25 led by commodity price increase.

  • Domestic business grew 35.4% over Q4 FY25 and 23.6% over 12M FY25.
  • Exports up 33.6% v/s Q4 FY25 and 123.4% over Q3 FY26. Exports contribution to revenues came in at 28.1% compared to 28.4% in Q4 FY25. In 12M FY26, exports grew 30.6%, with export mix at 32.3% in 12M FY26 v/s 31.1% in 12M FY25.
  • US revenue grew 52.2% in Q4 FY26 v/s Q4 FY25. On sequential quarter basis it is up 334.0%. It is up 46.7% in 12M FY26 over 12M FY25.
  • EBITDA post open period grew 34.5% v/s Q4 FY25 to reach ₹ 202 crores. EBITDA margin stands at 10.6% in Q4 FY26. In 12M FY26, EBITDA post open period forex grew 27.1% to reach ₹ 633 crores, at a margin of 10.2%.
  • Pending order book is at ₹ 1,800 crores

APAR Industries Limited
Corporate Office: APAR House, Corporate Park, V N Purav Marg, Chembur, Mumbai 400 071, India
+91 22 2526 3400/6780 0400 [email protected] www.apar.com
Regd Office: 301/306, Panorama Complex, RC Dutt Road, Alkapuri, Vadodara - 390 007, India
+91 265 6178 700/6178 709 [email protected] www.apar.com CIN: L91110GJ1989PLC012802
Earnings call update May 2026

APAR
Tomorrow's solutions today

FY26 DIVISION WISE EBITDA TO PAT:

(crores, unless stated otherwise)

Particulars Conductor Oil Cable Others Total
EBITDA pre-open period forex (Note 1) 1047 388 635 19 2089
Open period forex (Note 2) 7 12 2 0 21
EBIDTA post open period forex 1040 376 633 19 2067
Finance cost (ex-open period forex) (Note 3) 222 99 56 0 377
Unallocable expenses, net of unallocable other income 60 65 62 0 187
Depreciation 72 27 57 5 161
PBT before exceptional loss 687 184 458 14 1343
Exceptional loss (Note 4) 33 33
PBT after exceptional loss 687 184 458 -19 1310
Tax 174 47 116 -5 333
PAT 512 137 342 -14 977
EPS 128 34 85 -3 243

Notes

1) Profit before tax + Depreciation + Finance cost – Interest income + Unallocable expense net of unallocable other income.
2) Included in the finance cost in the published results
3) Finance cost (ex-open period forex) is after net of interest income on surplus funds
4) Impact of recently amended labour code on gratuity and leave encashment

APAR Industries Limited
Corporate Office: APAR House, Corporate Park, V N Purav Marg, Chembur, Mumbai 400 071, India
+91 22 2526 3400/6780 0400 [email protected] www.apar.com
Regd Office: 301/306, Panorama Complex, RC Dutt Road, Alkapuri, Vadodara - 390 007, India
+91 265 6178 700/6178 709 [email protected] www.apar.com CIN: L91110GJ1989PLC012802
Earnings call update May 2026

APAR

Tomorrow's solutions today

Q4 FY26 CONSOLIDATED PROFIT AND LOSS

(crores, unless stated otherwise)

Particulars Q4 FY26 Q4 FY25 % Change Q3 FY26 % Change
Sales 6,571 5,461 20.3% 5,189 26.6%
Other operating income 32 19 69.2% 21 50.3%
Revenue from operations 6,603 5,480 20.5% 5,210 26.7%
Other income 20 8 156.9% 20 (2.1%)
Total income 6,623 5,487 20.7% 5,230 26.6%
Expenses
Cost of raw materials 5,187 4,400 17.9% 4,087 26.9%
Employees Cost 114 109 4.7% 78 45.8%
Finance Cost 137 106 28.9% 100 37.3%
Depreciation and Amortisation expense 42 41 4.7% 36 19.3%
Other Expenditure 806 519 55.2% 589 36.7%
Total Expenses 6,286 5,174 21.5% 4,890 28.6%
Profit before tax before share of associate and Exceptional Loss 336 313 7.4% 340 (1.1%)
Exceptional Loss 8 25 0
Profit before tax before share in net profit/(loss) of associate 329 288 14.1% 340 (3.3%)
Share in net profit/(loss) of associate 0 0 (1,418.4%) 0 (294.9%)
Profit after tax 329 288 14.2% 340 (3.3%)
Tax Expense 75 79 (4.6%) 90 (16.2%)
Profit after tax 253 209 21.3% 250 1.4%

APAR Industries Limited

Corporate Office: APAR House, Corporate Park, V N Purav Marg, Chembur, Mumbai 400 071, India

+91 22 2526 3400/6780 0400 [email protected] www.apar.com

Regd Office: 301/306, Panorama Complex, RC Dutt Road, Alkapuri, Vadodara - 390 007, India

+91 265 6178 700/6178 709 [email protected] www.apar.com CIN: L91110GJ1989PLC012802

Earnings call update May 2026

APAR
Tomorrow's solutions today

12M FY26 CONSOLIDATED PROFIT AND LOSS

(* crores, unless stated otherwise)

Particulars 12M FY26 12M FY25 % Change
Sales 22,810 18,492 23.3%
Other operating income 92 89 3.6%
Revenue from operations 22,902 18,581 23.3%
Other income 65 81 (19.7%)
Total income 22,967 18,662 23.1%
Expenses
Cost of raw materials 18,091 14,739 22.7%
Employees Cost 428 338 26.7%
Finance Cost 437 409 6.9%
Depreciation and Amortisation expense 161 132 21.9%
Other Expenditure 2,507 1,938 29.4%
Total Expenses 21,624 17,556 23.2%
Profit before tax before share of associate and Exceptional Loss 1,342 1,106 21.4%
Exceptional Loss 33 0
Profit before tax before share in net profit/(loss) of associate 1,310 1,106 18.5%
Share in net profit/(loss) of associate 0 0 (171.2%)
Profit after tax 1,310 1,106 18.5%
Tax Expense 333 284 17.1%
Profit after tax 977 821 18.9%

APAR Industries Limited
Corporate Office: APAR House, Corporate Park, V N Purav Marg, Chembur, Mumbai 400 071, India
+91 22 2526 3400/6780 0400 [email protected] www.apar.com
Regd Office: 301/306, Panorama Complex, RC Dutt Road, Alkapuri, Vadodara - 390 007, India
+91 265 6178 700/6178 709 [email protected] www.apar.com CIN: L91110GJ1989PLC012802
Earnings call update May 2026

APAR
Tomorrow's solutions today

12M FY25 CONSOLIDATED PROFIT AND LOSS

(crores, unless stated otherwise)

Particulars FY25 FY24 % Change
Sales 18,492 16,045 15.3%
Other operating income 89 108 (17.7%)
Revenue from operations 18,581 16,153 15.0%
Other income 99 81 22.7%
Total income 18,681 16,234 15.1%
Expenses
Cost of raw materials 14,739 12,540 17.5%
Employees Cost 338 289 16.9%
Finance Cost 409 387 5.8%
Depreciation and Amortisation expense 132 116 14.2%
Other Expenditure 1,957 1,797 8.9%
Total Expenses 17,575 15,129 16.2%
Profit before tax & share in net profit / (loss) of associates 1,106 1,106 (0.0%)
Share in net profit/(loss) of associate 0 (1) (80.3%)
Profit after tax 1,106 1,106 0.0%
Tax Expense 284 281 1.3%
Profit after tax 821 825 (0.5%)

For Institutional enquiries
Mr. Amey Gogate
Investor Relations
Phone: +91 22 6780 0400
Email: [email protected]

APAR Industries Limited
Corporate Office: APAR House, Corporate Park, V N Purav Marg, Chembur, Mumbai 400 071, India
+91 22 2526 3400/6780 0400 [email protected] www.apar.com
Regd Office: 301/306, Panorama Complex, RC Dutt Road, Alkapuri, Vadodara - 390 007, India
+91 265 6178 700/6178 709 [email protected] www.apar.com CIN: L91110GJ1989PLC012802
Earnings call update May 2026

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