Apar Industries Limited (APARINDS) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Apar Industries, the world's largest aluminium conductor manufacturer serving customers in more than 140 countries, reports its September quarter with the spotlight on whether conductor volumes recover after a 6.7% decline in Q1 FY27. The print will also speak to the sustainability of the oil division's inventory-valuation-driven EBITDA surge and the ₹1,500 Cr FY27 capex program now funded by the completed ₹2,500 Cr QIP.

Apar Industries Limited Q2 Results Date and Time

Apar Industries' board is scheduled to meet on October 29, 2026, to approve the Q2 and H1 FY27 financial results, with the trading window shut till October 31, 2026.

The Q2 FY27 earnings call is scheduled for October 29, 2026, at 3:30 PM IST via S-Ancial Technologies. Attendees include Kushal Desai (Chairman & MD), Chaitanya Desai (MD) and Ramesh Iyer (CFO).

What to expect from Apar Industries Limited's Q2 FY27 results

The September quarter tests whether Apar's record Q1 FY27 — revenue of Rs. 6,591 Cr (+29.1% YoY) and PAT of Rs. 467 Cr (+77.7%) — extends into a second straight quarter, with the biggest swing factor being conductor volumes after the 6.7% decline driven by aluminium-price-driven customer clearance delays. Ordering activity was reported normalized following price adjustments in copper and aluminium, and aluminium eased toward quarter-end (settling $3,213.5/t on 29 Sep and falling to $3,070 by 9 Oct), conditions that read better for a volume inflection toward management's 10% FY27 target than Q1 offered. Copper is the cleaner headwind — LME copper hit an all-time peak of $14,635/t on 7-8 Sep, the exact dynamic that disrupted fixed-price cable orders last year — while Brent crude surged over $100/bbl on 9 Sep, the opposite direction to the price decline behind Q1's Rs. 94 Cr oils provision, keeping both a valuation tailwind and the provision-reversal question live. The oils division, the largest incremental EBITDA contributor in Q1 with EBITDA up 214% to Rs. 329 Cr on inventory valuation and market price fluctuations, also has a UAE facility volume recovery to demonstrate after Q1 volumes fell 13.7%. On the demand side, the domestic backdrop stayed strong — IIP electrical equipment grew 28.3% YoY in July and 30.9% in August — and the company entered the quarter with a Rs. 10,190 Cr conductor pending order book and a Rs. 1,925 Cr cable order book. With the QIP-related restriction on guidance talk gone since the Rs. 2,500 Cr raise completed on August 13, 2026, fuller forward commentary is expected on this call.

Key Things To Watch

Performance vs Guidance Tracking: Key management targets and where things stood entering this quarter:

• Conductor volume growth — 10% YoY for FY27 — Q1 FY27 volumes fell 6.7%; watch whether Q2 volumes inflect back toward double-digit growth
• Cable revenue — Rs. 10,000 Cr by FY28 at a 20-25% CAGR — Q1 FY27 grew +29.5%; management had said 'on track, in fact, maybe slightly ahead'
• Cable EBITDA margin — 10-12% medium-to-long-term band, ~11% endeavour — Q1 FY27 was 10.6%; watch for further US pricing-sacrifice effects
• Conductor EBITDA/ton — Rs. 35,000-36,000 medium-to-long-term guidance — Q1 FY27 came in at Rs. 53,418/ton; management declined to guide on recurrence
• FY27 capex — Rs. 1,500 Cr (cables Rs. 850 Cr, conductors Rs. 400 Cr, oil Rs. 200 Cr) — progress update expected, now funded by the completed Rs. 2,500 Cr QIP

Conductor volume inflection and premium mix

• Q1 FY27 volumes fell 6.7% on aluminium-price-driven customer clearance delays; ordering has since normalized after copper and aluminium price adjustments
• Premium products were 50.3% of division revenue in Q1 FY27 vs 43.7% a year ago; EBITDA/ton trended from Rs. 39,636 (Q2 FY26) to Rs. 53,418 (Q1 FY27)
• Pending order book stood at Rs. 10,190 Cr with exports at 56.8%; new orders of Rs. 5,245 Cr in Q1 had 65.8% export share

Oil division normalization and the Rs. 94 Cr provision

• Q1 FY27 oil EBITDA of Rs. 329 Cr (+214%) was attributed to inventory valuation and market price fluctuations; management said it 'won't be able to answer' whether similar margins recur
• Brent crude settled over $100/bbl on 9 Sep and gained ~14% in September — opposite to the price decline behind the Rs. 94 Cr provision, keeping reversal questions live
• UAE facility issues drove Q1 oil volumes down 13.7%; watch for recovery and the 65/35 contract-spot purchasing strategy

US growth, tariffs and cable expansion spillover

• Management guided to 'significant US growth in FY27', but Q1 cable exports fell 13.7% while domestic rose 59.9%; the 50% Section 232 duty on bare aluminium products remains in force
• Check whether cable-capacity bulk commissioning (Rs. 800 Cr capex lifting revenue capacity from Rs. 5,000 Cr to about Rs. 10,000 Cr) spilled into the September 2026 quarter as management had flagged
• Data-center cable orders from Meta, Microsoft and Google and HVDC order flow through FY27-FY28 are on the update list

Post-QIP balance sheet and guidance resumption

• The Rs. 2,500 Cr QIP completed August 13, 2026 at Rs. 14,805/share (16,88,618 shares); paid-up capital rose to 4,18,72,337 shares
• Q1 FY27 guidance discussion was restricted pending securities approval; with the QIP done, expect fuller forward commentary on this call
• FY26 debt/equity stood at 0.16; working capital days remained stable at 45-50 days in Q1 FY27