Revenue and Profit Growth
Over the seven-year period ending March 2025, Apar Inds. has seen its net sales surge from ₹7,963.85 crores in March 2019 to ₹18,581.21 crores in March 2025. This represents a compound annual growth rate (CAGR) of approximately 15.5%, underscoring the company’s ability to scale its operations effectively. The total operating income mirrors this trend, with no other operating income reported, indicating that core business activities have driven growth.
Operating profit before other income (PBDIT excl. OI) rose from ₹467.71 crores in March 2019 to ₹1,547.42 crores in March 2025, reflecting enhanced operational leverage. Including other income, operating profit increased to ₹1,646.82 crores in the latest fiscal year. Despite rising raw material costs, which climbed from ₹6,387.59 crores to ₹14,875.33 crores over the same period, the company maintained a healthy operating profit margin, though it slightly contracted from 9.52% in March 2024 to 8.37% in March 2025.
Profitability and Margins
Profit before tax (PBT) has more than quintupled from ₹216.22 crores in March 2019 to ₹1,105.76 crores in March 2025, while profit after tax (PAT) increased from ₹136.06 crores to ₹821.42 crores. The PAT margin improved from 1.72% in 2019 to 4.44% in 2025, indicating better cost control and efficient tax management. Earnings per share (EPS) also reflected this growth, rising from ₹35.55 to ₹204.46 over the period, signalling substantial value creation for shareholders.
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Balance Sheet Strength and Asset Growth
Apar Inds. has significantly bolstered its balance sheet, with shareholder’s funds rising from ₹1,399.52 crores in March 2021 to ₹4,503.54 crores in March 2025. Total reserves have more than tripled since March 2019, reaching ₹4,463.37 crores, reflecting retained earnings and capital accumulation. The book value per share has correspondingly increased from ₹365.70 in 2021 to ₹1,121.12 in 2025, highlighting enhanced net asset value per share.
The company’s total assets have expanded from ₹4,998.98 crores in March 2021 to ₹11,263.55 crores in March 2025, driven by growth in both fixed assets and current assets. Net block of assets increased steadily, reaching ₹1,433.94 crores, while current assets rose to ₹9,312.52 crores, supported by higher inventories and sundry debtors. Notably, cash and bank balances have nearly quadrupled since 2019, providing ample liquidity.
Liabilities and Debt Profile
While total liabilities have grown in line with assets, the company has managed its debt prudently. Long-term borrowings increased moderately to ₹298.33 crores in March 2025, but total debt was reported as zero in the latest year, indicating effective debt repayment or restructuring. Current liabilities have also risen, reflecting the company’s expanding scale of operations, with trade payables increasing to ₹5,548.84 crores.
Cash Flow and Operational Efficiency
Cash flow from operating activities showed a strong rebound in March 2025, reaching ₹1,290 crores after a dip in the previous year. The company has consistently invested in capital expenditure, with cash flow from investing activities reflecting outflows of ₹705 crores in the latest fiscal year. Financing activities saw a net outflow of ₹482 crores, consistent with debt reduction and shareholder returns. Overall, Apar Inds. has maintained positive net cash inflows, supporting sustainable growth.
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Summary of Historical Performance
In summary, Apar Inds. has exhibited strong historical performance characterised by consistent revenue growth, expanding profitability, and a solidifying balance sheet. The company’s ability to increase net sales by over twofold in six years, while improving profit margins and shareholder equity, reflects operational resilience and strategic execution. Despite fluctuations in raw material costs and working capital changes, Apar Inds. has maintained positive cash flows and reduced its debt burden, positioning itself favourably for future growth.
Investors seeking exposure to a steadily growing mid-cap player in the electrical equipment sector may find Apar Inds.’ track record compelling, supported by improving earnings per share and robust asset growth.
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