Financial Performance Highlights

Solar Industries delivered exceptional financial results for FY 2025-26 with record growth across key metrics:

Consolidated Financials (FY 2025-26):

  • Revenue from operations: ₹9,837.74 crore (30.46% growth YoY)
  • Profit After Tax: ₹1,736.64 crore (35% growth YoY)
  • Earnings Per Share: ₹185.39
  • Net Worth: ₹6,277.20 crore

Standalone Financials (FY 2025-26):

  • Revenue from operations: ₹5,578.86 crore (25.18% growth YoY)
  • Profit After Tax: ₹1,221.70 crore
  • Earnings Per Share: ₹135.00

Dividend Declaration and Corporate Actions

The Board recommended a final dividend of ₹11 per equity share (550% of face value) for FY 2025-26, subject to shareholder approval at the AGM. The total dividend payout would aggregate to ₹99.54 crore.

Key Dates:

  • Record Date: July 28, 2026
  • AGM Date: August 11, 2026 (via video conference)
  • Payment Date: August 20, 2026 (subject to approval)

Business Performance and Operational Highlights

Defense Business Breakthrough:

  • Revenue grew 94% YoY to ₹2,634 crore
  • Order book stood at approximately ₹21,300 crore
  • Solar Defence became first private company to dispatch Pinaka Enhanced Mk-I rocket system to Indian Army
  • Nagastra-1 loitering munition successfully delivered to Indian Army

International Expansion:

  • International revenues grew 32%
  • Expanded manufacturing footprint to Zimbabwe and Kazakhstan
  • Products exported to over 90 countries
  • Managed hyperinflation impacts in Turkish subsidiaries (3,866.45% cumulative inflation)

Capital Expenditure and Expansion:

  • Acquired 223 acres in MIHAN SEZ, Nagpur for UAVs and robotics manufacturing
  • Planned investment of ₹12,780 crore for expansion
  • Capital Work in Progress: ₹691.84 crore

Corporate Governance and Compliance

The company maintained comprehensive compliance with SEBI Listing Regulations across all mandatory requirements:

Board Committees: Audit, Nomination & Remuneration, Risk Management, Stakeholders Relationship, CSR & Sustainability, Executive, and Investment committees functioned effectively.

Director Appointments:

  • Re-appointment of Milind Deshmukh as Whole-time Director
  • Appointment of Reena Jha Tripathi (former IRS officer) as Independent Director

ESG Reporting: Moore Singhi Advisors provided reasonable assurance on BRSR Core KPIs covering nine ESG attributes including greenhouse gas footprint, water management, and employee wellbeing.

Risk Management and Financial Position

Financial Ratios Improvement:

  • Current Ratio: 2.21
  • Debt-Equity Ratio: 0.03 (improved from 0.06)
  • Return on Equity: 33.50% (up from 29.67%)
  • Net Profit Margin: 21.90% (up from 18.02%)

Risk Exposure:

  • Foreign exchange sensitivity: 1% USD movement impacts PBT by ₹6.53 crore
  • Credit risk: Trade receivables of ₹1,857.86 crore with ₹82.68 crore impairment provision
  • Liquidity: Cash & equivalents of ₹469.44 crore

Subsidiaries and Investments

The company has 34 subsidiaries operating across 17 countries, 3 associate companies, and made strategic investments including ₹134.58 crore in Skyroot Aerospace classified as FVTOCI.

Regulatory and Statutory Compliance

All auditor reports were unqualified without adverse remarks. The company complied with all regulatory requirements including:

  • No material changes affecting financial position
  • No deposits accepted from public
  • All related party transactions at arm's length basis
  • No instances of fraud reported
  • Comprehensive risk management framework in place

Forward Outlook

The company maintains strong growth momentum with robust order book, international expansion, and continued focus on defense manufacturing while managing macroeconomic challenges including hyperinflation in certain markets.