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.
The full Solar Industries India Q2 FY27 results page carries every quarter on the same rules, the checks that ran and the ones that need the filing read: Solar Industries India Q2 FY27 results, read forensically.
Solar Industries India Q2 FY27: the numbers
| Sep '26 | Previous quarter | A year ago | On the year | |
|---|---|---|---|---|
| Revenue | ₹3,519 cr | ₹3,668 cr | ₹2,082 cr | +69.0% |
| EBITDA | ₹985 cr | ₹653 cr | ₹596 cr | +65.2% |
| EBITDA margin | 28.0% | 17.8% | 28.6% | −64 bps |
| Net profit | ₹647 cr | ₹666 cr | ₹362 cr | +78.6% |
| EPS | ₹6.82 | ₹7.21 | ₹3.86 | +76.7% |
Consolidated figures in ₹ crore, as filed with the exchanges.
What the numbers say
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.
Where the profit change came from
Net profit went from ₹362 cr in Sep '25 to ₹647 cr in Sep '26. Taking each line in turn: Business (EBITDA) added ₹389 cr, depreciation took away ₹18.3 cr, finance cost added ₹25.3 cr, other income took away ₹8.5 cr and tax took away ₹103 cr.
Segments
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Explosives, its accessories and related services | ₹3,519 cr | +69.0% | ₹877 cr | +79.1% |
Questions the numbers raise
None of the 15 checks that could run on this quarter raised a question. That says the numbers cleared these checks; it is not a verdict on the company.
What to watch next
For a company in Drones, space and emerging defence tech, the numbers to watch are the order book and contract milestones.
The next quarter, Q3 FY27, has to be filed by 14 Feb 2027. The same checks will run on it, and the results page will compare it with this one.
All of Solar Industries India's quarters, the checks and the profit bridge →
The Solar Industries India terminal: financials, valuation history and forensic checks →
Frequently asked questions
What were Solar Industries India Ltd. Q2 FY27 results?
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.
Was Solar Industries India Ltd. profit growth driven by the core business?
Profit before other income, exceptional items and tax moved +85.0% on the year, against +78.6% for reported profit.
Are there any red flags in Solar Industries India Ltd. Q2 FY27 results?
None of the 15 checks that could run raised a question.
Is this a recommendation?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by published rules. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security.
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