November 03, 2026

Key Decisions and Financial Results

The Board of Directors meeting was held on Tuesday, November 03, 2026, commencing at 12:45 p.m. and concluding at 01:30 p.m. at the Registered Office: 'Solar' House, 14, Kachimet, Amravati Road, Nagpur - 440023.

The Board inter alia considered and approved the following:

1. Approval of Financial Results: The Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026, along with the Limited Review Report from the Statutory Auditors.

2. Appointment of Statutory Auditors: Based on the Audit Committee's recommendation, the Board approved a change in auditors:

  • Appointed: M/s Price Waterhouse Chartered Accountants LLP (ICAI Firm Registration No. 012754N/N500016) as a joint statutory auditor.
  • Re-appointed: M/s Gandhi Rathi & Co., Chartered Accountants (Firm Registration No. 103031W) as a joint statutory auditor.
  • Retiring Auditor: M/s SRBC & Co. LLP, Chartered Accountants (ICAI Firm Registration No:. 324982E/E300003).
  • Term: The appointment is for a five-year term, effective from the conclusion of the 32nd Annual General Meeting (AGM) in 2027 until the conclusion of the 37th AGM in 2032, subject to shareholders' approval.

Detailed Financial Performance (Consolidated)

(# in crores, except Per Share Data)

Income Statement Highlights (Quarter ended September 30, 2026):

  • Revenue from Operations: ₹3,518.92 crore (vs. ₹2,082.22 crore in Q2 FY26, +69% YoY)
  • Other Income: ₹15.37 crore
  • Total Income: ₹3,534.29 crore
  • Profit Before Tax (PBT): ₹877.49 crore (vs. ₹489.52 crore in Q2 FY26, +79% YoY)
  • Tax Expense: ₹227.47 crore (Current Tax: ₹225.23 crore, Deferred Tax: ₹(1.57) crore, Prior Period Tax: ₹3.79 crore)
  • Net Profit for the period: ₹650.04 crore
  • Net Profit Attributable to Owners: ₹617.02 crore (vs. ₹344.97 crore in Q2 FY26, +79% YoY)
  • Earnings Per Share (Basic & Diluted): ₹68.19 (Face Value ₹2/-)

Income Statement Highlights (Half year ended September 30, 2026):

  • Revenue from Operations: ₹7,187.12 crore (vs. ₹4,236.67 crore in H1 FY26, +70% YoY)
  • Net Profit Attributable to Owners: ₹1,269.57 crore (vs. ₹683.67 crore in H1 FY26, +86% YoY)
  • Earnings Per Share (Basic & Diluted): ₹140.30

Balance Sheet Highlights (Consolidated as at September 30, 2026):

  • Paid-up Equity Share Capital: ₹18.10 crore
  • Other Equity: ₹7,655.25 crore
  • Net Worth: ₹7,673.35 crore (vs. ₹6,277.20 crore as on Mar 31, 2026)
  • Total Assets: ₹13,162.62 crore (vs. ₹10,918.50 crore as on Mar 31, 2026)
  • Total Borrowings (Non-Current + Current): ₹1,704.65 crore

Key Ratios (Consolidated - Quarter ended September 30, 2026):

  • Debt Equity Ratio: 0.22
  • Current Ratio: 2.01
  • Debt Service Coverage Ratio: 7.00
  • Interest Service Coverage Ratio: 17.51
  • Operating Margin (%): 26.07%
  • Net Profit Margin (%): 18.47%

Detailed Financial Performance (Standalone)

Income Statement Highlights (Quarter ended September 30, 2026):

  • Revenue from Operations: ₹1,445.63 crore
  • Profit Before Tax (PBT): ₹429.26 crore
  • Net Profit for the period: ₹320.21 crore
  • Earnings Per Share (Basic & Diluted): ₹35.39

Income Statement Highlights (Half year ended September 30, 2026):

  • Revenue from Operations: ₹3,101.95 crore
  • Net Profit for the period: ₹678.59 crore

Significant Events and Explanatory Notes

1. NCD Redemption & Commercial Paper Repayment:

  • During H1 FY27, the Company partially redeemed 584 NCDs (face value ₹1 lakh each) amounting to ₹5.83 crore. Outstanding NCDs as of Sep 30, 2026: ₹5.83 crore.
  • The Company fully repaid Commercial Paper amounting to ₹75.00 crore issued to Kotak Mahindra Bank Limited.

2. Hyperinflationary Economy Accounting: The Group applied Ind AS 29 for its subsidiaries in Turkey. The net impact of restatement was a debit of ₹18.37 crore (Q2) and ₹43.70 crore (H1) to other expenses.

3. Proposed Acquisition: During the quarter, Solar SA Investments Proprietary Limited (a step-down subsidiary) and Solar Overseas Mauritius Limited entered into definitive agreements to acquire Omnia Holdings Limited, South Africa, for an aggregate cash consideration of approximately USD 1.35 billion. Completion is subject to regulatory approvals and customary conditions.

4. Segment Information: The Group has identified 'Explosives its accessories and related services' as its only reportable segment.

5. Auditor's Review Report: The limited review reports from the joint statutory auditors (Gandhi Rathi & Co. and S R B C & CO LLP) were included, stating that nothing has come to their attention to believe the financial results contain any material misstatement.

Capital Structure Impact

No change in issued, subscribed, and paid-up equity share capital was reported. The paid-up equity share capital remained at ₹18.10 crore.

Cash Flow Implications

As per the consolidated cash flow statement for H1 FY27:

  • Net cash from operating activities: ₹1,352.82 crore
  • Net cash used in investing activities: ₹(873.14) crore
  • Net cash from financing activities: ₹402.06 crore
  • Net increase in cash and cash equivalents: ₹39.93 crore

Forward-Looking Guidance

No explicit forward-looking guidance or management commentary was provided in the disclosure.