Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹3,053 Cr
verified against source
Revenue YoY
54.7%
reported change
EBITDA
₹870 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Solar Industries delivered a landmark Q4 FY26 with consolidated revenue of ₹3,353 crore (+55% YoY) and EBITDA of ₹870 crore (+59% YoY), driven by a 134% surge in defense revenue to ₹1,108 crore and 32% growth in international business. Full-year revenue crossed ₹9,838 crore (+30% YoY) with EBITDA margin of 27.95%, exceeding guidance. Management guided for FY27 revenue of ₹14,000 crore (42% growth) while maintaining current margins, supported by a record order book of ₹21,300 crore (defense: ₹18,000 crore). Key growth drivers include capacity expansion in domestic markets, new geographies in Africa and Southeast Asia, and advanced defense products (Bharatvastra, 155mm ammunition). Capex for FY27 is planned at ₹250 crore. Risk: sharp commodity price increases could compress near-term margins if pass-through is delayed.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Despite commodity price inflation, management expects to maintain current EBITDA margins (~28%) through operational efficiencies and product mix improvement.
- Planned capex of ₹250 crore for FY27, down from ₹2,700 crore over last two years, focusing on capacity expansion and new plants.
- Defense vertical expected to cross ₹4,500 crore revenue in FY27, driven by strong order book and new product launches.
Risks flagged
- Sharp rise in raw material prices (ammonium nitrate, crude derivatives) may compress margins if pass-through is delayed or incomplete.
- Working capital days increased due to deliberate inventory build-up to mitigate supply chain risks; normalization expected only next year.
- Very high commodity prices could lead to temporary demand contraction in domestic mining as buyers wait for prices to cool off.
- Potential entry of Kalani Group into explosives and defense could increase competitive intensity, though management downplayed the threat.
Key quotes
- We are targeting to achieve a revenue of 14,000 crores in FI27 while maintaining current margins.
- Our defense business has nearly doubled delivering outstanding growth with revenue surging 134% in Q4 and 94% for the full year.
- We are not afraid from anyone but market opportunities are immense where everybody will have its own pile.
Research modules