Defense Revenue Target
Company expects to cross 1,000 crore quarterly defense revenue run-rate in next two quarters and reach annualized guidance of 3,000 crore for FY26.
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Solar Industries India · forward-looking guidance across the available source record.
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Pinaka Rocket Commercial Sales
Commercial sales of Pinaka rockets will start from Q3 FY26, providing significant growth catalyst for defense segment.
155mm Shell Commercial Production
Trial production of 155mm shells has started with technical qualification underway; commercial production expected to commence from Q4 FY26.
International Business Growth
Company targets approximately 15% annualized growth in international explosives business, with new markets in Australia and Kazakhstan expected to become operational in 6-12 months.
FY26 Annual Revenue Guidance of ₹3,000 Crore
Management maintained full-year guidance, indicating strong Q4 performance expected as Paka rockets commence supplies and defense execution accelerates.
EBITDA Margin Target of 27-28%
With international business ramp-up complete and defense margins at higher levels, management targets 27-28% EBITDA margins sustained over 3-5 years.
Long-term Growth of 20%+ CAGR
Combining 15% domestic mining growth (10-12% volume growth) with strong defense order book conversion, management projects 20%+ growth for next 3-5 years.
155mm Shell Commercial Production in Q4
Working on 155mm caliber ammunition with commercial production started in Q4; awaiting final qualification rounds before full ramp-up.
FY27 Revenue Target of ₹14,000 crore
Management targets 42% revenue growth to ₹14,000 crore in FY27, driven by 30%+ growth in international and defense, and 10-15% volume growth in domestic.
Maintain Current EBITDA Margins
Despite commodity price inflation, management expects to maintain current EBITDA margins (~28%) through operational efficiencies and product mix improvement.
Capex of ₹250 crore for FY27
Planned capex of ₹250 crore for FY27, down from ₹2,700 crore over last two years, focusing on capacity expansion and new plants.
Defense Revenue to Cross ₹4,500 crore in FY27
Defense vertical expected to cross ₹4,500 crore revenue in FY27, driven by strong order book and new product launches.