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Solar Industries India (SOLARINDS) investor relations material
Solar Industries India Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary11 Nov, 2025
Executive summary
Achieved record quarterly EBITDA of INR 582 crore and PAT of INR 361 crore in Q2 FY26; half-year EBITDA at INR 1,146 crore and PAT at INR 714 crore, reflecting strong operational performance despite domestic market challenges from prolonged monsoons and macroeconomic volatility.
Q2FY26 net sales rose 21% year-over-year to ₹2,082 crore, and HYFY26 net sales increased 25% year-over-year to ₹4,237 crore.
Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved by the Board and reviewed by statutory auditors.
Board approved the appointment of two new non-executive directors and related postal ballot process.
Financial highlights
Defense revenue crossed INR 500 crore in Q2 (up 57% YoY) and INR 900 crore in H1 (up 79% YoY); international business grew 21% YoY in Q2 to INR 960 crore, the highest ever.
Q2FY26 EBITDA grew 23% year-over-year to ₹582 crore, with EBITDA margin at 27.95%; Q2FY26 PBT increased 22% year-over-year to ₹490 crore.
Consolidated revenue from operations for Q2 FY26 was ₹2,082.22 crore, up from ₹1,715.83 crore in Q2 FY25; half-year revenue was ₹4,236.67 crore, up from ₹3,400.63 crore year-over-year.
Consolidated net profit for Q2 FY26 was ₹361.45 crore, up from ₹303.78 crore in Q2 FY25; half-year net profit was ₹714.07 crore, up from ₹604.32 crore year-over-year.
Raw material costs for Q2 were INR 988 crore (vs INR 843 crore YoY); employee costs at INR 195 crore (vs INR 145 crore YoY); other expenses at INR 347 crore (vs INR 283 crore YoY).
Outlook and guidance
Confident of achieving FY26 guidance, with Q3 expected to mark a new growth phase in defense as Pinaka rocket commercial sales begin and other defense orders ramp up.
Annual defense revenue guidance maintained at INR 3,000 crore, with total FY26 revenue expected to cross INR 10,000 crore.
Order book exceeds ₹17,100 crore, with ₹15,500 crore from Defence and ₹1,600 crore from CIL & SCCL.
International business expected to grow at 15% annually, with new operations planned in Australia, Kazakhstan, and Saudi Arabia.
Results are not fully comparable year-over-year due to the acquisition of Problast Group, South Africa, effective July 1, 2024.
Problast acquisition's strategic contribution?
Turkey ops impact on other expenses, excluding Ind AS 29?
Drivers for H1 operating cash flow decline?
H2 defense revenue drivers beyond Pinaka
New market entry challenges and strategy
Working capital management for H2 ramp-up
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Next Solar Industries India earnings date
Q3 25/265 Feb, 2026
Next Solar Industries India earnings date
Q3 25/265 Feb, 2026
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