This Multibagger Cable Stock Rises 2594% in 5 Years: How Rs 1 Lakh Became Rs 27 Lakh
- September 10, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
CMP approximately Rs 17,424 (10 Sep 2026). 5-year return 2,594.44%. 52W range Rs 6,800 to Rs 18,465. Market cap Rs 73,029 Cr. Q1 FY27 PAT Rs 467 Cr vs Rs 263 Cr.
Quick Answer
Apar Industries, a maker of power conductors, cables and transformer oils, is the multibagger cable stock behind a return of approximately 2,594% in five years. The share rose from about Rs 647 in September 2021 to around Rs 17,424, a genuine gain with no split or bonus, driven by a near fourfold jump in profit, export growth and a 2026 surge in oil margins. With a PE near 62, the next leg depends on margins holding up.
This multibagger cable stock has turned Rs 1 lakh into roughly Rs 27 lakh in five years. With a 5-year return of 2,594.44%, it ranked third in a screen of 101 NSE stocks as of 10 September 2026, and the gain is real price appreciation, not the result of a split or bonus issue.
The company is Apar Industries Ltd, an Indian maker of power transmission conductors, power and telecom cables, and transformer and specialty oils, with customers in over 140 countries. The Apar Industries share price traded near Rs 17,424 on the afternoon of 10 September 2026, down about 0.1% for the day, against roughly Rs 647 in early September 2021.
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How Much Has This Multibagger Cable Stock Returned?
The five-year figure is the headline, but the returns table shows the rally has not faded in the latest year either. This multibagger cable stock sits in the top ten of the screen on a 1-year view and in the top 20 on the 6-month and 3-year views.
| Period | Return (%) | Rank (out of 101) |
|---|---|---|
| 1 Month | 2.77 | 59 |
| 6 Months | 67.80 | 18 |
| 1 Year | 112.97 | 8 |
| 3 Years | 216.11 | 19 |
| 5 Years | 2,594.44 | 3 |
The 1-year return of approximately 113% is striking for a multibagger cable stock worth around Rs 73,029 crore. The stock bottomed at a 52-week low of Rs 6,800 on 21 January 2026 and later climbed to a 52-week high of Rs 18,465 in the week of 10 August 2026.
Only the 1-month number looks ordinary at 2.77%, which suggests the multibagger cable stock has been consolidating after a sharp run in June and August.
Is the 2,594% Return Distorted by a Split or Bonus?
No, the return is genuine. Apar Industries has not split its shares or issued bonus shares in the five-year window, and the face value is still Rs 10 per share, so the price history needs no adjustment.
The share traded between roughly Rs 636 and Rs 685 in the week of 6 September 2021. From around Rs 647 to Rs 17,424 is a gain of about 26.9 times, which matches the screen return of this multibagger cable stock.
The share count has grown only modestly, through equity raises rather than bonus issues. The latest was a qualified institutional placement (QIP) of about Rs 2,500 crore on 13 August 2026 at Rs 14,805 per share, which lifted the share count from about 4.02 crore to 4.19 crore. It diluted holders by about 4% but did not alter the price series.
Why Did This Multibagger Cable Stock Rise So Much?
The rally in this multibagger cable stock was built in two phases. From 2021 to 2024 the driver was an earnings step-up in conductors and cable exports, and from 2025 to 2026 it was a fresh leg on transformer oil margins, data centre cable approvals and a larger order book.
Early Phase: Earnings Jump and Export Growth
Between FY22 and FY24, revenue rose from about Rs 9,349 crore to Rs 16,234 crore, while net profit more than tripled from Rs 257 crore to Rs 825 crore. The market rewarded each strong quarter, with the multibagger cable stock rallying about 36% in eight sessions after its Q4 FY22 results in June 2022 and about 42% in two days after its Q3 FY23 numbers in February 2023.
By mid-2023, cable division exports had grown about 92% year on year and the conductor order book stood near Rs 5,356 crore. The stock gained about 212% in calendar 2023 alone, and that year turned this counter into a multibagger cable stock that fund managers could no longer ignore.
Premium Conductors and the Transmission Build-Out
India’s renewable energy targets need a large expansion of transmission lines, and the company behind this multibagger cable stock is among the largest conductor makers globally. Its premium conductors, which carry more power over the same towers, made up 50.3% of conductor sales in Q1 FY27, up from 43.7% a year earlier.
That mix shift lets the company earn more per tonne even when volumes dip. Conductor EBITDA rose about 14% to Rs 285 crore in Q1 FY27 despite a 6.7% fall in volumes caused by high aluminium prices.
Transformer Oil Margins Exploded in Q1 FY27
The biggest surprise for the multibagger cable stock in the latest quarter came from transformer and specialty oils. Segment revenue rose about 35% to Rs 1,701 crore, and segment EBITDA jumped roughly 214% to Rs 329 crore, even after a Rs 94 crore inventory provision.
Margins in this business rose to about Rs 25,482 per kilolitre from Rs 7,004 a year earlier. In June 2026 the company’s Middle East subsidiary also signed a base oil supply agreement with Saudi Aramco Base Oil Company for the lubeHub Value Park in Yanbu, adding a new supply source for its flagship transformer oils.
Data Centre Cables and Domestic Demand
Cable revenue rose about 30% to Rs 1,838 crore in Q1 FY27, with domestic cable revenue up nearly 60%. Management said it has received approvals from Meta, Microsoft and Google for data centre cables, which opens a fresh export opportunity for this multibagger cable stock.
The cable order book stood at about Rs 1,925 crore and the conductor order book at about Rs 10,190 crore. The conductor backlog, up roughly 31% year on year, gives the multibagger cable stock visibility for several quarters.
Trade Relief and the 2026 Rerating
The multibagger cable stock recovered sharply from its January 2026 low. It rose about 6% on 29 January 2026 after Q3 FY26 net profit grew around 19% to Rs 209 crore, and the next leg higher in early February coincided with the India-US interim trade deal that cut US tariffs on Indian goods to 18%.
Exports made up about 27.5% of revenue in Q1 FY27, so tariff relief matters. The multibagger cable stock then jumped over 9% on 24 July 2026 after Q1 FY27 profit surged about 78% and hit a fresh record in August.
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Apar Industries Financials: Revenue and Profit Trend
The quarterly numbers explain why the Apar Industries share price rerated in 2026. Revenue at the multibagger cable stock has grown steadily, but the real change came in Q1 FY27, when operating margin jumped above 12%.
| Quarter | Revenue (Rs Cr) | EBITDA (Rs Cr) | Net Profit (Rs Cr) | Operating Margin (%) | Net Margin (%) |
|---|---|---|---|---|---|
| Jun 2025 (Q1 FY26) | 5,128.95 | 477.04 | 262.91 | 9.38 | 5.17 |
| Sep 2025 (Q2 FY26) | 5,738.67 | 488.34 | 251.70 | 8.58 | 4.42 |
| Dec 2025 (Q3 FY26) | 5,487.40 | 459.73 | 208.92 | 7.96 | 4.16 |
| Mar 2026 (Q4 FY26) | 6,622.53 | 515.61 | 253.44 | 7.73 | 3.94 |
| Jun 2026 (Q1 FY27) | 6,624.71 | 791.23 | 467.45 | 12.05 | 7.12 |
Net profit of Rs 467.45 crore in Q1 FY27 was up about 78% from Rs 262.91 crore a year earlier. On a yearly view, revenue grew from about Rs 9,349 crore in FY22 to Rs 22,967 crore in FY26, and net profit rose from Rs 257 crore to Rs 977 crore. That compounding in earnings, not a one-off event, is what sustained the multibagger cable stock story over five years.
Margins are the part of the multibagger cable stock story to watch. Operating margin slipped from 9.38% to 7.73% across FY26 before the Q1 FY27 spike, and part of that spike came from unusually strong oil margins that may not repeat every quarter.
Shareholding and Valuation of the Multibagger Cable Stock
Institutions have steadily added to this multibagger cable stock over the past year.
| Quarter | Promoters (%) | FII (%) | DII (%) | Public (%) |
|---|---|---|---|---|
| Sep 2025 | 57.77 | 9.25 | 22.64 | 10.35 |
| Dec 2025 | 57.77 | 9.35 | 23.21 | 9.67 |
| Mar 2026 | 57.77 | 9.37 | 24.15 | 8.71 |
| Jun 2026 | 57.76 | 10.75 | 23.02 | 8.46 |
| Aug 2026 | 55.42 | 11.36 | 24.88 | 8.34 |
Promoter holding eased to 55.42% in August 2026 only because of the QIP; the Desai family did not sell. FII holding rose from 9.25% to 11.36% over the year, and DII holding moved up to 24.88%, while retail and other public holders shrank to 8.34%.
Valuation is now demanding. The multibagger cable stock trades at a PE of approximately 61.8 against an industry PE of about 48, and at around 9.3 times book value. Return on equity is about 18.1%, debt to equity is a low 0.18, and the dividend yield is only about 0.33%.
Key Risks for Investors
A 2,594% move over five years leaves little room for disappointment. These are the main risks to track in this multibagger cable stock.
Premium Valuation
At a PE near 62, the market is pricing in several years of strong growth. If quarterly profit falls back towards the FY26 run-rate of around Rs 250 crore, this multibagger cable stock could correct sharply, as it did when the stock fell from about Rs 9,400 in November 2025 to Rs 6,800 in January 2026.
Commodity and Supply Disruptions
High aluminium prices cut conductor volumes by 6.7% in Q1 FY27, and closures at Hamriyah port reduced oil volumes by 13.7%. Copper and aluminium swings can squeeze margins for a multibagger cable stock because pricing often lags input costs.
Oil Margin Normalisation
Transformer oil earnings were about three to four times higher than some estimates in Q1 FY27. If margins per kilolitre revert even partly towards last year’s levels, EBITDA growth at the multibagger cable stock will slow.
Export and Tariff Exposure
The export share of revenue fell from 31.6% to 27.5% in Q1 FY27. Any change in US trade policy, or slower conversion of the new data centre approvals into orders, could weigh on growth, and the recent QIP means earnings must now be spread over about 4% more shares.
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Apar Industries Share: Analyst View
Analysts remain broadly positive on the Apar Industries share after the Q1 FY27 beat, citing the oil business, cable growth and order visibility. The main debate is whether the multibagger cable stock already reflects most of that growth.
Apar Industries Share Price Target
After the Q1 FY27 results, a foreign brokerage retained its Buy rating and raised its Apar Industries share price target to Rs 15,400 from Rs 14,240.
The current Apar Industries share price of around Rs 17,424 is already about 13% above that Apar Industries share price target, which shows how quickly the multibagger cable stock has outrun estimates. No newer verified target above the current price was available at the time of writing.
On the chart of this multibagger cable stock, the 52-week high of Rs 18,465 is the key resistance, while the QIP price of Rs 14,805 is a level institutions paid in August 2026 and may act as a reference support. A break below it would signal a deeper correction in the Apar Industries share price.
Conclusion
This multibagger cable stock earned its 2,594% five-year return the hard way, through a near fourfold rise in profit, premium conductors, cable exports and, most recently, a surge in transformer oil margins. The Apar Industries share price has also doubled in the past year, so the rally is still running rather than resting on old gains.
The flip side is a PE above 60, a price already ahead of a published brokerage target and margins that depend partly on volatile oil spreads. Investors who own this multibagger cable stock may watch Q2 FY27 margins and data centre cable orders closely, while fresh buyers could consider staggered entries rather than chasing the multibagger cable stock near its record high.
Disclaimer: Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Which multibagger cable stock rose 2,594% in 5 years?
Ans. Apar Industries (NSE: APARINDS) is the multibagger cable stock that gained approximately 2,594.44% over five years as of 10 September 2026. It ranked third among 101 NSE stocks in the screen used for this analysis.
Is the 5-year return of Apar Industries affected by a split or bonus?
Ans. No, Apar Industries has not done a stock split or bonus issue in the last five years and its face value remains Rs 10. The share moved from about Rs 647 in September 2021 to around Rs 17,424, a genuine gain of roughly 26.9 times for this multibagger cable stock.
Why did the Apar Industries share price rise so much?
Ans. The Apar Industries share price rose on a near fourfold jump in profit since FY22, strong conductor and cable exports and demand from India’s transmission build-out. In 2026, a surge in transformer oil margins, data centre cable approvals and a conductor order book of about Rs 10,190 crore added a new leg.
What were Apar Industries Q1 FY27 results?
Ans. Apar Industries reported Q1 FY27 net profit of Rs 467.45 crore, up about 78% year on year, on revenue of around Rs 6,591 crore from operations. EBITDA margin expanded to about 12.4% from 9.8%, led by the transformer oil segment, results that lifted the multibagger cable stock.
What is the Apar Industries share price target?
Ans. A foreign brokerage raised its Apar Industries share price target to Rs 15,400 from Rs 14,240 after the Q1 FY27 results. The stock at around Rs 17,424 already trades above that level, so no verified upside target was available at the time of writing.
What is the 52-week high and low of Apar Industries?
Ans. The 52-week high is Rs 18,465, set in August 2026, and the 52-week low is Rs 6,800, touched on 21 January 2026. The multibagger cable stock has more than doubled from that low.
Is this multibagger cable stock overvalued?
Ans. The valuation is rich, with a PE of about 61.8 against an industry PE near 48 and a price to book of around 9.3. Strong earnings growth supports part of it, but any margin disappointment could lead to a sharp fall in this multibagger cable stock.
Have institutions increased their stake in Apar Industries?
Ans. Yes, institutions have added to this multibagger cable stock. FII holding rose from 9.25% in September 2025 to 11.36% in August 2026, and DII holding increased to 24.88%. Promoter holding eased to 55.42% only because of the August 2026 QIP, not due to any sale.
