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CORPORATE PRESENTATION –October 2025
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04COMPANY OVERVIEW59FINANCIAL OVERVIEW67ANNEXURES74SHAREHOLDING PATTERNTable of contents
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3 Corporate Presentation – October 2025 This presentation may have certain statements that may be “forward looking” including those relating to general business plans and strategy of APAR Industries Ltd., its outlook and growth prospects. The actual results may differ materially from these forward-looking statements due to several risks and uncertainties which could include future changes or developments in APAR Industries Ltd. (APAR), the competitive environment, the company’s ability to implement its strategies and initiatives, respond to technological changes as well as sociopolitical, economic and regulatory conditions in India. All financial data in this presentation is obtained from the unaudited/audited financial statements and the various ratios are calculated based on these data. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, invitation or a solicitation of any offer, to purchase or sell, any shares of APAR and should not be considered or construed in any manner whatsoever as a recommendation that any person should subscribe for or purchase any of APAR’s shares. None of the projection, expectations, estimates or prospects in this presentation should be construed as a forecast implying any indicative assurance or guarantee of future performance, nor that the assumptions on which such future projects, expectations, estimates or prospects have been prepared are complete or comprehensive . This presentation is for information purposes only. This document and its contents should not be forwarded or delivered or transmitted in any manner to any person other than its intended recipients and should not be reproduced in any manner whatsoever. The recipients further represents and warrants that : (i) It is lawfully able to receive this presentation under the laws of the jurisdiction in which it is located, and / or any other applicable laws, (ii) It is not a U.S. person, (iii) This presentation is furnished to it, and has been received, outside of the United States, and (iv) It will not reproduce, publish, disclose, redistribute or transmit this presentation, directly or indirectly, into the United States or to any U.S. person either within or outside of recipient’s organization. Safe harbour
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COMPANY OVERVIEW
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5 Corporate Presentation – October 2025 #1 Largest global aluminium & alloy conductors’ manufacturer 3rd Largest global manufacturer of Transformer oils #1 Cables manufacturer for renewables in India 18,581 Cr FY25 Revenue, ($2.20 bn) 5-year CAGR at 30.6% APAR Industries: Tomorrow’s solutions today Our Strengths Trusted Manufacturer and supplier of Years of legacy65+ State-of-the-art facilities globally12 Countries & expanding140+ Speciality Oils & LubricantsConductors, Cables & Telecom SolutionsPolymers & Automotive solutions
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6 Corporate Presentation – October 2025 Leading the innovation curve as the world’s 3rd largest transformer oil manufacturer and with a comprehensive range of over 350 products in speciality oils, process oils & lubricants. Largest exporter of Transformer oils from India. One of the top 10 players in the lubricants industry in India. Leading the innovation curve as the largest one-stop solution provider for design, manufacturing, upgrading transmission lines and testing of aluminium and alloy conductors in the world. Also the largest exporter of conductors from India. With a widest range of products in India, catering to speciality sectors like railways, shipping, submarines, solar, windmills, mining, hybrid cables and harnesses, telecommunication, safest housewires. Also the largest exporter and producer of speciality and renewable cables in India. Focusing on providing telecom solutions including optical fibre, copper and hybrid cable solutions and services. Our Businesses
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7 Corporate Presentation – October 2025 What drives us Our Mission (Why we exist):To design & manufacture Building Blocks for Energy Infrastructure, Transportation & Telecommunication Sectors that contribute meaningfully to make this world a more energy efficient, environmentally sustainable and safer place. Our Vision (Where are we going):To be a Global Leader in the Energy Infrastructure, Transportation & Telecommunication Sectors by providing the best solutions & value creation for our stakeholders. Innovation Go beyond obvious solutions Driven Proactively strive for better outcomes Entrepreneur Empowered to take ownership Accountability Responsible for sustainable growth Leadership Inspire to lead the innovation curve A P A R I A N Our Values:
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8 Corporate Presentation – October 2025 Our 65+ years of legacy (1/2) 20081958 1969 1998 2002 2007 2010 2012 Company incorporated with conductor business Successfully diversified into speciality oils business(oil refinery in Mahul, Chembur) Greenfield expansion to meet growing oils demand(setup Rabale oils plant) Greenfield expansion into tax free jurisdiction(setup Silvassa oils and conductors plant) Diversification into auto lubes segment (license agreement with ENI Italy) Entered cables business to expand portfolio and forward integration(UNIFLEX acquisition) State-of-the-art R&D unit setup at Rabale(global presence in 100+ countries) New gen-tech to build largest e-beam facility in India(APAR Cable Solutions) 2013 Greenfield expansion to meet growing conductors demand(conductor plant setup at Athola)
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9 Corporate Presentation – October 2025 Our 65+ years of legacy (2/2) 20222016 20182019 20202021 2023 2024 Introduced Dull finish conductors with special surface treatments which are environment friendly (setup conductor plant in Jharsuguda & oils plant in Sharjah) Commissioning of Sharjah plant,Signed agreement with Hindalco for molten metal(parallel capacity expansion at Cables, Khatalwada plant) Only Indian company to supply all major HVDC projects with Transformer Oils(60% market share indomestic wind sector for cables) New APAR logo!(Together we fought through covid-19) 1st Indian player to create guidance OFC for torpedoes1st Indian company to get an AdBlue certification by VDA-Germany Signed Sonu Sood as Brand Ambassador(signed an MOU with Lubref to examine building a WO and TO plant in Saudi Arabia) Achieved record highturnover of Rs. 14,352 Cr.(Executed largest safest and fastest ACCC reconductoring project in Bihar, India Associate Sponsor of Women’s Premier League –1stNational TVC Campaign(No. 1 exporter of Cables & Wires from India in FY23) Rs 1,000 crores raised through QIP Greenfield expansion for cables
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10 Corporate Presentation – October 2025 APAR today targets: Power Transmission & Distribution (T&D) and Renewable Energy sectors through Conductors, Cables and Transformer oils (T-oils) Railways through Copper Catenary Conductors, XLPE & Elastomeric cables & Harnesses Defence through Elastomeric Cables & Specialty Cables Automotive by Auto Lubes and Automotive Cables Telecom through Optical Fiber Cables (OFC) ConductorsoOne of the largest global manufacturers oPioneered turnkey solutions for reconductoring with HEC, live line installation with OPGW oDeveloped aluminium CTC, PICC and bus bars for commercial sale in India o1st to develop copper-magnesium conductors as per R.D.S.O. specification Specialty Oilso3rd largest global manufacturer of T-oils o1st globally to supply the entire range of T-oils compliant to new corrosive Sulphur standards o1st in India to have T-oils approved for ultra-high voltage transformers CablesoOne of the world’s largest manufacturers of specialized cables oOne of the key player in India for export of specialized cables o1st Indian player to create guidance OFC for torpedoes & tether cables for surveillance systems. oFirst Indian cable manufacturer to enter the EV segment for manufacturing and supplying specialised wiring and wiring harness solutions Lubricants (Auto & Industrial)oA leading domestic player in auto lubes oLicensing agreement for auto lubes from ENI, Italy for ENI brand oOver 150 BIS-certified grades o1st in India to create affordable, high-quality products for the injection moulding industry Well-diversified across industries & segments
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11 Corporate Presentation – October 2025 Extensive global presence driving exports PRESENCE IN COUNTRIES & EXPANDING 140+ USA Canada Australia Brazil Columbia Peru Chile Ethiopia Europe South Africa North Africa Algeria) South Asia (India) GCC Middle East (UAE) Export revenues contributed 32.8% to FY2025 revenues USA Canada Australia Finland Colombia Peru Chile Ethiopia Thailand Philippines GCC Middle East (UAE) Prominent presence with established Utilities, EPC’s & channel partners in Poland Sweden Brazil Norway South Africa Mexico Spain Italy Romania Montenegro North Macedonia Great Britain France Algeria Tunisia Kenya Bangladesh Afghanistan Iraq
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12 Corporate Presentation – October 2025 Industries we cater to 05 05 06 06 07 07 04 04 08 08 01 01 02 02 03 03IndustrialRailwaysRenewable Energy Motors & Generators Transformers Power Transmission & DistributionTelecommunication & Data CommunicationWires & Cables Defence Shipping MiningNuclear Atomic
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13 Corporate Presentation – October 2025 APAR Group – House of Brands
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14 Corporate Presentation – October 2025 Aluminium rod facility at Lapanga, Orissa Logistical benefits with proximity to smelters, capture growing generation capacity in eastern India Conductors Conductors, HTLS, Specialty Alloy Rod and Wire Gujarat Jharsuguda LapangaConductors, Specialty Alloy Rod and Wire Athola RabaleManufactures:Oils & Lubricants KhatalwadaManufactures:Wires & Cables UmbergaonManufactures:Cables UmbergaonManufactures:PolymersManufactures: Conductors, HTLS, CTC, BB, Railway Conductor, OPGW, Specialty Wire & Oils Silvassa- Rakholi & Khanvel Odisha Maharashtra APAR’s State-of-the-Art facilities Strategically Located UAEManufactures:Speciality oil
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15 Corporate Presentation – October 2025 Strong leadership & competitive edge Conductors – One of the largest global manufacturers oLargest manufacturer in India oPioneer in aluminium alloy rod & conductors oDominant player in manufacturing of AL-59 conductors oTechnology tie-up with CTC-Global, USA, for ACCC conductors oOne of the first to test successfully 765KV & 800KV conductors in India oSupplies to all top 25 global turnkey operators and leading utilities FY25 revenue of INR 9,582 crore, 5 years CAGR at 34.7%Strategic focus on higher-value products oManufacturing since 1958 oJharsuguda, Odisha plant. Logistical benefits with proximity to smelters, capture growing generation capacity in eastern India oAluminium rod facility at Lapanga, Orissa oAgreement with Hindalco for sourcing molten metal, cost saving of Rs 1,200 / MT oNew products launched - Copper conductor for Railways, Optical Ground Wire (OPGW) & CTC for transformer industry INR 662 crore invested in FY18-FY25 ACS Wire Conventional Conductors HTLS Conductors Railway Conductors Specialty Alloy Rods OPGW BUSBAR Turnkey Solutions CTC/PICC
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16 Corporate Presentation – October 2025 Transformation journey of APAR Conductors 195820142017 oStarted the conductor division. APAR’s first business, previously known as Power Cables Pvt. Ltd oBusiness grew to 1759 Cr. Company mainly dealt with ACSR Conventional Conductors 20162018 oIntroduced a premium product line viz., HTLS- ACCC & Turnkey project –designing, re-conducting & layingoA new generation conductors with light weight, comparable strength, low electrical losses and superior corrosion resistance oIntroduced OPGW and turnkey solutions – Earthing + data transmission oReceived 1st big order of 800 KV Raigarh - Pugalur line for 2200Km of OPGW oManufacturing ACS wires which are used as the core of ACSR/AW, overhead ground conductor etc. oSpread our wings internationally with CTC Global, USA for ACCC Conductors. oIntroduce premium product line viz.- HTLS, ACCC & Turnkey Projects 2019 oIntroduced Copper Railway conductors as per RDSO specifications oThe only approved Indian manufacturer to supply Copper Magnesium catenary wire to Delhi Metro 2022oLaunched CTC and PICC conductors for Transformer Industry oBus Bar is launched for use in high voltage & low voltage equipment oOne of the first company to successfully test 765 KW & 800 KW conductors in India oCompleted 100 HTLS projects with 2500 Kms oLargest manufacture of ACS wires with a capacity of 1000 MT/Month 2023oBusiness Grew to 8,031 cr. o4 plant location oStrategic focus on high margin products oDomestic-Export ratio - 45:55 2024 oAdded 2 more factories in Silvasa (Khanvel & Chandra Proteco) to expand the production facilities for all the types of products. oStarted MVCC solutions business
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17 Corporate Presentation – October 2025 Diverse Portfolio High Temp. Low Sag (HTLS) Conductors Railway Conductors OPGW CTC/PICC Products: ACSR, AAAC, ACAR, AAC, GUY WIRE Exporting to 100+ countries Products: ACCC, GAP, INVAR, ACSS Products: Contact Wire, Catenary wire, Advanced wires for high speed application Products: CTC/PICC enamelled strips widely used in transformers, generators and as winding material in the motor industry. We cater to Power Transformer Industries Products: We have 30+ type-tested designs in 24F/96F. 144F is WIP Supplied products from 33kV to 765kV, including 800kV in India and abroad Specialized TurnkeyTurnkey Solutions: oUprate & Upgrade with HTLS oFiberization of T&D network oMVCC based solution BUSBARProducts: Copper Rods/Wires/Busbars/Strips Industries we cater to oSwitchgear Industries oElectrical Panel Manufacturers oElectrical Substations Dominant player in manufacturing of AL-59 conductors TBCB Project landscape have gravitated to AL-59 products HEC (AL-59) Specialty Alloy Rods & WiresProducts: Wire of Electrical grade AL alloy, Mechanical grade Al alloy, Welding grade AL and ‘TAL,STAL,XTAL’ Largest Global Exporter
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18 Corporate Presentation – October 2025 Specialized Turnkey Solutions for Power Sector HTLS Transmission HTLS Distribution Other HTLS OPGW Live Line Telecom Integration Turnkey – MVCC Substation Augmentation Turnkey - UG Cable
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19 Corporate Presentation – October 2025 New Tx Line Upgrade (Voltage) Uprate (Reconductoring) Indicators Design and Construction Speeds Permitting & Use of Existing RoW Development Speeds Cost Sustainability 33kV-400kV $$$$$ $$$ $$ 3-5 Years 2-3 Years 8-12 Months NA 50-150% 100-200% Solution Experience Country has witnessed hundreds of ‘000 Kms of new line construction TransGrid is Kerala State’s marquee project The solution has gained steam; Apar holds ~50% market share Source: GridLab, internal assessmentSpecialized Turnkey Solutions 165+ Projects Completed45+ T&D Linescomprises of 2000+ Circuit Kms under installationInvested in special tools & tackle, tensioner & pullers, training of manpower and safety supervisors Typical Capacity Increase Apar Solution Matrix Uprating has Gained Steam; Apar holds ~ 50% Market Share in Uprate Based Projects
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20 Corporate Presentation – October 2025 Growth drivers – Conductors amounts in INR crore oCompleted 165+turnkey solution projectsoDelivered 2,22,709 MT of ConductorsoPremium products contribution -46% of revenuesoGreen initiatives to reduce carbon intensity in operationsoAll time high revenue in FY 2025
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21 Corporate Presentation – October 2025 Competitive advantage – Conductor Exports mix in total conductor division – 24.2% in FY 25Premium products oTechnology & know-how involved in product and design, acting as a barrier to entry for competition oSpecial stringing mechanism with sophisticated equipment to protect the carbon composite core inside oCustomers look at life-cycle costs and lowering the transmission losses thereby requiring pre-specifications for their purchases oSolution-oriented ecosystem of trained manpower, gangs required to get complex work done with no/minimal power outages Conventional products (exports) oCustomers criteria being massive capacity delivering large volumes within a short period of time with quality & reliability. oCustomers preferring parties they can depend upon including ability to have a strong risk management framework. oTight audit requirements, documentation & transparency making some of the weak players ineligible. R&D, testing and manufacturing excellence oIn-house advanced R&D and Testing facility, accreditation by international agency. oFastest delivery due to Large production Capacity at competitive price. oEnd to End Solution by Turnkey projects execution Completed 165 turnkey projects. oIn-house Design capability facilitates Solutions to critical customer problems. oTechnology tie-up with CTC-Global, USA, for ACCC conductors.
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22 Corporate Presentation – October 2025 oManufacturing since 1958, 400+ different types of Specialty Oils oPioneer in transformer oils in India, 60% market share in power transformers oOver 49% T Oil sold to overseas markets oOnly Indian company to supply T Oil to all major HVDC projects in India oLeading supplier to tractor OEMs – TAFE, Eicher, ITL, Escorts Leading domestic player in auto lubes.FY25 revenue of INR 5,087 crore, 5 years CAGR at 21.1%oAl-Hamriyah, Sharjah plant. Proximity to customers in Middle East & East Africa. New avenues for bulk exports oExpanded T-Oils capacity and range (including 765KV & 800KV HVDC) oDoubling Industrial & Automotive blending and automated packing capacity oLicensing agreement for auto lubes from ENI, Italy for ENI brand oNew R&D facility at Rabale INR 240 crore invested in FY18-FY25 Specialty Oils & Lubricants – 3rd largest in Transformer Oils globally Strong leadership & competitive edge Transformer oil White oils Industrial & process oils Industrial & auto lubricants Petroleum jelly POWEROIL TO NE premium
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23 Corporate Presentation – October 2025 Understanding our speciality oils business oAPAR is India’s largest Private manufacturer and exporter of Speciality oils oWorld’s 3rd Largest Transformer Oil manufacturer oProduction capacity of 7,50,000+ KL in India & 1,75,000+ KL in UAE Heart of a transformer, used in dielectric cooling - 30+ grades - Brands POWEROILPOWEROIL NE PREMIUM Used in the textile industry and incense perfume - 15+ grades - Brands POWEROIL TOPAZ Used in cosmetics & personal care products - 15+ grades - Brands POWEROIL PEARL Used in EPDM, tyres and rubbers - 15+ grades - Brands POWEROIL SAPHIRE TRANSFORMER OILS TECHNICAL GRADE WHITE OILS PHARMACEUTICAL GRADE WHITE OILS RUBBER PROCESS OILS
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24 Corporate Presentation – October 2025 Global Approvals We have below UTILITY approvals in foreign countries which are few of many a. SEC Saudi Arabia b. OETC Oman c. MEW Kuwait d. TNB Malaysia e. ADWEA and SEWA in UAE f. MOE Iraq g. STEG Tunisia h. Eskom South Africa i. Power Grid India j. WEG Argentina (underway) OEMS Approvals 1. General Electric 2. Schnider 3. Tyree 4. Areva 5. Siemens 6. ABB 7. Huyndai Electric 8. Huysong Heavy Industries Meets international standards 1. IEC Standard 2. ASTM Standard 3. BS 4. DIN Standard
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25 Corporate Presentation – October 2025 oGas Engine oils – Mobile & Stationery oMarine Engine Oils oAutomatic Transmission Fluids oAutomotive Specialties like Coolants and Brake Fluids oMetal Working fluids – Semi Synthetic oRust Preventives oRolling fluids oDrawing Fluids Speciality areas of focus Speciality areas of focus AUTOMOTIVE LUBRICANTSINDUSTRIAL LUBRICANTSOn Road Off Road Maintenance Metal Working Motorcycle Oils Passenger Car oils Diesel Engine Oils Construction & Infrastructure Agricultural Oils Reduction Gear Box oils Compressor Oils Soluble & Neat cutting oils Quenching Oils Turbine Oils Hydraulic Product Offering
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26 Corporate Presentation – October 2025 Growth drivers – Specialty Oils & Lubricants amounts in INR crore o500+ Grade OilsoTotal volume5.79 lac KL of speciality oils during the yearoGlobal transformer oils volumes up 14%vs. FY24oServing 140+CountriesoLaunched best-in-class 99% biodegradable natural ester transformer oil
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27 Corporate Presentation – October 2025 Competitive advantage – Specialty Oils & Lubricants o3rd largest global player in transformer oils. oDiversified customer base and industries served viz., OEM's, Pharma, Tyres, Cosmetics, Auto Lubricants etc. oLimited organised players. oApprovals in place with most large OEM's & transmission companies. oStrategic location of a plant in UAE to deliver products at lower cost to customers. oDiversified product base including Transformer oil, Rubber Process oil, Industrial Oil, White oil, Process Oil, Auto Lubricants etc. Exports mix in total oil division – 44.0% in FY 25
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28 Corporate Presentation – October 2025 oIndia’s largest exporters, a leader in CATV/ broadband fibre optic cables oLaunched India’s most advanced E-beam facility with 4 E-beams oLargest & most innovative supplier to the nuclear power, defence andrailways oOne of the widest ranges of medium-voltage & low-voltage XLPE cables, elastomeric cables, fibre optic cables and speciality cables oIn cables since 2008 (Uniflex acquisition) FY25 revenue of INR 4,945 crore, 5 years CAGR at 40.5% oGreen-field Khatalwada plant for E-beam Elastomeric Cables, OFC Cables, others oIntroduced high-voltage power cables using the latest CCV technology oHT expansion in Umbergaon and LT consolidation in Khatalwada oDebottlenecking of HT/LT cable capacity at Umbergaon plant oNew product - MVCC and specialized wiring harness launched oExploring new opportunities in MVCC, harnesses, more products for Railways, pressure tight cables, 66KV cables & contracts INR 741 crore invested in FY18-FY25 Cables - Largest domestic player in renewables Strong leadership & competitive edge Strategic focus on higher-value products Power cables House wire & cable Elastomeric cables E-beam irradiated cables OFC Speciality hybrid cables
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29 EMPOWERING THE GLOBAL ENERGY TRANSITIONCorporate Presentation – October 2025 Cable Solutions – Diversified Product Portfolio oSolar Cables oWindmill Cables (72 kV) oLocomotive Cables oShip Wiring Cables oTrailing Cables oWelding Cables oMining Cables oLFH Cables & Wires oEPR, Silicon, EVA oAuto Cables oXLPE LV Power Cables oXLPE MV Power Cables oXLPE LV Control Cables oMedium Voltage Covered Conductors (MVCC) oLV & HV ABC Cables oInstrumentation Cables oConcentric Core (Anti-Theft) Cables oRailway Signaling Cables oFire Survival Cables oHouse Wires oE-Beam Cross Linked House Wires o3 Core Flat Cables oRound Multicore Flexible Cables oCat 6 LAN Cables oCCTV Cables oCoaxial Cables oTelephone Cables Building Wire oRW75/RW90/RHH/RHW/RHW-2/XHHW/XHHW-2 Wire (UL - 44) oUSE/USE-2/SERVICE ENTRANCE SER & SEU Wire (UL – 854) oTHHN/THWN/THW/ THW-2 Wire (UL - 83) oSec. Underground (URD) / Service Drop Cables (As per ICEA) Renewable (Solar & Wind) PV Wire oSingle Core PV Wire (UL – 4703) Cables for power transmission oUL1072 (XLPE) Power chords oUL1650, UL1581 Industrial cables oDG cables (UL3003) oAutomotive & EV oLocomotives oRailway Coach oSolar Projects oWind Projects oAerospace & ship building oData Centers oDefence trucks & armed vehicles, communication systems Elastomeric & E-beam Cables House wires & Flexibles Power Cables & Wires Cables for USA Market Cable Harness
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30 Corporate Presentation – October 2025 Serving diversified sectors Power Transmission & Distribution Renewable Energy Sector Railways Defence Automobile IT / Data Centres Real Estate Industrials oE-beam technology for house wiring - first mover advantage and the only company using this technology giving the product a 50-year life, melt resistant and flame retardant till 105 degrees. oIndia’s only Cable company with 4 e-Beam irradiation facilities. oLeading player in the renewable space in India (solar & wind cables). oLargest number of UL certificate of compliance from India for sale of cable in the United States. oWide range of cable & industries served viz., railway locomotive & coaches, shipping, mining, defence, solar, wind etc. oDevelopment of torpedo fibre optic guide for submarine application. oAPAR supports Indian Navy by supplying specialised cables.
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31 Corporate Presentation – October 2025 Growth drivers – Cable Solutions amounts in INR crore oIndia’s only Cable company with 4 e-Beam irradiation facilities.oLeading player in the renewable space in India (solar & wind cables).oLarge number of UL certificate of compliance from India for sale of cable in the United States.oWide range of cable & industries served viz., railway locomotive & coaches, shipping, mining, defence, solar, wind etc.oDevelopment of torpedo fibre optic guide for submarine application. oAPAR supports Indian Navy by supplying specialised cables.
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32 Corporate Presentation – October 2025 Channel expansion in our Light Duty Cable business amounts in INR crore474 6348 2 276 19 3373 35353 13 2395 120 723676533185833339 609363681189504426 ELECTRICIAN MEETS DEMOS ACTIVE STATE PRESENCE RETAIL COUNT PRESENCE DISTRIBUTOR PRESENCE CHANNEL EXPANSION 2022202320242025
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33 Corporate Presentation – October 2025 Competitive advantage – Cable Solutions oE-beam technology for house wiring - first mover advantage and the only company using this technology giving the product a 50-year life, melt resistant and flame retardant till 105 degrees. oIndia’s only Cable company with 4 e-Beam irradiation facilities. oLeading player in the renewable space in India (solar & wind cables). oLarge number of UL certificate of compliance from India for sale of cable in the United States. oWide range of cable & industries served viz., railway locomotive & coaches, shipping, mining, defence, solar, wind etc. oDevelopment of torpedo fibre optic guide for submarine application. oAPAR supports Indian Navy by supplying specialised cables. Exports mix in total cable division – 31.1% in FY 25
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34 Corporate Presentation – October 2025 APAR Telecom Solutions Market Dynamics oConnected world with near zero latency oCloud shift from hyperscale to edge oBlockchain shaping web 2.0 to web 3.0 oMassive digital transformation across industries Focus Areas oConverged networks oData centres oRural Connectivity o5G,IOT & M2M oMultiple investments coinciding in next 5-7 years Product Portfolio oOFC solutions oLAN & 5G solutions oConvergence solutions oNetwork services oServing current & new customers globally Competitive advantage oIntroduced range of Hybrid Cables oThese cables address telecom & power convergence across 5G, IOT & M2M oOffers optimised connectivity solutions Diversified Telecom Solutions as a separate a business vertical to bring more focus and garner maximum growth potential:
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35 Corporate Presentation – October 2025 Digitalisation taking data growth to new levels… Video Consumption 60%+ of total traffic high uploads, creation Gaming & Software Downloads AR/VR in Entertainment and Business Use cases Social Networking with heavy rural and cross demographic reach Global Data Consumption per user GB per smartphone will grow at 25% CAGR Shall reach 55 GB per mobile till 2028 in India Global mobile Data traffic in EB/month GB per smartphoneCurrent use cases India's overall wireless internet data usage 7XReached 32000 petabytes in India by 2022 Source: Ericsson Mobility Report Jun 2023, Indian Brand Equity Foundation, Industry Analyses
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36 Corporate Presentation – October 2025 Advent of 5G and densification of small cells Source: Industry news and estimates 10X Faster than 4G| 16X Cell Density as compared with 4G Mobile 2G-GSM / GPRSMobile 3G -CDMA2000 / EV-DOMobile 3G -WCDMA / HSPA4G- LTE & FTTHPeak Data Rate - Mbps 5G1 1563100 1000 4G 1 Site 1 Site 1 Site Every 10 KM Every 2 KM Every 0.5 KM 1 Cell 5x5= 25 CELLS 20x20= 400 CELLS CELL DENSITY (Cell/ 100 Sq.Km.) 25x 16xCELL DENSITY (Cell/ 100 Sq.Km.) CELL DENSITY (Cell/ 100 Sq.Km.) 3G10 Km10 Km10 Km10 Km 5G10 Km 10 Km < 1 ms 16X Fibre would be required to roll out 5G and meet the Bandwidth and Latency requirement
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37 Corporate Presentation – October 2025 Using customer centric innovations to capture future markets Crafting full solutions – deployment ready solutions APARsolutions for Wind-mills is an evolved pre-connectorised solution enabling customer to avoid technical issues on the field with First Time Right installation and reduction of time in project completion . Creating new products to drive TCO benefits APAR hybrid cable is a unique solutioncombining fiber and copper enabling customer with faster and cheaper deployment of networks across multiple use cases Innovation on individualproduct level APAR Micro Cables and Fire Resistant products opened up global markets to deliver customer centric approach with desired solutions for the specific applications.
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38 Corporate Presentation – October 2025 Cables, Overhead conductors CTC, Transformer oils Overhead conductors, Transformer oils, CTC Cables, Lubricants Cables for railways, EV’s, Copper conductors Cables Transmission & Distribution line expansion, Lubricants, Cables for factories Business verticals Business verticals Addition of Renewable energy Wind, Solar & Nuclear Transmission Expansion Infrastructure Development Public Transportation (incl Mobility) Manufacturing, China + 1 Telecom Fundamentally, Our Growth Drivers Remain Intact
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39 Corporate Presentation – October 2025
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40 Corporate Presentation – October 2025 Historical Projection Source: Mckinsey global energy perspective 2023 1 – Excludes generation from storage 2 – Others includes bio energy 3 – Includes gas & coal plants (40-65) (20-40) Renewables Set to Dominate New Generation Energy
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41 Corporate Presentation – October 2025 oExtensive transmission and cable infrastructureto transmit power from remote generation sites to consumption centres oConcentration of expansion happening simultaneously in G20 countries oWe have products serving renewable energy infrastructure from generation, transformation, transmission and distribution through the last mile oSolar Installed capacity is expected to grow by 225 GW& Wind installed capacity is expected to grow by 55 GW during 2024 to 2030 in India oIndia aims 45% less carbon, 50% renewables by 2030, net-zero by 2070 oLeader in the domestic solar cable segment and most dominant player in domestic wind market with over 70% share oOur range meets required global standards including as applicable EN, IEC & UL standards. oGlobal renewable energy addition growth is expected to grow by minimum 150 GW from 2024 to 2027 oGlobally, renewable energy share to increase from 28% in 2021 to 38% in 2027 curbing coal, gas, stabilizing emissions, lowering CO2 intensity oGlobal approval for Wind turbine manufacturers – Vestas, Siemens Gamesa, Senvion, Envision, Nordex, GE oOne of the largest exporter of cables and conductors for FY24 from India Addition of Renewable energySECTOR OPPORTUNITY APAR ADVANTAGE
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42 Corporate Presentation – October 2025 Renewables – strong opportunity for all business verticals WIND TURBINE GROUND BASE INVERTOR SOLAR PANELS JUNCTION BOX INVERTOR Power Transmission (Sub Station/Grid) Power Distribution Renewable Power Generation WIND ENERGY SOLAR ENERGY ELECTRIC TRANSFORMER OVERHEAD CONDUCTORS STEP-UP POWER ELECTRIC TRANSFORMER STEP-DOWN POWER GRID LAST MILE DISTRIBUTION UNDERGROUND CABLES String Cables,Low Voltage Cables, Nacelle Wiring, Torsion Cables, Tower Cables, Control Cables, Earthing Cables, Fire Resistance OFC Cable, LAN Cable Transformer Oil, CTC Conductors PICC Conductors, T&D Traditional Overhead Conductors, T&D New generation Overhead Conductors, OPGW, ADSS Cables, Turnkey Solutions, Medium Voltage Covered Conductors Application based Cables and Wires, Light Duty Cables, FTTX Cables, ADSS Cables APAR manufactures SUB STATION Typically, renewable cables account for about 3% to 4% of the project cost. In addition, cables and conductors are required in the transmission and distribution stage and transformer oils required for stepping up and stepping down the voltage level.
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43 Corporate Presentation – October 2025 oThe EV market is projected to grow by 49% CAGR from 2021-2030 oThe EV-to-public-charging ratio in India is low. As per reports, the country has over 125 vehicles per charging station. This is very low compared to the global average of 6 to 20 vehicles per charging station oThese are all highly cable intensive expansions. oE-beam based auto cables and harnesses for bus manufacturers like, JBM, Olectra, as public transport goes electric. oDeveloped indigenous manufacturing harness for EV charging oInfrastructure investments in Indian railways, Metros and High-speed rail to grow exponentially oSupply of locomotive coaches, forward integration into harness. Largest cables supplier for Vande Bharat trains oMarket leader in supply of conductors for Indian railway electrification & development of new product for Bullet trains Public transportation (incl. Mobility)SECTOR OPPORTUNITY APAR ADVANTAGE
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44 Corporate Presentation – October 2025 oIncreased manufacturing opportunities in India- capacity increase, higher speed, more automation all leading to higher volume of lubricant and higher value for performance and protection of more sophisticated equipments oAgriculture mechanization – tractors, farming equipment being driven by agriculture productivity. oFull range of lubricants for industrial applications across hydraulic, compressor, metal working applications oTrusted lubricant supplier for natural gas pipelines, CNG stations, tunnel boring machines, amongst other applications oOne of the largest supplier of lubricant for tractor manufacturers and farming equipments in India – oil immersed brakes, universal engine and transmission oils, and other lubricants ManufacturingChina + 1 oGovernments are allocating investments in building extensive road networks for freight transportation, ports, tunnels, airports and commercial buildings. oThere is a steady growth in personal mobility (including intercity), road freight transportation over longer distances with shorter turnaround time oLubricants for off road equipment for infrastructure development which includes, cranes, road construction, dredging, tunnel boring, mining equipments, etc. oOffering complete range of specialised cables that goes into infrastructure equipment and infrastructure building. Infrastructure growth, Manufacturing, China+1SECTOR OPPORTUNITY APAR ADVANTAGEInfrastructure Growth
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45 Corporate Presentation – October 2025 o80,000 ckm of transmission lines added and 350,000 MVA of transformation capacity added in last 5 years in India oDistributed sites for renewable energy requires application of Conductors, Cables & transformer oils in renewable generation stage, substation, transmission lines, step-up/step-down circuit oOPGW replacing earth wires to create backbone for intercountry high-capacity data transmission across all transmission network oRailway electrification and line upgradation for high speed trains oAs electric consumptions in urban areas goes high, needs higher ampacity transmission lines through limited ROW – HTLS conductors and reconductoring turnkey solutions oSpecial conductor requirements for overseas projects oTurnkey solutions in transforming India’s transmission lines with HTLS Conductors. Completed 160+ Power lines reconductoring projects. Supplied 35,000+KM’s HTLS and working satisfactorily. Technology tie-up with CTC-Global, USA for ACCC Conductors Transmission expansionSECTOR OPPORTUNITY APAR ADVANTAGE oSpecial type of solid-shaped conductor designed for export market o96 Fibres OPGW Conductors- safeguarding power transmission and communication networks oAir expanded conductors – enhancing energy efficiency to cater to specific necessities of our American client oDull finished conductors – bringing efficiency and sustainability together oElevating Industry standards with Innovation e.g.,
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46 Corporate Presentation – October 2025 oAdvent of data centres & cloud computing to bring opportunities to the sector oFull set of cables for data centers and increasing approvals from consultants oDigital transformation evolving faster oThe GB per smartphone will grow 25% CAGR shall reach 55 GB per mobile till 2028 in India oEnd to end telecom solutions provider for hybrid copper and fibre cables o10 bn mobile connections with 64% mobile internet by 2030 oOutlay approved of ₹1.39 lakh crore for BharatNet, the government’s project for last-mile connectivity across 6.4 lakh villages in the country oOur range of product offerings include Fibre optic cables, hybrid cables, LAN cables, copper cables and OPGW conductors oCustomer centric innovations to capture future markets TelecomSECTOR OPPORTUNITY APAR ADVANTAGE
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47 Corporate Presentation – October 2025 Well-defined Risk Management framework in existence Customer / Credit Risk Management:oStructured process of evaluating customer & end customer background. oDefined practices for setting up of credit limits. oProcess for securing credit thru various means. oIn-house business-legal teams within the divisions to understand and align contractual terms and conditions. Metal Hedging Risk Management:oWell-established principles for hedging of Aluminium and Copper. oPrompt hedging of metals based on pricing formula. oProcess ensures gain/loss of metals is appropriately passed on to customers. Forex & Interest rate Risk Management:oDefined methodologies to hedge forex based on natural hedges and forward covers. oTight monitoring on working capital to minimise interest outgo. oForex related costs & working capital interest forms an integral part of customer pricing ensuring complete costs pass thru.
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48 Corporate Presentation – October 2025 Organisational structure – Senior leadership None of the senior leaders are related to any of the Directors. Operational Heads MarketingOperational Heads Supply chain Board of DirectorsManaging Directors/DirectorOilBusiness Heads - B2BBusiness Head -ExportsBusiness Head -LubricantsOperational HeadsR&D Head ConductorBusiness Head -ProjectsBusiness Head -ProductsOperational Heads -ManufacturingOperations Head -Procurement & LogisticsR&D Head CableCEO – Cable SolutionsBusiness Head -TelecomCFOCHROTreasuryESGCSIndependent DirectorsCE0 Conductors & Telecom
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49 Corporate Presentation – October 2025 Conductors Revenue Consolidated Revenue Exports contribution at 33.2% in H1 FY26EBITDA Cables Revenue Strong financial performance sustained over the years amounts in INR crore Specialty Oils & Lubricants Revenue * * EBITDA post open period forex excluding interest income, corporate unallocable expenditure
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50 Corporate Presentation – October 2025 Key financial ratios amounts in INR crore ROE (%) Debt/ Equity Ratio (x) Net Fixed Asset Turnover Ratio (x) EPS 128 * Not Annualised * 205 212 167 67
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51 Corporate Presentation – October 2025 Making this world a better place - ESG RELEASES THREE ESG REPORTS As per CRISIL ESG Rating report: RANKED 3RD AMONG INDUSTRIAL SECTOR KEY METRICS (FY 2022-23) 328,325 57,649 28,429 KL Water Footprint 104,928 tCO2e GHG emission 22,717 tCO2e Scope-1 GHG emission 82,212 tCO2e Scope-2 GHG emission KL rainwater harvesting KL water recycled/re-used 208,808 4.45 4% MWh total energy consumed million units solar electricity generated Share of renewable in total electricity mix FY 2020-21 FY 2021-22 FY 2022-23 To download Scan:
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52 Corporate Presentation – October 2025 Major milestones TCFD Report We prepared our first TCFD (Task force on Climaterelated Financial Disclosures) report which can be accessed through the link – https://apar.com/tcfd-report/ ESG rating by CRISILAPAR’s name has found a place in the CRISIL ESG rating this year. APAR scored 59, and was ranked 148th amongst top 586 companies GHG emissions (Scope-1 and Scope-2) and intensities are validated and certified by independent 3rd party assurance provider, DNV -- every year 3rd party certificationCDP disclosureWe disclose our climate related emissions to CDP (Carbon Disclosure Projects). APAR was awarded a score of ‘B’ in Dec 2022 by CDP. Disclosure to EcoVadisAchieved Silver Status by renowned sustainability rating platform EcoVadis. This evidence-based online platform provides supplier sustainability ratings and allows companies to assess the ESG performance of their global suppliers. Wind-Solar hybrid plantCommissioned Wind-Solar hybrid (3.30 MW wind-turbine and 2.80 MWp of solar energy) project in partnership with a leading supplier. This project is expected save 10,000 tCO2e GHG emission per year. Scope - 1,2,3 GHG emissionInternal capacity building and computation of GHG emissions. Scope-3 emission computed for the relevant categories for the first time.
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53 Corporate Presentation – October 2025 CRISIL rating oCRISIL had started ESG rating of top listed Indian companies since 2021. First such rating was done last year, and the report was released in June 2021. o2nd such rating was done in 2022 for 586 top Indian companies, and report was released on 19th May 2022 oAPAR’s name has found a place in the CRISIL ESG rating in 2022. oThe rating was done as per the documents available (ESG report and other documents) in the public domain. APAR + 22 Companies, Score = 59 416 Companies, Score < 59 147 Companies, Score > 59 APAR was ranked 148th amongst top 586 companies In ‘Industrial’ segment, there were 42 companies, and APAR was ranked no. 3 Environment 56 Governance Social 48 68 APAR’s ESG Score 59 Scoring band : Leadership : > 70 Strong : 61-70 Adequate : 46-60 Below average : 30-45 Weak : < 30 APAR is at the upper end of ‘Adequate’ level #3 Ranking in Industrial segment
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54 Corporate Presentation – October 2025 Doing good for society - healthcare DR. N.D DESAI, FACULTY OF MEDICAL SCIENCE & RESEARCH Gujarat Free Multi-speciality hospital with 800+ beds DHARMSINH DESAI UNIVERSITY (DDU) Gujarat Established in 1968 Offers courses to 8,000+ students annually DHARMSINH DESAI MEMORIAL METHODIST HEART INSTITUTE Gujarat Provides world-class cardiac care Benefited 400,000+ patients
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55 Corporate Presentation – October 2025 Doing good for society – Education and Nutrition ANAMRITA FOUNDATION Provides Free midday meals in 21 cities Serving 6,500+ schools, 10 lakh kids daily GOVARDHAN ECO VILLAGE India’s 3rd largest skill development centre Specifically for rural youth & tribal women SUPPORTING TOMORROW’S DREAMS Supporting technical high school & boys high school at Nadiad Set up school in Rajkot for children living in nearby slums
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56 Corporate Presentation – October 2025 Key Awards and Accolades in FY 2023-24 To view the certificates, visit: - https://apar.com/awards/ Best Technology Expertise for Speciality Cables at Engineering Excellence AwardListed among top cable companies by wires and Cables IndiaCompany of the Year Award: Cables at EV Manufacturing Excellence Awards Best Renewable Cable Manufacturer Award at Net-Zero Energy Leadership Awards Oldest IS 9857 License (Western Zone) by Bureau of Indian Standards (BIS) 5 Star Export House by Government of India Six Platinum Six Sigma Awards at Cll 18th Six Sigma National Competition Technology of the Year (Power Cable) at India Wind Energy Forum Leadership Awards Best CEO Award by Business Today Certificate for Exemplary Contribution in Nation Buildingby Mumbai Customs EEPC Award at EEPC’s 38th and 39th Western Region Export Award function Aegis Graham Bell Award at the 14th Annual Aegis Graham Bell Awards
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57 Corporate Presentation – October 2025 Customer mix FY25 FY25 Particulars 32.8% Exports 16.5% Industries/Corporate 4.7% Specific industry groups 11.3% OEM's 12.3% EPC - Transmission companies 7.3% Utilities - Transmission companies 5.6% Renewables 3.9% Utilities - Electricity Distribution Boards (Govt. + Pvt.) 1.4% EPC - Diversified customer base across other verticals 4.2% Others 100.00% Total amounts in INR croreIndustries/Corporates includes Cosmetics, Pharma, Rubber, Plastics, Lubricants etc. Specific industry groups includes Rail, Defence, Shipping, Mining, Telecom etc. *based on FY25 Consolidated Sales
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58 Corporate Presentation – October 2025 Quality of Receivables FY25 % of Total Particulars 55.4% Secured under various means 22.5% Government Transmission and sector specific companies 22.1% Others (of which 70% are with entities where APAR is having business relationship with over 3 years) 100.0% Total amounts in INR crore
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FINANCIAL OVERVIEW
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60 Corporate Presentation – October 2025 Q2 & H1 FY26 Consolidated Financial Highlights Q2 revenue grew 23.1% over LY Q2 to reach ₹ 5,715 crores. H1 revenue reached ₹ 10,000 crores, making it historic high half yearly revenue with a YoY growth of 25.0%. Sustained performance in domestic business, mix change and growth in export business fuelled revenue growth. Domestic revenue grew 14.5% over Q2 FY25 and 24.9% over H1 FY25. Exports grew 43.1% v/s Q2 FY25 and 25.2% v/s H1 FY25. Export mix stands at 34.7% in Q2 FY26 v/s 29.8% in Q2 FY25 and it stands at 33.2% in H1 FY26. US revenue grew 129.6% over Q2 FY25 and on half year basis it grew 122.1% YoY EBITDA post open period forex in Q2 FY26 up 24.0% YoY, on the back of volume growth, execution of high margin orders, change in product mix and improved US business performance. EBITDA post open period forex in H1 FY26 grew 25.5% v/s H1 FY25. PAT came in at ₹ 252 crores with growth of 30.0% over Q2 FY25, similarly it came in at ₹ 515 crore with growth of 29.9% over H1 FY25 % ChangeQ1 FY26% ChangeQ2 FY25Q2 FY26Particulars 12.0%5,10423.1%4,6455,715Revenue from Operations-0.3%50124.0%402499EBITDA* -1.1%9.8%0.0%8.7%8.7%EBITDA Margin-4.2%26330.0%194252PAT -0.8%5.2%0.2%4.2%4.4%PAT Margin* Adjusted for post open period forex before unallocable corporate expenditure net of income (₹ crores, unless stated otherwise)% ChangeH1 FY25H1 FY2625.0%8,65510,82025.5%7961,0000.0%9.2%9.2%29.9%3965150.2%4.6%4.8%
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61 Corporate Presentation – October 2025 % ChangeQ1 FY26% ChangeQ2 FY25Q2 FY26Particulars11.3%2,78534.9%2,2993,100Revenue from Operations10.2%57,13216.2%54,14562,937Volume (MT)-0.7%25021.4%204248EBITDA* -9.9%43,6884.4%37,70239,363EBITDA* per MT-1.0%9.0%-0.9%8.9%8.0%EBITDA* Margin (%) Q2 & H1 FY26 Conductor Division Highlights (₹ crores, unless stated otherwise)% ChangeH1 FY25H1 FY2639.0%4,2355,88516.8%1,02,7641,20,06927.0%3914978.7%38,09541,421-0.7%9.2%8.5%Q2 FY26 revenue stands at ₹ 3,100 crores, higher than Q2 FY25 by 34.9%. H1 FY26 revenue stands at ₹ 5,885 crores, higher than H1 FY25 by 39.0%. Volume growth, product mix and higher realisation have contributed to revenue growth. Volume for quarter grew 16.2% v/s Q2 FY25 and it grew 16.8% v/s H1 FY25 Domestic revenue posted YoY growth of 25.7% over Q2 FY25 and 41.4% over H1 FY25 Exports grew 74.6% in Q2 FY26, contributing 24.2% to total conductor division’s revenue in Q2 FY26 as against 18.7% in Q2 FY25 while it grew 31.0% in H1 FY26 contributing 22.3% to total conductor divisions revenue in H1 FY26 as against 23.6% in H1 FY25 US revenue up 145.7% over Q2 FY25 due to lower base LY and up 113.1 % over H1 FY25. Premium product mix stands at 45.4% in Q2 FY26 v/s 42.2% in Q2 FY25 and 44.5% in H1 FY26 v/s 39.9% in H1 FY25 EBIDTA post open period forex came in at ₹ 248 crores up 21.4% v/s Q2 FY25 and it came in at ₹ 497 crores up 27.0% v/s H1 FY25. EBITDA per MT stands at ₹ 39,363 in Q2 FY26 v/s ₹ 37,702 in Q2 FY25 due to better product mix, and improved US mix. EBITDA per MT stands at ₹ 41,421 in H1 FY26 v/s ₹ 38,095 in H1 FY25 Pending order book was ₹ 7,168 crores, of which export contributed 24.0% In H1 FY26 new order inflow stands at ₹ 5,256 crores * Adjusted for post open period forex before unallocable corporate expenditure net of income
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62 Corporate Presentation – October 2025 % ChangeQ1 FY26% ChangeQ2 FY25Q2 FY26Particulars6.2%1,2620.1%1,3391,341Revenue from Operations 7.5%1,49,4978.2%1,48,5241,60,651Volume (KL) -10.0%10516.0%8194EBITDA* -16.2%7,0047.2%5,4735,869EBITDA* per MT -1.3%8.3%0.9%6.1%7.0%EBITDA* Margin (%) Q2 & H1 FY26 Oil Division Highlights (₹ crores, unless stated otherwise)% ChangeH1 FY25H1 FY260.0%2,6052,6048.1%2,86,8813,10,14812.3%1771993.9%6,1786,4170.8%6.8%7.6%Global transformer oil volume de-grew 4.6% v/s Q2 FY25 and grew 0.9% v/s H1 FY25. Lower volume growth is mainly on account of supply chain constraints leading to execution delays. Domestic transformer oil business remained strong with volume growth of 13.6% v/s Q2 FY25 and 17.3% v/s H1 FY25. Automotive oil volume is higher than Q2 FY25 by 3.7% and 3.0% higher than H1 FY25. Industrial lubricant up by 18.8% in Q2 FY26 and 17.4% in H1 FY26 Export mix stands at 43.2% in Q2 FY26 v/s 44.7% in Q2 FY25 and 40.1% in H1 FY26 v/s 44.9% in H1 FY25 EBITDA post open period forex stands at ₹ 94 crores with a YoY growth of 16.0% and at ₹ 199 crores with YoY growth of 12.3%. EBITDA per KL stands at ₹ 5,869 in Q2 FY 26 v/s ₹ 5,473 in Q2 FY25 and ₹ 6,417 in H1 FY 26 v/s ₹ 6,178 in H1 FY25 * Adjusted for post open period forex before unallocable corporate expenditure net of income
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63 Corporate Presentation – October 2025 % ChangeQ1 FY26% ChangeQ2 FY25Q2 FY26Particulars8.1%1,41925.1%1,2271,535Revenue from Operations10.4%14232.0%119157EBITDA* 0.2%10.0%0.5%9.7%10.2%EBITDA* Margin (%)Q2 & H1 FY26 Cable Division Highlights (₹ crores, unless stated otherwise)% ChangeH1 FY25H1 FY2630.2%2,2682,95432.1%2262990.1%10.0%10.1%Revenue for Q2 FY26 came in at ₹ 1,535 crores up 25.1% v/s Q2 FY25 due to growth in US sales. Revenue for H1 FY26 up 30.2% v/s H1 FY25 to ₹ 2,954 crores Exports grew 82.6% over Q2 FY25, with export mix at 42.3% v/s 29.0% in Q2 FY25. In H1 FY26, exports grew 76.2%, with export mix at 41.8% in H1 FY26 v/s 30.9% in H1 FY25 US revenue grew 121.2% v/s Q2 FY25 and 127.7% over H1 FY25. EBITDA post open period grew 32.0% v/s Q2 FY25 to reach ₹ 157 crores. EBITDA margin stands at 10.2% in Q2 FY26 up 50 bps v/s Q2 FY25. In H1 FY26, EBITDA post open period forex grew 32.1% to reach ₹ 299 crores, with a margin of 10.1%. Pending order book is at ₹ 1,836 crores * Adjusted for post open period forex before unallocable corporate expenditure net of income
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64 Corporate Presentation – October 2025 % ChangeQ4 FY25% ChangeQ1 FY25Q1 FY26Particulars 0.6%1,41036.3%1,0421,419Revenue -5.2%15032.2%107142EBITDA post open period forex -0.6%10.6%-0.3%10.3%10.0%EBITDA post open period forex (per MT) Q1 FY26 Cable Division Highlights Revenue for Q1 FY26 grew 36.3% v/s Q1 FY25 mainly due to growth in exports. Export revenue grew 69.7% over Q1 FY25. Domestic business grew 19.7% v/s Q1 FY25 Export mix at 41.3% v/s 33.2% in Q1 FY25. US sales grew 136.6% compared to Q1 FY25. EBITDA post open period up 32.2% v/s Q1 FY25 to reach ₹ 142 crores. EBITDA margin stands at 10.0% in Q1 FY26 v/s 10.3% in Q1 FY25 Pending order book is at ₹ 1,653 crores (₹ crores, unless stated otherwise)
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65 Corporate Presentation – October 2025 H1 FY26 Division-wise EBITDA to PAT TotalOthersCableOilConductorParticulars 1,0105302202502EBITDA pre-open period forex (Note 1)100334Open period forex (Note 2)1,0005299199497EBIDTA post open period forex1690274696Finance cost (ex-open period forex) (Note 3)600202119Unallocable expenses, net of unallocable other income783281334Depreciation6932224119348PBT 1781583089Tax 515116689258PAT 1280412264EPS(1) Profit before tax + Depreciation + Finance cost – Interest income + Unallocable expense net of unallocable other income (2) Included in the finance cost in the published results (3) Finance cost (ex open period forex) is after net of interest income on surplus funds Notes:- (₹ crores, unless stated otherwise)
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ANNEXURES
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67 Corporate Presentation – October 2025 Q2 FY26 : Consolidated Profit & Loss Statement % ChangeQ1 FY26% ChangeQ2 FY25Q2 FY26Particulars12.0%5,08423.2%4,6235,694Sales 8.3%202.4%2122Other operating income 12.0%5,10423.1%4,6455,715Revenue from operations10.6%25(16.3%)3327Other income12.0%5,12922.8%4,6775,743Total income Expenses10.9%4,03319.5%3,7414,471Cost of raw materials(5.0%)10513.4%88100Employees Cost 25.0%867.3%101108Finance Cost4.4%3824.4%3240Depreciation and Amortisation expense33.1%51448.8%459684Other Expenditure 13.1%4,77622.2%4,4215,402Total Expenses(3.4%)35332.7%257341Profit before tax & share in net profit / (loss) of associates(432.7%)0(210.9%)00Share in net profit/(loss) of associate(3.4%)35332.7%257341Profit after tax(0.9%)9041.3%6389Tax Expense(4.2%)26329.9%194252Profit after tax (₹ crores, unless stated otherwise)
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68 Corporate Presentation – October 2025 H1 FY26 : Consolidated Profit & Loss Statement % ChangeH1 FY25H1 FY26Particulars25.2%8,60710,778Sales (13.0%)4842Other operating income 25.0%8,65510,820Revenue from operations8.6%4852Other income24.9%8,70310,872Total income Expenses23.5%6,8898,504Cost of raw materials20.3%170205Employees Cost 1.7%191194Finance Cost23.6%6378Depreciation and Amortisation expense38.7%8631,198Other Expenditure 24.5%8,17610,179Total Expenses31.5%527693Profit before tax & share in net profit / (loss) of associates(527.2%)00Share in net profit/(loss) of associate31.5%527693Profit after tax36.5%131178Tax Expense29.9%396515Profit after tax (₹ crores, unless stated otherwise)
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69 Corporate Presentation – October 2025 FY25 : Consolidated Profit & Loss Statement % ChangeFY24FY25Particulars15.3%16,04518,492Sales (17.7%)10889Other operating income 15.0%16,15318,581Revenue from operations22.7%8199Other income15.1%16,23418,681Total income Expenses17.5%12,54014,739Cost of raw materials16.9%289338Employees Cost 5.8%387409Finance Cost14.2%116132Depreciation and Amortisation expense8.9%1,7971,957Other Expenditure 16.2%15,12917,575Total Expenses(0.0%)1,1061,106Profit before tax & share in net profit / (loss) of associates(80.3%)(1)0Share in net profit / (loss) of associates0.0%1,1061,106Profit before tax 1.3%281284Tax Expense(0.5%)825821Profit after tax (₹ crores, unless stated otherwise)
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70 Corporate Presentation – October 2025 FY25 : Consolidated Balance sheet FY25H1 FY26ParticularsASSETSNon-current assets1,432.021,441.55Property, plant and equipments106.46106.73Right to use assets127.79366.41Capital work-in-progress1.921.73Other intangible assets2.623.18Intangible assets under development Financial Assets11.0511.06Investments in subsidiaries & associates115.0881.12Trade receivables1.583.20Loans0.142.49Derivative financial assets12.0912.55Other financial assets26.0143.22Non-current tax assets (net)114.26191.99Other non-current assets1,951.032,265.23Total non-current assets Current Assets3,310.503,364.50Inventories Financial assets208.4217.36Investments4,078.174,584.56Trade receivables686.42309.39Cash and cash equivalents74.6157.19Bank balances other than above1.201.09Loans17.7579.69Derivative financial assets82.8975.09Other financial asset852.57558.43Other current assets9,312.539,047.30Total current assets11,263.511,312.53TOTAL ASSETS (₹ crores, unless stated otherwise)FY25H1 FY26ParticularsEQUITY AND LIABILITIESEquity40.1740.17Equity share capital4,463.374,812.34Other equity4,503.544,852.51Total equity Non-current liabilities Financial liabilities298.33261.91Borrowings100.41108.08Lease liabilities3.75-Derivatives financial liabilities3.043.07Other financial liabilities17.5320.18Provisions3.0216.61Deferred tax liabilities (net)426.08409.85Total non-current liabilities Current liabilities Financial liabilities171.81329.01Borrowings14.154.56Lease liabilities Trade payables60.3363.06a) Total outstanding dues of micro and small enterprises5,488.515,230.76b) Total outstanding dues of other than micro and small enterprises26.0525.08Derivatives financial liabilities93.28108.13Other financial liabilities441.36252.74Other current liabilities7.368.95Provisions31.0827.88Current tax liabilities (net)6,333.936,050.17Total current liabilities6,760.016,460.02Total liabilities11,263.5511,312.53TOTAL EQUITITIES AND LIABILITIES
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71 Corporate Presentation – October 2025 FY25 : Consolidated Cash flow H1 FY25H1 FY26ParticularsCash flow from operating activities527.09693.07Profit before tax & share in net profit / (loss) of associates Adjustments for63.1778.09- Depreciation / amortisation0.099.58- (Gain)/loss on sale of property, plant and equipment126.78125.42- Interest costs(3.09)(2.33)- Interest incomes(5.99)20.09- Provision for Doubtful Debts / advances (net)3.08(2.18)- Unrealised exchange loss/(gain)-15.86- Equity settled share based payment expense(3.07)(7.21)- Profit on sale of investments Movement in working capital(109.42)(232.97)(Increase) / decrease in trade and other receivables(238.59)(48.26)(Increase) / decrease in inventories223.82(300.48)Increase/ (decrease) in trade and other payables(154.52)(179.87)Tax paid429.33168.86Net cash generated from / (used in) operating activities Cash flow from investing activities(235.65)(406.83)Acquisition of property, plant and equipment0.461.70Proceeds from sale of property, plant and equipment(125.30)198.26Sale / (purchase) of investments - net0.200.53Interest received(360.29)(206.35)Net cash generated from / (used in) investing activities (₹ crores, unless stated otherwise)H1 FY25H1 FY26Particulars Cash flow from financing activities8.9041.45Proceeds/(repayments) from short-term borrowings - net86.43- Proceeds from long-term borrowings (29.23)(44.53) Repayments of long-term borrowings (6.80)(11.97)Repayment of Lease Liabilities(134.13)(121.77)Interest paid(204.56)(204.44)Dividend Payment(279.39)(341.26)Net cash (used in) / generated from financing activities(210.35)(378.85)Net increase / (decrease) in cash and cash equivalents0.991.72Effect of exchanges rate changes on cash and cash equivalents583.98686.42Cash and cash equivalents at the beginning of the year374.62309.39Cash and cash equivalents at the end of the year
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72 Corporate Presentation – October 2025 5 years highlights FY21 FY22 FY23 FY24 FY25 Profit and Loss 6,388 9,317 14,336 16,153 18,581 Revenue from operations 5,790 8,564 12,851 14,255 6,597 Materials, operating and other costs (net of other income) 160 172 221 289 338 Employee cost 93 98 104 116 132 Depreciation 136 141 306 87 409 Finance cost 208 342 855 1,106 1,106 Profit before tax, 48 85 217 281 284 Taxation 161 257 638 826 821 Profit after tax (₹ crores, unless stated otherwise) FY21 FY22 FY23 FY24 FY25 Balance Sheet 907 920 1,050 1,315 1,671 Property, plant and equipments 60 31 54 11 219 Investments 717 1,109 1,458 2,957 3,087 Current assets net of current liabilities 1,684 2,059 2,562 4,283 4,977 Total Assets 1,400 1,715 2,236 3,876 4,504 Equity share capital (including other equity) 264 292 304 406 470 Borrowings 20 52 22 1 3 Deferred tax (net) 1,684 2,059 2,562 4,283 4,977 Total Liabilities
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SHAREHOLDING PATTERN
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74 Corporate Presentation – October 2025 Shareholding (%) Major Non-Promoter Shareholders 4.45 Axis Mutual Fund 2.94 HDFC Mutual Fund 2.63 Nippon India Mutual Fund 2.57 Kotak Mutual Fund APAR has been consistently outperforming market H1 FY25 Market Performance and shareholding structure Chart has been rebased to 100-7%-15%-5% As on September30th, 2025Outstanding shares –4,01,68,315 50 100 150AparCapital GoodsNifty 57.77%9.24%22.64%0.60%9.75%PromoterFII/FPIDIICorporate BodiesOthers
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Thank You For Institutional enquiries Mr. Amey Gogate Investor Relations Contact No : +91 22 67800400 E-mail – amey.gogate@apar.com Address: APAR house, Bldg no. 4 & 5, Corporate Park, V.N. Purav Marg, Chembur Mumbai- 400 071. India