loader2
Login Open ICICI 3-in-1 Account
  • Text Size
  • Text to Speech
  • Color Contrast
  • Pause Animations

Open ICICI
3-in-1 Account

Manage your Savings, Demat and Trading Account conveniently at one place

+91

BLOG

Solar Industries reported a strong Q1FY27 performance

ICICIdirect Research 14 Aug 2026 DISCLAIMER

News: Solar Industries reported a strong Q1FY27 performance, with revenue from operations increasing 70.3% YoY (+20.2% QoQ) to ₹3,668 crore, driven by robust growth across defence and explosives businesses. Domestic explosives revenue grew 51.6% YoY (+31.7% QoQ) to ₹1,361 crore, while international business revenue increased 65.1% YoY (+35.6% QoQ) to ₹1,364 crore. Defence revenue surged 123.2% YoY (-7.4% QoQ) to ₹933 crore, contributing 25% of revenue. EBITDA increased 89.8% YoY (+22.9% QoQ) to ₹1,015 crore, with EBITDA margin expanding to 27.7% (+285 bps YoY, +62 bps QoQ), supported by favourable mix led by defence and exports. PAT increased 89.0% YoY (+19.8% QoQ) to ₹666 crore.

View: Solar Industries has started FY27 on a strong footing, with broad-based growth across domestic explosives, international business and defence. The defence business remains the key structural growth driver with an order book of over ₹18,000 crore (including key orders like Pinaka, Bhargavastra etc.) while international business continue to scale on the back of increasing global demand. The overall order book stands at ₹21,350 crore (~1.9x TTM revenue), providing strong medium-term revenue visibility. Management has maintained their FY27 revenue guidance of ₹14,000 crore, implying ~42% growth, supported by strong order visibility and increasing defence contribution. Company remains focused in expanding  its capacity and capability across its existing and new products like robotics, long range munition, UAV’s and missiles. With continued defence execution, scaling international operations and capacity expansion, we expect healthy growth momentum to sustain.

Impact: Positive

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere