Solar Industries India Ltd

- 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.

- 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.

- 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.

- 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.

- 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.