Solar Industries India (SOLARINDS) Q4 24/25 earnings summary

Executive summary

• Achieved record FY25 revenue of ₹7,540 crore and PAT of ₹1,288 crore, up 24% and 47% year-over-year, with strong growth in defense and international segments.

• Board approved audited results with unmodified opinions and recommended a final dividend of ₹10 per share for FY25.

• International business grew 18% year-over-year; defense revenue surged 162% to ₹1,355 crore.

• Acquisition of controlling stake in Problast Group, South Africa, consolidated from July 1, 2024.

• Order book exceeds ₹17,000 crore, with ₹15,000 crore from defense, including a landmark Pinaka rocket order.

Financial highlights

• Q4 FY25 revenue: ₹2,167 crore vs ₹1,611 crore YoY; annual revenue: ₹7,540 crore vs ₹6,070 crore.

• Q4 EBITDA: ₹546 crore vs ₹371 crore; annual EBITDA: ₹2,031 crore vs ₹1,414 crore.

• Q4 PAT: ₹346 crore vs ₹243 crore; annual PAT: ₹1,288 crore vs ₹875 crore.

• EBITDA margin reached 27%, exceeding guidance; gross margin for FY25 at 26.94%.

• Basic and diluted EPS (consolidated) for FY25 was ₹133.65, up from ₹92.38 in FY24.

Outlook and guidance

• FY26 revenue guidance set at ₹10,000 crore, with defense expected to contribute over 30%.

• Defense revenue guidance for FY26 set at ₹3,000 crore.

• CapEx plan of ₹2,500 crore for FY26, funded mainly through internal accruals and some debt.

• Aims to double revenue to ₹20,000 crore in four years, barring major economic disruptions.

• Continued focus on explosives, accessories, and related services as the core business segment.