Solar Industries India (SOLARINDS) Q3 25/26 earnings summary

Executive summary

• Achieved record-breaking quarterly and nine-month results, with significant growth in revenue, EBITDA, and PAT, driven by strong performance in defense and international businesses.

• Q3FY26 net sales rose 29% year-over-year to ₹2,548 crore, with EBITDA up 37% and PAT up 38%.

• For 9MFY26, net sales increased 26% to ₹6,785 crore, EBITDA grew 27%, and PAT rose 25% year-over-year.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board and reviewed by auditors, with no material misstatements noted.

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

Financial highlights

• Q3 FY26 consolidated revenue was ₹2,548.32 crore, up from ₹1,973.08 crore in Q3 FY25; nine-month revenue was ₹6,784.99 crore, up from ₹5,373.71 crore year-over-year.

• Quarterly EBITDA reached ₹733 crore (up 37% YoY); PAT at ₹467 crore (up 38% YoY).

• Q3FY26 EBITDA margin improved to 28.77% from 27.17% in Q3FY25; PAT margin increased to 18.31% from 17.11%.

• Consolidated order book exceeds ₹21,200 crore, with defense contributing over ₹18,000 crore.

• Standalone revenue for Q3 FY26 was ₹1,492.78 crore, up from ₹1,207.24 crore in Q3 FY25; standalone net profit for Q3 FY26 was ₹329.45 crore.

Outlook and guidance

• Confident in achieving annual defense revenue guidance of ₹3,000 crore, with Pinaka rocket deliveries starting in Q4.

• Expecting gradual improvements in defense revenue each quarter, with strong performance anticipated in FY27.

• Long-term business growth expected at 15% annually, with potential for 20%+ CAGR over the next 3-5 years combining mining and defense.

• EBITDA margins expected to be sustained at 27%-28% over the next several years.

• The results reflect strong growth in both revenue and profitability, with management noting the impact of recent acquisitions and regulatory changes.