Solar Industries India Ltd (BOM:532725) Q3 2026 Earnings Call Highlights: Record Growth in …

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• Revenue: INR2,548 crores, up by 29% year on year.

• EBITDA: INR733 crores, up by 37% year on year.

• Profit After Tax (PAT): INR467 crores, up by 38% year on year.

• International Revenue: Over INR1,000 crores, up by 35% year on year.

• Defense Revenue: INR702 crores, up by 72% year on year.

• Order Book: Total order book at INR21,000 crores, with defense order book at INR18,000 crores.

• Raw Material Consumption: Decreased to 48.71% from 53.5%.

• Employee Cost: INR214 crores, up from INR151 crores.

• Other Expenses: INR385 crores, up from INR240 crores.

• Interest Cost: INR34 crores, slightly up from INR31 crores.

• Depreciation Cost: INR63 crores, up from INR47 crores.

• Nine-Month Revenue: INR6,785 crores, up by 26% year on year.

• Nine-Month EBITDA: INR1,879 crores, up by 27% year on year.

• Nine-Month PAT: INR1,181 crores, up by 25% year on year.

Release Date: February 04, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Solar Industries India Ltd (BOM:532725) reported its strongest quarter to date with a 29% year-on-year increase in net revenue, reaching INR2,548 crores.

• The company achieved its highest ever quarterly EBITDA and profit after tax, with growth rates of 37% and 38% year-on-year, respectively.

• International business revenue crossed INR1,000 crores, marking a significant 35% year-on-year increase.

• The defense sector showed remarkable growth, with revenue increasing by 72% to over INR700 crores, contributing to a record-breaking defense order book of INR18,000 crores.

• Solar Industries India Ltd (BOM:532725) is expanding its global and local manufacturing footprint, with new facilities in Dhule, Maharashtra, and Dholpur, Rajasthan, enhancing its position in the mining and infrastructure sectors.

• The company faces challenges in ramping up defense production, as defense projects typically take longer to develop and execute.

• There are concerns about potential delays in the execution of the Pinaka rocket project, although management is confident of starting deliveries in Q4.

• The domestic non-defense business experienced a slowdown due to heavy monsoon and economic factors, impacting growth in the first nine months.

• Currency availability issues and entry restrictions in African markets pose challenges for international sales.

• The company is cautious about providing specific guidance on future defense and international orders, indicating potential uncertainties in these segments.

Q: Can you provide insights on the defense segment’s performance and future guidance, particularly regarding the Pinaka project and FY27 expectations? A: The defense segment showed strong performance in Q3, although Pinaka was not part of the execution. We expect Pinaka to contribute significantly from Q4 onwards, aligning with our annual guidance of INR3,000 crores. For FY27, we anticipate continued growth in the defense sector, with gradual improvements each quarter. (Manish Nuwal, CEO & MD)

Q: Could you elaborate on the company’s plans regarding drones and humanoid robots, as mentioned in a recent article? A: We are enhancing our product offerings, including loitering ammunition and MALE category drones. While these projects are in development, we are also interested in humanoid robots for national security. More details will be shared as these initiatives progress. (Manish Nuwal, CEO & MD)

Q: What is the status of the 155 mm shells production, and are there any inquiries from the market? A: We are working on the 155 mm caliber ammunition, with commercial production expected to start in Q4. We are still in the process of finalizing the production details and market inquiries. (Manish Nuwal, CEO & MD)

Q: How is the international non-defense business performing, and what are the key growth drivers? A: The international non-defense business has seen significant growth, crossing INR1,000 crores in revenue. Key drivers include increased demand for commodities like gold and copper, with strong performance in African and Southeast Asian markets. (Manish Nuwal, CEO & MD)

Q: Can you provide a breakdown of the defense order book between domestic and international markets? A: Our defense order book is around INR18,000 crores, with approximately INR6,500 to INR7,000 crores from the Indian market and the remaining INR11,000 crores from international markets. We are confident in converting these orders into revenue. (Manish Nuwal, CEO & MD)

For the complete transcript of the earnings call, please refer to the full earnings call transcript.