Nuvama initiates coverage on Apar Industries with Rs 12,700 target, calls it a compounder
Apar Industries as a giant that is still growing, domestic brokerage firm Nuvama initiated coverage on the stock with a ‘buy’ rating and a target price of Rs 12,700, signaling an upside of 25.5% from Monday’s closing price.
“We argue that APAR is a favored play on India’s T&D capex super-cycle, which would spur demand for high-value-added/efficient conductors. Re-conductoring and export pick-up can further drive growth (18%+ EPS CAGR over FY24–27E at 23% RoE),” said Nuvama in its report.
India's National Electricity Plan (NEP) has allocated approximately Rs 9.2 lakh crore between 2022 and 2032 to develop a transmission network capable of handling a peak demand of 458 GW by 2032. This initiative has spurred competition in the sector.
However, few companies operate across the entire spectrum of power generation, renewable energy (RE), and transmission and distribution (T&D) like APAR Industries (APAR).
APAR is a leading and rapidly expanding manufacturer of conductors and specialty cables and wires (C&W), producing both conductors and oils, offering comprehensive involvement in the power sector.
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