Interim report
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£?APAR Tomorrow's solutions today SEC/2910/2026 By E-filinq October 29, 2026 National Stock Exchange of India Limited "Exchange Plaza", C-1, Block G, Bandra- Kurla Complex, Bandra (E), Mumbai — 400 051. Scrip Symbol : APARINDS Kind Attn.: Listing Department BSE Limited Corporate Relations Department, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001. Scrip Code : 532259 Kind Attn. : Corporate Relationship Department Ref.: Our Letter No. SEC/0610/2026 dated October 06, 2026 Sub. : Outcome of Board Meeting - Approval of Un-audited Financial Results of the Company for the Second Quarter and N7alf-year ended September 30, 2026 (2026-27) Listi~~ j Regulation : Disclosure under Reg. 30 read with Schedule III, Reg. 33 & all other applicable Regulations, if any, of the SEBI (LODR) Regulations, 2015, ("Listing Regulations") as amended from time to time. Dear Si- / Madam, The Board of Directors of the Company at its meeting held today, i.e. October 29, 2026 have transacted, approved and taken on record following items: 1. The t.ndalone and Consolidated Un-audited Financial Results of the Company for the Second Quarter and Half-', ar ended September 30, 2026 of the Current Financial Year 2026-27. tf. s connection, we are e-filing herewith the following: a. C oy of the Un-audited Financial Results (Standalone and Consolidated) of the Company for the Second Quarter and Half-year ended September 30, 2026 of the Current Financial Year 2026-27 (Annexure — 1). b. Copy of the Limited Review Report of the Statutory Auditors of the Company, M/s. C N K & Associates LLP, Mumbai, on the above Un-audited Financial Results, both on Standalone and consolidated basis (Annexure — 2). 2. Press release on the Un-audited Financial Results of the Company for the Second Quarter and Half-year ended September 30, 2026 of the Current Financial Year 2026-27 (Annexure — 3). 3. Allotment of 2,720 Equity Shares against exercise of ESARs granted to eligible employees under APAR Industries Limited Employee Stock Appreciation Rights Plan 2024 (Annexure — 4). 4. Re-appointment of Mr. Kaushal J. Sampat (DIN: 01932997) as Independent Director (Non -Executive) for a second term of 5 consecutive years pursuant to recommendation of Nomination and Compensation -cum- Remuneration Committee subject to the approval of Shareholders of the Company and such other approvals as ma, be required. (A..nexure — 5). 5. Approval for further investment in Petroleum Specialties Pte Ltd., Singapore (Wholly Owned Subsidiary (WOS) of the Company) for an amount not exceeding USD 100 Million (Annexure — 6). APAR Industries Limited Corporate Office: APAR House, Corporate Park, V N Purav Marg, Chembur, Mumbai 400 071, India +91 22 6780 0400/4957 2100 corporate@apar.com www.apar.com Regd Office: 301/306, Panorama Complex, RC Duff Road, Alkapuri, Vadodara - 390007, India +91 265 6178 700/6178 709 apar.baroda@apar.com www.apar.com CIN: L91110GJ1989PLC012802
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HAPAR Tomorrow's solutions today The above information is also being made available on the Company's website at www.agar.com. pM The Board Meeting commenced at I 1 r hours (1ST) and concluded at ' 3 hours (1ST). You are requested to kindly take note of above and bring the same to the notice of investors and members. Thanking you, Yours faithfully, For APAR Industries Limited (Sanjaya Kunder) Company Secretary Encl. : As above
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4 t &t L .APAR APAR INDUSTRIES LIMITED (CIN:- L91110GJ1989PLC012802) (AN ISO 9001:2000 COMPANY) Registered Office : 301, Panorama Complex, R.C. Dutt Road, Vedodara .390007 Gujarat India website: www.apar.com ; email : com.sec®apar.com ; Tel : (91) (0265) 2339906,6178700 ; Fax : (91) (0265) 2330309 Statement of financial results for the quarter and half year ended Sep 30, 2026 Rs. in croros Consolidated Standalone For the quarter ended For the half year ended For fhs year ended Sr No Particulars For the quarter ended For the half year ended For the year ended Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Sap 30, 2026 Sep 30, 2025 Mar 31, 2026 Reviewed Reviewed Reviewed Reviewed Reviewed Audited Reviewed Reviewed Reviewed Reviewed Reviewed Audited Income 6,888.28 o,5a6.az 5,693.80 13,454.90 10,778.00 22,810.23 1 Sales 6,794.72 6,452.91 5,441.30 13,247.63 10,302.42 21,906.17 42.91 24.44 21.62 67.35 41.58 91.89 2 Other operating income 43.00 24.44 21.63 67.44 41.58 90.40 6,931.19 6,591.06 5,715.42 13,522.25 10,819.58 22,902.12 3 Revenue from operations (1+2) 6,837.72 6,477.35 5,462.93 13,315.07 10,344.00 21,996.57 61.32 33.65 23.25 94.96 52.22 64.77 4 Other income 64.68 33.71 23.58 98.38 50.42 71.18 6,992.51 6,624.71 5,738.67 13,617.21 10,871.80 22,966.89 5 Total income (3+4) 6,902.40 6,511.06 5,486.51 13,413.45 10,394.42 22,067.75 Expenses 5,759.12 5,287.07 4,370.03 11,046.19 8,537.51 18,694.25 (a) Costs of materials consumed 5,695.57 5,216.21 4,153.49 10,911.79 8,138.23 17,877.15 22.08 28.19 30.42 50.27 55.52 103.42 (b) Purchases of stock-in-trade 22.05 28.19 30.42 50.24 55.52 103.42 (394.60) (248.96) 70.50 (643.57) (88.84) (706.82) (c) Changes in inventories of finished goods, work-inprogress and stock-in-trade (363.17) (248.95) 75.87 (612.12) (86.48) (644.59) 138.51 126.23 99.65 264.74 204.52 427.87 (d) Employee benefits expense 123.90 111.68 89.20 235.58 186.15 387.12 138.25 123.17 107.90 261.42 194.22 437.11 (e) Finance costs 136.43 121.53 104.26 257.96 187.24 422.03 47.14 45.71 39.88 92.84 78.09 161.14 (f) Depreciation and amortisation expense 42.63 42.11 36.63 84.74 71.70 148.02 685.29 640.95 679.73 1,326.24 1,197.71 2,507.47 (g) Other expanses 658.30 629.52 654.97 1,287.82 1,153.41 2,440.64 6,395.79 6,002.37 5,398.11 12,398.13 10,178.73 21,624.44 6 Total expenses 6,315.71 5,900.29 5,14484 12,216.01 9,705.77 20,733.79 596.72 622.34 340.56 7,219.08 693.07 1,342.45 7 Profit before tax 8 share in net profit / (loss) of associates and xeerstional item 15.61 586.69 610.78 347.67 1,797.44 688.65 1,333.96 - - - - (32.53) 8 Exceptional items (refer note 6) - - (32.36) 596.72 622.34 340.56 1,219.08 693.07 1,309.92 9 Profit before tax d share in net profit / (loss) of associates (7-8) 586.69 610.79 341.67 1,197.44 688.65 1,301.60 0.11 0.26 (0.03) 0.37 (0.021 0.08 10 Share in net profit / (loss) of associates 596.83 622.60 340.53 1,219.46 693.05 1,310.00 11 Profit before tax (9+10) 586.69 610.79 341.67 1,197.44 688.65 1,301.60 72 Tex expenses 127.38 182.12 89.13 309.49 179.02 342.17 (a) Current tax 127.93 181.56 88.15 309.49 177.69 336.41 22.13 (26.97) (0.30) (4.84) (0.58) (2.21) (b) Deferred tax 23.57 (23.83) (0.35) (0.26) (0.70) (0.28) - (6.89) (c) Current fax in respect of earlier years - (8,44) 447.32 467.45 251.70 914.80 514.61 976.93 13 Profit after tax 11.12) 435.19 453.05 253.87 888.21 511.66 973.91 Other comprehensive income (OCI) (Aj Items that will not be reclassifted to profit or loss (2.35) (0.93) (0.43) (3.28) (1.28) (3.36) (i) Items that will not be reclassified to profit or loss (2.35) (0.93) (0.43) (3.28) (1.28) (3.36) 0.59 0.23 0.10 0.83 0.32 0.85 (iiLlncome tax relating to items that will not be reclassified to profit or loss 0.60 0.23 0.10 0.83 0.32 0.85 B Items that will be reclassified to profit or loss 13.05 (37.52) 28.71 (24.47) 38.76 117.05 (i) hems that will be reclassified to profit or loss 9.47 (35.68) 21.44 (26.21) 30.66 100.21 (2.38) 8.93 (5.43) 6.56 (7.72) (25.27) (ii) Income tax relating to items that will be reclassified to profit or loss (2.39) 8.92 (5.43) 6.56 (7.72) (25.26) 8.90 (29.28) 22.95 (20.37) 30.08 89.26 14 Other comprehensive Incomes (OCI) 5.33 (27.46) 15.68 (22.10) 21.98 72.44 456.22 438.17 274.65 894.43 544.69 1,066.20 75 Total comprehensive income for the period/year (13-114) 440.52 425.59 269.55 866.17 533.64 1,046.35 447.32 467.45 251.70 914.80 514.61 976.93 (a) Owners of the Company 435.19 453.05 253.87 888.21 511.66 973.91 - - - - - - (b) Non-controlling interest - - Oher comprehensive incomes attributable to 8.90 (29.28) 22.95 (20.37) 30.08 89.26 (a) Owners of the Company 5.33 (136.74) 15.68 (22.10) 21.98 72.44 - - - - - - (b( Non-controlling interest Total comprehensive incomes attributable to 456.22 438.17 274.65 894.43 544.69 1,066.20 (a) Owners of the Company 440.52 425.59 269.55 866.11 533.64 1,046.35 - - - - - - (b) Non-Controlling interest 41.87 40.17 40.17 41.87 40.17 40.17 76 Paid up share Capital (Face value of 2 10 each) 41.87 40.17 40.17 41.87 40.17 40.17 5,353.21 17 Reserves excluding revaluation reserve 5,121.68 18 Earnings per share (EPS) (Rs.) 110.10 116.37 62.66 225.16 128.11 243.21 -Basic 107.12 112.79 63.20 218.62 127.38 242.46 109.78 116.02 62.55 224.55 127.94 242.81 -Diluted 106.81 112.44 63.09 218.02 127.21 242.06
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APAR APAR INDUSTRIES LIMITED (CU-I:. L91110GJ1989PLC012802) Statement of Segment revenue, Segment results, Segment assets and Segment liabilities for the half year ended Sep 30, 2026 (Rs. in crores) Particulars Consolidated (Refer Note 5) For the quarter ended For the half year ended for the year ended Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Mar 31, 2026 Reviewed Reviewed Reviewed Reviewed Reviewed Audited Segment revenue Conductors 3,753.46 3,338.13 3,100.19 7,091.59 5,884.91 12,711.95 Transformer and speciality oils 1,816.06 1,700.87 1,342.22 3,516.93 2,604.28 5,373.07 Power / Telecom cables 1,874.64 1,838.06 1,534.95 3,712.70 2,954.38 6,219.51 Others 68.93 68.70 57.63 137.64 72.53 196.06 Total segment revenue 7,513.11 6,945.76 6,034.97 14,458.87 11,516.10 24,500.59 Less:- Inter-segment revenue (581.91) (354.70) (319.55) (936.61) (696.52) (1,598.48) Total external revenue (revenue from operations) 6,931.19 6,591.06 5,715.42 13,522.25 10,819.58 22,902.12 Segment results (profit before finance cost and tax expenses share in net profit / (loss) of Conductors 271.16 274.40 238.45 545.56 474.57 995.01 Transformer and speciality oils 299.62 331.34 92.63 630.96 190.41 363.76 Power / Telecom cables 202.65 183.07 150.82 385.72 2829 1 595.05 Others 4.41 5.51 3.25 9,92 4.66 14.29 Total segment results 777.84 794.33 485.15 1,572.16 952.55 1,968.11 Less:- Finance cost (138.25) (123.17) (107.90) (261.42) (19422 ) (437.11) Less:- Unallocable expenditure (net of incomes) (42.84) (48.81) (32.58) (91.65) (6278 ) (188.55) (Less) /Add: Other elimination - - (4.11) - (2.47) - Profit before tax & share in net profit / (loss) of associates and exceptional item 596.72 622.34 340.56 1,219.08 693.07 1,342.45 Exceptional items ( Refer Note 6) - - - (32.53) Profit before tax & share in net profit / (loss) of associates 596.72 622.34 340.56 1,219.08 693.07 1,309.92 Add / (Less):- Share in net profit / (loss) of associates 0.11 0.26 (0.03) 0.37 (0.02) 0.08 Profit before tax 596.83 622.60 340.53 1,219.46 693.05 1,310.00 Segment assets Conductors 7,542.87 6,663.34 5,989.96 7,542.87 5,989.96 7,575.85 Transformer and speciality oils 3,410.15 3,252.40 2,65202 3,410.15 2,652.02 2,715.65 Power / Telecom cables 5,206.83 4,562.36 3,163.35 5,206.83 3,163.35 4,095.54 Others / Unallocable 1,014.57 741.20 163.79 1,014.57 163.79 198.66 Total segment assets 17,174.42 15,219.30 11,969.12 17,174.42 11,969.12 14,585.70 Less:- Inter-segment assets (885.76) (734.07) (656.59) (885,76) (656.59) (874.41) Total asset 16,288.66 14,485.23 11,312.53 16,288.66 11,312.53 13,711.29 Segment liabilities Conductors 2,761.27 3,304.29 2,940.63 2,761.27 2,940.63 3,916.06 Transformer and speciality oils 2,191.06 2,134.70 1,817.34 2,191.06 1,817.34 1,870.39 Power! Telecom cables 2,557.03 2,836.65 1,583.62 2,557.03 1,583.62 2,440.77 Others / Unallocable 256.48 234.96 184.10 256.48 184.10 124.59 Total segment liabilities 7,765.84 8,510.60 6,525.69 7,765.84 6,525.69 8,351.81 Less:- Inter-segment liabilities (885.76) (734.07) (656.59) (885.76) (656.59) (874.41) Total liabilities 6,880.08 7,776.53 5,869.10 6,880.08 5,869.10 7,477.40
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APAR APAR INDUSTRIES LIMITED (CIN:- L91110GJ1989PLC012802) Notes to published results:- 1 2 3 4 These unaudited standalone and consolidated financial results have been prepared in accordance with Indian Accounting Standard notified under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standard) Rules, 2015 as amended. It includes the result of the Parent Company, six subsidiaries, one step down subsidiary and two associate entities. These unaudited standalone and consolidated financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on October 29, 2026. The statutory auditors of the Company have carried out a limited review of the above results for which they have issued an unmodified opinion. During the quarter, 9,484 Equity Shares of the face value of Rs. 10/- each fully paid up have been alloted against exercise of ESARs granted to eligible employees under APAR Industries Limited Employee Stock Appreciation Rights Plan 2024. During the quarter, the Company has infused Rs 5.76 crore in its wholly owned subsidiary APAR Brazil Ltda. 5 Segment revenue, segment results, segment assets and segment liabilities are disclosed only in respect of the unaudited consolidated financial results as permitted by the Ind AS 108 - Operating segments. Figures pertaining to turnkey operations are included under the respective segments. During the previous year, the Company had made a provision of Rs 32.36 crores and Rs 32.53 crores respectively respectively in unaudited standalone and consolidated financial results towards past service cost on gratuity and compensated absence payable to employees, based on actuarial valuation. The same has been accounted under exceptional item. The same has not been considered while presenting segment results. On August 13, 2026, the Share Issue Committee of board of directors of the Company has approved an allotment of 16,88,618 equity shares having face value of Rs 10 each at a premium of Rs 14,795 per equity share aggregating to Rs 2,500 crores to eligible Qualified Institutional Buyers. 6 7 8 Other expenses for the current quarter and half-year are net of US tariff refunds received amounting to Rs 42-75 crore (excluding those repayable to customers) out of tariff paid in earlier years During the quarter, the Company paid a dividend of Rs 60/- per equity share of face value Rs 10/- each For FY 25-26 on 4,18,72,337 eligible equity shares as on record date, as recommended by the Board of 9 Directors and approved by the shareholders at its 37th Annual General Meeting. 10 The aforesaid financial results of the Company are being forwarded to the Stock Exchanges (BSE and NSE) for uploading on their respective web4es and the saps are also made available on the Company's website viz., www.apar.com. Date: October 29, 2026 Place: Mumbai K shal N. Desai Chairman & Managi irector D :00008084
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APAR ta..b..~.:..a..o ..,. APAR INDUSTRIES LIMITED (CIN:- L91110GJ1989PLC012802) (AN ISO 9001:2000 COMPANY) Statement of assets and liabilities as at September 30, 2026 (Rs. in crores) Consolidated Particulars Standalone Sep 30, 2026 31-Mar -2026 Sep 30, 2026 31-Mar-2026 Reviewed Audited Reviewed Audited ASSETS Noncurrent assets 1,691.72 1,608.59 Property, plant and equipments 1,560.22 1,503.04 117.73 104.22 Right to use assets 64.28 65.68 902.90 539.42 Capital work-in-progress 900.40 513.15 3.91 4.48 Other intangible assets 3.91 4.48 - 0.12 Intangible assets under development - 0.12 Financial Assets 22.29 11.17 Investments in subsidiaries and associates 82.62 18.96 22.18 3.25 Trade receivables 22.18 3.25 2.40 2.99 Loans 2.40 2.99 0.99 20.33 Derivative financial assets 0.99 20.33 16.25 13.00 Other financial assets 15.90 12.44 30.52 66.31 Non-current tax assets (net) 27.22 62.40 148.52 140.65 Other non-current assets 159.45 149.71 2,959.41 2,514.53 Total non current assets 2,839.58 2,356.55 Current Assets 5,055.38 4,152.79 Inventories 4,892.51 3,987.36 Financial assets 274.86 44.31 Investments 265.09 35.35 5,244.74 5,334.09 Trade receivables 5,286.59 5,277.85 1,171.49 668.72 Cash and cash equivalents 1,085.71 617.16 99.59 63.16 Bank balances other than above 99.59 63.16 0.71 1.17 Loans 0.71 1.17 136.21 174.52 Derivative financial assets 136.21 174.52 119.14 91.88 Other financial assets 106.63 80.13 1,227.12 666.12 Other current assets 1,195.55 636.43 13,329.24 11,196.76 Total current assets 13,068.60 10,873.13 16,288.66 13,711.29 TOTAL ASSETS 15,908.18 13,229.68 EQUITY AND LIABILITIES E ui 41.87 40.17 Equity share capital 41.87 40.17 8,478.36 5,353.21 Other equity 8,216.94 5,121.68 8,520.23 5,393.38 Total equity 8,258.81 5,161.85 Noncurrent liabilities Financial liabilities 615.21 432.78 Borrowings 615.21 432.78 113.89 104.10 Lease liabilities 56.74 60.02 15.60 - Derivatives financial liabilities 15.60 - 0.96 3.10 Other financial liabilities 11.92 13.59 32.43 21.44 Provisions 31.48 20.71 13.85 26.11 Deferred tax liabilities (net) 20.58 28.22 791.94 587.53 Total non -current liabilities 751.53 555.32 Current liabilities Financial liabilities 273.14 407.73 Borrowings 256.58 407.73 11.49 10.90 Lease liabilities 6.40 8.39 Trade payables 77.75 66.68 a) Total outstanding dues of micro and small enterprises 69.30 55.64 5,577.25 6,789.21 b) Total outstanding dues of other than micro and small enterprises 5,460.25 6,518.95 33.27 58.71 Derivatives financial liabilities 33.27 58.71 187.39 110.75 Other financial liabilities 186.46 108.96 653.84 218.96 Other current liabilities 732.68 298.90 58.20 52.55 Provisions 50.38 45.46 104.16 14.89 Current tax liabilities (net) 102.52 9.77 6,976.49 7,730.38 Total current liabilities 6,897.84 7,512.51 7,768.43 8,317.91 Total liabilities 7,649.37 8,067.83 16,288.66 13,711.29 TOTAL EQUITY AND LIABILITIES 15,908.18 13,229.68
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e PA R To.wrro.+i .oi.uons tod.y APAR INDUSTRIES LIMITED Statement of cash flows for the half year ended Sep 30, 2026 Rs. in crores Consolidated Particulars Standalone Sep 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 Reviewed Reviewed Reviewed Reviewed Cash flow from operating activities 1,219.08 693.07 Profit before tax & share in net profit / (loss) of associates 1,197.44 688.65 Adjustments for 92.84 78.09 - Depreciation and amortisation 84.74 71.70 6.70 9.58 - (Gain)/loss on account of property, plant and equipment 6.70 9.58 158.89 125.42 - Interest costs 157.35 119.95 (12.76) (2.33) - Interest incomes (12.73) (2.33) 3.19 20.09 - Provision for Doubtful Debts / advances (net) 3.19 20.09 (3.73) (2.18) - Unrealised exchange (gain) /loss (3.73) (2.18) 9.95 15.86 - Share based payment expense 9.95 15.86 (5.85) (7.21) - Profit on sale of investments (5.54) (6.94) Movement in working capital (446.89) (232.97) (Increase) / decrease in trade receivables and other assets (549.88) (206.80) (900.88) (48.26) (Increase) / decrease in inventories (905.15) (9.52) (770.50) (300.48) Increase/ (decrease) in trade and other payables (613.96) (368.82) (212.69) (179.82) Tax paid (Net) 205.20 (178.35) (862.63) 168.86 Net cash generated from / (used in) operatinq activities (836.82 150.89 Cash flow from investing activities (505.44) (406.83) Acquisition of property, plant and equipment including interest capitalized (503.23) (400.34) (0.30) 1.70 Proceeds from sale of property, plant and equipment (0.30) 1.65 (10.75) - Sale / (purchase) of investment in Associate and Subsidiaries (63.67) - (224.70) 198.26 Sale / (purchase) of investments - net (224.20) 198.76 7.30 0.53 Interest received 7.28 0.53 (733.89) (206.35) Net cash generated from / (used in) investing activities (784.12) (199.39) Cash flow from financing activities (128.81) 41.45 Proceeds/(repayments) from short-term borrowings. (net) (145.37) 41.45 220.68 - Proceeds from long-term borrowings 220.68 - (48.55) (44.53) Repayments of long-term borrowings (48.55) (44.53) (15.39) (11.97) Repayment of Lease Liabilities (10.09) (8.97) (151.01) (121.77) Interest paid (149.09) (117.75) (250.19) (204.44) Dividend Payment (250.19) (204.44) 2,472.28 - Net Proceeds from issue of equity shares ( Refer note 3) 2,472.28 2,099.02 (341.26) Net cash (used in) / generated from financing activities 2,089.67 (334.24) 502.50 (378.75) Net increase / (decrease) in cash and cash equivalents 468.72 (382.75) 0.27 1.72 Effect of exchanges rate changes on cash and cash equivalents (0.17) (0.48) 668.72 686.42 Cash and cash equivalents at the beginning of the year 617.16 639.69 1,171.49 309.39 Cash and cash equivalents at the end of the year 1,085.71 256.46 Notes: 1) Statement of cash flows has been prepared under the indirect method as set out in the Ind AS 7 Statement of cash flows. 2) Cash and cash equivalents represents cash and bank balances. The standalone cash flow statement includes unrealised loss of ₹ 0.17 crore; (previous year unrealised loss of ₹ 0.48 crore) and the consolidated cash flow statement includes unrealised gain of ₹ 0.27 crore; (previous year unrealised gain of ₹ 1.72 crore) on account of translation of foreign currency bank balances 3) Includes amount of Issue through Qualified Institutional Placement and exercise of ESAR options
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f ,~e is wte e' 2, CNK & Associates LLP Chartered Accountants Independent Auditor's Review Report on Unaudited Standalone Financial Results of Apar Industries Limited for the quarter and half year ended September 30, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Apar Industries Limited 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Apar Industries Limited ("the Company") for the quarter and half year ended September 30, 2026, ("the Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors at their meeting held on October 29, 2026, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 ("Ind AS 34") "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Mistry Bhavan, 3rd Floor, Dmshaw Vachha Road, Churchgate, Mumbai 400 020. Tel: +91 22 6623 0600 501-502, Narain Chambers, M.G. Road, Vile Pane (E), Mumbai 400 057. Tel: +91 22 6250 7600 Website: wwwcnkindia.com MUMBAI CHENNAI I VADODARA AHMEDABAD GIFT CITY I GURUGRAM I BENGALURU DELHI PUNE KOLKATA I DUBAI I ABU DHABI SHARJAH
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4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Standalone Financial Results prepared in accordance with applicable Indian Accounting Standards, prescribed under Section 133 of the Companies Act, 2013 (as amended) read with relevant rules issued thereunder and other recognized accounting practices generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which, it is to be disclosed, or that it contains any material misstatement. For C N K & Associates LLP Chartered Accountants Firm Registration No. 101961W! -100036 Himanshu Kishnadwala Partner Membership No. 037391 UDIN: 26037391MBSUXV4688 Place: Mumbai Date: October 29, 2026
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CNK & Associates LLP Chartered Accountants Independent Auditor's Review Report on Unaudited Consolidated Financial Results of Apar Industries Limited for the quarter and half year ended September 30, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Apar Industries Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Apar Industries Limited (hereinafter referred to as "the Parent") and its Subsidiaries (The Parent & its Subsidiaries together referred to as "the Group"), its share of the net profit after tax and total comprehensive income of its associates for the quarter and half year ended September 30, 2026 ("The Statement"), attached herewith, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors at their meeting held on October 29, 2026 has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 ("Ind AS 34") "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33 (8) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, to the extent applicable 4. The Statement includes the results of the entities mentioned in the Annexure to the Review Report. v MUMBAI Mistry Bhavan, 3rd Floor, Dinshaw Vachha Road, Churchgate, Mumbai 400 020. Tel: +91 22 6623 0600\ ova , Bred A~501 502, Narain Chambers, M.G. Road, Vile Pane (E), Mumbai 400 057. Tel: +91 22 6250 7600 ~ Website: wwwcnkindia.com MUMBAI ( CHENNAI I VADODARA I AHMEDABAD ( GIFT CITY I GURUGRAM I BENGALURU I DELHI I PUNE I KOLKATA I DUBAI I ABU DHABI SHARJAH
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5. Based on our review conducted and procedures performed as stated in paragraph 3 above, and based on the consideration of review reports of Subsidiary's auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (`Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. Other Matter a) The Statement includes the financial information of six subsidiaries which have not been reviewed by us, whose unaudited financial results reflect total assets of Rs. 529.78 crores as at September 30, 2026, total revenue (before consolidation adjustments) of Rs. 173.08 crores and Rs. 307.67 crores, total net profit after tax (before consolidation adjustments) of Rs. (4.41) crores and Rs. (4.73) crores and total comprehensive income (before consolidation adjustments) of Rs. (4.54) crores and Rs. (5.02) crores for the quarter and half year ended September 30, 2026, respectively, and net cash outflow of Rs. 2.87 crores for the period April 1, 2026, to September 30, 2026, as considered in the Unaudited Consolidated Financial Results. The financial results of the said subsidiaries, which have been certified by management of Parent Company, have been furnished to us and our conclusion, in so far as it relates to the amounts and disclosures included in respect of the said subsidiaries, is solely based on such financial results certified by the management of Parent Company. According to the information and explanations given to us by the management, the Unaudited Financial Results of the said subsidiaries are not material to the Group. b) The Statement includes the unaudited financial information of an Associate which includes Groups share of net profit after tax of Rs. 0.11 crores and Rs. 0.37 crores and total comprehensive income of Rs. 0.11 crores and Rs. 0.37 crores for the quarter and half year ended September 30, 2026, as considered in the Unaudited Consolidated Financial Results, in respect of the said Associate. The financial results of the said Associate, which have been certified by management of the Parent Company have been furnished to us and our conclusion, in so far as it relates to the amounts and disclosures included in respect of the said Associate, is solely based on such financial results certified by the management of Parent Company. According to the information and explanations given to us by the management, the Unaudited Financial Results of the said Associate are not material to the Group. c) The Statement also includes the unaudited financial information of an Associate which includes Groups share of net profit after tax of Rs. 0.00* crores and Rs. 0.00* crores and total comprehensive income of Rs. 0.00* crores and Rs. 0.00* crores for the quarter and half year ended September 30, 2026 respectively, as considered in the Unaudited Consolidated Financial Results, in respect of the said Associate. These financial results have been reviewed by other auditors whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the said Associate, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above. (*Amount less than Rs. 50,000).
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Our conclusion on the Unaudited Consolidated Financial Results is not modified in respect of the above matters. For C N K & Associates LLP Chartered Accountants Firm Registration No. 101961W/W-100036 Himanshu Kishnadwala Partner Membership No. 037391 UDIN: 26037391 OUCAHD9882 Place: Mumbai Date: October 29, 2026 Annexure (To the Limited Review Report on the Consolidated Financial Results of Apar Industries Limited for the quarter and half year ended 30th September 2026) Sr. No. Name of the entity Relationship 1 Apar Industries Limited Parent 2 Petroleum Specialities Pte. Limited (PSPL, Singapore) Wholly Owned Subsidiary 3 Petroleum Specialities FZE, Sharjah, UAE Wholly Owned Subsidiary of PSPL 4 Apar Transmission & Distribution Projects Private Limited, India Wholly Owned Subsidiary 5 Apar Distribution & Logistics Private Limited, India Wholly Owned Subsidiary 6 Apar USA LLC ( Earlier known as CEMA Wires and Cables LLC) Wholly owned subsidiary 7 Apar Industries Middle East Limited, Saudi Arabia Wholly owned subsidiary 8 Apar Brazil LTDA, (Earlier known as Apar Industries Latam Ltda, Brazil) Wholly owned subsidiary 9 Ampoil Apar Lubricants Private Limited, India Associate 10 Clean Max Rudra Private Limited, India Associate
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C APAR PRESS RELEASE APAR Industries Limited posts highest ever half yearly revenue and profits; Q2 revenue grew 21.3% YoY and PAT grew 77.8% YoY H1 revenue grew 25.0% YoY and PAT grew 77.7% YoY Mumbai, October 29, 2026: APAR Industries Limited (BSE: 532259, NSE: APARINDS), the world's largest aluminium and alloy conductor manufacturer, 3rd largest transformer oil manufacturer and India's largest exporter and producer of speciality and renewable cables today announced its consolidated results for the quarter and half year ended September 30, 2026 Key Financial Highlights: Q2 FY27 • Consolidated Revenue in 02 FY27 stands at ₹ 6,931 crores; up 21.3% YoY & up 5.2% QoQ . Domestic revenue up 34.3% YoY & up 4.9% QoQ • Export revenue down 3.3% YoY & up 5.8% QoQ . Export mix at 27.6% in 02 FY27, 34.7% in 02 FY26, 27.5% in Ql FY27 US revenue down 29.7% YoY & remains flat QoQ • EBITDA post open period forex up 57.8% to ₹ 787 crores . EBITDA margin stands at 11.4% up 270 bps v/s Q2 FY26 • PAT up 77.8% to ₹ 447 crores . PAT margin stands at 6.5% up 210 bps v/s 02 FY26 H1 FY27 ■ Consolidated Revenue in H1 FY27 stands at ₹ 13,522 crores; up 25.0% YoY. Domestic revenue up 35.5% YoY • Export revenue up 3.7% YoY. Export mix at 27.6% in H1 FY27. US revenue down 21.5% YoY ■ EBITDA post open period forex up 60.2% to ₹ 1,602 crores . EBITDA margin stands at 11.8% up 260 bps v/s H1 FY26 ■ PAT up 77.7% to ₹ 915 crores . PAT margin stands at 6.8% up 200 bps v/s Hl FY26 Segmental Updates Conductor • Revenue in 02 FY27 stands at ₹ 3,753 crores; up 21.1% YoY & up 12.4% QoQ . Revenue in H1 FY27 stands at ₹ 7,092 crores; up 20.5% YoY • Volumes in 02 FY27 down 9.2% YoY & up 7.2% QoQ. In H1 FY27 volumes down 8.0% YoY ■ Domestic revenue in 02 FY27 up 22.0% YoY & up 8.0% QoQ . In H1 FY27 it is up 20.7% YoY • Export revenue in 02 FY27 up 18.3% YoY & in H1 FY27 up 20.0% YoY. Export mix at 23.6% in 02 FY27 & 22.2% in H1 FY27 • US revenue in Q2 FY27 up 12.2% YoY & in H1 FY27 down 8.4% YoY • Premium mix at 39.4% in 02 FY27 & 44.1% in H1 FY27 ■ EBITDA post open period forex up 11.3% to ₹ 276 crores . EBITDA margin stands at ₹ 48,241 per MT in Q2 FY27 v/s ₹ 39,363 per MT in 02 FY26 & similarly ₹ 50,739 per MT in H1 FY27 AFAR Industries Limited Corporate Office' APAR House, Corporate Park V N Purav Marg, Chembur, Mumbai 400 077, India #91222526 3400/6780 0400 corporate(9apsccorn wwwapar.c:^m Regd Office: 301/306, Panorama Comp/ex, RC Dut1 Road, Alkapuri, Vadodara - 39000.7. India +912656178700/6178709 apar.barodmsapar.corn wwwapar.com C/N: L91170&j1989PLCO12802 update Qctober' 2026
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b APAR ■ Highest ever Pending order book which stands at ₹ 12,025 crores, up 67.2% v/s Hl FY26. Export proportion in overall order book stands at 51.0%. New order of ₹4,775 crores received during Q2 FY27, up 123.1% v/s Q2 FY26. Oil Revenue in Q2 FY27 stands at ₹ 1,819 crores; up 35.6% YoY & up 6.7% O0O . Revenue in Hl FY27 stands at ₹ 3,525 crores; up 35.3% YoY Volumes in O2 FY27 down 20.0% YoY & flat QoQ. Volumes in H1 FY27 down 16.9% YoY Domestic revenue in Q2 FY27 up 50.9% YoY & up 5.6% QoQ . In H1 FY27 it is up 43.3% YoY Export revenue in O2 FY27 up 15.6% YoY & in H1 FY27 up 23.5% YoY. Export mix at 37.0% in Q2 FY27 & 36.7% in H1 FY27 EBITDA post open period forex up 185.7% to ₹ 299 crores . EBITDA margin stands at ₹ 23,262 per KL in O2 FY27 v/s ₹ 6,517 per KL in O2 FY26 & ₹ 24,374 per KL in H1 FY27 Cable ■ Revenue in O2 FY27 stands at ₹ 1,875 crores; up 22.1% YoY & up 2.0% QoQ . Revenue in H1 FY27 stands at ₹ 3,713 crores; up 25.7% YoY ■ Domestic revenue in O2 FY27 up 71.4% YoY & up 14.1% QoQ . In H1 FY27 it is up 65.8% YoY ■ Export revenue in O2 FY27 down 45.2% YoY & in H1 FY27 down 30.2% YoY. Export mix at 19.0% in O2 FY27 & 23.2% in Hl FY27 ■ US revenue in O2 FY27 down 53.8% YoY & in H1 FY27 down 29.1% YoY ■ EBITDA post open period forex up 31.9% to ₹ 207 crores . EBITDA margin stands at 11.0% up 80 bps YoY. In H1 FY27 it is up 34.2% to ₹ 401 crores & EBITDA margin stands at 10.8% up 70 bps YoY. Commenting on the results as well as the outlook of the business Mr. Kushal N Desai, Chairman & MD of APAR Industries said, "Amid ongoing global uncertainties, we have concluded the first half of the year with a healthy performance in both revenue and profitability reflecting the strength of our business and product offerings. Recently, the Company successfully completed a fund raise by Qualified Institutional Placement. This fund raise will significantly bolster our balance sheet there by giving us the financial headroom to accelerate our growth initiatives. While prices of metals and base oils remain elevated in the short term, our order book looks strong and we remain focused on delivering long-term value by strengthening our capabilities and consistent performance" APAR Industries Limited Corporate Office.' APAR House Corporate Par!.: UN P,,r av Harp, Ci+ernbur, Mumhai 400 071 India #91222526 3400/,780 0400 corps ratewapar Ca" a ww apar. mm Regd Office.' 301/306 Panorama Comp/e. , RC Dull Road, .Aikapur%, Vadodara . 390 007, India #912656176700,6/78 709 apacbaroda8rapar.corn www.apar.com C/N. L91110GJ1989PLC012802