APARINDS · Capital Goods
Apar Industries Ltd. reported revenue of ₹4,716 cr for October to December 2024, +17.6% on the year and +1.5% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹356 cr, a margin of 7.5%, −255 bps on the year and −14 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 7.5% to 10.1%). Operating costs grew +21.0%, faster than revenue at +17.6%, so operating profit grew less than sales.
Net profit was ₹175 cr, −19.7% on the year and −9.8% on the quarter, with earnings per share of ₹43.55. Profit before other income, one-offs and tax fell 22.4%, so the profit growth came from the business itself. The tax rate of 27% is in line with its recent average.
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 ₹201.05 over the last four quarters, the stock at ₹16,001.00 trades at 79.6 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 7.5%, −255 bps on the year (−14 bps on the quarter).
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 ₹4,716 cr (+17.6% on the year) and net profit of ₹175 cr (−19.7% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −22.4% on the year, against −19.7% for reported profit.
None of the 7 checks that could run raised a question.
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