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Conductors & cables Historical case study · data as of 09 Jul 2026 · published 12 Oct 2026 (95 days later)

Apar Industries — 100-point case study

How Apar Industries looked on 50 technical and 50 fundamental measures on 09 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: APARINDS · BSE: 532259
Close on 09 Jul 2026	₹14,070.00
Market cap then	₹58,914 crore
Valuation	P/E 60.4× · P/B 11.41×
Momentum	RSI (14) 45 · 1-year return +59.7%
Next 3 months	+27.8% vs Nifty 50 -6.0% (to 09 Oct 2026)

Scorecard

Technical — 50 points

13 bullish · 21 neutral · 2 caution · 13 bearish — the picture was mixed.

Fundamental — 50 points

11 bullish · 34 neutral · 3 caution · 1 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Financial figures are standalone (Screener's consolidated page was out of date when collected).

Technical analysis — 50 points

Calculated by code from daily prices up to 09 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.66%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.66% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +38.6%	Bullish	The 100-session trend line was up (+0.55%/day) and the stock was +38.6% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +59.7%	Bullish	Compared with a year earlier the price was +59.7%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 14,100.50 / 30W 11,138.70	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 12,327.50→17,157.00; lows 9,298.50→11,864.00	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	32.5	Bearish	ADX at 32.5 shows a strong trend in force. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 16.8 / –DI 23.7	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	15,358.90 (-8.4%)	Bearish	Close of 14,070.00 was 8.4% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	13,852.41 (+1.6%)	Bullish	Close of 14,070.00 was 1.6% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	10,336.70 (+36.1%)	Bullish	Close of 14,070.00 was 36.1% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 14,497.39 / 21E 14,698.71	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 08 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bullish	The 50-day average was 34.0% above the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+14.6% in 20 sessions	Bullish	The 50-day average rose 14.6% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	15,359 / 13,852 / 12,099 / 10,337	Bullish	The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	14,451.95 (-2.6%)	Bearish	Anchored to the start of July, the volume-weighted average price was 14,451.95; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	45.4	Neutral	RSI at 45.4 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 50.26 / signal 407.40	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-280.99 → -357.14	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	50.26	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 8.3 / %D 7.5	Caution	Slow stochastic at 8.3 was in oversold territory (<20). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-82.2	Caution	%R of -82.2 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-118	Bearish	CCI at -118 signalled an unusually strong downward deviation (<–100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-15.6%	Bearish	Price changed -15.6% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.17 (bands 13,400.19–17,317.61)	Neutral	%B of 0.17 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 25.5% (54th pct of 6M)	Neutral	Band width was at the 54th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹758.50 (5.4% of price)	Neutral	A typical day's range was about ₹758.50, or 5.4% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	56.1% vs 1Y 45.1%	Neutral	Annualised 30-day volatility was 56.1%, close to the one-year level of 45.1%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	13,137.78–16,285.46	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.41	Neutral	A beta of 1.41 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.59× / 5-day 0.81×	Neutral	The final session traded 0.59× its 20-day average volume and the last five sessions averaged 0.81× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.09	Neutral	Average volume on up days was 1.09× that on down days — balanced. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price fell — volume diverged from price. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.07	Bearish	CMF at -0.07 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	28.0	Bearish	MFI, a volume-weighted RSI, was 28.0. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹308 cr/day	Neutral	About ₹308 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	13,963.00 / 13,208.00 / 12,511.00	Neutral	Nearest support (prior swing lows) sat at 13,963.00, 0.8% below the close, then 13,208.00, 12,511.00. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	17,157.00	Neutral	Nearest resistance (prior swing highs) sat at 17,157.00, 21.9% above the close. How to read: Information only.
40	Monthly pivot points (for next month)	P 14,440.00 \| R1 15,479.00 \| S1 13,031.00	Neutral	Classic pivots from July's high/low/close gave a pivot of 14,440.00; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 14,713 \| 38.2% 13,201 \| 50.0% 11,979 \| 61.8% 10,757	Neutral	Measuring the 6-month rise from 6,801.00 to 17,157.00, the close was nearest the 23.6% retracement at 14,712.98. How to read: Information only.
42	52-week high / low	H 17,157.00 / L 6,801.00	Neutral	The close was 18.0% below the 52-week high and 106.9% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	2 open; latest gap-up 08 Apr at 10,304.50	Neutral	There were 2 unfilled gap(s). The latest, a gap-up on 08 Apr 2026, left an open level at 10,304.50 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 13,401.00–17,157.00	Neutral	The close was inside the prior 20-day range of 13,401.00–17,157.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Inside bar	Neutral	On 09 Jul the candle opened 13,470.00, ranged 13,470.00–14,150.00 and closed 14,070.00: Inside bar — range contraction. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 11,218.00–12,670.12; Tenkan 14,877.00 / Kijun 15,182.50	Bullish	Price was above the cloud and the Tenkan line was below the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +0.3% / 3M +35.0%	Bullish	The stock outperformed the Nifty 50 by 35.0 points over three months and outperformed by 0.3 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +76.4%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 76.4 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	13 bullish · 13 bearish · 21 neutral · 2 caution	Neutral	Across the 49 readings the technical picture was mixed. Levels that mattered: support 13,963.00, resistance 17,157.00. This is a description of the chart on 09 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 09 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 09 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	60.4×	Neutral	At ₹14,070.00 the market valued the company at about ₹58,914 crore, or 60.4× the ₹975 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	11.41×	Neutral	Market cap was 11.41× the Mar 2026 book value (equity + reserves) of ₹5,162 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	2.68×	Neutral	The company was valued at 2.68× its trailing-12-month sales of ₹21,997 crore. How to read: Information only.
4	EV / EBITDA (approx.)	32.8×	Neutral	Enterprise value (market cap + ₹909 cr borrowings; cash not netted) was 32.8× trailing operating profit of ₹1,822 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.7%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.7 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	3.49	Bearish	P/E of 60.4 divided by 3-year profit growth of 17.3% a year gives a PEG of 3.49. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.36%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹51 a share, a 0.36% yield on the ₹14,070.00 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹58,914 cr	Neutral	At about ₹0.59 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹2,541.42 vs ₹14,070.00	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹2,541.42; the price was 454% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+25.3%	Bullish	Revenue for FY26 was ₹21,997 crore, +25.3% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+29.7%	Bullish	The Jan–Mar 2026 quarter brought ₹6,461 crore of revenue, +29.7% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+22.7%	Bullish	FY26 net profit was ₹974 crore, +22.7% on FY25's ₹794 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+4.5%	Neutral	Quarterly profit was ₹255 crore versus ₹244 crore a year earlier (+4.5%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	18.7%	Caution	Revenue compounded at 18.7% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	17.3%	Caution	Net profit compounded at 17.3% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	29.8%	Caution	Over five years (FY21–FY26) revenue compounded at 29.8% a year. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+22.7%	Bullish	Reported EPS went from ₹197.59 to ₹242.46 (+22.7%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	9%	Neutral	Operating profit (EBITDA) was 9% of sales in FY26 versus 9% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	9% → 8% → 8% → 8%	Neutral	Quarterly margins moved from 9% to 8% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	4.4%	Neutral	₹4.4 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	20.6%	Bullish	FY26 profit was 20.6% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	33%	Bullish	Return on capital employed (debt + equity) was 33% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	7.36%	Neutral	Net profit was 7.36% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	25%	Neutral	The company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	2%	Neutral	Non-operating 'other income' of ₹30 crore made up 2% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.18	Bullish	Borrowings of ₹909 crore were 0.18× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.48×	Bullish	Debt equalled 0.48 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	3.8×	Neutral	Earnings before interest and tax covered interest cost 3.8 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+20.3%	Bullish	Shareholders' equity grew +20.3% from ₹4,292 crore to ₹5,162 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹513 cr (33% of fixed assets)	Neutral	Projects under construction (CWIP) were 33% of fixed assets — a big expansion pipeline not yet earning. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	44 days	Neutral	Working capital tied up equalled 44 days of sales (FY25: 41). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	33 days	Neutral	It took 33 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	88 (FY25 82)	Neutral	Customers took 88 days on average to pay, versus 82 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹933 cr	Neutral	The business generated ₹933 crore of operating cash in FY26 versus ₹1,238 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.96×	Neutral	Operating cash flow was 0.96× reported profit — reasonable cash backing. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	25%	Neutral	The company paid out about 25% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	25% / 26% / 25%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹40 cr → ₹40 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	57.77% (+0.00 pts YoY)	Neutral	Promoters owned 57.77% at Mar 2026 versus 57.77% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	9.38% (-0.49 pts YoY)	Neutral	FIIs held 9.38% at Mar 2026, down from 9.87% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	24.15% (+3.52 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 24.15%, up from 20.63%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	0.9 lakh (-22.3% YoY)	Neutral	The shareholder count moved from 1.1 lakh to 0.9 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	5/8	Neutral	Passed: positive profit, positive operating cash flow, operating margin improved, asset turnover improved, no meaningful dilution (<3%). Failed: CFO > net profit, leverage fell, ROA improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 3 weakness(es)	Neutral	Strengths: Company has delivered good profit growth of 49.1% CAGR over last 5 years; Company has been maintaining a healthy dividend payout of 25.2%. Weaknesses: Stock is trading at 14.0 times its book value; Promoter holding has decreased over last quarter: -2.35%; Company's cost of borrowing seems high. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	11 bullish · 1 bearish · 34 neutral · 3 caution	Bullish	On the numbers published by 09 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 60.4×, P/B 11.41×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 09 Apr 2026 – 09 Jul 2026 that an investor could have known on the snapshot date.

28 May 2026 Apar Industries reports record FY26 revenue, board recommends Rs 60 dividend — Apar Industries reported FY26 consolidated revenue of Rs 22,902 crore, up 23.3%, with consolidated PAT up 19.0% to Rs 977 crore. The board recommended a dividend of Rs 60 per share for FY 2025-26. source
29 May 2026 Apar Industries Q4 FY26 earnings call: US revenue target of $0.5 billion in three years — Following its Q4 FY26 results, management said it targets US revenue of $0.5 billion within three years and expects capex to add Rs 3,000-5,000 crore to annual revenue. FY26 EBITDA was reported at Rs 2,067 crore. source
08 Jun 2026 Apar Industries posts Rs 253 crore Q4 FY26 net profit — Apar Industries reported consolidated net profit of about Rs 253 crore for the quarter ended March 31, 2026, roughly 1.3% higher year-on-year; results were announced on May 28, 2026. source
11 Jun 2026 Apar Industries shares hit all-time high as chairman outlines profit growth plan — The stock touched an all-time high of Rs 14,970 after the chairman said profits could at least double over the next 4-5 years, citing capacity expansion, cables, US sales and data-centre demand, backed by about Rs 2,200 crore of planned investment. source
22 Jun 2026 Apar Industries' Middle East unit signs base oil supply pact with Luberef in Yanbu — Apar Industries Middle East signed a supply agreement with Luberef, a Saudi Aramco subsidiary, at the lubeHub Value Park in Yanbu, Saudi Arabia, to source base oils for transformer and specialty oil production. source

What happened next (09 Jul 2026 → 09 Oct 2026)

Price went from ₹14,070.00 to ₹17,984.00 by 09 Oct 2026 (+27.8%) while the Nifty 50 moved -6.0% — outperforming by 33.8 points.
Highest ₹19,265.00 on 22 Sep 2026; lowest ₹13,282.00 on 24 Jul 2026.
S1 13,963.00: broken on a closing basis on 13 Jul 2026.
S2 13,208.00: held on a closing basis.
R1 17,157.00: cleared on a closing basis on 12 Aug 2026.
200-day SMA: price was above it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 24 Jul 2026): revenue ₹6,477 crore (+32.7% YoY), net profit ₹453 crore (+75.6% YoY), operating margin 11% vs 9% a year earlier (Screener consolidated figures).

Later news

24 Jul 2026 Apar Industries Q1 FY27 consolidated profit rises to about Rs 470 crore — Apar Industries reported Q1 FY27 consolidated net profit of Rs 469.60 crore versus Rs 262.59 crore a year earlier, on revenue from operations of Rs 6,591.06 crore. source
24 Jul 2026 Apar Industries shares gain after Q1 FY27 earnings — Shares rose after Q1 FY27 results in which revenue grew 29% to Rs 6,591 crore, EBITDA rose 63% to Rs 814 crore and EBITDA margin widened to 12.4% from 9.8%. source
11 Aug 2026 Apar Industries opens QIP with floor price of Rs 14,801.25 per share — The company approved opening a qualified institutions placement on August 10, 2026 at a floor price of Rs 14,801.25 per share, with a possible discount of up to 5%. source
13 Aug 2026 Apar Industries completes Rs 2,500 crore QIP at Rs 14,805 per share — Apar Industries allotted 16,88,618 equity shares at Rs 14,805 each, raising about Rs 2,500 crore through its QIP. source
25 Aug 2026 Apar Industries sets September 14 record date for Rs 60 final dividend; AGM on September 21 — The company fixed September 14, 2026 as the record date for the proposed Rs 60 per share FY26 final dividend, subject to approval at the AGM on September 21, 2026. source

Educational summary. On 09 Jul 2026 the technical picture was mixed and the fundamental picture leaned positive. Over the next three months the stock moved +27.8% against -6.0% for the Nifty 50. A mixed chart gave no clear message, and the outcome shows why mixed readings are hard to act on. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Apar Industries today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 12 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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