Solar Industries reports record Q2 & H1 FY26 results, strong defense order book and international growth
Solar Industries India reported record Q2 and H1 FY26 results with highest-ever EBITDA and PAT. Defense revenue grew significantly with a ₹15,500 crore order book. International business also saw record sales. Optimistic about FY26 guidance despite monsoon impact.
The announcement has a high impact due to the reporting of record financial performance across key metrics for Q2 and H1 FY26. The significant growth and future prospects in the strategic defense sector, backed by a large order book and new product launches, indicate strong future revenue potential. Expansion in international markets further contributes to long-term growth. These factors are material to investor perception and future valuation.
The company announced record high EBITDA and PAT for both Q2 and H1 FY26, alongside substantial year-on-year growth in turnover. The defense segment showed impressive growth and has a strong order book, with new projects like Pinaka and 155mm shells commencing commercialization. International business also achieved record sales and is expanding into new geographies. Management expressed optimism about achieving FY26 guidance.
Solar Industries India Limited has released the transcription of its conference call held on November 11, 2025, to discuss the unaudited financial results for the quarter and half year ended September 30, 2025. * The company achieved its highest-ever quarterly EBITDA of ₹582 crore and Profit After Tax (PAT) of ₹361 crore in Q2 FY26. * For the half year (H1 FY26), EBITDA stood at ₹1,146 crore and PAT at ₹714 crore. * The company's turnover reached ₹2,082 crore in Q2, marking a 21% increase year-on-year, and ₹4,237 crore for H1, a 25% increase year-on-year. * Defense revenue crossed ₹500 crore in Q2 (57% YoY growth) and ₹900 crore in H1 (79% YoY growth). * Solar Industries has a strong defense order book of approximately ₹15,500 crore. * Commercial sales of Pinaka rockets are expected to commence in Q3 FY26. * Trial production of 155 mm shells has begun, with commercial production anticipated from Q4 FY26. The company aims to cross the ₹1,000 crore mark from the defense sector soon and achieve its annual target of ₹3,000 crore for FY26. * The international business recorded its highest-ever quarterly sales at ₹960 crore in Q2, showing a 21% year-on-year growth. * The company is actively working to operationalize its presence in Australia, Kazakhstan, and Saudi Arabia within the next 6 to 12 months. * Solar Industries is developing a hard-kill solution for anti-drone systems, with field trials for Bhargavastra expected to conclude by March 2026. * Despite challenges from heavy and prolonged monsoons impacting coal mining and demand for explosives in the domestic market, the company remains optimistic about reaching its FY26 guidance. * A surge in demand from the power, mining, housing, and infrastructure sectors is expected in Q3 and Q4. The EBITDA margin for the quarter stands at around 28%. The working capital, impacted by production ramp-up, is projected to normalize to approximately 90 days by March 2026. Management highlighted strong government support for the defense sector as a key growth driver.
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Solar Industries India Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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