Synopsis: Solar Industries India Limited reports 29.15% YoY revenue growth and a 38.23% YoY net profit surge in Q3 FY26 results, with revenue led by international (40%) and defence (28%) segments.
This Defence Stock, engaged in manufacturing industrial explosives, detonators, defence ammunition, rockets, missiles, and high-energy materials for mining, infrastructure, and security sectors, jumped 6.56 percent after the company reported December quarterly results with a 38.23 percent YoY increase in net profit.
With a market capitalization of Rs. 1,25,497.49 crores, the share of Solar Industries India Limited has reached an intraday high of Rs. 14,063.40 per equity share, rising nearly 6.56 percent from its previous day’s close price of Rs. 13,197.30. Since then, the stock has retreated and closed at Rs.13,868.65 per equity share.
Q3 FY26 Result Walkthrough
Coming into the quarterly results of Solar Industries India Limited, the company’s consolidated revenue from operations increased by 29.15 percent YOY, from Rs. 1,973.08 crore in Q3 FY25 to Rs. 2,548.32 crore in Q3 FY26, and grew by 22.38 percent QoQ from Rs. 2,082.22 crore in Q2 FY26.
Further, the company’s EBITDA has increased by 36.75 percent, from Rs. 536 crore in Q3 FY25 to Rs. 733 crore in Q3 FY26. The company’s EBITDA margin has increased from 27.17 percent in Q2 FY24 to 28.77 percent in Q2 FY25.
In Q3 FY26, Solar Industries India Limited’s consolidated net profit increased by 38.23 percent YOY, reaching Rs. 466.54 crore compared to Rs. 337.50 crore during the same period last year. As compared to Q2 FY26, the net profit has increased by 29.07 percent, from Rs. 361.45 crore. The basic earnings per share increased by 41.70 percent and stood at Rs. 49.31 as against Rs. 34.80 recorded in the same quarter in the previous year, FY2025. Solar Industries India Limited’s revenue and net profit have grown at a CAGR of 27.51 percent and 35.79 percent, respectively, over the last five years.
In terms of return ratios, the company’s ROCE and ROE stand at 38.1 percent and 32.6 percent, respectively. Solar Industries India Limited has an earnings per share (EPS) of Rs. 146, and its debt-to-equity ratio is 0.17x.
Revenue Mix for Q3 FY26
In Q3 FY26, Solar Industries India Limited reported a well-diversified revenue mix led by the international segment, contributing 40 percent of total sales, followed by defence at 28 percent.
CIL and housing & infrastructure each accounted for 10 percent of revenue, while non-CIL institutional customers contributed 11 percent. The remaining 1 percent came from other segments, highlighting a balanced portfolio with increasing contribution from global and defence businesses.
Order Book
As of December 2025, Solar Industries India Limited reports a strong order book exceeding Rs. 21,200 crore, driven by steady demand from CIL, SCCL, and the defence segment. The robust pipeline highlights long-term revenue visibility and reinforces the company’s leadership in explosives and defence manufacturing across domestic and international markets.
Company Overview
Solar Industries India Limited was incorporated in 1995 and is one of the world’s leading manufacturers of explosives and initiating systems, with a strong global footprint across more than 90 countries and 40 manufacturing facilities, including operations in 9 countries.
The company is recognised as one of the most valued explosives companies globally, serving mining, infrastructure, and defence sectors with advanced energetic materials and technology-driven solutions.
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