Apar Industries Limited — Credit Ratings, 06-08-2025: Credit Rating

APAR Industries' credit ratings have been reaffirmed by CARE Ratings at 'CARE AA-; Stable' for long-term facilities and 'CARE AA-; Stable / CARE A1+' for long-term/short-term facilities, with the outlook remaining Stable. This reaffirmation reflects the company's strong market position in conductors and transformer & specialty oils (TSO), where it holds leadership. Key drivers include significant growth in operations, improved profitability, and a robust order book. Despite working capital intensive operations, the company maintains a comfortable capital structure, with overall gearing improving to 1.04x, and strong liquidity, holding approximately ₹896 crore in cash. This stable rating signals consistent borrowing costs and sustains investor confidence, providing Apar Industries with financial flexibility for strategic growth initiatives.