Apar Industry

What Apar Industry does

APAR Industries Limited is a publicly listed Indian manufacturing conglomerate founded in 1958 and headquartered in Mumbai, operating 11 manufacturing facilities across India and the UAE and serving customers in 140+ countries. The company operates through four core business divisions: Conductors (power transmission), Cables (electrical, fibre optic, and specialty), Speciality Oils (transformer and industrial oils), and Polymers & Lubricants (thermoplastic elastomers, XLPE compounds, and automotive/industrial lubricants). Its primary customer base is B2B enterprise — utilities, EPC contractors, power equipment OEMs, railways, telecom operators, and industrial manufacturers — with named accounts including POWERGRID, Adani Group, Tata Power, L&T, Indian Railways, Siemens, ABB, Schneider Electric, GE Vernova, Reliance Jio, Airtel, and BSNL.

APAR is the world's largest aluminium conductor manufacturer and the world's third-largest transformer oil manufacturer, holding approximately 30% market share in India's conductor market. Technical capabilities include India's only four e-beam irradiation facilities (1.5 MeV, 2.5 MeV, 2.5 MeV, 3.0 MeV) for cable cross-linking, NABL-accredited ISO 17025:2017 testing laboratories, and the only Indian facility to have successfully innovated and tested Hybrid Cables combining power and fibre optic capabilities. Specialty oils capacity stands at 400,000 KL in India and 120,000 KL in UAE with over 350 grades and 500+ variants. The cables division has compounded at over 23% CAGR over the last decade, and the company maintains over 150 BIS-certified lubricant grades.

APAR monetizes primarily through one-time B2B contracts negotiated via government tenders, long-term utility agreements, and direct EPC negotiations; no consumer-facing pricing is disclosed. Distribution runs through direct enterprise sales teams supported by an international distributor network with blending and storage hubs in Australia, South Africa, and Turkey. FY2025-26 revenue reached Rs 22,902 crore (up 23.3% YoY), with EBITDA of Rs 2,067 crore (up 23% YoY) and PAT of Rs 977 crore (up 19% YoY). The order book stood at Rs 7,671 crore at Q4 FY26 (~0.33x book-to-bill). The company is family-controlled — Kushal Desai serves as Chairman & Managing Director and Chaitanya Desai as Managing Director, both descendants of founder Shri Dharmsinh Dadubhai Desai — with institutional participation from FIIs and mutual funds following a Rs 1,000 crore QIP in 2024 and a Rs 2,500 crore board-approved fundraising plan.

Name

Apar Industry

Legal name

APAR Industries Ltd.

Website

https://apar.com

Company type

Public

Founded year

1958

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

APAR Industries is a publicly listed Indian manufacturer of power transmission conductors, cables, specialty oils, and polymers — the world's largest aluminium conductor producer and 3rd largest transformer oil manufacturer — serving utilities, EPCs, railways, telecom operators, and OEMs across 140+ countries.

Ownership category

akta.pro rank

Product category

Power Transmission Equipment and Electrical Conductors

NAICS

Electrical Equipment, Appliance, and Component Manufacturing (335), Electrical Equipment Manufacturing (33531), Electrical Equipment Manufacturing (3353)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600), Electrical Industrial Apparatus (3620)

akta.pro primary industry

Electrical Conduit & Raceway Systems (PVC/HDPE) (IMANADAC)

Keywords

• Power transmission conductors
• Specialty transformer oils
• Electrical cable solutions
• Telecom fibre optic cables
• Thermoplastic elastomer compounds

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Conductors Business: APAR manufactures and sells power transmission conductors including conventional ACSR conductors, HTLS (High Temperature Low Sag) conductors, OPGW, railway conductors, and specialty alloy rods. This is the largest segment, contributing approximately Rs 3,764 crore in Q4 FY26 revenue.
2. Cable Solutions: APAR produces electrical cables, elastomer cables, fiber optic cables, and specialty products for power, railways, telecom, defense, and industrial applications. The division has grown at over 23% CAGR for the last ten years.
3. Speciality Oils: APAR manufactures transformer oils, white oils, petroleum jelly, and process oils. The company is the world's 3rd largest transformer oil manufacturer and India's largest private blender with over 350 grade oils and 500+ variants.
4. Polymers & Lubricants: APAR produces thermoplastic elastomers (TPEs, TPVs, TPU), XLPE compounds, ZHFR compounds, and industrial/automotive lubricants under POWEROIL, ENI, and ARKOS brands.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

APAR Industries manufactures aluminium and alloy power transmission conductors, electrical and fibre optic cables, specialty oils (transformer, white, process oils), thermoplastic elastomers and polymer compounds, industrial and automotive lubricants, and specialty automotive products such as AdBlue and batteries. The company sells these manufactured products directly to utilities, EPC contractors, power equipment manufacturers, railways, telecom operators, defense entities, and industrial customers across more than 140 countries. It also offers turnkey EPC transmission and distribution project solutions through its T&D subsidiary.

Product overview

APAR Industries operates as a diversified manufacturing conglomerate organized into seven core business divisions: Conductors (world's largest aluminium conductor manufacturer), Speciality Oils (world's 3rd largest transformer oil manufacturer), Cable Solutions (India's widest cable portfolio with four e-Beam facilities), Telecom Solutions (optical fibre and hybrid cables), Polymers (APARPRENE brand TPEs/TPVs/modified TPU), Lubricants (industrial and automotive under POWEROIL/ENI/ARKOS brands), and Speciality Automotive (AdBlue, batteries, vehicle care). The company also operates APAR USA as a strategic market division. With 11 manufacturing facilities and a global footprint across 140+ countries, APAR serves power transmission, renewables, railways, telecommunications, defence, automotive, and industrial sectors. The portfolio spans from commodity conductors and oils to advanced specialty products including e-beam irradiated cables, torpedo/tactical/ROV cables, ZHFR compounds, and hybrid power-fibre telecom cables.

Differentiator

Problem solved

Functional benefit

Brands

• POWEROIL: Transformer oils, white oils, petroleum jelly, process oils, and industrial/automotive lubricants brand under APAR Speciality Oils and APAR Lubricants divisions.
• APARPRENE
• ARKOS
• Eni
• APAR Anushakti
• APAR Shakti
• APAR Fire Protekt
• APAR Telecom Solutions

Products and services

• Conductors

Quantifiable outcome

• Revenue of ₹22,902 crore in FY2025-26, up 23.3% YoY
• +4 more outcomes

Named customers16 records

Segments7 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered major and core.

• Saudi Aramco Base Oil Company (Luberef)majorStrategic or Co-development Partner · 22 June 2026APAR Industries Middle East Ltd, a wholly-owned subsidiary, signed an agreement with Saudi Aramco Base Oil Company (Luberef) for supply of base oils within the lubeHub Value Park in Yanbu, Saudi Arabia. The partnership enables APAR to produce its flagship transformer oils and specialty oils in the Middle East, strengthening its downstream industrial ecosystem and enhancing local content in Saudi Arabia.
• ENI ItalycoreStrategic or Co-development PartnerAPAR entered automotive lubricants through an exclusive license with ENI Italy in 2007. The partnership covers industrial and automotive lubricants under the ENI brand, with the launch ceremony held in June 2021 in Dhaka, Bangladesh.

Scale indicators18 records

Recent moves13 records

Expansion highlights6 records

Direct peers

• KEC International Limited: KEC is a major global EPC player in power transmission and distribution, and a significant buyer of conductors and cables — making it both a customer and a downstream comparable. Its T&D order book and execution profile mirror the demand drivers of APAR's largest segment.
• RR Kabel Limited: RR Kabel is a leading Indian manufacturer of wires and cables (house wires, LT/HT power, instrumentation, and specialty cables) with growing export presence. Comparable to APAR in retail wire and power cable segments, and a meaningful competitor in fast-growing specialty cables.
• Polycab India Limited: Polycab is India's largest cables and wires manufacturer, with a leading share in retail wires and a growing presence in EHV, solar, and telecom cables. It is the most direct Indian listed peer to APAR's Cable Solutions division and a comparator on conductor adjacency.
• Universal Cables Limited: Universal Cables manufactures XLPE and PVC power cables up to 220 kV and is among the larger Indian EHV cable players. It overlaps with APAR's higher-voltage cable and conductor product lines and serves similar utility and industrial customers.
• Finolex Cables Limited: Finolex is one of India's leading cable manufacturers with strength in communication cables, power cables, and house wires, plus PVC compounds. It competes directly with APAR in power and telecom cables and has comparable India-focused manufacturing footprint.
• KEI Industries Limited: KEI manufactures house wires, LT/HT power cables, EHV cables up to 400 kV, and stainless steel wires, serving utilities, infrastructure, and industrial customers across India and abroad. It is a close competitor to APAR in power cables, EPC cables, and specialty cables.

Broad incumbents

• Prysmian Group: Prysmian is the world's largest cable manufacturer, with deep presence in EHV power cables, submarine cables, telecom cables, and specialty cables. It is a global incumbent and benchmark for APAR's cable business, especially relevant as global majors expand in India.
• Havells India Limited: Havells is a diversified electrical equipment major with cables, wires, switchgear, lighting, and consumer appliances, competing with APAR in wires, cables, and power infrastructure products. It is significantly larger and broader than APAR, making it a broad incumbent rather than a focused cable peer.
• Sterlite Power Transmission Limited: Sterlite Power is a leading Indian power transmission infrastructure developer and conductor manufacturer, overlapping with APAR in conductors and T&D project execution. While more EPC-focused, it competes for the same utility customers and represents an alternative pure-play in APAR's core market.
• Siemens Limited (India): Siemens India is a major power equipment manufacturer (transformers, switchgear, grid automation) and a key customer of APAR's transformer oils. It is a broad incumbent in the same power infrastructure ecosystem, providing a reference point for scale and customer overlap.

Market position

Strengths5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries9 records

Funding overview

Funding rounds2 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Apar Industry