Solar Industries India (SOLARINDS) Q1 25/26 earnings summary

Executive summary

• Achieved record Q1 FY26 results with consolidated revenue of ₹2,154.45 crore (up 28% YoY) and PAT of ₹353 crore, driven by strong international (up 43% YoY) and defense (up 115% YoY) segments.

• EBITDA reached ₹564 crore (up 19% YoY) with margin at 26.18%.

• Defense order book stands at ₹15,000 crore, with total order book exceeding ₹16,800 crore.

• Early monsoon impacted domestic explosives demand, but optimism remains for post-monsoon recovery.

• Unaudited standalone and consolidated financial results for Q1 FY26 were approved and reviewed by statutory auditors.

Financial highlights

• Consolidated revenue: ₹2,154.45 crore (up from ₹1,684.80 crore YoY); standalone revenue: ₹1,387.15 crore (up from ₹1,044.59 crore YoY).

• Consolidated PAT: ₹352.62 crore (up from ₹300.54 crore YoY); standalone PAT: ₹279.52 crore (up from ₹194.20 crore YoY).

• EBITDA: ₹564 crore (up from ₹474 crore YoY); EBITDA margin at 26.18%.

• Material consumed: ₹1,094 crore, 50.8% of net sales.

• Other expenses increased 48% YoY to ₹341 crore.

Outlook and guidance

• FY26 revenue guidance reiterated at over ₹10,000 crore, with ₹3,000 crore from defense and ₹7,000 crore from non-defense.

• International business expected to contribute ₹3,500–4,000 crore.

• Pinaka series of rockets to drive defense growth from Q2/Q3.

• Targeting 15% volume growth in domestic explosives, with demand expected to rebound post-monsoon.