₹361 to ₹8,898: Multibagger stock turns ₹1 Lakh to ₹24.5 Lakhs in just 5 yrs

Synopsis: There is a company that is not only Indian but also a global market leader in the conductor segment. Let us see what this company does and why this company achieved this big of a share price jump. 

One electrical equipment company has delivered the kind of returns most investors only dream about. Its stock has jumped from Rs 361 to an incredible Rs 8,898 in just five years, a massive 2,358% gain.

This company, which is a market leader in India with a global presence and contributes to India’s process of electrification, started from manufacturing power transmission cables to having three broad business segments, which are conductors, cables, speciality oils, and more. This once lesser-known player steadily strengthened its business, improved its financial performance, and eventually turned into one of the biggest multibagger stories of recent years.

Stock Performance. 

With a market cap of Rs 35,741, on 5 December, the shares of APAR Industries closed at Rs 8,898. The shares were trading at a price of Rs 361 on 4 December 2020, and from then till the date, they have given a return of 2,358%. For example, if someone had invested Rs. 1 lakh in the company’s stock 5 years ago, it would have turned into around Rs. 24.5 lakh. The shares are trading at a PE of 37.6, whereas their industry PE is 32.1. 

Company overview. 

APAR Industries is a long-established electrical and energy solutions company with more than 65 years of experience, known for its strong presence across conductors, speciality oils, cables, telecom solutions, and lubricants. With 12 modern manufacturing plants and customers in 140+ countries, the company has grown into the world’s largest aluminium and alloy conductor manufacturer, the third-largest transformer oil producer, and India’s leading renewable cables player. Its products support essential sectors such as transmission, railways, defence, telecom, and renewable energy, and APAR continues to expand through innovation, export-led growth, and a deep global customer network.

Conductor segment.

APAR’s conductor business forms the backbone of the company, making it the world’s largest manufacturer of aluminium and alloy conductors. The segment has evolved with advanced offerings like HTLS conductors, speciality alloy rods, OPGW, railway conductors, transformer CTC/PICC conductors, busbars, and more. With major facilities in Jharsuguda, Athola, and Lapanga, and a molten metal sourcing arrangement with Hindalco, APAR supplies high-quality conductors to utilities in 100+ countries. Premium conductor products now form a big share of revenue, supported by strong technology partnerships and experience in executing over 165 turnkey projects.

Cable Segment. 

APAR’s cable division has grown into one of India’s most advanced and fastest-expanding businesses, especially in renewable cables, where the company holds a leading position. With four e-beam units, the highest in India, and a wide portfolio covering solar, wind, elastomeric, defence, railway, OFC and hybrid speciality cables, it supplies critical sectors including nuclear power, data centres and EVs. Its strong export growth, particularly in the US, has been supported by UL-certified products and new capacities at Khatalwada and Umbergaon, making it one of the fastest-growing segments within the company.

It plays an important role in the global renewable energy shift by supplying cables, conductors and transformer oils that support solar and wind projects—from generation to transmission and last-mile distribution. With India pushing toward 50% renewable energy by 2030 and global installations rising rapidly, APAR is well-placed to benefit. The company has over 70% share in India’s wind cables, a strong position in solar cables, and export-ready products that meet global norms (IEC, EN, UL). Its approval from leading turbine makers like Vestas, Siemens Gamesa, GE and Nordex further strengthens its position in the renewable ecosystem.

Speciality Oils Segment.

APAR is the world’s third-largest transformer oil producer and India’s largest private manufacturer and exporter of speciality oils, offering more than 400 product grades across transformer oils, white oils, petroleum jelly, industrial oils and automotive lubricants. The company commands nearly 60% market share in India’s power transformer segment and serves global OEMs from its plants in India and Sharjah. With ongoing investments in R&D, automated blending and new eco-friendly products like natural ester transformer oil, APAR continues to strengthen its leadership in the speciality oils and lubricants space.

Risk Management.

APAR manages risks through a clear framework that covers customer credit, commodity prices, forex movements and interest-rate exposure. It carefully evaluates customers, sets credit limits and builds contractual protections to ensure secure payments. Commodity-linked risks on aluminium and copper are hedged, so price movements are passed on to customers, protecting margins. The company also manages forex exposure through natural hedges and forward covers, while strict working-capital discipline helps keep financing costs low. This structured approach has allowed APAR to expand globally while maintaining financial stability and operational control.

Financials and ratios.

The revenue from operations stands at Rs 4,645 crore in Q2 FY25 and Rs 5,715 crore in Q2 FY26, showcasing a YoY increase of 23%. Along with the sales, the profits also increased from Rs 194 crore in Q2 FY25 to Rs 252 crore in Q2 FY26, increasing 30%. The shares are trading at an ROCE and ROE of 32.7% and 19.5%, respectively; the EPS is at Rs 234, and the debt-to-equity ratio is at 0.14, which shows that the company is almost debt-free. 

The Growth Drivers. 

APAR’s core growth drivers remain strong because the company is positioned at the center of multiple long-term megatrends. Demand for renewable energy, across wind, solar and even nuclear, is rising globally, creating sustained need for APAR’s conductors, cables and transformer oils.

Massive transmission expansion is underway worldwide, especially in G20 countries, requiring overhead conductors, OPGW, HTLS solutions, and transformer oils, all areas where APAR already has deep expertise. At the same time, India’s focus on infrastructure development, including factories, metros, railways, highways and data centres, directly boosts demand for its specialised cables, lubricants and conductors. 

The strong push toward public transportation and mobility, including EV buses, Vande Bharat trains and high-speed rail, further expands opportunities for APAR’s auto cables, harnesses and railway products. Growing manufacturing activity and the China+1 shift continue to support volume growth for lubricants and industrial cables. Meanwhile, rising digitalisation, fibre rollout and 5G adoption are accelerating opportunities in the telecom segment. Together, these trends reinforce why APAR’s growth engines remain broad, stable and structurally intact.

Outlook.

APAR’s overall outlook remains strong, supported by its leadership across conductors, speciality oils, cables and renewable-focused solutions. With global and domestic energy systems expanding rapidly, the company is well-positioned to benefit from rising investments in transmission networks, renewable power, digital infrastructure, and industrial growth. Its increasing export footprint, shift toward premium products, and strong relationships with global OEMs continue to strengthen margins and visibility. Backed by diversified businesses, steady demand drivers, and a focus on technology-led manufacturing, APAR is poised for continued, long-term growth.

APAR’s share price has surged because the company has consistently delivered strong financial performance while shifting its portfolio toward high-margin, premium products across conductors, cables and speciality oils. At the same time, powerful sector tailwinds in renewables, transmission expansion and global exports have strengthened long-term visibility, giving investors confidence in sustained growth.

Written by Leon Mendonca. 

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