Buy Apar Industries; target of Rs 12,750: ICICI Direct

ICICI Direct is bullish on Apar Industries recommended buy rating on the stock with a target price of Rs 12,750 in its research report dated February 26, 2026.

Broker Research

February 26, 2026 / 11:02 IST

Buy

ICICI Direct's research report on Apar Industries

A trifecta of growth drivers – electricity demand, transmission and renewables – is driving demand for conductors, cables and transformer oil. Apar Industries (Apar) is on the cusp of benefitting from these secular trends, enabled by its leadership in these segments. It services the most profitable segments and markets within conductors and cables. It is leader in the most profitable segments of conductors in domestic market and the export market. It has shifted its focus on the premium segment of domestic conductor market compared to highly competitive conventional conductor segment. It has applied a similar template to ascend to the top in the cables business in wind and solar markets. Apar’s dominance in transformer oil brings in steady cashflow. Its earnings have grown 6x in last four years. While its exports, especially to US, haves seen some weakness in recent times, the US tariff headwinds are behind us. We believe, Apar is well set to capitalise and see a 21% CAGR over FY25–28E. The stock trades at 29x FY28E EPS. We initiate coverage on Apar with BUY.

Outlook

Initiate coverage with BUY and TP of INR 12,750, valuing Apar at 35x FY28E EPS.

For all recommendations report, click here