Solar Industries India · Material risks, their source context, and severity in the latest available quarter.
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Coal India and infrastructure mining activity was severely impacted by record monsoon rains in Q2. Coal India volumes dropped significantly, affecting explosives demand. Recovery depends on Q3-Q4 mining activity normalization.
H1 operating cash flow was 95 crore versus 545 crore in previous year H1, significantly below historical averages. Working capital increased due to defense production ramp-up and slower collections from domestic customers.
New domestic players like Hyderabad-based companies are entering loitering munitions space and winning trials. Company's Barastra counter-drone system faced successful competitor trials; market dynamics are changing with multiple qualified suppliers.
Management indicated possible deferment of FY26 capex guidance of 2,500 crore due to monsoon-related construction delays. Final capex numbers will be shared at year-end, creating uncertainty on deployment timeline.
