Solar Industries India Ltd (SOLARINDS)
🎯 Key Takeaways
- Solar Industries India is in a strong growth phase, driven by expanding international demand and a deepening order book in defence and aerospace explosives. Management is executing a capital-light expansion strategy, leveraging organic growth and strategic investments to scale margins and market share, supported by robust profitability and high returns on capital.
- Revenue grew 20.2% QoQ to ₹3,668 in Q1FY27.
- ⚠️ Overreliance on defence and international markets: While diversification is progressing, 38% of revenue now comes from international markets and growt
📖 The Story
Solar Industries India is in a strong growth phase, driven by expanding international demand and a deepening order book in defence and aerospace explosives. Management is executing a capital-light expansion strategy, leveraging organic growth and strategic investments to scale margins and market share, supported by robust profitability and high returns on capital.
📰 What's Happening
In Q1FY27, the company delivered record financials with ₹3,668 crores revenue (+70% YoY), ₹666 crores PAT (+89% YoY), and EBITDA of ₹1,024 crores (+82% YoY), as confirmed in the August 13, 2026 filing. The order book stands at ₹21,350 crores, underpinning multi-year growth visibility. International sales now contribute 38% of revenue, with defence (+123% YoY) and international explosives (+65% YoY) showing outsized expansion. Management highlighted the order book as a foundation for sustained momentum, with FY27 revenue guidance set at ₹14,000 crores and planned capital investment of ₹2,050 crores.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 2,154 | 2,082 | 2,548 | 3,053 | 3,668 |
| Operating Profit | 479 | 492 | 645 | 755 | 935 |
| OPM % | 22.2% | 23.6% | 25.3% | 24.7% | 25.5% |
| Net Profit | 353 | 361 | 467 | 556 | 666 |
| EPS | ₹37.43 | ₹38.12 | ₹49.31 | ₹60.52 | ₹72.11 |
Revenue has grown consistently over the past five quarters, rising from ₹2,154 crores in June 2025 to ₹3,668 crores in June 2026, with operating margins holding firm above 25%. Profit growth has outpaced revenue, as seen in PAT increasing from ₹353 crores to ₹666 crores over the same period, reflecting operating leverage and margin expansion. EBITDA margins improved to 28.51% in Q1FY27 from 22.2% two years ago, driven by scale and product mix. This trajectory aligns with management’s narrative of scaling profitable growth, supported by a disciplined cost structure and rising international demand.
🔮 Management Outlook & What's Next
Management has provided forward-looking guidance, projecting FY27 revenue of ₹14,000 crores and outlining a ₹2,050 crore capital investment plan to support capacity expansion. While specific profit targets were not detailed, the emphasis on a ₹21,350 crore order book and sustained momentum in defence and international markets signals confidence in multi-year growth. The tone in filings remains constructive, focusing on operational continuity, market leadership, and capitalizing on structural tailwinds in defence and aerospace demand.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 |
| Reserves | 3,776 | 4,395 | 5,098 | 6,259 |
| Borrowings | 1,198 | 975 | 876 | 1,468 |
| Total Liabilities | 6,678 | 8,298 | 9,017 | 10,919 |
| Fixed Assets | 2,184 | 2,512 | 3,000 | 4,045 |
| Investments | 192 | 676 | 278 | 183 |
| Total Assets | 6,678 | 8,298 | 9,017 | 10,919 |
The balance sheet shows a stable capital structure with equity remaining flat at ₹18 crores while reserves have grown from ₹4,395 crores (March 2025) to ₹6,259 crores (March 2026), indicating strong retained earnings. Borrowings have increased modestly from ₹876 to ₹1,468 crores over the same period, but remain low relative to equity and asset base, reflecting a conservative leverage profile. Total assets have risen from ₹8,298 crores to ₹10,919 crores, suggesting disciplined asset growth funded largely by internal accruals rather than aggressive debt financing.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +621 |
| Investing | -1,164 |
| Financing | +209 |
| Net Cash Flow | -121 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 73.2% | 73.2% | 73.2% | 73.2% |
| FII | 7.1% | 6.7% | 6.6% | 6.4% |
| DII | 12.9% | 12.9% | 12.9% | 13.4% |
| Public | 5.0% | 5.3% | 5.5% | 5.2% |
| # Shareholders | 1,05,014 | 1,13,869 | 1,15,917 | 1,16,877 |
Promoter holding remains stable at 73.15%, signaling confidence in long-term prospects. Institutional interest has slightly declined, with FII shareholding easing from 7.11% (Q2FY26) to 6.4% (Q1FY27), while DII holdings have remained relatively steady around 12-13%. The growing number of retail shareholders (1,16,877) and consistent promoter support suggest broadening retail participation without significant institutional outflow. No signs of promoter pledging or major stake sales were noted in recent filings.
⚖️ Peer Comparison — Aerospace & Defence
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| HAL | 3.21 L Cr | 34.4 | 30.3% | 22.7% | 0.00 |
| BEL | 3.03 L Cr | 49.3 | 34.1% | 25.5% | 0.00 |
| SOLARINDS | 1.83 L Cr | 92.1 | 38.0% | 32.7% | 0.23 |
| MAZDOCK | 1.00 L Cr | 35.0 | 35.3% | 27.6% | 0.05 |
| BDL | 46,737 | 89.7 | 17.8% | 13.0% | 0.00 |
| COCHINSHIP | 39,673 | 58.3 | 18.7% | 12.2% | 0.01 |
| GRSE | 29,372 | 36.7 | 52.1% | 38.5% | 0.00 |
| ITI | 26,117 | 99.0 | 16.4% | 20.7% | 0.95 |
| DATAPATTNS | 25,322 | 94.5 | 220.2% | 212.6% | 0.34 |
| MTARTECH | 21,652 | 162.2 | 24.1% | 18.3% | 0.24 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Overreliance on defence and international markets: While diversification is progressing, 38% of revenue now comes from international markets and growth is heavily tied to defence contracts, which are subject to geopolitical and policy volatility. 2. Input cost pressures: Management has not yet provided detailed mitigation strategies for rising raw material or energy costs, which could pressure margins if not passed on. 3. Execution risk in capital deployment: The planned ₹2,050 crore investment must be executed efficiently to avoid delays or cost overruns, especially in new facilities or technology upgrades.
📋 Recent Filings
-
🔴 Financial Results 13 August 2026Solar Industries India reported Q1FY27 net profit of [amount not verified], up **18.21%** YoY, driven by **₹3,668 crores** revenue, a **70% YoY increa...
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🟡 Board Meeting 13 August 2026Solar Industries India Limited announced the outcome of its August 13, 2026 board meeting, approving unaudited standalone and consolidated financial r...
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🔴 Financial Results 13 August 2026Solar Industries India reported record Q1 FY27 results with net revenue of **₹3,668 crores**, up 70% YoY, driven by strong growth in defence (+123% Yo...
-
Announcement 13 August 2026Solar Industries India announced its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, following a limited ...
-
🟡 Board Meeting 12 August 2026Solar Industries India shareholders approved all financial resolutions including a Rs. 11 final dividend and director appointments at the August 11, 2...
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🟡 Board Meeting 11 August 2026Solar Industries India held its 31st AGM on August 11, 2026 via video conference, with 1,18,272 shareholders participating remotely. The meeting appro...
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🔴 annual report 21 July 2026Solar Industries India Limited disclosed that shareholders without registered email addresses received a notice directing them to access the integrate...
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🔴 annual report 20 July 2026Solar Industries India Limited submitted its Business Responsibility and Sustainability Report for FY 2025-26 to NSE and BSE on July 20, 2026, as mand...
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🔴 annual report 20 July 2026Solar Industries India Limited announced its 31st AGM on August 11, 2026, via video conference, to approve FY2025-26 financial statements, declare a ₹...
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Announcement 9 July 2026Solar Industries India announced receipt of a SEBI-mandated confirmation certificate from its RTA, MUFG Intime India, for the quarter ended June 30, 2...
🧠 Analyst's Read
Solar Industries India is executing a disciplined growth strategy with strong financial momentum, supported by a deep order book and expanding international footprint. The key watchpoint is whether margin expansion can be sustained amid rising investments and input cost pressures, as the company scales toward its ₹14,000 crore FY27 revenue target.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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