WatchTalking point
Profit and cash flow diverged
Reported profit rose 18.9% but operating cash flow fell 25.0% — worth investigating whether the profit is being collected.
Importance 71 / 95 · cash quality
Apar Industries · Research view
Apar Industries Ltd
NSE: APARINDSBSE: 532259ISIN INE372A01015Face value ₹10consolidated
₹17,649
+1.51% · 2026-10-01 · 52-wk ₹6,966–₹18,938
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 0.74× over the last 3 profit-making years versus 1.35× before that.
Importance 59 / 95 · cash quality
ConcernTalking point
Capital efficiency slipping
ROCE has fallen for 3 consecutive years, from 51.5% to 31.8%.
Importance 59 / 95 · profitability
Context
Higher P/E than peers
Trades at 60.00× earnings — 153% above the other electrical equipment median of 23.73×.
Importance 56 / 95 · valuation
Section 03 · The company
Who is this company?
Classified by the exchange under Industrials › Capital Goods › Electrical Equipment › Other Electrical Equipment.
- Market cap
- ₹70,895 cr
- FY2026 revenue
- ₹22,902 cr
- FY2026 net profit
- ₹977 cr
- Net worth
- ₹5,393 cr
- Total debt
- ₹841 cr
- EPS (basic)
- ₹243.21
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 3 other electrical equipment.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Over 7 years profit compounded at 32.5% a year while revenue compounded at 16.3% a year — though FY2023 saw a one-off step-change of 148% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Rule PROFIT_CAGR_VS_REVENUE_CAGR
- Revenue growth per year
- +16.3%over 7 years
- Revenue growth
- +23.3%vs last year
- Net profit growth
- +18.9%vs last year
- Change in net profit since FY19
- +618%
Revenue compounded at 16.3% a year over 7 years (₹7,964 → ₹22,902) — though FY2023 saw a one-off step-change of 54% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 18.9% year on year (FY2025 → FY2026).
Revenue grew 23.3% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹467 cr, up 77.8% from ₹263 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹6,591 cr, up 29.1% from ₹5,104 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit grew 77.8% while revenue grew 29.1% vs the same quarter last year — a gap of 48.7 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 4,645 | — | 194 | — | 4.2% |
| Q3 FY25 | 4,716 | +17.5% | 175 | −19.6% | 3.7% |
| Q4 FY25 | 5,210 | +16.9% | 250 | +5.8% | 4.8% |
| Q1 FY26 | 5,104 | +27.3% | 263 | +29.8% | 5.2% |
| Q2 FY26 | 5,715 | +23.1% | 252 | +29.8% | 4.4% |
| Q3 FY26 | 5,480 | +16.2% | 209 | +19.5% | 3.8% |
| Q4 FY26 | 6,603 | +26.7% | 253 | +1.4% | 3.8% |
| Q1 FY27 | 6,591 | +29.1% | 467 | +77.8% | 7.1% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹24,389 crTTM
- EBITDA
- ₹2,255 crTTM
- EBIT
- ₹2,086 crTTM
- PBT
- ₹1,580 crTTM
- Net profit
- ₹1,182 crTTM
C. Corporate actions
11 Sept 2026DividendFinal Dividend - Rs. - 60.0000 — ₹60.00/share
29 Jul 2025DividendFinal Dividend - Rs. - 51.0000 — ₹51.00/share
20 Aug 2024DividendFinal Dividend - Rs. - 51.0000 — ₹51.00/share
4 Aug 2023DividendFinal Dividend - Rs. - 40.0000 — ₹40.00/share
4 Aug 2022DividendDividend - Rs. - 15.0000 — ₹15.00/share
5 Aug 2021DividendDividend - Rs. - 9.5000 — ₹9.50/share
5 Mar 2020DividendInterim Dividend - Rs. - 9.5000 — ₹9.50/share
31 Jul 2019DividendDividend - Rs. - 9.5000 — ₹9.50/share
1 Aug 2018DividendDividend - Rs. - 9.5000 — ₹9.50/share
1 Aug 2017DividendDividend - Rs. - 10.0000 — ₹10.00/share
19 Jan 2017BuybackBuy Back of Shares
22 Mar 2016DividendSpecial Dividend - Rs. - 1.0000 — ₹1.00/share
22 Mar 2016DividendInterim Dividend - Rs. - 5.5000 — ₹5.50/share
30 Jul 2015DividendFinal Dividend - Rs. - 3.5000 — ₹3.50/share
24 Jul 2014DividendFinal Dividend - Rs. - 5.2500 — ₹5.25/share
1 Aug 2013DividendFinal Dividend - Rs. - 5.2500 — ₹5.25/share
2 Nov 2012DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share
12 Aug 2011DividendFinal Dividend - Rs. - 3.5000 — ₹3.50/share
3 Nov 2010DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
22 Jul 2010DividendDividend - Rs. - 5.0000 — ₹5.00/share
18 Aug 2008DividendDividend - Rs. - 4.0000 — ₹4.00/share
7 Nov 2007DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
30 Jul 2007DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
2 May 2003Scheme of arrangementScheme of Arrangement
3 Sept 2001DividendDividend - Rs. - 0.2500 — ₹0.25/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROCE has fallen for 3 consecutive years, from 51.5% to 31.8%.
Rule ROCE_DECLINING_STREAK
- EBITDA margin now
- 8.5%
- 8-year range
- 6.1–10.0%
- ROE FY2026
- 19.7%
- ROCE FY2026
- 31.8%
EBITDA margin of 8.5% is below the other electrical equipment median of 24.9%.
ROE of 19.7% is below the other electrical equipment median of 31.6%.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Reported profit rose 18.9% but operating cash flow fell 25.0% — worth investigating whether the profit is being collected.
Rule PROFIT_UP_CASH_DOWN
Operating cash flowNet profit
- Total debt
- ₹841 cr
- Operating cash flow ÷ net profit
- 0.99×FY2026
- Free cash flow
- ₹235 cr
- Current ratio
- 1.45×
Cash conversion (CFO ÷ profit) has averaged 0.74× over the last 3 profit-making years versus 1.35× before that.
Net worth compounded at 23.9% a year over 7 years (₹1,202 → ₹5,393) — though FY2024 saw a one-off step-change of 73% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Free cash flow has been positive in 5 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 3 other electrical equipment (FY2026, consolidated).
Revenue growth
APARINDS · 2nd of 3 · set median 23.3%
EBITDA margin
APARINDS · 3rd of 3 · set median 24.9%
Return on equity
APARINDS · 3rd of 3 · set median 31.6%
P/E ratio
APARINDS · 3rd of 3 · set median 23.7×
Context
Trades at 60.00× earnings — 153% above the other electrical equipment median of 23.73×.
Rule PE_ABOVE_PEERS
- P / E
- 60.0×TTM to Jun 26
- P / B
- 13.1×latest book
- P / S
- 2.9×TTM sales
- Earnings yield
- 1.7%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 72.6× · P/S 3.1× · ROE 19.7%. TTM and full-year profit and EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years the stock returned 94.1% a year while profit compounded at 43.5% a year — but FY2021 profit (₹161) was well below the through-cycle level (~₹447), so this rate is inflated by the recovery from a low base.
Rule STOCK_RAN_AHEAD · recovery
- 1-year return
- +114.8%
- 3-year return
- +222.2%
- 5-year return
- +2657.8%
- From 52-wk high
- −6.8%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Above₹16,734
- vs 200-day avg
- Above₹12,564
- RSI (14)
- 52.1neutral
- MACD histogram
- -111.4
- From 52-wk high
- −6.8%
- From 52-wk low
- +153.4%
- 30-day volatility
- 42.3%ann.
- 6-month return
- +78.6%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit and cash flow divergedReported profit rose 18.9% but operating cash flow fell 25.0% — worth investigating whether the profit is being collected.PROFIT_UP_CASH_DOWN · conviction 71
- WatchCash conversion trending downCash conversion (CFO ÷ profit) has averaged 0.74× over the last 3 profit-making years versus 1.35× before that.CASH_CONVERSION_DETERIORATING · conviction 59
- ConcernCapital efficiency slippingROCE has fallen for 3 consecutive years, from 51.5% to 31.8%.ROCE_DECLINING_STREAK · conviction 59
- ConcernThinner margins than peersEBITDA margin of 8.5% is below the other electrical equipment median of 24.9%.MARGIN_BELOW_PEER_MEDIAN · conviction 51
- ConcernLess profitable than peersROE of 19.7% is below the other electrical equipment median of 31.6%.ROE_BELOW_PEER_MEDIAN · conviction 50
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,964 | 7,462 | 6,388 | 9,320 | 14,352 | 16,153 | 18,581 | 22,902 |
| Total income | 7,979 | 7,470 | 6,410 | 9,352 | 14,390 | 16,239 | 18,681 | 22,967 |
| EBITDA | 483 | 484 | 438 | 580 | 1,264 | 1,609 | 1,647 | 1,941 |
| Profit before tax | 216 | 169 | 208 | 342 | 855 | 1,106 | 1,106 | 1,310 |
| Net profit | 136 | 135 | 161 | 257 | 638 | 825 | 821 | 977 |
| EPS (₹) | 35.5 | 35.3 | 41.9 | 67.1 | 166.6 | 212.1 | 204.5 | 243.2 |
| Net worth | 1,202 | 1,166 | 1,409 | 1,715 | 2,236 | 3,876 | 4,504 | 5,393 |
| Total debt | 218 | 282 | 213 | 253 | 304 | 406 | 470 | 841 |
| Operating cash flow | — | — | 324 | 244 | 698 | −283 | 1,291 | 968 |
| Free cash flow | — | — | 268 | 115 | 452 | −613 | 784 | 235 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -6.3 | -14.4 | 45.9 | 54.0 | 12.5 | 15.0 | 23.3 |
| Profit growth YoY | — | -0.7 | 18.8 | 60.0 | 148.4 | 29.4 | -0.5 | 18.9 |
| Profitability | ||||||||
| EBITDA margin % | 6.1 | 6.5 | 6.9 | 6.2 | 8.8 | 10.0 | 8.9 | 8.5 |
| Net margin % | 1.7 | 1.8 | 2.5 | 2.7 | 4.4 | 5.1 | 4.4 | 4.3 |
| Return on equity % | 11.3 | 11.4 | 12.5 | 16.4 | 32.3 | 27.0 | 19.6 | 19.7 |
| Return on capital % | 29.3 | 27.7 | 22.4 | 26.9 | 51.5 | 43.8 | 32.7 | 31.8 |
| Leverage & cash | ||||||||
| Debt to equity | 0.18 | 0.24 | 0.15 | 0.15 | 0.14 | 0.10 | 0.10 | 0.16 |
| Cash flow ÷ profit | — | — | 2.02 | 0.95 | 1.10 | -0.34 | 1.57 | 0.99 |
| Current ratio | 1.14 | 1.13 | 1.22 | 1.22 | 1.22 | 1.54 | 1.47 | 1.45 |