MarketFriction

Apar Industries Ltd

NSE APARINDS · BSE 532259 · Other Electrical Equipment
₹17,648.00 +1.52%
NSE close2026-10-01
52 week range6,801.00 - 19,265.00
Market cap₹74,545 Cr.
P/E61.8
Nifty 200Nifty 500Nifty Midcap 100Midcap 150 Price band 20% Delivery 31.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales3,9254,0094,4554,0114,6454,7165,2105,1045,7155,4806,6036,591
Expenses3,5763,6044,0283,6344,2884,3604,7554,6525,2505,0286,1075,833
Operating Profit349405427377357356455452465452496758
OPM %9%10%10%9%8%8%9%9%8%8%8%11%
Other Income192127153334202523-171234
Interest1031131019010111810086108106137123
Depreciation282931313233363840414246
Profit before tax237284322270257238340353341288329623
Tax %27%23%27%25%24%27%26%25%26%27%23%25%
Net Profit174218236203194175250263252209253467
EPS in Rs45.4454.1658.8150.4248.2743.5562.2465.4562.6652.0163.09116.36
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5,0784,8325,8187,9647,4256,3889,31714,33616,15318,58122,90224,389
Expenses4,6984,3985,3937,4726,9305,9488,73913,06914,58516,98120,98022,218
Operating Profit3804344264914954405781,2671,5681,6011,9222,171
OPM %7%9%7%6%7%7%6%9%10%9%8%9%
Other Income101511151519333686812452
Interest175131158223254157171344432443474474
Depreciation38455667879398104116132161169
Profit before tax1782732232161692083428551,1061,1061,3101,580
Tax %32%36%35%37%20%23%25%25%25%26%25%
Net Profit1221771451361351602576388258219771,182
EPS in Rs31.6146.1437.8235.5535.3241.9467.09166.64205.41204.46243.21294.12
Dividend Payout %21%22%25%27%27%23%22%24%25%25%25%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth16%29%17%24%
Compounded Profit Growth24%44%16%37%
Stock Price CAGR42%94%48%117%
Return on Equity20%22%22%20%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital383838383838383838404040
Reserves6918159981,0701,1641,1281,3611,6772,1983,8364,4635,353
Borrowings494384305363253372325359376476585956
Other Liabilities1,7321,6802,1072,8053,5013,1163,2754,5335,6055,2646,1757,362
Total Liabilities2,9562,9193,4484,2764,9574,6544,9996,6088,2189,61611,26413,711
Fixed Assets3953985746497098858788819501,1931,5401,717
CWIP1056282010355293899122130540
Investments5112119018706031541121955
Other Assets2,5462,3522,7283,6083,9583,7144,0325,6577,1148,2909,37311,399
Total Assets2,9562,9193,4484,2764,9574,6544,9996,6088,2189,61611,26413,711
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity29841231222563294281244698-2831,291968
Cash from Investing Activity-59-223-166-5-38845-115-91-267-267-705-552
Cash from Financing Activity-369-153-157-69-293-189-123-106-186635-483-434
Net Cash Flow-13036-11151-49-49434624685103-18
Free Cash Flow24328914697424-50226114452-613784235
CFO/OP120%108%95%67%143%35%74%58%72%-2%97%70%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days91789510998931069981898085
Inventory Days847210298748511910885838284
Days Payable141130181207188182231207172140137138
Cash Conversion Cycle3420150-16-4-61-5322530
Working Capital Days2252221613252718503943
ROCE %17%28%31%27%30%28%22%27%51%44%33%32%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Aug 2026
Promoters57.77%57.77%57.77%57.77%57.77%57.77%57.77%57.77%57.77%57.77%57.76%55.42%
FIIs10.98%11.55%11.51%10.97%10.22%9.87%9.06%9.24%9.35%9.38%10.76%11.36%
DIIs18.62%18.90%19.73%20.41%21.24%20.63%21.79%22.64%23.20%24.15%23.02%24.88%
Public12.63%11.78%11.00%10.85%10.77%11.73%11.38%10.35%9.68%8.71%8.47%8.34%
No. of Shareholders94,35490,96991,4911,00,8211,02,3621,14,5531,12,3651,06,31697,76189,00995,27997,938

Fundamentals

Market Cap₹ 74,545 Cr.
Current Price₹ 17,803
Stock P/E61.8
Book Value₹ 1,343
ROCE31.8 %
ROE20.3 %
Dividend Yield0.34 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)24%
Compounded Profit Growth (TTM)37%
Consolidated figures.
Valuation
Market capRs 70,889 Cr
Enterprise valueRs 71,113 Cr
P/E (TTM)60.00x
Price to book13.14x
Price to sales2.91x
EV / EBITDA31.99x
EV / EBIT34.62x
EV / sales2.92x
Price to cash flow73.26x
Earnings yield1.67%
Dividend yield0.34%
P/E, 3-year average33.90x
P/B, 3-year average6.51x
P/E, 5-year average25.28x
P/B, 5-year average5.05x
Profitability
Operating margin (excl. other income)8.39%
Operating margin (incl. other income)8.49%
EBITDA margin9.11%
Pre-tax margin6.48%
Net profit margin4.84%
Net margin, latest quarter7.09%
ROE19.74%
ROCE31.20%
ROA7.82%
ROE, 3-year average22.11%
ROCE, 3-year average36.06%
ROA, 3-year average8.31%
ROE, 5-year average23.02%
ROCE, 5-year average37.27%
ROA, 5-year average7.59%
ROIC (approx.)27.27%
Tax rate25.43%
Other income / net worth0.44%
Growth
Sales growth (latest year)23.25%
Profit growth (latest year)18.95%
Sales CAGR, 3 years16.90%
Sales CAGR, 5 years29.09%
Profit CAGR, 3 years15.28%
Profit CAGR, 5 years43.51%
Sales growth QoQ-0.18%
Profit growth QoQ84.44%
Sales growth YoY (latest quarter)29.13%
Profit growth YoY (latest quarter)77.80%
Per share
EPS (TTM)Rs 294.14
EPS (latest year)Rs 243.21
EPS (latest quarter)Rs 116.37
EPS, 3-year averageRs 217.70
EPS, 5-year averageRs 177.36
Book value per shareRs 1,342.70
Sales per shareRs 6,071.71
Cash flow per shareRs 240.88
Free cash flow per shareRs 58.50
Dividend per share (latest year)Rs 60.00
Dividend per share, 3-year averageRs 54.00
Dividend per share, 5-year averageRs 43.40
Dividends
Dividend payout24.67%
Dividend payout, 3-year average24.82%
Dividend payout, 5-year average24.16%
Efficiency
Asset turnover1.67x
Fixed asset turnover13.34x
Inventory turnover4.55x
Inventory days80 days
Debtor days85 days
Debtors turnover4.29x
Creditor days138 days
Cash conversion cycle30 days
Working capital days43 days
Leverage
Total debtRs 956 Cr
Cash and bankRs 732 Cr
Net debtRs 224 Cr
Debt to equity0.18x
Net debt / EBITDA0.10x
Interest coverage4.33x
Current ratio (filing 2026-03-31)1.45x
Quick ratio (filing 2026-03-31)0.91x
Trade payables (filing 2026-03-31)Rs 6,856 Cr
Owners' fund to total sources39.34%
Debt to assets6.97%
Cash flow
Cash from Operating Activity (latest year)Rs 968 Cr
Cash from Investing Activity (latest year)Rs -552 Cr
Cash from Financing Activity (latest year)Rs -434 Cr
Net Cash Flow (latest year)Rs -18 Cr
Free cash flow (latest year)Rs 235 Cr
FCFE (approx.: FCF + change in debt)Rs 606 Cr
Cash from ops / profit, 5 years0.83x
Sales to cash flow23.67x
Statement figures
Net sales (TTM)Rs 24,389 Cr
Net sales (latest year)Rs 22,902 Cr
Sales (latest quarter)Rs 6,591 Cr
Operating profit excl. other income (latest year)Rs 1,922 Cr
Operating profit (latest quarter)Rs 758 Cr
Other income (TTM)Rs 52 Cr
EBITDA (TTM)Rs 2,223 Cr
PBDT (TTM)Rs 1,749 Cr
Profit before tax (TTM)Rs 1,580 Cr
Tax (latest year)Rs 333 Cr
Net profit (TTM)Rs 1,182 Cr
Net profit (latest year)Rs 977 Cr
Net profit (latest quarter)Rs 467 Cr
Depreciation (TTM)Rs 169 Cr
Depreciation (latest quarter)Rs 46 Cr
Interest (TTM)Rs 474 Cr
Cost of goods sold (latest year)Rs 18,908 Cr
Total expenditure (latest year)Rs 20,980 Cr
Total income (latest year)Rs 22,926 Cr
Share capitalRs 40 Cr
ReservesRs 5,353 Cr
Shareholders' fundsRs 5,393 Cr
Total assetsRs 13,711 Cr
Net blockRs 1,717 Cr
Capital work in progressRs 540 Cr
InvestmentsRs 55 Cr
ReceivablesRs 5,334 Cr
InventoryRs 4,153 Cr
Other liabilitiesRs 7,362 Cr
Shares outstanding (crore)4.02
Ownership
Promoter holding55.42% (-2.35 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 60.0 is at the 97th percentile of its own 9.4-year range (median 18.4, low 8.5, high 64.5).
P/B 13.14 is at the 96th percentile (median 3.02).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodAPARINDSNifty 50Difference
1 week-0.9%-2.8% +1.9 pts
1 month+1.4%-6.8% +8.2 pts
3 months+24.5%-7.6% +32.1 pts
6 months+78.6%+0.4% +78.2 pts
1 year+102.0%-9.9% +112.0 pts
2 years+80.0%-13.6% +93.5 pts
3 years+222.2%+14.2% +208.0 pts
5 years+2657.7%+27.9% +2629.8 pts
186 mutual fund schemes hold about ₹18,400 Cr. Over three months 51 bought more and 121 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Nippon India Small Cap Fund1.73%1,431 -19%
Kotak Mid Cap Fund1.45%1,035 -46%
Axis Midcap Fund2.73%941 -10%
Motilal Oswal Large & Midcap Fund4.03%813 -23%
HDFC Small Cap Fund1.90%797 -22%
Motilal Oswal Large & Midcap Fund4.03%744 -23%
HDFC Balanced Advantage Fund0.63%673 -30%
HSBC Midcap Fund3.38%580 +6%
Axis Flexi Cap Fund4.06%566 -11%
Axis Flexi Cap Fund4.06%547 -11%
Axis Focused Fund4.69%536 -10%
ICICI Pru Multi Cap Fund2.72%532 +1%
ICICI Pru Multi Cap Fund2.72%511 +1%
ICICI Pru Mid Cap Fund5.77%485 -15%
ICICI Pru Mid Cap Fund5.77%459 -15%
HSBC Small Cap Fund2.33%445 -14%
Axis ELSS-Tax Saver Fund1.26%411 -4%
ICICI Pru Flexi Cap Fund1.27%328 +214%
Axis Large & Mid Cap Fund1.73%300 -30%
HDFC Flexi Cap Fund0.26%299 +100%
SBI Contra Fund0.63%299 +100%
Axis Large & Mid Cap Fund1.73%291 -30%
DSP Midcap Fund1.28%269 -30%
DSP Small Cap Fund1.12%243 -18%
Motilal Oswal ELSS Tax Saver Fund4.48%230 -15%

Red flags

F-score 4 of 8
lookAuditor change Auditor change 2026-05-28: Apar Industries Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2024-06-25Chaitanya N. DesaiPromotersother4,501Inter-se-Transfer
2024-06-25Noopur K. DesaiPromotersother2,861Inter-se-Transfer
2024-06-25Rishabh K. DesaiPromotersother23,380Inter-se-Transfer
2024-06-25Gaurangi K. DesaiPromotersother62,578Inter-se-Transfer
2024-06-25Jinisha C. DesaiPromotersother4,500Inter-se-Transfer
2024-06-25Devharsh C. DesaiPromotersother65,777Inter-se-Transfer
2024-06-25Nitika C. DesiaPromotersother65,778Inter-se-Transfer
2024-06-25Kushal N. DesaiPromotersother88,819Inter-se-Transfer
2023-12-13Vivek Chandrakant DiwadkarEmployees/Designated Employesell1,942Rs 1.02 CrMarket Sale
2023-06-07Maithili N Desai Family Private TrPromoter Groupbuy25,500Rs 7.18 CrMarket Purchase
2023-06-07APAR Corporation Private LimitedPromoter Groupsell25,500Rs 7.17 CrMarket Sale
2023-02-16Navendu Kumar Bhardwaj-sell541Rs 0.12 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹6,591 Cr +29.1% vs Jun 2025. Net profit ₹467 Cr +77.6%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-11Dividend - Rs 60 Per Share
2025-07-29Dividend - Rs 51 Per Share
2024-08-20Annual General Meeting/Dividend - Rs 51 Per Share
2023-08-04Annual General Meeting/Dividend - Rs 40 Per Share
2022-08-04Annual General Meeting/Dividend - Rs 15 Per Share
2021-08-05 Annual General Meeting/Dividend - Rs 9.50 Per Share
2020-08-07 Annual General Meeting
2020-03-05 Interim Dividend - Rs 9.5 Per Share
2019-07-31 Annual General Meeting/Dividend - Rs 9.50 Per Share
2018-08-01 Annual General Meeting/Dividend- Rs 9.50 Per Share
2017-08-01 Annual General Meeting/Dividend - Rs 10/- Per Share
2017-01-19 Buyback
2016-07-28 Annual General Meeting
2016-03-22 Interim Dividend - Rs 5.50/- Per Share + Special Dividend - Re 1/- Per Share (Purpose Revised)
2015-07-30Annual General Meeting/Dividend - Rs 3.50/- Per Share
2014-07-24Annual General Meeting / Dividend - Rs 5.25/- Per Share / Annual Book Closure
2013-08-01Annual General Meeting/Dividend Rs 5.25/- Per Share
2012-11-02Annual General Meeting And Dividend Rs.4/- Per Share
2011-08-12Annual General Meeting And Dividend Rs.3.50 Per Share
2010-11-03Interim Dividend-Rs.2.50 Per Share
2010-07-22Annual General Meeting And Dividend Rs.5/- Per Share
2009-08-28Annual Book Closure
2008-08-18Agm/Div Fin- 20%+Spl- 20%
2007-11-07Int Div-Rs.1.50 Per Sh Purpose Revised
2007-07-30Agm/Dividend-Rs.2 Per Sh
2007-01-11Bonus-1:30.7500
2006-11-10Interim Dividend-15%
2006-08-02Fin Div-Rs.1.75 Per Sh
DateTypeWhat it says
2026-09-24General UpdatesKYC Reminder Letters
2026-09-22Shareholder meetingVoting results.
2026-09-21Shareholder meetingProceedings of Annual General Meeting held on September 21, 2026
2026-09-21UpdatesChange in name of Wholly Owned Subsidiary.
2026-09-10Credit Rating- RevisionCredit Rating- Revision
2026-08-25Record DateRecord date for the purpose of Dividend is 14-Sep-2026.
2026-08-25UpdatesSubmission of BRSR for FY 25-26.
2026-08-25Shareholder meetingNotice of Annual General Meeting to be held on September 21, 2026
2026-08-13AllotmentAllotment of 1688618 securities pursuant to Qualified Institution Placement at its meeting held on August 13, 2026.
2026-08-13General UpdatesOutcome of Share Issue Committee of Directors.
2026-08-13Qualified Institutional PlacApproval of closure of QIPs and Placement Document.
2026-08-13General UpdatesOut Come of the meeting of the Share Issue Committee of Directors.
2026-08-10Qualified Institutional PlacQualified Institutional Placement
2026-08-10General UpdatesOutcome of the meeting of the Share Issue Committee of Directors dated August 10, 2026.
2026-07-31Concall / analyst meetTranscript
2026-07-30Shareholder meetingVoting results.
2026-07-30Shareholder meetingProceedings of Extraordinary General Meeting held on July 30, 2026
2026-07-28UpdatesIntimation of Audited Standalone and Consolidated Financial Statements for the Financial Year ended March 31, 2026.
2026-07-27UpdatesCorporate Presentation - July, 2026.
2026-07-24Concall / analyst meetLink of Recording
2026-07-24Investor PresentationInvestor Presentation
2026-07-24Acquisition:1. Incorporation of Wholly Owned Subsidiary of the Company in United Kingdom2. Approval for further investment in Apar Industries Latam Ltda, B...
2026-07-24ESOPAllotment of 9,484 Equity Shares against exercise of ESARs granted to eligible employees under APAR Industries Limited Employee Stock Appreciation Rig...
2026-07-24Board meeting outcomeApar Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-15Concall / analyst meetSchedule of meet
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Trade dateShares sold short
2026-09-301
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-03-19NCLTApar Industries Ltd Vs Pennar Industries Ltd
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Close to Close price movement greater than 100perc in previous 365 daysClose to Close price movement greater than 75perc in previous 6 monthsHigh low price variation greater than 100perc in previous 6 monthsScrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Apar Industries Ltd?

Apar Industries Ltd (APARINDS) has a market capitalisation of Rs 74,545 Cr. at the 2026-10-01 close.

What is the P/E ratio of Apar Industries Ltd?

Apar Industries Ltd trades at a P/E of 61.8 on trailing twelve-month profit, at the 2026-10-01 close.

What were Apar Industries Ltd's latest quarterly results?

In the Jun 2026 quarter, Apar Industries Ltd sales was Rs 6,591 Cr (+29.1% vs Jun 2025) and net profit was Rs 467 Cr.

What is the 52-week high and low of Apar Industries Ltd?

The 52-week high is Rs 19,265.00 and the 52-week low is Rs 6,801.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03