SOLARINDS · Chemicals
Solar Industries India Ltd. reported revenue of ₹2,154 cr for April to June 2025, +27.8% on the year and −0.6% on the quarter. Over the last four quarters revenue comes to ₹8,010 cr, +31.9% on the four before.
Operating profit (EBITDA) was ₹535 cr, a margin of 24.8%, −181 bps on the year and +6 bps on the quarter. Over the last 8 quarters the margin has ranged from 22.0% to 26.7%, averaging 25.1%. Operating costs grew +31.0%, faster than revenue at +27.8%, so operating profit grew less than sales.
Net profit was ₹353 cr, +17.3% on the year and +2.0% on the quarter, with earnings per share of ₹37.43. Profit before other income, one-offs and tax grew 18.3%, so the profit growth came from the business itself. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹1,341 cr, +37.5% on the four before.
Early-stage defence and space businesses are lumpy and order-driven; one contract can make or break a quarter. The quarterly statements do not carry the order book and contract milestones; those come with the filing read.
On earnings per share of ₹139.43 over the last four quarters, the stock at ₹19,988.00 trades at 143.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 24.8%, −181 bps on the year (+6 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,429 cr | ₹1,611 cr | ₹1,685 cr | ₹1,716 cr | ₹1,973 cr | ₹2,167 cr | ₹2,154 cr | ₹2,082 cr | ₹2,548 cr | ₹3,053 cr | ₹3,668 cr | ₹3,519 cr |
| YoY | — | — | +0% | +27% | +38% | +35% | +28% | +21% | +29% | +41% | +70% | +69% |
| EBITDA margin | 24.8% | 22.0% | 26.6% | 25.9% | 26.7% | 24.8% | 24.8% | 28.6% | 27.8% | 27.1% | 17.8% | 28.0% |
| Other income, % of PBT | 4% | 7% | 6% | 9% | 2% | 2% | 6% | 5% | 4% | 6% | 2% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 21% | 26% | 25% | 26% | 25% | 27% | 26% | 27% | 27% | 27% | 26% |
| Net profit | ₹222 cr | ₹243 cr | ₹301 cr | ₹304 cr | ₹338 cr | ₹346 cr | ₹353 cr | ₹362 cr | ₹467 cr | ₹556 cr | ₹666 cr | ₹647 cr |
| YoY | — | — | +49% | +45% | +52% | +42% | +17% | +19% | +38% | +61% | +89% | +79% |
| Core profit YoY | — | — | +45% | +34% | +56% | +60% | +18% | +26% | +36% | +56% | +97% | +85% |
| EPS | ₹22.47 | ₹25.98 | ₹31.66 | ₹31.59 | ₹34.80 | ₹35.61 | ₹37.43 | ₹3.86 | ₹49.31 | ₹60.52 | ₹7.21 | ₹6.82 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Solar Industries India Ltd. reported revenue of ₹2,154 cr (+27.8% on the year) and net profit of ₹353 cr (+17.3% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +18.3% on the year, against +17.3% for reported profit.
None of the 7 checks that could run raised a question.
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