Solar Industries India Limited has delivered a landmark performance in FY26, reporting its highest-ever quarterly and annual sales of ₹3053cr and ₹9838cr respectively, driven by strong momentum in its international and defence businesses. The company also posted record quarterly and annual EBITDA and PAT, comfortably surpassing its annual EBITDA margin guidance. Building on this performance, Solar Industries has raised its FY27 revenue guidance by 42% to ₹14,000cr while maintaining current margins.

Record Quarterly and Full-Year Financial Performance

Solar Industries delivered broad-based growth across all key financial metrics in both Q4 and the full year FY26. The following table provides a comprehensive snapshot of the company's performance:

The detailed quarterly cost structure further illustrates the company's operational efficiency. Material consumed stood at ₹1522cr in Q4 FY26 (49.84% of net sales), compared to ₹1178cr (54.37%) in Q4 FY25, reflecting a significant improvement of 453 bps. Employee costs were ₹253cr (8.27% of net sales) and other expenses were ₹453cr (14.83% of net sales) in Q4 FY26. For the full year FY26, material consumed was ₹4894cr (49.74% of net sales), employee costs were ₹845cr (8.59%), and other expenses were ₹1477cr (15.02%).

Mr. Manish Nuwal, Managing Director & CEO, commented: "We are happy to report that Solar Industries India Limited has delivered a landmark performance, clocking its highest-ever quarterly and annual sales of ₹3053cr and ₹9838cr respectively, despite no growth in domestic mining market. These numbers were propelled by strong sales from international and defence businesses, relentless focus on our high-value chain products and operational efficiencies."

Defence Business Nearly Doubles; International Business Grows 32%

The defence segment emerged as a standout performer, with revenue surging 134% in Q4 to reach ₹1008cr and growing 94% for the full year to a record ₹2634cr. The international business also registered strong growth of 32% year-on-year, reflecting Solar Industries' expanding global footprint across 90+ countries. The following table presents the quarterly and annual customer-wise revenue breakdown:

Mr. Nuwal noted: "Our Defence business has nearly doubled, delivering outstanding growth with revenue surging 134% in Q4 and 94% for the full year, to reach record highs of ₹1008cr and ₹2634cr, respectively. A robust sales pipeline, coupled with strong execution capabilities, positions us well to sustain this momentum." On the international front, he added: "Solar's international business has performed very well and as a result registered a 32% YOY growth. Solar's ability in establishing strong relationships with its customers as a trusted partner underscores the company's strength in identifying and capitalizing on global opportunities."

Borrowing and Capital Expenditure

Solar Industries' balance sheet metrics reflect the scale of its investment activity. The company's total debt stood at ₹1468cr in FY26, compared to ₹946cr in FY25, while net debt was ₹867cr versus a net cash position of ₹276cr in the prior year. The net debt-to-equity ratio stood at 0.13 and the net debt-to-EBITDA ratio at 0.32. Capital expenditure for FY26 was ₹1556cr, up from ₹1182cr in FY25.

FY27 Guidance: Revenue, Capex, and Defence Targets Raised

Backed by a strong order book of ₹21,300cr and robust opportunities across all verticals, Solar Industries has issued upgraded guidance for FY27. The company has raised its revenue guidance by 42% to ₹14,000cr and has planned capital expenditure of ₹2,050cr for FY27. The company has also invested ₹2,700+ crore over the last two years to support its growth plans. The defence segment is targeted to cross ₹4,500cr in revenue in FY27, up from ₹2,634cr in FY26. The following table outlines the key guidance parameters:

Mr. Nuwal stated: "In FY26, we delivered ~30% revenue growth and surpassed our annual EBITDA guidance. This performance reinforces our confidence in the scalability of our business. Backed by a strong order book of ₹21,300cr and robust opportunities across all verticals, we are targeting to achieve around ₹14,000cr revenue in FY27 while maintaining current margins." The company's recent expansion into Northern and Western India, along with upcoming plants in the East and South, is expected to further strengthen its domestic footprint.

Shareholding Pattern

As per the latest shareholding data, promoters hold 73.15% of Solar Industries. The remaining shareholding is distributed across institutional and public investors as detailed below:

Among mutual funds, SBI-MF holds 3.59%, Kotak Fund 2.85%, Axis 1.17%, and others 4.57%. Among FIIs, Vanguard holds 1.16%, iShares 1.07%, and others 4.37%.

Dividend Proposed for FY26-27

Reflecting confidence in its financial health and commitment to shareholders, Solar Industries has proposed a dividend of ₹11 per share for FY26-27, up from ₹10 per share in the previous year.

Solar Industries India Limited has announced the appointment of Smt. Reena Jha Tripathi (DIN: 11022528) as an Additional Director in the category of Non-Executive Independent Director, effective May 15, 2026. The Board of Directors approved the appointment at its meeting held on May 15, 2026, acting on the recommendation of the Nomination and Remuneration Committee. The appointment is subject to the approval of the company's shareholders in accordance with applicable regulatory requirements.

Appointment Details

The key particulars of the appointment, as disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are summarised below:

Profile of Smt. Reena Jha Tripathi

Smt. Reena Jha Tripathi brings a distinguished professional background to the board. She holds advanced qualifications in law and management, with executive programmes completed at IIM Bangalore, Syracuse University, and Hull Business School. Her academic credentials are complemented by an extensive career in public service spanning over 36 years.

Smt. Reena Jha Tripathi is a former IRS (Income Tax) officer of the 1988 batch, having superannuated in January 2025 at the Apex Scale (Level 17). Her career encompassed a broad range of responsibilities, including:

• Tax administration, investigation, and litigation
• Representation of the Department before the Income Tax Appellate Tribunal (ITAT), High Courts, and the Supreme Court of India
• Leadership of major recruitment initiatives at the Department of Personnel and Training (DoPT), Western Zone

Regulatory Compliance

The intimation has been made in compliance with Regulation 30(2) read with sub-regulation 7 of Part A of Schedule III of the SEBI Listing Regulations, as well as SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. Solar Industries India Limited has confirmed that Smt. Reena Jha Tripathi is not related to any of the existing Directors of the Company and is not debarred from holding the office of Director by virtue of any order passed by SEBI or any other such authority.