Solar Industries India (SOLARINDS) Q4 25/26 earnings summary

Executive summary

• Achieved record quarterly and annual sales of INR 3,053 crore and INR 9,838 crore, with PAT up 61% in Q4 to INR 556 crore and up 35% for the year to INR 1,737 crore, despite flat domestic mining markets.

• Defence business nearly doubled, with revenue up 134% in Q4 and 94% for the year, reaching INR 1,008 crore and INR 2,634 crore.

• International business grew 32% year-over-year, contributing 39% of FY26 sales, with expansion in Africa, Turkey, Southeast Asia, and Australia.

• Board recommended a final dividend of INR 11 per share for FY 2025-26, subject to shareholder approval.

• Strong order book exceeds INR 21,300 crore, with defence comprising INR 18,000 crore.

Financial highlights

• Q4 consolidated revenue: INR 3,053 crore vs INR 2,167 crore; FY revenue: INR 9,838 crore vs INR 7,540 crore.

• Q4 EBITDA: INR 870 crore vs INR 546 crore; FY EBITDA: INR 2,750 crore vs INR 2,031 crore.

• Q4 PAT: INR 556 crore vs INR 346 crore; FY PAT: INR 1,737 crore vs INR 1,288 crore.

• EBITDA margins: 28.5% for Q4, 27.95% for FY 2026.

• Dividend proposed at INR 11 per share, up from INR 10 per share.

Outlook and guidance

• Targeting FY 2027 revenue of INR 14,000 crore while maintaining current margins.

• Defence revenue expected to cross INR 4,500 crore in FY 2027.

• Planned annual CapEx of INR 2,050 crore for FY 2027, up from INR 1,556 crore in FY26.

• International business expected to grow ~30% in FY 2027.