Solar Industries India
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Solar Industries India (SOLARINDS) investor relations material

Solar Industries India Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary4 Feb, 2026

Executive summary

  • Q3 FY26 revenue grew 29% year-on-year to ₹2,548 crore, with EBITDA up 37% and PAT up 38%, marking record quarterly results driven by defense and international segments.

  • Defense business revenue surged 72% year-on-year, with a consolidated order book exceeding ₹21,200 crore, including significant defense orders.

  • International business revenue crossed ₹1,000 crore, up 35% year-on-year, reflecting strong global demand for commodities and metals.

  • New manufacturing facilities in Maharashtra and Rajasthan enhance domestic production capabilities for mining and infrastructure.

  • 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.

Financial highlights

  • Q3 FY26 consolidated revenue was ₹2,548.32 crore, up from ₹1,973.08 crore in Q3 FY25; EBITDA at ₹733 crore, up 37%; PAT at ₹466.54 crore, up 38%.

  • Nine-month revenue at ₹6,785 crore, up 26%; nine-month EBITDA at ₹1,879 crore, up 27%; nine-month PAT at ₹1,181 crore, up 25%.

  • Q3 FY26 EBITDA margin improved to 28.77% from 27.17% in Q3 FY25; PAT margin increased to 18.31% from 17.11%.

  • Cost of raw material consumption as a percentage of sales decreased from 53.5% to 48.71% year-on-year.

  • Employee and other expenses increased, while interest and depreciation costs remained stable.

Outlook and guidance

  • Confident of achieving FY26 defense revenue guidance of ₹3,000 crore, with Pinaka rocket deliveries starting Q4.

  • Defense and international businesses expected to drive 15-20% annualized growth over the next 3-5 years.

  • EBITDA margins expected to be sustained at 27-28% due to favorable business mix.

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

Debt strategy: NCD vs CP financing shift
Turkey hyperinflation impact on results
Problast acquisition accounting finalization
Pinaka/155mm shell impact on defense ramp-up?
International non-defense growth drivers & outlook?
India non-defense business rebound drivers?
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Q4 25/2620 May, 2026
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