Q2 2026 Solar Industries India Ltd Earnings Call Transcript

Nov 11, 2025 / 05:30AM GMT

Release Date Price: ₹13788 (+2.84%)

Transcript

Key Points

Positve

Solar Industries India Ltd (BOM:532725) achieved its highest ever quarterly EBITDA of INR582 crores and profit after tax of INR361 crores.
The company's turnover increased by 21% in Q2 and 25% in H1 compared to the previous fiscal year.
Defense revenue crossed INR500 crores in Q2 and INR900 crores in H1, reflecting significant year-on-year growth of 57% and 79%, respectively.
International business recorded a year-on-year growth of 21%, achieving the highest ever quarterly sales of INR960 crores.
The company has a strong defense order book of around INR15,500 crores, with the commercial sales of Pinaka rockets starting in Q3, providing confidence in achieving annual targets.

Negative

The domestic market faced sluggishness due to prolonged monsoon activities, impacting coal mining and demand for explosives.
Heavy and prolonged monsoons led to a considerable drop in coal mining activity, affecting the demand for explosives.
The company's operating cash flow in H1 was relatively lower compared to the historical average, impacted by working capital challenges.
CapEx plans faced delays due to heavy monsoon, potentially deferring some of the planned expenditures for FY26.
The company faces challenges in international markets due to macroeconomic volatility, geopolitical frictions, and currency availability issues in African markets.

Operator

Ladies and gentlemen, good day, and welcome to Solar Industries India Limited Q2 and H1 FY26 post results conference call hosted by Antique Stockbroking Limited. (Operator Instructions) Please note that this conference is being recorded.

I now hand the conference over to Mr. Sanjeev Zarbade from Antique Stockbroking Limited. Thank you, and over to you, sir.

Sanjeev Zarbade;Aanchal Kewlani

Antiques Stockbroking Limited - Analyst;Solar Industries India Ltd - Senior Finance

Thank you, operator. On behalf of Antique Stockbroking, I would like to welcome all the participants in the Q2 FY26 and H1 FY26 Conference Call of Solar Industries Limited. Today, we have with us from the senior management of Solar Industries, Mr. Manish Nuwal, Managing Director and CEO; Mr. Moneesh Agarwal, Joint CFO; Ms. Shalinee Mandhana, Joint CFO; and Ms. Aanchal Kewlani, Senior Finance Manager and Investor Relations.

So without taking further time, I would like to hand over the call to Ms. Aanchal Kewlani. Over to you, Ms. Aanchal.

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