Solar Industries India
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Solar Industries India (SOLARINDS) investor relations material

Solar Industries India Q4 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 25/26 earnings summary15 May, 2026

Executive summary

  • Achieved record quarterly and annual sales of INR 3,053 crore and INR 9,838 crore, with PAT up 61% in Q4 to INR 556 crore and up 35% for the year to INR 1,737 crore, despite flat domestic mining markets.

  • Defence business nearly doubled, with revenue up 134% in Q4 and 94% for the year, reaching INR 1,008 crore and INR 2,634 crore.

  • International business grew 32% year-over-year, contributing 39% of FY26 sales, with expansion in Africa, Turkey, Southeast Asia, and Australia.

  • Board recommended a final dividend of INR 11 per share for FY 2025-26, subject to shareholder approval.

  • Strong order book exceeds INR 21,300 crore, with defence comprising INR 18,000 crore.

Financial highlights

  • Q4 consolidated revenue: INR 3,053 crore vs INR 2,167 crore; FY revenue: INR 9,838 crore vs INR 7,540 crore.

  • Q4 EBITDA: INR 870 crore vs INR 546 crore; FY EBITDA: INR 2,750 crore vs INR 2,031 crore.

  • Q4 PAT: INR 556 crore vs INR 346 crore; FY PAT: INR 1,737 crore vs INR 1,288 crore.

  • EBITDA margins: 28.5% for Q4, 27.95% for FY 2026.

  • Dividend proposed at INR 11 per share, up from INR 10 per share.

Outlook and guidance

  • Targeting FY 2027 revenue of INR 14,000 crore while maintaining current margins.

  • Defence revenue expected to cross INR 4,500 crore in FY 2027.

  • Planned annual CapEx of INR 2,050 crore for FY 2027, up from INR 1,556 crore in FY26.

  • International business expected to grow ~30% in FY 2027.

Impact of Turkey hyperinflation on FY26 expenses
Restatement of FY25 assets from Problast PPA
AOA amendment for Nominee Director appointment
Status of Bhargavastra and 155 mm shell trials
International expansion plans for FY 2027
Drivers for the Q4 FY26 working capital increase
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Q1 26/277 Aug, 2026
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