Aluminium conductors (ACSR, AAAC, high-temperature HTLS), OPGW fibre earth wires, insulators and line hardware strung on every tower.
Apar IndustriesDirect supplier · HighListed
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Gupta Power Infrastructure
Unlisted Odisha-based maker of conductors, cables and wires
Strengths
Large conductor capacity in eastern India serving utilities
Risks
Unlisted - no public market data
Background
Odisha-based, promoter-owned
Compiled from public reporting — not exchange-listed.
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