India’s Best CEOs 2025: How Kushal N. Desai is Turning Challenges into Opportunities at APAR Industries

OPPORTUNITY ONLY knocks once, but when it does, one needs to be prepared, says Kushal N. Desai, CMD of APAR Industries. His own company, founded in 1958 as Power Cables by his father, the late Dharamsinh D. Desai, abides by this philosophy. More than six decades later, the small conductors’ company has grown into the largest aluminium and alloy conductor manufacturer in the world. It is also the third-largest transformer oil manufacturer globally. The diversified manufacturer and supplier of conductors, cables, speciality oils, polymers, and lubricants now has businesses spanning 140 countries. Desai has been spearheading APAR’s growth ever since he joined the family business in 1989. Under his leadership, the Mumbai-based company has grown leaps and bounds, especially over the past couple of years, as it cashed in on domestic as well as global energy transition themes of solar and wind power, and electric mobility. According to database provider Capitaline, APAR registered a 25.7% CAGR in net sales over the past three financial years. Its net profit hit a 47.3% CAGR during the same period. High-margin products, such as high-temperature low-sag (HTLS) conductors, E-beam wires with superior durability, and speciality lubricants, also contributed to the exuberant growth rate. However, Desai says the company has been preparing for this outcome since long. “Opportunity needs preparedness. APAR’s vision statement, almost 12 years back, focussed on the basic building blocks: energy efficiency, reducing the cost of ownership for consumers, environmental compliance, and products with higher safety. We have several products that go right through this value chain,” Desai tells Fortune India. For Desai, a science graduate from the Moore School of Electrical Engineering and a business degree holder from the Wharton School, both under the University of Pennsylvania, the key to success filters down to two things: innovation and offering products at global standards. “We believe that we have to lead the innovation curve. We are not in many businesses. We are into three principal businesses (conductor, speciality oil and lubricants, and automotive solutions). We want to be at global standards in all of them. That is what we have been striving to achieve. So, the bedrock of this growth is focus,” he says. APAR and Desai seem unstoppable as the company looks to continue the growth momentum. The runway is really long, the CMD believes. “Fundamentally, the world is getting more electric with the changing energy mix. Consumption of electricity is directly proportional to GDP. India is growing at 7% and the power sector is growing at 7+%. With the current focus on energy transition and infrastructure growth, we believe that the runway is the next 20-25 years.” APAR’s Q1FY26 numbers reflect its strong run rate. The company reported a 27.3% year-on-year rise in consolidated revenue to ₹5,104 crore. At ₹263 crore, the net profit registered a 29.8% growth on the back of high-margin order execution, premium products, and strong performance in the U.S. market. Analysts say the company may continue to gain from strong capital expenditure and the energy transition wave. After the stellar Q1 show, Prabhudas Lilladher said in a note that APAR has reiterated its guidance of 10% volume growth in the conductors’ segment, driven by favourable macro tailwinds such as reconductoring opportunities, strong public capital expenditure, and energy transition. “Meanwhile, capacity expansion in the cable business is anticipated to support management’s target of 25% revenue growth in FY26. The speciality oils segment faced near-term challenges due to project delays in key export markets, including Saudi Arabia, South Africa, and Australia. Nevertheless, robust global demand for transformer and automotive oils is anticipated to offset these temporary headwinds. Heightened Chinese competition in non-U.S. markets remains a key risk,” the note said. Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.

India’s Best CEOs 2025: How Kushal N. Desai is Turning Challenges into Opportunities at APAR Industries

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