NSE/APARINDS

APARINDSApar Industries Ltd

Capital Goods · NSE

₹11,482+1.91%

52-wk low52-WEEK RANGE52-wk high

₹4,817.3+138.3% from low ·0.0% from high₹11,482

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

APARINDS+138.35% · 1Y

Range high ₹11,779Range low ₹4,740Latest ₹11,482252 bars · daily-close · NSE bhavcopy + 10Y history

Capital GoodsElectrical Equipment & PartsMidcapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite63/100

Performance

High

Amongst the strong performers in the market.

· 52w return +130.7% — strong momentum
· Trades 30.0% above 200-DMA — uptrend intact

Valuation

High

Looks expensive vs the sector.

· P/E 48.0 close to sector median 50.8
· P/B 9.62 above sector median

Growth

Medium

Steady but not standout growth.

· Revenue YoY +15.0%
· Profit YoY -0.5% — earnings slipping

Profitability

High

Showing good signs of profitability & efficiency.

· ROE 20.1% — high-quality compounder
· Net margin 4.4% — thin margins

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeB(70/100)

Durability

68/100

Reasonable financial health; watch the weaker inputs.

Show 4 drivers

Piotroski F-score5/9 (56pt)
Altman Z" score1.65 (56pt)
Debt/Equity0.14 (100pt)
ROE20.1% (80pt)

Valuation

46/100

Trading at a premium — growth must keep delivering to justify.

Show 4 drivers

P/E vs sector (48.0 / 50.8)94% (67pt)
P/B9.62 (40pt)
Dividend yield0.44% (11pt)
EV/EBITDA25.3 (29pt)

Momentum

A+

95/100

Strong, confirmed momentum across price + technicals.

Show 5 drivers

52w change+130.7% (100pt)
DMA-trend alignmentstrong up (100pt)
RSI (14)68.4 (87pt)
Price vs 200-DMA+28.5% (100pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)47.98

FAIR

CheapestP/E 48.0 near sector median.Most expensive

P/B9.62

OVERVALUED

CheapestP/B 9.62 at 73th %ile of sector.Most expensive

EV/EBITDA25.28

OVERVALUED

Monthly seasonality

Avg monthly return over 10 years · historical — not a forecast

Best: Feb +8.86% · Worst: Jan -4.64%

Jan

-4.6%

30% win

Feb

+8.9%

60% win

Mar

-0.8%

60% win

Apr

+7.5%

90% win

May

+6.0%

70% win

Jun

+4.5%

Monthly return distribution

Distribution of 120 monthly returns

Mean

+3.35%

Median

+2.68%

Std dev

11.92%

Best

+44.8%

Worst

-27.4%

% positive

61%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 4

High-quality compounder (ROE 20.1%)
Above 20% ROE consistently flags capital-efficient businesses
Lean balance sheet (D/E 0.14)
Low leverage means earnings are less sensitive to rate cycles
Consistent top-line growth (25.8% 3Y CAGR)
Sustained revenue compounding is rare and hard to fake
Top quartile ROE in Capital Goods
Rank 5 of 22 peers

WEAKNESSES · 0

No material weaknesses flag from the numbers

OPPORTUNITIES · 1

Strong uptrend — DMA stack bullish
Price > 20-DMA > 50-DMA > 200-DMA: momentum tailwind intact

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+1.9%

+1.2%

+27.7%

+40.0%

+39.8%

+132.3%

+69.3%

+88.6%

10Y

+37.4%

Fundamentals

VALUATION

Market cap

₹46,696 Cr

P/E (TTM)

48.0

P/E (fwd)

40.6

next 12m

P/B

9.62

EV/EBITDA

25.3

Book value

₹1208.02

per share

PROFITABILITY · QUALITY

ROE

20.1%

ROCE

—

Net margin

4.4%

Op margin

7.4%

Gross margin

20.9%

D/E

0.14

GROWTH · MARKET

Rev YoY

+15.0%

Profit YoY

-0.5%

Div yield

0.44%

Payout

21.1%

52w change

+130.7%

Beta

-0.13

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 5

+Forward P/E materially below trailing (40.6x vs 48.0x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+High ROE of 20.1%Capital-efficient business — every rupee of equity generates 20.1 paise of earnings
+3-year revenue CAGR of 25.8%Sustained multi-year growth — not a one-quarter flash
+3-year profit CAGR of 47.4%Consistently compounding earnings — the Buffett playbook
+Nearly debt-free (D/E 0.14)Low financial risk — funds growth from internal accruals, resilient in downturns

CONS · 1

−Up +130.7% over the last yearLarge run-up — some froth may be priced in; check if fundamentals have caught up

Sector-relative context

Capital Goods · 22 peers

P/E (TTM)

This stock

47.98

Sector median

50.82

Rank 11/22 (55th %ile)

ROE

This stock

20.1%

Sector median

15.5%

Rank 18/22 (23th %ile)

P/B

This stock

9.62

Sector median

6.90

Rank 16/22 (32th %ile)

Quality score · Piotroski F-score

5 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✗Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✓Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✗ROA improved YoY· Getting more productive with the asset base
✗Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

GREY1.65

Z″ = 1.65 — GREY zone. Not flagged as distressed, but watch the weakest input component below.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.058	×6.56	0.381
Retained Earnings / Total Assets (B)	0.159	×3.26	0.518
EBIT / Total Assets (C)	0.081	×6.72	0.546
Book Equity / Total Liabilities (D)	0.197	×1.05	0.207

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

7 analysts · STRONG_BUY

Target mean

₹10773.43

Target high

₹12750.00

Target low

₹9568.00

Upside vs today

-7.3%

Street consensus target is -7.3% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Electrical Equipment & Parts

Employees

2,155

Shares out

Revenue (TTM)

₹21,509 Cr

EBITDA

₹1,837 Cr

Total debt

₹704 Cr

Cash

₹384 Cr

Net debt

₹320 Cr

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	4,623	4,697	5,189	5,084	5,461
Operating profit	324	323	470	414	404
OPM %	7.0%	6.9%	9.1%	8.1%	7.4%
Interest	101	118

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	9,287	14,258	16,045	18,492
Operating profit	537	1,211	1,473	1,463
OPM %	5.8%	8.5%	9.2%	7.9%
Interest	67	175	283	264

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
APARINDSTHIS Apar Industries Limited	₹11,482	+130.7%	46,696	48.0	9.62	20.1%	0.14	+15.0%
ABB ABB India Limited	₹7,029.5	+24.9%	1,51,693	90.9	19.36	22.4%	0.01	+5.7%
CUMMINSIND Cummins India Limited	₹5,140.9	+76.4%	1,42,614	63.7	18.06	28.3%	0.00	+16.0%
SIEMENS Siemens Limited	₹3,707.9	+31.2%	1,32,085	78.2	9.98	11.8%	—	+14.0%
CGPOWER CG Power and Industrial Solutions Limited	₹774.8	+19.1%	1,25,316	110.4	16.80	15.2%	0.01	+26.2%
POLYCAB Polycab India Limited	₹8,182.5	+51.2%	1,23,852	47.2	11.03	26.0%	0.02	+24.2%
BHEL Bharat Heavy Electricals Limited	₹316.79	+39.4%	1,14,769	140.9	4.69	3.3%	0.45	+18.6%
HAVELLS Havells India Limited	₹1,306.4	-20.7%	81,675	55.1	9.41	17.1%	0.03	+14.3%
DIXON Dixon Technologies (India) Limited	₹11,371.5	-28.1%	68,387	41.1	15.02	36.5%	0.30	+119.7%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	37.00	56.42	+52.5%
-2q	51.00	62.55	+22.6%
-3q	65.20	65.39	+0.3%
-4q	56.00	62.23	+11.1%

Date	Amount
2025-07-29	₹51.00
2024-08-20	₹51.00
2023-08-04	₹40.00
2022-08-04	₹15.00
2021-08-05	₹9.50
2020-03-05	₹9.50
2019-07-31	₹9.50
2018-08-01	₹9.50
2017-08-01	₹10.00

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	38	38	40	40
Reserves	1,049	1,570	2,240	2,854
Borrowings	359	376	476	585
Other liabilities	-0	—	—	—
Total liabilities	6,608	8,218	9,616	11,264
Fixed assets	918	1,106	1,343	1,775
CWIP	38	157	151	237
Investments	1	15	12	12
Other assets	0	-0	-0	0
Total assets	6,608	8,218	9,616	11,264

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	244	698	-283	1,291
CF Investing	-91	-267	-268	-705
CF Financing	-106	-186	635	-483
Net cash flow	46	246	85	102
Free cash flow	113	451	-614	781

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	7.9%	9.2%	8.5%	5.8%
Net margin %	4.4%	5.1%	4.5%	2.8%
ROE %	31.7%	42.4%	47.3%	23.6%
ROCE %	43.9%	58.6%	60.0%	28.3%
Debt / Equity	0.20	0.21	0.23	0.33
Interest coverage	5.2×	4.9×	5.9×	6.1×
Revenue growth YoY	+15.3%	+12.5%	+53.5%	—
Profit growth YoY	-0.5%	+29.4%	+148.4%	—

APARINDSApar Industries Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Capital Goods

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Recent news

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Recent news

Stock scorecard

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Capital Goods