Apar Industries hits record ₹22,902 cr revenue in FY26
Record annual sales mask a Q4 earnings hit from one-time legal and labor provisions. The conductor division holds a ₹7,671 cr order book.
— 6 earlier stories on Apar Industries Ltd. →What's new
- Annual revenue reached a record ₹22,902 cr.
- Conductor division revenue hit ₹12,712 cr with a ₹7,671 cr order book.
- Cable division Q4 revenue rose 35% to ₹1,903 cr, led by US expansion.
- Q4 profit took a ₹33 cr hit from legal and labor code provisions.
Why this matters
Apar is scaling its core divisions, but the one-time provisions in Q4 show the regulatory and labor costs inherent in its expansion. The company's ability to maintain a massive order book while growing its US footprint is the real indicator of its health. The underlying performance remains strong despite the quarterly earnings dip.
What we're watching
- Whether the US cable market expansion sustains the 35% growth rate.
- Execution speed on the ₹7,671 cr conductor order book.
- Any further legal or labor-related costs in the coming quarters.
The full read
Apar Industries closed FY26 with record consolidated revenues of ₹22,902 crore. The conductor division led the charge with ₹12,712 crore in annual revenue and a remaining order book of ₹7,671 crore.
Growth is clear.
The cable division saw a 35% jump in Q4 revenue to ₹1,903 crore, aided by a push into US markets. Annual net profit grew by 19% to ₹977 crore, but the fourth quarter felt the sting of ₹33 crore in one-time provisions for legal and labor code adjustments. The company is in a growth phase, but the quarterly earnings hit shows that scaling comes with rising regulatory and compliance costs. The next test is whether the company can convert its ₹7,671 crore order book into margins without further one-off surprises.
Questions answered
- What drove the record revenue in FY26?
- Growth in the conductor and cable divisions fueled the record ₹22,902 crore revenue. The conductor segment alone contributed ₹12,712 crore.
- Why did Q4 earnings dip?
- Consolidated profit was impacted by ₹33 crore in one-time provisions. These costs relate to regulatory legal matters and new industrial labor codes.
- How large is the current conductor order book?
- The conductor division closed the fiscal year with a pending order book of ₹7,671 crore. A significant portion of this is for export.
- How is the cable division performing?
- The cable division recorded a 35% revenue jump in Q4 to ₹1,903 crore. This growth is largely driven by expanding operations in the United States.
Story so far
All notes on APARINDS →- 28 May 2026 · 3:17 PM IST Apar Industries hits record ₹22,902 cr revenue in FY26
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