Solar Industries India Ltd
Solar Industries India Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Expected volume growth: 10% to 12% per annum overall. Solar Industries expects volume growth of 10-12% per annum, driving overall business growth, especially 15% per annum in mining. - Defence segment is anticipated to grow at around 15% annually, with large order inflows from long-term programs. - Combining mining and defence, a >20% compounded annual growth rate over the next 3-5 years is considered achievable. - EBITDA margins are expected to improve or sustain around 27%, driven by higher-margin defence and international exports. - Defence revenue showed a 72% increase recently, reaching Rs.
From Solar Industries India Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Expected volume growth: 10% to 12% per annum overall.
- Mining business growth: Around 15% annualized growth anticipated.
- Defence business growth: Strong potential with large orders in programs like MPATGM, Kusha, and Pinaka; contributing to over 20% combined growth with mining over next 3-5 years.
- International business: Healthy growth driven by exports and improving order book.
- Long-term compounded growth (3-5 years): +20% annual growth overall considered realistic combining mining, defence, and international segments.
- Domestic business: Mining and infrastructure segments expected to grow around 15% annualized.
- Defence pipeline: ₹18,000 crore order book envisaged with consistent order inflows.
- Revenue momentum expected to improve from Q4 FY26 onwards with ramp-up in Pinaka and 155 mm shell production.
- Margins targeted around 27% over next 3-5 years with defence and international businesses expanding.
Profitability & Margins
See what Solar Industries India Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Solar Industries has guided a total CAPEX of approximately Rs. 2,500 crore as of 9 months ended December 31, 2025.
- Detailed updates on CAPEX achievement will be shared in Q4 results.
- The allocation split for CAPEX between defence capacity expansion and international business pipeline is yet to be disclosed.
- New manufacturing facilities have been set up at Dhule (Maharashtra) and Dholpur (Rajasthan) to reinforce manufacturing for mining and infrastructure sectors.
- The company is expanding defence manufacturing capabilities, including production of 155 mm shells expected to start commercial production in Q4 FY26.
- Ongoing investments in R&D, automation, and modern manufacturing technologies to enhance operational efficiency and safety.
- Focus on developing new technologies and products in defence and security solutions, including UAVs, loitering munitions, and humanoid robots.
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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
- Total consolidated order book stands at approximately Rs. 21,000 crores.
- Defence order book is around Rs. 18,000 crores.
- Defence order book split: Rs. 6,500 - 7,000 crores from Indian market, Rs. 11,000 crores from international market.
- Defence pipeline currently at approximately Rs. 18,000 crores with expectations of more orders as product development progresses.
- Strong conversion confidence due to well-qualified products and ramping up of facilities.
- Highest-ever defence revenue for the quarter at Rs. 702 crores, up 72% year-on-year.
- Expectation of more defence orders in domestic and international markets over the next 3-5 years.
- Overall order book growth driven by strong demand in defence and international business segments.
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 India Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q2 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 Q3 FY26 results?
Expected volume growth: 10% to 12% per annum overall. Solar Industries expects volume growth of 10-12% per annum, driving overall business growth, especially 15% per annum in mining. - Defence segment is anticipated to grow at around 15% annually, with large order inflows from long-term programs. - Combining mining and defence, a >20% compounded annual growth rate over the next 3-5 years is considered achievable. - EBITDA margins are expected to improve or sustain around 27%, driven by higher-margin defence and international exports. - Defence revenue showed a 72% increase recently, reaching Rs.
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?
Solar Industries has guided a total CAPEX of approximately Rs.
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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.