Solar Industries India (SOLARINDS) Q2 25/26 earnings summary

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.