NOMURA ON APAR INDUSTRIES ; BUY | TP ₹17,500 (EARLIER ₹15,400)

• Nomura maintains Buy rating on Apar Industries and raises target price to ₹17,500 from ₹15,400. • Q2 revenue grows 21% YoY, while EBITDA jumps 55% YoY, beating estimates by 32%. • Cable order book reaches ₹3,000 Cr, supported by data-centre orders from Google and Amazon. • Strong transformer oil profitability and robust conductor demand support earnings growth. • Nomura raises FY27–29 EBITDA estimates by 5–10%, driven by improved profitability and strong demand outlook.

APAR INDUSTRIES LTD.

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