Any current/future new fundraising through debt or equity?

The transcript provided does not mention any current or future fundraising plans through debt or equity by Solar Industries Limited. There is no discussion or indication of upcoming capital raises during the Q3 FY26 earnings call. Manish Nuwal and other management members focused on operational performance, growth outlook, defence and international orders, and capacity expansion. The company's CAPEX guidance was mentioned (around Rs. 2,500 crores), but detailed funding sources or plans were deferred for the Q4 update. No explicit comments were made regarding raising funds through equity or add

Any current/future capex/capital investment/strategic investment?

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 prod

Future growth expectations in sales/revenue/volumes?

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

Future growth expectations in earnings/operating earnings/profits/EPS?

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. 700+ crores quarterly, with a robust Rs. 18,000 crore defen

Current/ Expected Orderbook/ Pending Orders?

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 interna

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Solar Industries India LtdQ4 FY27Chemicals & Petrochemicals

Solar Industries India Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹17,428P/E: 93.4Market Cap: ₹1.6L CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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.

Margin guidance

Category 3

→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. 700+ crores quarterly, with a robust Rs. 18,000 crore defence order book.
→For FY27, gradual quarterly improvement in defence revenue is expected, with better ramp-up from Pinaka and other products.
→Overall, strong operational discipline, innovation, and long-term vision point towards healthy growth in revenue, EBITDA, PAT, and EPS in coming years.

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Fundraise plans

→The transcript provided does not mention any current or future fundraising plans through debt or equity by Solar Industries Limited.
→There is no discussion or indication of upcoming capital raises during the Q3 FY26 earnings call.
→Manish Nuwal and other management members focused on operational performance, growth outlook, defence and international orders, and capacity expansion.
→The company's CAPEX guidance was mentioned (around Rs. 2,500 crores), but detailed funding sources or plans were deferred for the Q4 update.
→No explicit comments were made regarding raising funds through equity or additional debt instruments in the call or closing remarks.

Order book

Yes

→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.

Capex plans

Yes

→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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