ICICI Direct has issued a buy recommendation for Apar Industries with a target price of ₹12,750 in its research report dated February 26, 2026. According to the brokerage's analysis, the stock is valued at 35x FY28E EPS, reflecting confidence in the company's growth prospects. The recommendation comes as part of ICICI Direct's coverage initiation on the stock, highlighting the company's strong positioning in the conductors, cables, and transformer oil segments.
As reported by ICICI Direct, Apar Industries is positioned to benefit from a trifecta of growth drivers including electricity demand, transmission, and renewables. The company has established leadership in the most profitable segments of conductors in both domestic and export markets. According to the brokerage, Apar has strategically shifted focus to the premium segment of the domestic conductor market compared to the highly competitive conventional conductor segment. The company has similarly applied this template to ascend to the top position in the cables business within wind and solar markets.
According to ICICI Direct's analysis, Apar Industries has demonstrated strong financial growth with earnings growing 6x over the last four years. The company's dominance in transformer oil brings in steady cashflow, supporting its overall financial performance. ICICI Direct projects a 21% CAGR over FY25–28E for the company, indicating continued strong growth trajectory. While exports, particularly to the US, have experienced some weakness in recent times, the brokerage believes US tariff headwinds are now behind the company.
As reported by ICICI Direct, the stock currently trades at 29x FY28E EPS. The brokerage's buy recommendation is based on the company's strong market positioning, leadership in profitable segments, and ability to capitalize on secular trends in the conductors, cables, and transformer oil markets. The initiation of coverage with a buy rating reflects ICICI Direct's positive outlook on Apar Industries' growth prospects and market opportunities in the infrastructure and renewable energy sectors.
