APARINDS · Capital Goods
Apar Industries Ltd. reported revenue of ₹6,591 cr for April to June 2026, +29.1% on the year and −0.2% on the quarter. That is faster than this quarter has grown in recent years (+16.9% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹24,389 cr, +24.0% on the four before.
Operating profit (EBITDA) was ₹758 cr, a margin of 11.5%, +264 bps on the year and +399 bps on the quarter. It is the widest margin of the last 8 quarters (range 7.5% to 11.5%). Operating costs grew +25.4% against revenue growth of +29.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹467 cr, +77.6% on the year and +84.6% on the quarter, with earnings per share of ₹116.36. Profit before other income, one-offs and tax grew 79.6%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹1,181 cr, +33.9% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹294.12 over the last four quarters, the stock at ₹16,001.00 trades at 54.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹123 cr, +43.0% on the year; 16% of EBITDA.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,925 cr | ₹4,009 cr | ₹4,455 cr | ₹4,011 cr | ₹4,645 cr | ₹4,716 cr | ₹5,210 cr | ₹5,104 cr | ₹5,715 cr | ₹5,480 cr | ₹6,603 cr | ₹6,591 cr |
| YoY | — | — | — | +6% | +18% | +18% | +17% | +27% | +23% | +16% | +27% | +29% |
| EBITDA margin | 8.9% | 10.1% | 9.6% | 9.4% | 7.7% | 7.5% | 8.7% | 8.9% | 8.1% | 8.2% | 7.5% | 11.5% |
| Other income, % of PBT | 8% | 7% | 8% | 6% | 13% | 14% | 6% | 7% | 7% | −6% | 4% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 23% | 27% | 25% | 24% | 27% | 26% | 25% | 26% | 27% | 23% | 25% |
| Net profit | ₹174 cr | ₹218 cr | ₹236 cr | ₹203 cr | ₹194 cr | ₹175 cr | ₹250 cr | ₹263 cr | ₹252 cr | ₹209 cr | ₹253 cr | ₹467 cr |
| YoY | — | — | — | +3% | +11% | −20% | +6% | +30% | +30% | +19% | +1% | +78% |
| Core profit YoY | — | — | — | +2% | +3% | −22% | +8% | +29% | +42% | +50% | −1% | +80% |
| EPS | ₹45.44 | ₹54.16 | ₹58.81 | ₹50.42 | ₹48.27 | ₹43.55 | ₹62.24 | ₹65.45 | ₹62.66 | ₹52.01 | ₹63.09 | ₹116.36 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Apar Industries Ltd. reported revenue of ₹6,591 cr (+29.1% on the year) and net profit of ₹467 cr (+77.6% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +79.6% on the year, against +77.6% for reported profit.
1 check raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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