APARINDSCapital Goods

Apar Industries Limited

Other Electrical Equipment · ISIN INE372A01015 · BSE 532259 · NSE EQ · FV ₹10
Last price
₹17,801
+4.25%today
What this company does

Apar Industries Limited operates in Other Electrical Equipment, part of the Capital Goods sector. It booked ₹6,591 cr of revenue in its latest quarter (Q1 FY27) and kept -2.1% of sales as profit. It is the largest of 9 Other Electrical Equipment companies we track, by market value.

Established in 1958 in India, APAR Industries has sustainable energy, the government has made transcended its humble beginnings to become a significant strides in increasing power capacity We pride ourselves on being relentless global powerhouse. Today, more than six decades across the country.
Their stated mission

is to multifaceted undertaking that requires collaboration create a world that is more energy-efficient, and coordination among various stakeholders to TRANSITION environmentally sustainable, and safer.

In the report:
53out of 100
Equitytale Health Score
Mixed

Healthier than 53% of companies in Capital Goods, on all six measures of filed financials. Each measure is ranked against the 77–113 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
59

At close. Not part of the score.

Profitability & returns39

How much profit it earns on the money it employs

Balance sheet37

How much it owes, and whether earnings cover the interest

Cash quality69

Whether reported profit actually arrives as cash

Growth & consistency61

Whether sales and profit have grown, and how steadily

Valuation43

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Sales up 29% vs last year
Promoters hold 55%
No promoter shares pledged
Turns profit into real cash
Watch-outs
! Thin -2.1% net margin
! Low -10.3% return on equity

What if I invest in APARINDS?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 15% a year, it would become
₹26.30 lakh

The slider starts at 15%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹17,801 +4.25%
latest close · 2026-09-17
1-year return
+2779.5%
52-wk low ₹55652-wk high ₹18,465
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio38.2High
LowAverageHigh
P/B ratio13.26High
Below bookModerateHigh
EV / EBITDA22.6High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity-10.3%Loss
WeakFairStrong ▸15%
Return on capital49.9%Strong
WeakFairStrong
Net margin-2.1%Loss
ThinDecentStrong
EBITDA margin12.0%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.16Comfortable
LowModerateHigh ▸1
Interest cover6.1×Strong
RiskyOkayStrong ▸5×
Current ratio1.45Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹71,507 cr
Book value
₹1,343
EPS
₹116.37
latest quarter
Net debt
₹172 cr
owes more than its cash
Enterprise value
₹71,678 cr
EBITDA
₹3,165 cr
annualised
EBIT
₹2,982 cr
annualised
Operating margin
11.3%
Return on assets
-4.0%
Earnings yield
2.61%
P/S
2.71
Sales / share
₹6,563.2
Tax rate
24.9%
Face value
₹10
Shares
4.0 cr
Working capital
₹3,466 cr
Current assets
₹11,197 cr
Current liabilities
₹7,730 cr
Delivery %
37.5%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2024 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹1,801₹2,918, midpoint ₹2,359

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹6,591 cr
Other Income₹34 cr
Total Income₹6,625 cr
Cost of Materials₹5,287 cr
Purchases of Stock-in-Trade₹28 cr
Inventory Change (±)₹-249 cr
Employee Benefit Expense₹126 cr
Finance Costs₹123 cr
Depreciation & Amortisation₹46 cr
Other Expenses₹641 cr
Total Expenses₹6,002 cr
Profit before Tax₹622 cr
Tax Expense₹155 cr
Share of JV / Associates₹26 L
Net Profit₹467 cr
Net margin on total income7.1%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹5,066 cr76.5%
Employee benefit expense₹126 cr1.9%
Finance costs₹123 cr1.9%
Depreciation & amortisation₹46 cr0.7%
Other expenses₹641 cr9.7%
Tax expense₹155 cr2.3%
Profit for the period₹467 cr7.1%
Total income ₹6,625 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue5,480 cr6,603 cr6,591 cr
Total income5,495 cr6,623 cr6,625 cr
Expenses5,182 cr6,286 cr6,002 cr
Profit before tax288 cr329 cr622 cr
Tax79 cr75 cr155 cr
Net profit (owners' share)209 cr253 cr-139 cr
Net margin (owners' share, on revenue)3.8%3.8%-2.1%
EPS (₹)52.0163.09116.37
YoY (latest quarter): total income +29.2% · net profit
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹13,711 cr
Shareholder equity
₹5,393 cr
parent shareholders
Total debt
₹841 cr
Cash
₹669 cr
Cash flow · H1 FY26
Operating
₹169 cr
Investing
₹-206 cr
Financing
₹-341 cr
Peer comparison
Other Electrical Equipment · by market value
CompanyPriceMarket capP/E
Apar Industries Limitedthis company₹17,801₹71,507 cr38.2
Waaree Energies Limited₹2,473₹71,136 cr20.9
Premier Energies Limited₹880₹39,948 cr21.1
Emmvee Photovoltaic Power Limited₹326₹22,536 cr14.8
Mtar Technologies Limited₹7,060₹21,716 cr108.1
Diamond Power Infrastructure Limited₹376₹19,817 cr84.7
Avalon Technologies Limited₹2,230₹14,899 cr106.8
Fujiyama Power Systems Limited₹409₹12,551 cr54.4
Waaree Renewable Technologies Limited₹811₹8,463 cr18.3
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.34%
trailing 12 months
Dividend / share (TTM)
₹60
Last dividend
₹60
ex 11 Sep 2026
ActionDetailEx-date
Dividend₹60 / share11 Sep 2026
Dividend₹51 / share29 Jul 2025
Dividend₹51 / share20 Aug 2024
Dividend₹40 / share4 Aug 2023
Dividend₹15 / share4 Aug 2022
Dividend₹9.5 / share5 Aug 2021
Who owns it · 2026-08-13
No pledge
Promoter
55.4%
FII / Foreign
11.4%
DII / Domestic
24.9%
Retail / others
8.3%
Promoter stake down 2.4% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtNoopur K. Desai · Promoters2,86125 Jun 24
SoldDevharsh C. Desai · Promoters65,77725 Jun 24
SoldKushal N. Desai · Promoters88,81925 Jun 24
Bulk / block deals
short · NSE113 Aug 26
short · NSE2012 Aug 26
short · NSE24 Aug 26
Stake changes
BoughtNitika C Desai · promoter→ 0.17% · 65,77825 Jun 24
SoldKushal Narendra Desai · promoter→ 22.70% · 88,81925 Jun 24
SoldHDFC Mutual Fund→ 4.86% · 7.23 L8 Dec 23
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Postal ballot · 14 Mar 2026
See the official result
1
Appointment of Mr. Pitamber Shivnani (DIN: 05187407) as an Independent Director (Non-Executive) of the Company.
Backed by 100% of shareholders other than promotersneeded 75%
1.23 cr votes for, 16,152 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 25 named members
owning 55.4% between them · as of 2026-08-13
Chaitanya N Desai21.78%
Kushal N Desai21.78%
Maithili N Desai Family Private Trust No 2 - Trustee Maithili Trusteeship Services Private Limited10.58%
Maithili N Desai Family Private Trust - Trustee Mr. K. N. Desai and Mr. C. N. Desai0.24%
APAR Corporation Private Limited0.20%
Devharsh Chaitanya Desai0.16%
Gaurangi Yuvraj Mehra0.16%
Nitika Chaitanya Desai0.16%
Business done with them
FY2025 · 2 of the group
The company paid ₹61 L to companies in the promoter group last year — about 0.0% of its ₹18,581 cr revenue and received ₹6 cr back from them.
Apar Corporation Private Limited
Sold goods to them · As per below
also owns 0.20% of the company
₹6 cr
company received
Apar Corporation Private Limited
Leases As Lessee · As per below
also owns 0.20% of the company
₹2 cr
company received
Apar Corporation Private Limited
Other payments to them · As per below
also owns 0.20% of the company
₹57 L
company paid
Mrs. Jinisha C. Desai
Other payments to them · As per below
also owns 0.01% of the company
₹3 L
company paid
Apar Corporation Private Limited
Settlement Of Liabilities By Entity On Behalf Of Related Party · As per below
also owns 0.20% of the company
₹1 L
company paid

The company also transacted with 28 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.