Solar Industries India Limited delivered a landmark financial performance in FY26, posting record consolidated revenue of ₹9,837.74 crore, reflecting a growth of 30.46% over the previous year. EBITDA increased by 35% to ₹2,750 crore, while Profit After Tax grew by 35% to ₹1,737 crore. The Board has recommended a final dividend of ₹11 per equity share for FY26, with Tuesday, July 28, 2026 fixed as the record date. The dividend, subject to shareholder approval at the 31st Annual General Meeting (AGM), will be paid electronically on Thursday, August 20, 2026.

FY26 Financial Highlights

The company's standalone performance was equally strong. Standalone turnover rose 25.18% to ₹5,578.86 crore from ₹4,456.60 crore in the previous year. Standalone Profit Before Depreciation and Tax (PBT) stood at ₹1,740.40 crore against ₹1,153.93 crore in FY25. Standalone Earnings Per Share (EPS) improved to ₹135.00 from ₹88.75, while standalone net worth rose to ₹4,226.82 crore from ₹3,066.96 crore.

On a consolidated basis, PBT for FY26 was ₹2,615.82 crore against ₹1,914.69 crore in the previous year. Consolidated EPS stood at ₹185.39 versus ₹133.65, and consolidated net worth increased to ₹6,277.20 crore from ₹4,386.34 crore. The company transferred ₹100 crore to general reserves and proposed to retain ₹2,951.44 crore in the statement of profit and loss.

Defence Business: A Major Growth Driver

The defence vertical emerged as a central pillar of growth during the year. Defence revenue nearly doubled with a 94% year-on-year increase to ₹2,634 crore. Solar Defence and Aerospace Limited became the first private-sector company in India to dispatch the Pinaka Enhanced Mk-I rockets to the Indian Army, marking a significant milestone in indigenous defence manufacturing. The company's order book stood at approximately ₹21,300 crore, providing strong visibility for future growth. Additionally, the Nagastra-1 loitering munition was successfully deployed by the Indian Army during Operation Sindoor, validating the company's indigenous defence technology capabilities.

The company also acquired acres in MIHAN SEZ, Nagpur, for developing and manufacturing UAVs, robotics platforms and next-generation defence technologies, with a planned investment and an expectation to create over 6,800 jobs. The Bhoomi Pujan of the AI-powered Robotics and UAV Manufacturing Facility at MIHAN, Nagpur was conducted during the year. The Medium Calibre Ammunition Manufacturing Facility in Nagpur was inaugurated by the Raksha Mantri, Shri Rajnath Singh. The company also exported the first batch of precision-guided munitions to Armenia, marking its entry into international precision-guided munitions supply.

The development of the Pinaka Enhanced Range system spanned over eight years and involved the manufacture of nearly 100 rockets for trials. Similarly, the Nagastra loitering munition programme required the deployment of approximately 40 systems, with an investment of around ₹20 crore during the trial phase.

International Operations and Industrial Explosives

The industrial explosives business continued to strengthen its leadership across mining, infrastructure, and construction sectors. International revenues grew by 32%, supported by the company's localisation strategy and ongoing expansion across Africa, Central Asia, Southeast Asia, and India. The company's products and solutions reach customers in more than 90 countries, underpinned by an expansive international manufacturing footprint. During the year, the company achieved adoption of its electronic detonators in underground coal mines and seismic exploration.

Industry and Economic Context

India's real GDP expanded by 7.7% in FY 2025-26, reinforcing its position as one of the world's fastest-growing major economies. The global industrial explosives market was valued at USD 14.0 billion in CY 2025, with bulk explosives accounting for 75.6% of the overall market. The market is projected to expand to USD 22.7 billion by CY 2032, registering a compound annual growth rate (CAGR) of 7.1%. India's defence domestic production increased from ₹1.54 lakh crore in FY 2024-25 to ₹1.7578 lakh crore in FY 2025-26. Defence exports in FY 2025-26 stood at ₹38,424 crore, compared to ₹23,622 crore in FY 2024-25, with exports now reaching over 80 countries.

Chairman's Recognition and Leadership

FY26 marked a moment of national recognition as the Founder Chairman, Shri Satyanarayan Nuwal, was conferred the Padma Shri for his contribution to trade and industry. The Chairman was also honoured by the Chief Minister of Maharashtra, Shri Devendra Fadnavis, in the presence of Union Minister Shri Nitin Gadkari, at Advantage Vidarbha 2026, for outstanding contributions to the defence sector and indigenous manufacturing.

Governance, ESG and Sustainability

Solar Industries has seven Board-level committees overseeing operations and decision-making. The company achieved ISO 27001 certification during the year, with a 16% renewable energy share in its total energy mix and 5.12 MW installed solar plant capacity. Key manufacturing sites maintain Zero Liquid Discharge compliance. The company reported zero instances of sexual harassment, zero cases of insider trading and corruption, and 100% of employees trained on the Code of Conduct. As of March 31, 2026, the company had a total workforce of 15,727 employees. CSR expenditure for FY 2025-26 stood at ₹23.25 crore against an obligation of ₹16.73 crore, resulting in an excess spend of ₹6.52 crore carried forward.

AGM and Dividend Key Dates

The 31st AGM will be held via video conferencing on Tuesday, August 11, 2026, at 11:30 a.m. IST. Shareholders can cast their votes through the remote e-voting system. The cut-off date for e-voting eligibility is Tuesday, August 4, 2026. For resident members, TDS will be deducted at 10% if PAN details are registered, or 20% if PAN is not registered. No tax will be deducted if the aggregate dividend does not exceed ₹10,000.

Outlook and Strategic Priorities

Looking ahead, Solar Industries aspires to reach ₹14,000 crore in revenue and significantly expand the defence business while continuing to strengthen its core industrial explosives platform. Execution priorities for the coming year include safety, enhancing management bandwidth, innovation, and systematic scale-up of operations. The company's CRISIL rating was reaffirmed at CRISIL AA+/Positive for long-term bank loan facilities and non-convertible debentures, while short-term borrowings were reaffirmed at CRISIL A1+.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE343H01029/3ede44d8-270e-4e85-9f69-e06cafba015d.pdf

Solar Industries India Limited has released its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26, disclosing its performance on environmental, social, and governance (ESG) parameters. The report, based on standalone financials, received reasonable assurance from Moore Singhi Advisors LLP on the BRSR Core Key Performance Indicators (KPIs). The company reported that exports contributed 47.65% to its total turnover during the period, while its manufacturing operations spanned 26 national locations.

ESG Performance and Assurance

Moore Singhi Advisors LLP provided independent reasonable assurance on the BRSR Core KPIs across nine ESG attributes. The assurance engagement covered the period from April 1, 2025, to March 31, 2026, and was conducted in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised) and ISAE 3410. The reporting boundary included 17 manufacturing locations and 4 offices, with onsite verification conducted at key facilities.

Environmental Metrics

The company disclosed its environmental footprint, noting that 16.08% of total energy consumed was sourced from renewable options. It reported a decrease in revenue emissions intensity by 14% despite an increase in absolute emissions, reflecting improved carbon efficiency. The firm implemented several initiatives to reduce resource consumption, including the adoption of Brushless Direct Current (BLDC) fans and Air-Operated Double Diaphragm (AODD) pumps, which resulted in annual energy savings of approximately 9,072 kWh and 5,940 kWh, respectively.

Social and Governance Data

Solar Industries detailed its workforce composition, reporting a total of 7,446 employees and workers. The gender diversity stood at 9.6% for permanent employees and 17.7% for workers. The company confirmed that 100% of permanent employees and workers were covered by accident and health insurance. On the governance front, the report stated that no fines or penalties were imposed during FY 2025-26, and no cases of bribery or corruption were reported against directors, key managerial personnel, or employees.

Financial and Operational Overview

The company’s turnover for FY 2025-26 was ₹5,578.86 crore, with a net worth of ₹4,226.82 crore on a standalone basis. The primary business activity, manufacturing of industrial explosives and initiating systems, accounted for 97.80% of the turnover. The company’s operations cater to sectors such as mining, defence, and infrastructure, with a presence in more than 90 countries.