High-voltage (66-132 kV) and extra-high-voltage (220-400 kV) XLPE underground cables for cities, substations, data centres and plant connections.
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Apar Industries (APARINDS)
India's largest conductor maker and a major cable and specialty-oil company; makes HTLS, copper and OPGW conductors and sells heavily overseas (also in data-centre and solar sectors)
Price
₹14,106
snapshot 6 Nov 2026
Strengths
Conductor order book of ₹10,190 Cr at Jun 2026, with exports 56.8%
Premium products (HTLS, copper conductors, reconductoring) about half of conductor revenue in Q1 FY27
Approvals from US data-centre operators for its cables
Risks
Conductor volumes fell ~7% in Q1 FY27 even as revenue rose
US revenue fell in Q1 FY27 amid tariff uncertainty
Aluminium and copper price swings
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹59,066 Cr
Stock P/E
42.2x
Div Yield
0.43%
ROCE
31.8%
ROE
20.3%
P/B
6.9x
Revenue growth
+23.3%FY26
Profit growth
+19.0%FY26
Net margin
4.3%FY26
1Y vs Nifty
+70 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
9,317FY22
14,336FY23
16,153FY24
18,581FY25
22,902FY26
Stock price return · as of 6 Nov 2026
1Y price return
+68%
3Y CAGR
+41%
5Y CAGR
+83%
Trend94th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 27% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Makes and lays insulated power cables where overhead lines can't go - inside cities, into GIS substations, under airports and into data-centre campuses - and often does the jointing and commissioning too.
Why it matters
Urban load growth and data centres push utilities underground, and EHV cable is one of the hardest products to make (clean-room extrusion, long qualification). Few Indian makers can supply 220 kV and above, so capacity there is valuable.
Where the value pool sits
EHV cable earns better margins than building wire (roughly low-to-mid teens EBITDA for scaled players) but needs heavy capex in vertical extrusion lines. Most listed cable makers' revenue still comes from building wire and LV/MV cable; EHV is a growing slice.
Key drivers
Urban substations and cabled ring mains in metros
Data-centre and industrial grid connections
Renewable plant export lines
Exports to the Middle East and US
Potential bottlenecks
Few vertical continuous-vulcanisation (VCV) lines for 220-400 kV in India