Solar Industries India Limited announced its unaudited financial results for Q2 and H1 FY2026-27 ended September 30, 2026, pursuant to Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Financial Performance Highlights

Q2 FY27 Performance (Consolidated):

  • Net Revenue: ₹3519 crore, representing 69% year-on-year growth (Q2 FY26: ₹2082 crore)
  • EBITDA: ₹1021 crore, representing 75% year-on-year growth (Q2 FY26: ₹582 crore)
  • EBITDA Margin: 29.02%, expanding by 107 basis points from 27.95% in Q2 FY26
  • Profit Before Tax (PBT): ₹877 crore, representing 79% year-on-year growth (Q2 FY26: ₹490 crore)
  • Profit After Tax (PAT): ₹650 crore, representing 80% year-on-year growth (Q2 FY26: ₹361 crore)

H1 FY27 Performance (Consolidated):

  • Net Revenue: ₹7187 crore, representing 70% year-on-year growth (H1 FY26: ₹4237 crore)
  • EBITDA: ₹2045 crore, representing 78% year-on-year growth (H1 FY26: ₹1146 crore)
  • EBITDA Margin: 28.45%, expanding by 140 basis points from 27.05% in H1 FY26
  • Profit Before Tax (PBT): ₹1789 crore, representing 84% year-on-year growth (H1 FY26: ₹970 crore)
  • Profit After Tax (PAT): ₹1316 crore, representing 84% year-on-year growth (H1 FY26: ₹714 crore)

Order Book Position

The company reported a strong order book of ₹20,178 crore, providing visibility for future execution.

Management Commentary

Mr. Manish Nuwal, Managing Director and CEO, commented on the performance:

Overall Business Performance:

Performance was supported by contributions from Domestic Explosives, International Explosives, and Defence businesses. The results reflect the resilience of the business model, disciplined execution, and benefits of strategic investments.

Domestic Explosives Business:

Delivered healthy performance supported by demand from mining and infrastructure sectors, stronger customer engagement, expanded manufacturing footprint, and technical-service capabilities. This positions the company to participate in India's long-term mining and infrastructure growth.

International Explosives Business:

Maintained momentum supported by deeper customer relationships, improved market penetration, and sustained demand across key operating geographies. The integrated portfolio of explosives, initiating systems, and technical mining solutions supports the company's position as a long-term partner to global mining customers. The company remains focused on scaling international operations through acquisitions and greenfield expansions in growing markets.

Defence Business:

Continued growth supported by execution of existing order book, expanding portfolio of indigenously developed products, and opportunities in domestic and international markets. Capabilities across the ammunition value chain, order pipeline, execution of key programmes, and ongoing customer engagement support confidence in long-term prospects. The company is likely to receive large orders from international and Indian defence sectors, including guided Pinaka rockets in the near future.

Outlook and Guidance

Based on the first-half performance, strength of the order book, and opportunities across all businesses, the company expects to surpass its stated annual guidance for FY2026-27. The expanding manufacturing footprint, disciplined capital allocation, technology-led product development, and broader presence in domestic and international markets provide a foundation for sustainable growth. The company will remain focused on operational excellence, timely execution, prudent growth, and creation of long-term stakeholder value.

Company Background

Solar Industries India Limited is one of the world's leading manufacturers of explosives and initiating systems with worldwide presence including:

  • 40 manufacturing facilities globally
  • Operations in 90+ countries with manufacturing facilities in 11 countries
  • First private sector company in India to set up an integrated facility for defence products (high-energy materials, rocket propellants, warheads, rockets)
  • First private sector company to receive ready-to-use ammunition orders from defence sector
  • First private sector company to receive defence export orders for ready-to-use ammunition
  • First private sector company to indigenously develop, receive and supply orders for drone-based loitering munitions
  • First private sector company to indigenously develop three new explosives: SEBEX-2, SITBEX-1 and SIMEX-4