Solar Industries India Limited , a leading manufacturer of explosives and initiating systems, has expressed confidence in achieving its FY26 targets, citing a robust orderbook as the key driver. The company also highlighted that the third quarter marks the beginning of a new growth phase in its defense segment, signaling potential expansion in this area.

Q2 FY26 Financial Highlights

Solar Industries reported strong financial results for the second quarter of fiscal year 2026:

The company's performance showed significant year-on-year growth across key financial metrics.

Defense Segment Growth

Solar Industries emphasized that Q3 FY26 marks the beginning of a new growth phase in its defense segment. This development suggests an expansion of the company's presence in the defense sector, potentially opening up new revenue streams and market opportunities.

Strong Orderbook

The company's management expressed confidence in achieving its FY26 targets, attributing this optimism to a strong orderbook. While specific details of the orderbook were not disclosed, this positive outlook suggests a healthy pipeline of projects and contracts that could drive future growth.

International Business Performance

Solar Industries' international business demonstrated robust growth:

• Q2 FY26 international revenue: Over ₹960 crore
• Year-on-year growth: 21%
• This performance marks the highest ever quarterly sales for the international segment

Consolidated Financial Performance (H1 FY26)

For the first half of FY26, Solar Industries reported:

These results underscore the company's strong performance and growth trajectory in the current fiscal year.

Management Commentary

Manish Nuwal, Managing Director & CEO of Solar Industries India Limited, commented on the results: "The second quarter of this year once again brings us the privilege of announcing record achievements across key metrics. We are pleased to announce that we have achieved our highest-ever quarterly EBITDA of ₹582cr and PAT of ₹361cr in Q2 & ₹1146cr & ₹714cr in HY, respectively."

Regarding the defense segment, Mr. Nuwal added, "We are pleased to report that our defence revenue crossed ₹500cr this quarter & ₹900cr in half year, reflecting a year-on-year growth of 57% & 79% respectively. Solar group is strategically positioning itself as a 'global supply chain partner' in the defence sector."

The company's strong performance, despite challenges such as prolonged monsoons affecting mining activities, demonstrates its resilience and ability to navigate market fluctuations. With a robust orderbook and growing presence in the defense sector, Solar Industries appears well-positioned for continued growth in the coming quarters.

Solar Industries India Limited has reported strong financial results for the second quarter of fiscal year 2026, demonstrating significant growth across key metrics. The company's Board of Directors has also approved unaudited financial results for the quarter and half year ended September 30, 2025, and taken important decisions regarding director appointments.

Revenue and Profit Surge

The company's consolidated revenue from operations rose to ₹2,082.22 crore in Q2 FY2026, marking a 21% increase from ₹1,715.83 crore in the same quarter of the previous year. This robust top-line growth was accompanied by a notable improvement in profitability:

• Net profit increased to ₹361.45 crore, up from ₹303.78 crore year-on-year, representing a 19% growth.
• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew to ₹581.97 crore from ₹475.22 crore, a 22.5% increase.
• EBITDA margin improved to 27.95% from 27.70% in the previous year's quarter.

Segment Performance

The company's performance was particularly strong in key business segments:

• International business revenue reached a record high of over ₹960 crore in Q2, showing a year-on-year growth of 21%.
• Defence revenue crossed ₹500 crore, reflecting a substantial year-on-year growth of 57%.

Half-Yearly Performance

For the first half of FY2026, Solar Industries India reported:

• Consolidated revenue of ₹4,236.67 crore, up 25% from ₹3,400.63 crore in H1 FY2025.
• Net profit of ₹714.07 crore, an 18% increase from ₹604.32 crore in the previous year.

Management Commentary

Manish Nuwal, Managing Director & CEO, commented on the results: "The second quarter of this year once again brings us the privilege of announcing record achievements across key metrics. We are pleased to announce that we have achieved our highest-ever quarterly EBITDA of ₹582 crore and PAT of ₹361 crore in Q2."

Regarding the defence vertical, Mr. Nuwal added, "We are pleased to report that our defence revenue crossed ₹500 crore this quarter & ₹900 crore in half year, reflecting a year-on-year growth of 57% & 79% respectively. Solar group is strategically positioning itself as a 'global supply chain partner' in the defence sector."

Outlook

The company maintains a positive outlook, supported by:

• A strong defence order book of around ₹15,500 crore+.
• The commencement of Pinaka rocket sales starting in the third quarter.
• Continued growth momentum in international markets.

Challenges

Despite the strong performance, the company faced some challenges:

• Heavy and prolonged monsoons impacted demand in the mining sector.
• Macroeconomic volatility and geopolitical frictions created a challenging business environment.

Corporate Governance and Financial Management

In addition to the financial results, the Board of Directors has taken several important decisions:

• Approval of a postal ballot notice seeking shareholder consent for the appointment of Smt. Girija Balakrishnan and Shri Viswanathan Lakshmanan as Non-Executive Directors for a five-year term.
• Partial redemption of non-convertible debentures worth ₹15.84 crore during the half-year period.
• Interest payments totaling ₹1.42 crore on the non-convertible debentures.
• The outstanding NCD amount as of September 30, 2025, stands at ₹22.50 crore.

The Board meeting was held on November 10, 2025, and the statutory auditors conducted a limited review of the financial results.

Solar Industries India remains committed to its high-performance culture and continues to focus on creating value for stakeholders amidst a dynamic market landscape.

Note: All figures are based on consolidated financial results for Q2 FY2026 and H1 FY2026.