Solar Industries India Ltd
Solar Industries India Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
The company expects overall growth of around 15% on an annualized basis in the explosive market, both domestic and international. Solar Industries expects to sustain around 15% annualized growth driven by domestic and international markets.
From Solar Industries India Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- The company expects overall growth of around 15% on an annualized basis in the explosive market, both domestic and international.
- Domestic market is projected to achieve comfortable double-digit growth in H2 FY '26 after monsoon-related slowdown in H1.
- International business targets about 15% annual growth, with new countries like Australia, Kazakhstan, and Saudi Arabia to be operationalized within 6-12 months.
- Defense segment revenue is expected to ramp up significantly from Q3 FY '26, targeting around INR 3,000 crores for the year with potential to cross INR 10,000 crores top line in the near future.
- The company aims to maintain about a 90-day working capital cycle even as defense business scales up.
- New product developments such as 155mm shells and counter-drone systems will contribute to future revenue growth.
- Growth will be supported by government initiatives and increasing international orders despite market challenges.
Profitability & Margins
See what Solar Industries India Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Capex for FY '26 is planned around INR2,500 crores but some deferment expected due to heavy monsoon; final number to be shared at year-end.
- Capex related to defense, including INR12,700 crores MOU with Maharashtra govt, is part of a 10-year program; no specific figures disclosed for last 6 months.
- Focus on ramping up production for defense products like Pinaka and 155 mm shells; commercial production expected in next 2 quarters after qualification.
- Investments ongoing for international market expansion in countries like Australia, Kazakhstan, Saudi Arabia, expected to be operational in 6-12 months.
- No explicit mention of new tie-ups with global partners, but company is open to collaborations.
- Capex is also directed at scaling defense product manufacturing and technology development, especially for counter-drone systems and loitering munitions.
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Ranked on what management guided this quarter
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Fundraising & Capital Structure
See what Solar Industries India Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- As of the call, Solar Industries India Limited has a strong defense order book of around INR 15,500 crores.
- Out of this, approximately INR 6,000 crores is from the Pinaka rocket program.
- The remaining INR 8,000 crores are expected to materialize over the next 3 to 4 years.
- The order book is fueling expectations to cross INR 1,000 crores in defense revenue in the next two quarters and reach an annualized INR 3,000 crores.
- The company is expecting more defense orders in the coming weeks or months but did not provide specific quantum.
- Trial production for 155 mm shells has started, with commercial production expected from Q4 after technical qualification.
- The company is also participating in various RFPs related to medium caliber weapons, loitering munitions, counter drones, and missile programs, awaiting fresh orders.
Solar Industries India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹3.1K Cr, net profit ₹556 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Solar Industries's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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Frequently Asked Questions
What were Solar Industries India Ltd Q2 FY26 results?
The company expects overall growth of around 15% on an annualized basis in the explosive market, both domestic and international. Solar Industries expects to sustain around 15% annualized growth driven by domestic and international markets.
What is Solar Industries India Ltd share price analysis?
Solar Industries India Ltd currently shows a neutral. The stock trades at a P/E of 90.7 with a market cap of ₹180,700 Cr. Investors should review the full earnings analysis for detailed insights.
Is Solar Industries India Ltd planning capital expenditure?
Capex for FY '26 is planned around INR2,500 crores but some deferment expected due to heavy monsoon; final number to be shared at year-end.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.