Solar Industries Q2 results: Net profit grows 79% YoY; firm expects to surpass annual guidance for FY27

The firm’s revenue from operations for the quarter under review stood at ₹3,519 crore, marking a growth of 69% from ₹2,082 crore reported in the second quarter of FY26.

For Q2 FY27, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged 82% year-on-year (YoY) to ₹1,006 crore as against ₹553 crore reported in the same quarter of FY26. Its margin expanded to 28.5% in contrast to 26.5% YoY.

As of September 30, Solar Industries' order book stood at ₹20,178 crore, providing visibility for future execution, the company said.

Commenting on the earnings, Managing Director and CEO Manish Nuwal said the company’s performance was supported by contributions from domestic explosives, international explosives and defence. “The results reflect the resilience of our business model, disciplined execution and the benefits of our strategic investments,” he said.

For half a year (H1 FY27), Solar Industries’ net profit soared 86% to ₹1,270 crore as compared to ₹684 crore on a YoY basis. Its revenue from operations for H1 FY27 stood at ₹7,187 crore as against ₹4,227 crore in H1 FY26, marking a growth of 70%.

Solar Industries said its domestic explosives business delivered a healthy performance during the quarter, supported by demand from the mining and infrastructure sectors, stronger customer engagement, an expanded manufacturing footprint and enhanced technical-service capabilities.

Its international explosives business maintained momentum, supported by deeper customer relationships, improved market penetration and sustained demand across key operating geographies.

Nuwal said Solar Industries’ defence business continued to grow, supported by the execution of its existing order book, an expanding portfolio of indigenously developed products and opportunities in domestic and international markets.

He added that the company’s capabilities across the ammunition value chain, order pipeline, execution of key programmes and ongoing customer engagement supported its long-term prospects. The company expects to receive large orders from domestic and international defence markets in the near future, including orders for guided Pinaka rockets.

FY27 outlook guidance

Based on the results achieved, the strength of the order book and the opportunities across businesses, Solar Industries expects to surpass annual guidance for FY27.

“Our expanding manufacturing footprint, disciplined capital allocation, technology-led product development and broader presence in domestic and international markets provide a foundation for sustainable growth. We will remain focused on operational excellence, timely execution, prudent growth and the creation of long-term stakeholder value,” said Nuwal.

Following the earnings, Solar Industries India shares rallied 7% to touch an intraday high of ₹20,880.00 apiece on the National Stock Exchange. As of November 3, 2026, the company has a market capitalisation of ₹1.82 lakh crore.