Aluminium conductors (ACSR, AAAC, high-temperature HTLS), OPGW fibre earth wires, insulators and line hardware strung on every tower.
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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
Draws aluminium rod into stranded conductor - plain ACSR and AAAC for new lines, and high-temperature low-sag (HTLS) conductor that can double the capacity of an existing corridor without new towers. Line-hardware makers supply the clamps, spacers and fittings that hold it on the tower.
Why it matters
Every circuit-kilometre needs several tonnes of conductor, so demand moves with line additions. HTLS reconductoring is the fastest way to add capacity where new right-of-way is impossible, and it earns far better margins than plain conductor.
Where the value pool sits
Plain conductor is close to a pass-through on aluminium prices (low single-digit to high single-digit EBITDA); premium HTLS, copper and export products earn more. Apar says premium products were about half of its conductor mix in Q1 FY27, and exports were 56.8% of its ₹10,190 Cr conductor order book.
Key drivers
ISTS and intra-state line additions (16,554 ckm FY27 target)
Reconductoring of old 220/400 kV lines with HTLS
US and European grid upgrades buying Indian conductor
OPGW for grid communications
Potential bottlenecks
HTLS and composite-core technology is held by few makers
Aluminium rod supply concentrated in Vedanta, Hindalco and NALCO
Type tests and utility approvals for new conductor designs