CARE Ratings reaffirms Apar Industries' credit ratings at CARE AA-; Stable / CARE A1+
The reaffirmation of strong credit ratings at CARE AA-/Stable and CARE A1+ with increased facility limits provides confidence in the company's financial stability and ability to access funding, which is a medium-term positive for its operations and growth.
The reaffirmation of high credit ratings (CARE AA-; Stable / CARE A1+) with a stable outlook, coupled with improved financial performance in FY25 and Q1FY26, strong market position, and healthy liquidity, indicates a positive financial health and outlook for the company.
CARE Ratings Limited has reaffirmed the credit ratings for Apar Industries Limited's bank facilities, based on FY25 (audited) and Q1FY26 (unaudited) financial performances. * The ratings reaffirmed are: * Long Term Bank Facilities (Term Loans & Fund Based Limits): CARE AA-; Stable, for an enhanced amount of ₹1,765.32 crore (previously ₹1,203.58 crore). * Long Term / Short Term Bank Facilities (Non-fund Based Limits): CARE AA-; Stable / CARE A1+, for an enhanced amount of ₹8,567.00 crore (previously ₹8,061.00 crore). * Key strengths supporting the ratings include diversified and established market positions in conductors, cables, and transformer and speciality oils (TSO), with leadership in conductors and TSO segments. The company also benefits from its promoters' long-standing experience, significant growth in scale of operations, improving profitability, increasing exports with product premiumisation, and a healthy order book. * The total operating income (TOI) improved by 14.97% to ₹18,586.44 crore in FY25 and further by 27.27% year-on-year to ₹5,104.16 crore in Q1FY26. Overall gearing (including LC acceptances) improved to 1.04x as on March 31, 2025, from 1.14x as on March 31, 2024. * Weaknesses include working capital intensive operations leading to higher reliance on working capital borrowing and susceptibility of margins to raw material price volatility and exchange rate fluctuations. * The outlook remains Stable, reflecting expectations for continued strong performance supported by a healthy order book and strong market position, with favorable demand prospects from the power sector.
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Apar Industries Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Apar Industries Limited. Read the original for the full detail.