LiveNSE delayed · 128/128 · 20 Aug 2026, 09:55 am
Scores stay the 15 Aug 2026 desk snapshot. Not advice.
APARINDS · Capital Goods · Mid Cap · Live 20 Aug 2026, 09:55 am · Discovery

Apar Industries Ltd

Quiet compounder on India's T&D, renewables evacuation and transformer-oil cycle. Less fashionable than EMS names, which is why the setup is interesting.

10X Low
Moderate Risk
Attractive Entry
Compounder
Institutional Accumulation
Sector Leader
Multibagger score
68.8/100
Market cap
₹66,376 Cr
Last price · live
₹16,679.0
+64.00 (+0.39%)
52W
₹6,801–₹18,465

Implied P/E 74.5x · APARINDS.NS · delayed NSE

10X potential (scenario)
LOW
Base multiple
2.2x
Bull multiple
4.8x
Classification
Potential Mid Cap

Base case compounds into a durable mid-cap, not yet large-cap scale.

Final investment scorecard

Multibagger68.8 / 100
10X potentiallow
Business quality6.0 / 10
Growth runway7.7 / 10
Competitive advantage7.6 / 10
Management8.5 / 10
Balance sheet7.3 / 10
Valuation8.5 / 10
Technical setup8.2 / 10
Riskmoderate

Why it could become a multibagger

  • ROCE above 25% while still growing 20% is rare in Indian manufacturing.
  • Three engines — conductors, cables, oils — reduce single-cycle risk.
  • Institutions are still accumulating; the stock is not a crowded EMS darling.
  • Cash conversion is real. Growth is not debt-funded.

What needs to go right

  • Grid capex remains elevated through 2030
  • Cables mix keeps premiumising
  • Export oils hold share

What could destroy the thesis

  • A two-year T&D capex air-pocket
  • A destructive price war in conductors
  • A raw-material squeeze that the pass-through cannot cover

What would make me sell

  • ROCE falling below 16% for three halves
  • Order book covering <6 months of conductor sales
  • FCF turning negative without a clearly incremental plant

Key metrics to monitor

Segment EBIT
ROCE
NWC days
Order book
Aluminium spread
Export oil volume
Net cash
MF holding

Illustrative FY25 / TTM desk snapshot compiled for this terminal. Not a live NSE/BSE feed. Cross-check annual reports, exchange filings and investor presentations before use.