Waya initiates coverage on Apar Industries Ltd. with a BUY recommendation. Waya expects an upside of 28% in 1 year and sets a target price of ₹11,200.

Apar Industries is India’s market leader and the world’s largest manufacturer of specialty conductors, supplying to power transmission, renewable energy and industrial projects in India and overseas. The company also makes power and telecom cables and specialty oils, making it a well-diversified play on India’s power and electrification theme.

Apar has strong financials with revenue of ₹18,581 crore in FY25 and healthy profitability supported by high operating leverage. The company has a robust order book of about ₹9,000 crore, strong export momentum and industry-leading return ratios with ROCE of ~33%. Improved cash flows and capacity expansion position the company well for the next growth phase.

Waya believes Apar Industries is well-placed for long-term growth, driven by India’s power transmission capex, renewable energy integration, grid modernisation and rising export demand for specialty conductors and cables.