News ArticleSolar Industries India Raises Q2 FY27 Sales to Rs. 3519 Crore and PAT to Rs. 650 Crore, Expands Order Book
The company achieved a 27% year-on-year sales increase in Q2 FY27 and sustained strong half-year growth amid rising demand in explosives and defence sectors
Solar Industries India Limited announced a 27% increase in net sales to Rs. 3519 crore and a 27% rise in PAT to Rs. 650 crore for Q2 FY27, supported by strong growth across domestic and international explosives segments and defence. The half-year sales rose 70% to Rs. 7187 crore, with the company maintaining a low net debt to equity ratio of 0.15 and expanding its order book in CIL, SCCL, and defence sectors.
Solar Industries India Limited
Investor Presentation
Solar Industries India Limited reported Rs. 3519 crore in net sales and Rs. 650 crore in PAT for the quarter ended September 30, 2026, marking a 27% growth in both figures compared to Q2 FY26. The company’s half-year sales surged 70% to Rs. 7187 crore, accompanied by robust profits and a solid order book across key sectors.
The quarterly EBITDA stood at Rs. 1021 crore, representing 29.02% of net sales, up from Rs. 877 crore and 27.95% margin in Q2 FY26. EBITDA grew 16% year-on-year, reflecting operational efficiencies.
Domestic explosives contributed 37% to Q2 sales, international explosives 43%, defence 24%, and other segments 1%, showing growth across all customer bases.
For the half-year, EBITDA increased 78% to Rs. 2045 crore with a margin lift to 28.45%, driven by increased volumes and cost control.
The company disclosed a consolidated net debt of Rs. 1177 crore, with a net debt to equity ratio of 0.15 and net debt to EBITDA ratio of 0.29, indicating a strong financial position.
Capital expenditure was Rs. 873 crore for the half-year, compared to Rs. 556 crore in the prior year period, supporting capacity expansion and technology upgrades.
Highlights
- Q2 FY27 net sales: Rs. 3519 crore, up 27% YoY
- Q2 FY27 PAT: Rs. 650 crore, up 27% YoY
- Half-year FY27 net sales: Rs. 7187 crore, up 70% YoY
- Half-year FY27 PAT: Rs. 1317 crore, up 27% YoY
- EBITDA margin improvement to 29.02% in Q2 FY27
- Order book valued at Rs. 20,178 crore including Rs. 2,610 crore from CIL & SCCL and Rs. 17,568 crore from Defence sector as of Sept 30, 2026
Key Data Snapshot
Financial performance
- Net sales for Q2 FY27 increased by 27% year-on-year to Rs. 3519 crore.
- Profit after tax for Q2 FY27 grew by 27% to Rs. 650 crore compared to Q2 FY26.
- EBITDA for Q2 FY27 was Rs. 1021 crore with a margin of 29.02%, improving over 27.95% in Q2 FY26.
- Half-year FY27 net sales increased 70% to Rs. 7187 crore, with PAT rising 27% to Rs. 1317 crore.
- Improved operational efficiency contributed to EBITDA margin expansion to 28.45% in half-year FY27 from 27.05% in the prior year.
Operational performance
- Domestic explosives contributed 37% of Q2 FY27 sales, international explosives 43%, defence 24%, and other segments 1%.
- Defence segment sales showed notable growth, reaching 24% of Q2 FY27 sales versus 26% in Q2 FY26.
- Working capital days reduced to 108 from 130 compared to previous fiscal year, indicating improved cash conversion.
- Capital expenditure increased to Rs. 873 crore in half-year FY27 to support growth initiatives and capacity expansion.
Funding and capital details
- Net debt as of September 30, 2026, stood at Rs. 1177 crore, higher than Rs. 867 crore in FY26, reflecting expansion and capex.
- Net debt to equity ratio was maintained at a low level of 0.15.
- Order book stood at Rs. 20,178 crore, including Rs. 2,610 crore from coal sector clients (CIL & SCCL) and Rs. 17,568 crore from defence sector contracts.
- Interest expense remained stable at around 1.5% of net sales.
Order and execution details
- Order book valued at Rs. 20,178 crore as on September 30, 2026, underpinning revenue visibility for upcoming periods.
- Significant orders received from defence sector (Rs. 17,568 crore) and coal customers (Rs. 2,610 crore).
Highlights
- Q2 FY27 net sales: Rs. 3519 crore, up 27% YoY
- Q2 FY27 PAT: Rs. 650 crore, up 27% YoY
- Half-year FY27 net sales: Rs. 7187 crore, up 70% YoY
- Half-year FY27 PAT: Rs. 1317 crore, up 27% YoY
- EBITDA margin improvement to 29.02% in Q2 FY27
- Order book valued at Rs. 20,178 crore including Rs. 2,610 crore from CIL & SCCL and Rs. 17,568 crore from Defence sector as of Sept 30, 2026
Disclosures
- SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
73.15% promoter holding as on September 30, 2026
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