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CORPORATE PRESENTATION –January 2026
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04COMPANY OVERVIEW59FINANCIAL OVERVIEW65ANNEXURES70SHAREHOLDING PATTERNTable of contents
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3 Corporate Presentation – January 2026 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 – January 2026 #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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 APAR Group – House of Brands
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14 Corporate Presentation – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026
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40 Corporate Presentation – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 Conductors Revenue Consolidated Revenue Exports contribution at 30.7% in 9M 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 – January 2026 Key financial ratios amounts in INR crore ROE (%) Debt/ Equity Ratio (x) Net Fixed Asset Turnover Ratio (x) EPS 180 * Not Annualised * 205 212 167 67
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51 Corporate Presentation – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 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 – January 2026 Q3 & 9M FY26 Consolidated Financial Highlights Q3 revenue stands at 5,480 crores up 16.2% v/s Q3 LY, whereas revenue in 9M FY26 grew 21.9% to reach ₹ 16,299 crores, an all-time high nine months revenue. Upward trajectory is driven largely by domestic resilience. Domestic revenue was higher than Q3 FY25 by 30.0% and by 26.9% over 9M FY25. Exports de-grew 11.2% v/s Q3 FY25 but grew 11.9% v/s 9M FY25. Export mix came in at 25.6% in Q3 FY26 v/s 33.5% in Q3 FY25 and it stands at 30.7% in 9M FY26. Exports are lower due to low US business on account of prevailing tariffs situation. US revenue down by 51.0% over Q3 FY25 but up 57.5% in 9M FY26 v/s 9M FY 25 EBITDA post open period forex reached ₹ 483 crores in Q3 FY26, growing at 20.4 v/s Q3 FY25 on the back of improved performance of premium business. EBITDA post open period forex in 9M FY26 grew 23.8% v/s 9M FY25 to reach ₹ 1,483 crores Due to the enactment of new labour code, a provision has been made towards a past service cost on gratuity and compensated absences payable to employees amounting to Rs 25 crore based on best possible estimates available, which is accounted for under Exceptional gain/losses PAT stands at ₹ 209 crores, up 19.4% v/s LY Q3. PAT margin stands at 3.8% up 10 bps v/s Q3 FY25.. On 9 months basis, PAT came in at ₹ 723 crore with growth of 26.6% over 9M FY25. PAT margin stands at 4.4% in 9M FY26. % ChangeQ2 FY26% ChangeQ3 FY25Q3 FY26Particulars -4.1%5,71516.2%4,7165,480Revenue from Operations-3.2%49920.4%401483EBITDA* 0.1%8.7%0.3%8.5%8.8%EBITDA Margin100.0%0100.0%025Exceptional loss -17.0%25219.4%175209PAT -0.6%4.4%0.1%3.7%3.8%PAT Margin* Adjusted for post open period forex before unallocable corporate expenditure net of income (₹ crores, unless stated otherwise)% Change9M FY259M FY2621.9%13,37116,29923.8%1,1981,4830.1%9.0%9.1%100.0%02526.6%5717230.2%4.3%4.4%
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61 Corporate Presentation – January 2026 % ChangeQ2 FY26% ChangeQ3 FY25Q3 FY26Particulars-1.2%3,10025.1%2,4493,063Revenue from Operations-9.8%62,937-5.9%60,35256,762Volume (MT)1.3%24840.5%179251EBITDA* 12.3%39,36349.3%29,59344,195EBITDA* per MT0.2%8.0%0.9%7.3%8.2%EBITDA* Margin (%) Q3 & 9M FY26 Conductor Division Highlights (₹ crores, unless stated otherwise)% Change9M FY259M FY2633.9%6,6848,9488.4%1,63,1161,76,83131.2%57074821.1%34,94942,311-0.2%8.5%8.4%Revenue for Q3 FY26 grew 25.1% to reach ₹ 3,063 crores led by commodity price increase and product mix change. On 9M basis, revenue grew 33.9% YoY to reach ₹ 8,948 crores. Volume for quarter de-grew 5.9% v/s Q3 FY25 largely on account of increased competition from non-US geography. Volume in 9M FY26 grew 8.4% over 9M FY25 Domestic revenue posted YoY growth of 37.0% over Q3 FY25 and 39.8% over 9M FY25 Exports down by 10.8% v/s Q3 FY25 but it is up 15.1% v/s 9M FY25. Exports mix stands at 17.8% in Q3 FY26 v/s 25.0% in Q3 FY25 and 20.8% in 9M FY26 v/s 24.1% in 9M FY25 US revenue higher than Q3 FY25 by 2.4% and by 85.9% v/s 9M FY25. Premium product mix stands at 44.2% in Q3 FY26 v/s 37.4% in Q3 FY25 and 44.4% in 9M FY26 v/s 39.0% in 9M FY25 EBIDTA post open period forex grew 40.5% v/s Q3 FY25 to reach ₹ 251 crores. On 9M, basis it grew 31.2% to reach ₹ 748 crores. EBITDA per MT stands at ₹ 44,195 in Q3 FY26 v/s ₹ 29,593 in Q3 FY25. Improved product mix and execution of higher margin orders have contributed to higher EBITDA margin. EBITDA per MT stands at ₹ 42,311 in 9M FY26 v/s ₹ 34,949 in 9M FY25 Pending order book was ₹ 7,396 crores, of which export contributed 32.0% In 9M FY26 new order inflow stands at ₹ 8,052 crores * Adjusted for post open period forex before unallocable corporate expenditure net of income
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62 Corporate Presentation – January 2026 % ChangeQ2 FY26% ChangeQ3 FY25Q3 FY26Particulars8.6%1,34218.4%1,2321,458Revenue from Operations 7.4%1,60,65120.8%1,42,9211,72,603Volume (KL) -2.5%941.2%9192EBITDA* -9.2%5,874-16.2%6,3645,331EBITDA* per MT -0.7%7.0%-1.1%7.4%6.3%EBITDA* Margin (%) Q3 & 9M FY26 Specialty Oil and Lubricants Division Highlights (₹ crores, unless stated otherwise)% Change9M FY259M FY265.9%3,8364,06212.3%4,29,8024,82,7518.5%268291-3.4%6,2406,0300.2%7.0%7.2%Transformer oil volume at global level, up 10.6% v/s Q3 FY25 and up 4.2% v/s 9M FY25 while domestic transformer oil business posted volume growth of 6.5% v/s Q3 FY25 and 13.4% v/s 9M FY25, underscoring the strength of domestic and international demand despite export-side challenges on freight and geopolitical tensions. Automotive oil volume is higher than Q3 FY25 by 14.6% and 8.9% higher than 9M FY25. Industrial lubricant up by 15.7% v/s Q3 FY25 and 16.8% v/s 9M FY25 Export mix stands at 42.1% in Q3 FY26 v/s 43.8% in Q3 FY25 and 40.9% in 9M FY26 v/s 44.7% in 9M FY25 EBITDA post open period forex stands at ₹ 92 crores in Q3 FY26 and at ₹ 291 crores in 9M FY26. EBITDA per KL stands at ₹ 5,331 in Q3 FY 26 v/s ₹ 6,364 in Q3 FY25 and ₹ 6,030 in 9M FY26 v/s ₹ 6,240 in 9M FY25. * Adjusted for post open period forex before unallocable corporate expenditure net of income
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63 Corporate Presentation – January 2026 % ChangeQ2 FY26% ChangeQ3 FY25Q3 FY26Particulars-11.3%1,5357.6%1,2661,362Revenue from Operations-15.5%1578.7%122132EBITDA* -0.5%10.2%0.1%9.6%9.7%EBITDA* Margin (%)Q3 & 9M FY26 Cable Division Highlights (₹ crores, unless stated otherwise)% Change9M FY259M FY2622.1%3,5344,31623.9%3484310.2%9.8%10.0%Revenue for Q3 FY26 came in at ₹ 1,362 crores up 7.6% v/s Q3 FY25. Revenue for 9M FY26 up 22.1% v/s 9M FY25 to ₹ 4,316 crores. Strong performance of the domestic business mitigated subdued US business performance. Domestic business grew 34.1% in Q3 FY26 v/s Q3 FY25 and 18.6% in 9M FY26 v/s 9M FY25. Exports de-grew 44.3% v/s Q3 FY25, with export mix at 17.6% v/s 34.0% in Q3 FY25. In 9M FY26, exports grew 29.5%, with export mix at 34.2% in 9M FY26 v/s 32.2% in 9M FY25. US revenue de-grew 65.4% in Q3 FY26 v/s Q3 FY25 but grew 44.1% in 9M FY26 v/s 9M FY25. EBITDA post open period grew 8.7% v/s Q3 FY25 to reach ₹ 132 crores. EBITDA margin stands at 9.7% in Q3 FY26, up 10 bps v/s Q3 FY25. In 9M FY26, EBITDA post open period forex grew 22.1% to reach ₹ 431 crores, with a margin of 10.0%. Pending order book is at ₹ 1,668 crores * Adjusted for post open period forex before unallocable corporate expenditure net of income
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64 Corporate Presentation – January 2026 9M FY26 Division-wise EBITDA to PAT TotalOthersCableOilConductorParticulars 150513434299758EBITDA pre-open period forex (Note 1)2203810Open period forex (Note 2)148313431291748EBIDTA post open period forex25703972146Finance cost (ex-open period forex) (Note 3)1010333532Unallocable expenses, net of unallocable other income1194422053Depreciation10069316164517PBT before exceptional loss252500 0Exceptional Loss (Note 4) 981-16316164517PBT after exceptional loss 258-48343136Tax 72313233121381PAT 180-3583095EPS(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 4) Impact of recently amended labour code on gratuity and leave encashment Notes:- (₹ crores, unless stated otherwise)
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ANNEXURES
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66 Corporate Presentation – January 2026 Q3 FY26 : Consolidated Profit & Loss Statement % ChangeQ1 FY26% ChangeQ2 FY25Q2 FY26Particulars(4.1%)5,69416.3%4,6965,461Sales (13.6%)22(6.2%)2019Other operating income (4.1%)5,71516.2%4,7165,480Revenue from operations(13.5%)23(41.2%)3420Other income(4.2%)5,73915.8%4,7515,500Total income Expenses(1.6%)4,47116.9%3,7644,399Cost of raw materials10.6%10023.2%89110Employees Cost (0.2%)108(9.0%)118108Finance Cost1.7%4021.5%3341Depreciation and Amortisation expense(22.1%)6804.4%507530Other Expenditure (3.9%)5,39815.0%4,5125,187Total Expenses(8.2%)34131.1%239313Profit before tax & share in net profit / (loss) of associates and exceptional loss 0 0-25Exceptional Loss (15.5%)34120.6%239288Profit before tax & share in net profit / (loss) (64.9%)0(86.4%)00Share in net profit/(loss) of associate (15.5%)34120.7%238288Profit after tax (10.9%)8924.5%6479Tax Expense(17.1%)25219.3%175209Profit after tax (₹ crores, unless stated otherwise)
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67 Corporate Presentation – January 2026 9M FY26 : Consolidated Profit & Loss Statement % Change9M FY259M FY26Particulars22.1%13,30416,239Sales (11.0%)6860Other operating income 21.9%13,37116,299Revenue from operations(30.1%)8257Other income21.6%13,45416,357Total income Expenses21.1%10,65212,903Cost of raw materials21.3%259315Employees Cost (2.4%)309302Finance Cost22.9%97119Depreciation and Amortisation expense25.0%1,3701,712Other Expenditure 21.0%12,68815,351Total Expenses31.4%7661,006Profit before tax & share in net profit / (loss) of associates and exceptional loss 0-25Exceptional Loss 28.1% 766981Profit before tax & share in net profit / (loss) (39.3%)00Share in net profit/(loss) of associate 28.1%766981Profit after tax 32.6%194258Tax Expense26.6%571723Profit after tax (₹ crores, unless stated otherwise)
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68 Corporate Presentation – January 2026 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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69 Corporate Presentation – January 2026 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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71 Corporate Presentation – January 2026 Shareholding (%) Major Non-Promoter Shareholders 4.58 Axis Mutual Fund 3.11 HDFC Mutual Fund 2.92 Kotak Mutual Fund 2.69 Nippon India Mutual Fund APAR has been consistently outperforming market 9M FY26 Market Performance and shareholding structure Chart has been rebased to 100-7%-15%-5% As on December 31st, 2025Outstanding shares –4,01,68,315 57.77%9.35%23.21%0.62%9.05%PromoterFII/FPIDIICorporate BodiesOthers 40 90 140 AparCapital GoodsNifty
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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