SOLARINDS · Chemicals · filed 3 Nov 2026
Solar Industries India Ltd. reported revenue of ₹3,519 cr for July to September 2026, +69.0% on the year and −4.1% on the quarter. That is faster than this quarter has grown in recent years (+24.4% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹12,788 cr, +52.7% on the four before.
Operating profit (EBITDA) was ₹985 cr, a margin of 28.0%, −64 bps on the year and +1,021 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.8% to 28.6%, averaging 25.7%. Operating costs grew +70.5%, faster than revenue at +69.0%, so operating profit grew less than sales.
Net profit was ₹647 cr, +78.6% on the year and −3.0% on the quarter, with earnings per share of ₹6.82. Profit before other income, one-offs and tax grew faster, at +85.0%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹2,336 cr, +67.0% on the four before.
Early-stage defence and space businesses are lumpy and order-driven; one contract can make or break a quarter.
On earnings per share of ₹123.86 over the last four quarters, the stock at ₹19,988.00 trades at 161.4 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹2,340 cr | ₹1,858 cr | ▲ 26.0% |
| Inventory | ₹2,259 cr | ₹1,742 cr | ▲ 29.7% |
| Cash | ₹509 cr | ₹469 cr | ▲ 8.5% |
| Bank balances | ₹18.4 cr | ₹115 cr | ▼ 83.9% |
| Long-term borrowings | ₹1,013 cr | ₹820 cr | ▲ 23.5% |
| Short-term borrowings | ₹692 cr | ₹647 cr | ▲ 6.8% |
| Trade payables | ₹23.9 cr | ₹18.0 cr | ▲ 32.9% |
| Net block | ₹4,055 cr | ₹3,716 cr | ▲ 9.1% |
| Capital work in progress | ₹965 cr | ₹692 cr | ▲ 39.4% |
| Equity | ₹7,673 cr | ₹6,277 cr | ▲ 22.2% |
| Total assets | ₹13,153 cr | ₹10,919 cr | ▲ 20.5% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹908 cr | ₹95.9 cr |
| Capital expenditure | −₹888 cr | −₹763 cr |
| Investing cash flow | −₹873 cr | −₹173 cr |
| Financing cash flow | −₹21.2 cr | −₹292 cr |
| Dividends paid | −₹99.5 cr | −₹70.6 cr |
Operating cash flow was 0.69× profit. Receivables at 59 days of sales (−10 days against the last year end). Inventory at 57 days of sales (−7 days).
No emphasis of matter.
Board approved appointment of M/s Price Waterhouse Chartered Accountants LLP in place of retiring Statutory Auditor M/s SRBC & Co. LLP, and re-appointment of…
Tax: Consolidated tax expense of ₹230.43 crore (current tax ₹232.00 crore, deferred tax credit ₹1.57 crore) on Profit before tax of ₹877.14 crore
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Order book (₹ cr) | 20,178 | — |
| Government share | 2,610% | — |
| Export share | 40% | 42% |
| Defence Order Book (₹ crore) | 17,568 | — |
| Defence Business Sales Share (6M) | 27% | 22% |
Total order book stands at ₹20,178 crore, heavily weighted towards Defence (₹17,568 crore or 87.1%), with Coal India & SCCL contributing ₹2,610 crore (12.9%).
High concentration in defence sector provides strong visibility but exposes company to tender/execution cycles.
Intangible assets under development stand at ₹55.25 crore as on September 30, 2026 vs ₹38.95 crore as on March 31, 2026.
R&D capitalization remains modest relative to the total balance sheet asset base of ₹13,152.62 crore.
Order book 20178 crore at quarter end.
Read using the Drones, space and emerging defence tech framework (named in the filing read). Primary valuation lens: EV/Sales against order book.
Read more closely in this sector: Order book concentration · R&D capitalised against expensed.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Full Year FY27 Growth Guidance | Expect to surpass stated annual guidance | FY2026-27 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Explosives, its accessories and related services | ₹3,519 cr | ▲ 69.0% | ₹877 cr | ▲ 79.1% |
| 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 ₹3,519 cr (+69.0% on the year) and net profit of ₹647 cr (+78.6% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +85.0% on the year, against +78.6% for reported profit.
None of the 15 checks that could run raised a question.
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