Prabhudas Lilladher Recommends 'HOLD' on Apar Industries; Target Rs 9744

• Prabhudas Lilladher maintains a 'HOLD' rating on Apar Industries with a target price of Rs 9744.
• Management projects ~Rs30,000 EBITDA/mt and 10% volume growth in conductors, plus 8% YoY growth in specialty oils by FY26.
• US reciprocal tariffs are expected to have limited impact on order finalization timelines, with no material financial effect.
• Strong domestic demand from power T&D, renewables, railways; exports driven by US, Asia, Middle East, Africa.
• Cables business targets Rs100 billion revenue; Q3FY26 muted, Q4FY26 recovery expected.

Why It Matters: Prabhudas Lilladher advises 'HOLD' on Apar Industries, citing strong growth outlook despite short-term challenges.