SOLARINDS · Chemicals · filed 3 Nov 2026
Solar Industries India Ltd. reported revenue of ₹1,446 cr for July to September 2026, +28.5% on the year and −22.1% on the quarter.
Operating profit (EBITDA) was ₹420 cr, a margin of 29.0%, +326 bps on the year and −986 bps on the quarter. Operating costs grew +22.8% against revenue growth of +28.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹320 cr, +35.5% on the year and −38.4% on the quarter, with earnings per share of ₹3.54. Profit before other income, one-offs and tax grew faster, at +45.6%; other income, one-offs or tax held the headline back.
Early-stage defence and space businesses are lumpy and order-driven; one contract can make or break a quarter.
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, Cash behind the profit, 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 | ₹826 cr | ₹985 cr | ▼ 16.1% |
| Inventory | ₹609 cr | ₹405 cr | ▲ 50.2% |
| Cash | ₹140 cr | ₹250 cr | ▼ 44.2% |
| Bank balances | ₹3.5 cr | ₹3.5 cr | ▲ 0.6% |
| Long-term borrowings | ₹160 cr | ₹78.8 cr | ▲ 103.2% |
| Short-term borrowings | ₹70.8 cr | ₹62.9 cr | ▲ 12.6% |
| Trade payables | ₹203 cr | ₹163 cr | ▲ 24.5% |
| Net block | ₹1,414 cr | ₹1,361 cr | ▲ 3.9% |
| Capital work in progress | ₹172 cr | ₹111 cr | ▲ 54.8% |
| Equity | ₹5,085 cr | ₹4,227 cr | ▲ 20.3% |
| Total assets | ₹6,628 cr | ₹5,629 cr | ▲ 17.8% |
Receivables at 46 days of sales (−19 days against the last year end). Inventory at 34 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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹1,125 cr | ₹1,856 cr | ₹1,446 cr |
| YoY | — | — | +28% |
| EBITDA margin | 25.8% | 38.9% | 29.0% |
| Other income, % of PBT | 18% | 4% | 11% |
| Exceptional items | — | — | — |
| Tax rate | 26% | 27% | 25% |
| Net profit | ₹236 cr | ₹519 cr | ₹320 cr |
| YoY | — | — | +35% |
| Core profit YoY | — | — | +46% |
| EPS | ₹2.61 | ₹5.74 | ₹3.54 |
| Flags | · | · | ✓ |
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 ₹1,446 cr (+28.5% on the year) and net profit of ₹320 cr (+35.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +45.6% on the year, against +35.5% for reported profit.
None of the 14 checks that could run raised a question.
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