Solar Industries Q2FY26 Results: Record Defence and Overseas Revenues Propel Growth

Nagpur, November 10, 2025: Solar Industries India Ltd posted its strongest quarterly performance to date, driven by robust growth in defence and international markets. In Q2FY26, the company reported EBITDA of ₹582 crore and PAT of ₹361 crore, marking a 19% YoY increase in both metrics. International business revenue surpassed ₹960 crore, while defence revenue crossed ₹500 crore, both all-time highs. The consolidated order book stood at ₹17,100 crore, reflecting sustained demand across key verticals.

Key Financial Highlights

Net revenue grew 21% YoY in Q2FY26 and 25% YoY in H1FY26. Operational efficiency remained strong, with EBITDA margins at 27.95%. PAT also improved by 19% YoY to ₹361 crore, underlining the company’s consistent profitability.

Segment Performance

• Defence Business: Revenue reached ₹500 crore in Q2 and ₹900 crore in H1FY26, up 57% and 79% YoY, respectively. Strong order inflows and portfolio diversification position the company as a key global supplier in defence manufacturing. The upcoming Pinaka rocket sales in Q3FY26 are expected to further boost the segment.
• International Business: Quarterly revenue hit ₹960 crore, a 21% YoY increase, driven by market expansion and entry into new geographies, despite global macroeconomic and geopolitical challenges.
• Domestic and Mining Business: The explosives segment faced headwinds from a prolonged monsoon and weak coal mining demand. Strong performance in defence and international markets mitigated these domestic challenges.

Management Commentary

Manish Nuwal, Managing Director & CEO, reported that once again this quarter brings with it the honour of announcing record accomplishments in what we view as important metrics. Despite continued sluggish domestic demand, we delivered the highest EBITDA and PAT of all time, demonstrating our operational excellence and resilience. He continued to say that with a strong defence order book of ~₹15,500 crore and the commencement of Pinaka rocket sales in the upcoming quarter, we are confident we will achieve our FY26 guidance and propel into a new growth phase in defence.

Solar Industries is a manufacturer of industrial and defence explosives that is one of the leading companies in the world of its kind, with 40 manufacturing facilities and a footprint in over 90 countries. Solar is the first private sector company in India to establish an integrated facility for high-energy materials, propellants, warheads, and rockets, and to receive export orders for ready-to-use ammunition and loitering munitions. With over 30 years of experience, Solar Industries continues to invest in innovation across key sectors such as mining, infrastructure, defence and space with a focus on driving sustainable growth and value for stakeholders.

As of November 10, 2025, the share price of Solar Industries closed at ₹13,381, down 1.41% from the previous close of ₹13,573, reflecting a mild downward market momentum despite the strong quarterly results

REF: https://nsearchives.nseindia.com/corporate/SOLARINDS_10112025145437_Press_Release.pdf

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