Apar Industries management reiterated guidance for FY26, expecting Rs30,000 EBITDA and 10% volume growth in conductors, with 8% YoY growth in specialty oils. The company anticipates limited financial impact from US reciprocal tariffs, with domestic demand driven by power, renewables, and railways, and exports supported by various regions. The cables business is a key growth area, targeting Rs100bn revenue. Q3FY26 may be muted due to raw material prices, with a Q4FY26 recovery expected. The stock trades at a P/E of 28.4x-24.8x.