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

Executive summary

• Achieved highest-ever quarterly EBITDA of INR 564 crores and PBT of INR 353 crores for Q1 FY26, with turnover at INR 2,154 crores, up 28% year-over-year.

• Growth driven by robust international business (up 43% YoY to INR 826 crores) and defense sector (up 115% YoY to INR 418 crores), with defense now 19% and international 38% of sales.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, were approved by the Board and reviewed by statutory auditors.

• The group operates in a single segment: explosives, accessories, and related services.

• Defense order book stands at INR 15,000 crores, with commercialization of Pinaka orders expected this year.

Financial highlights

• Revenue: INR 2,154 crores vs INR 1,685 crores (28% YoY growth); consolidated revenue at ₹2,154.45 crore.

• EBITDA: INR 564 crores vs INR 474 crores (19% YoY growth), margin at 26.18%.

• PAT: INR 353 crores vs INR 301 crores (17% YoY growth); consolidated net profit at ₹352.62 crore.

• International revenue: INR 826 crores vs INR 579 crores (43% YoY growth); defense revenue: INR 418 crores vs INR 194 crores (115% YoY growth).

• Basic and diluted EPS (consolidated) for the quarter were ₹37.43, up from ₹31.66 year-over-year.

Outlook and guidance

• Reiterated FY26 revenue guidance of over INR 10,000 crores, with INR 3,000 crores from defense and INR 7,000 crores from non-defense.

• International business expected to contribute INR 3,500–4,000 crores.

• Order book exceeds ₹16,800 crore, with Defense orders at ₹15,000 crore and CIL & SCCL at ₹1,800 crore.

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

• Defense segment to see growth from Pinaka rockets and new drone products.