Synopsis: A defence-focused explosives maker lands a major international deal worth Rs 1,076 Crore, adding to an already bulging order book even as its full-year profits crossed Rs 1,700 crore.
India’s leading industrial explosives and defence products manufacturer has secured a significant vote of confidence from overseas clients. The company and its subsidiary have received export orders for the supply of defence products, to be executed over a period of three years. The orders have been placed by international clients and carry no related-party implications.
Shares of Solar Industries Limited, with a market capitalization of Rs. 1,67,497 crore, are trading at a price of Rs.18,528 i.e. 0.67% down from its previous closing price of Rs.18,653. It is trading at a P/E ratio of 99.8.
Export Order Win: What the Filing Says
Solar Industries India Limited, along with its subsidiary, will supply defence products to international clients worth Rs.1,076 Crore under this contract. The three-year delivery timeline suggests a steady revenue stream rather than a one-time bump. The client identity has been kept confidential, as is standard practice for defence export disclosures. There is no promoter or group company interest on the buyer’s side, and the transaction does not qualify as a related-party deal.
Order Book and Business Mix
The company’s total order book stands at over Rs 21,300 crore, underpinned by orders from Coal India Limited (CIL), Singareni Collieries Company Limited (SCCL), and the defence segment. Defence has emerged as the fastest-growing vertical for the company. In FY26, defence revenue stood at Rs 2,634 crore, a jump of 94% over Rs 1,355 crore in FY25, and now accounts for 27% of total sales.
International business contributed Rs 3,815 crore or 39% of FY26 revenues, growing 32% year-on-year. Together, defence and international segments now make up two-thirds of total revenues, a sharp shift from the company’s traditional dependence on Coal India.
FY26 Financial Performance
Solar Industries delivered a strong financial year. Consolidated revenue rose 30% to Rs 9,838 crore in FY26 from Rs 7,540 crore in FY25. EBITDA grew 35% to Rs 2,750 crore, with margins expanding to 27.95% from 26.94% in the previous year. Profit after tax climbed 35% to Rs 1,737 crore from Rs 1,288 crore. The fourth quarter alone saw revenue of Rs 3,053 crore, up 41% year-on-year, with PAT surging 61% to Rs 556 crore.
On the capital expenditure front, the company spent Rs 1,556 crore in FY26, up from Rs 1,182 crore in FY25, signalling continued investment in capacity expansion. Total debt rose to Rs 1,468 crore, though the net debt-to-EBITDA ratio remained comfortable at 0.32x.
About the Company
Solar Industries India Limited, headquartered in Nagpur, is India’s largest manufacturer of industrial explosives and a growing player in defence munitions and aerospace products. It supplies to coal miners, infrastructure companies, and armed forces across India and internationally, with operations spanning multiple countries.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
