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-on-year.

• International and defense segments drove significant revenue increases, with defense up 115% and international up 43% year-over-year.

• 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

• Consolidated revenue from operations was INR 2,154.45 crores, up from INR 1,684.80 crores year-over-year.

• EBITDA rose 19% year-over-year to INR 564 crores, with margin at 26.18%.

• PAT increased 17% year-over-year to INR 353 crores.

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

• Material consumed as a percentage of sales decreased slightly to 50.80%.

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.

• Order book exceeds INR 16,800 crores, with defense orders at INR 15,000 crores and CIL & SCCL at INR 1,800 crores.

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

• 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.