SOLARINDS · Chemicals
Solar Industries India Ltd. reported revenue of ₹2,548 cr for October to December 2025, +29.1% on the year and +22.4% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹8,951 cr, +28.1% on the four before.
Operating profit (EBITDA) was ₹708 cr, a margin of 27.8%, +108 bps on the year and −85 bps on the quarter. Over the last 8 quarters the margin has ranged from 22.0% to 28.6%, averaging 25.9%. Operating costs grew +27.2% against revenue growth of +29.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹467 cr, +38.2% on the year and +29.0% on the quarter, with earnings per share of ₹49.31. Profit before other income, one-offs and tax grew 36.1%, 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 ₹1,528 cr, +28.8% 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 ₹126.21 over the last four quarters, the stock at ₹19,988.00 trades at 158.4 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.
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.
| Metric | Q2 FY26 |
|---|---|
| Export share | 42% |
| Defence Business Sales Share (6M) | 22% |
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.
| 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 ₹2,548 cr (+29.1% on the year) and net profit of ₹467 cr (+38.2% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +36.1% on the year, against +38.2% for reported profit.
None of the 7 checks that could run raised a question.
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