Solar Industries India Ltd.Record Quarter with 29% Growth

Solar Industries delivered its strongest quarter ever in Q3 FY26, posting net revenue of ₹2,548 crore, up 29% year-on-year.

The company achieved record EBITDA of ₹733 crore and PAT of ₹467 crore, reflecting robust growth of 37% and 38% respectively. EBITDA margins expanded 170 basis points to 28.8%, driven by favorable product mix and operational efficiencies. The defence segment was a standout performer, surging 72% to ₹702 crore, now representing 27.5% of total revenue. International business crossed the ₹1,000 crore milestone for the first time, growing 35% annually.

The company holds a record order book of ₹21,000 crore, including ₹18,000 crore from defence. Management provided confident guidance of 20%+ combined growth for the next 3-5 years, with EBITDA margins expected at 27-28%. Pinaka rocket deliveries commenced in Q4, supporting the FY26 defence revenue target of ₹3,000 crore. The company is diversifying into new defence products including 155mm shells, ammunition, loitering munitions, and drones, reducing program concentration risks.