Solar Industries FY26: revenue ₹9,838 cr, PAT ₹1,737 cr

Earnings call audio recording released under LODR

Solar Industries India Ltd (NSE: SOLARINDS, BSE: 532725) has made available the audio recording of its earnings conference call for the financial year ended March 31, 2026. The call was held on May 15, 2026 and discussed the company’s audited financial results. The recording is accessible through the company’s website and a designated URL, and the update was also disclosed as an outcome of an analyst and investor meet under Regulation 30 of the LODR framework. The company said the move improves access to information for investors and other stakeholders. The call was hosted by Motilal Oswal Financial Services.

What management highlighted on Q4 FY26 and FY26

On the call, Managing Director and CEO Anish Nuwal said the company delivered its “highest ever” quarterly and annual sales. Solar Industries reported quarterly sales of ₹3,053 crore in Q4 FY26 and annual sales of ₹9,838 crore in FY26, as stated on the call. Management linked the performance to strong sales from international operations and the defence business, along with a push towards higher value products and operational efficiencies. The company also noted that the domestic mining market saw no growth during the period. Even with that backdrop, Solar Industries indicated it delivered record operating profitability and net profit in the quarter and the full year.

Key quarterly numbers: revenue, EBITDA, PAT and margins

For Q4 FY26, Solar Industries reported EBITDA of ₹870 crore and profit after tax (PAT) of ₹556 crore. Management said these were the highest quarterly EBITDA and PAT for the company, and that they grew 59% and 61% year-on-year, respectively. The company reported an EBITDA margin of around 28.5% for the quarter. As per a results summary also carried in the provided text, Q4 FY26 sales were INR 30,527.5 million (₹3,052.75 crore) versus INR 21,665.5 million (₹2,166.55 crore) a year ago, and Q4 FY26 net income was INR 5,476.3 million (₹547.63 crore) versus INR 3,222.3 million (₹322.23 crore). Basic EPS for the quarter was reported at ₹60.52 versus ₹35.61 a year ago.

Full-year FY26 numbers and audited context

For FY26, management reported annual EBITDA of ₹2,750 crore and PAT of ₹1,737 crore, with both growing 35% year-on-year as stated on the call. The company said full-year EBITDA margin was around 27.95%. In a separate financial results summary in the provided text, FY26 sales were INR 98,377.4 million (₹9,837.74 crore) versus INR 75,402.6 million (₹7,540.26 crore) a year ago, revenue was INR 99,657.2 million (₹9,965.72 crore) versus INR 76,110.9 million (₹7,611.09 crore), and net income was INR 16,775.5 million (₹1,677.55 crore) versus INR 12,094.4 million (₹1,209.44 crore). That summary also reported basic EPS for the full year at ₹185.39 versus ₹133.65.

Defence segment surge and customer mix shifts

A central theme of the call was the step-up in defence manufacturing and order wins across defence products including rockets and missiles. Management said defence revenue surged 134% year-on-year in Q4 FY26 to ₹1,008 crore. For the full year, defence revenue rose 94% to ₹2,634 crore from ₹1,355 crore, according to the call transcript. The customer basket details shared on the call also showed a larger share for defence. In Q4, defence was reported at 33% of the basket (up from 20%), and for the year, defence was stated at 27% (up from 18%) with international business at 39% (from 38%).

Order book, capex and FY27 targets shared on call

Management said the company ended FY26 with an order book of ₹21,300 crore. It also stated that it had invested ₹2,700 crore over the last two years. Looking ahead, the company said it is targeting revenue of ₹14,000 crore in FY27 while maintaining current margins. It also said it expects to cross defence revenue of ₹4,500 crore in FY27. To support growth plans, management indicated a planned annual capex of ₹2,050 crore going into FY27.

Dividend proposal: ₹11 per share for FY26

Solar Industries said it has proposed a dividend of ₹11 per share, up from ₹10 per share in the previous year, as stated on the call. The proposal was positioned as reflecting confidence in the company’s financial health and continued commitment to shareholders. The dividend is one of the clearer capital allocation signals in the call, alongside the capex plan and the focus on expanding defence manufacturing capabilities.

Snapshot from reported P&L and quarterly trend data

Standalone-style annual numbers in the provided table show total operating revenues of ₹5,578.86 crore for the 12 months ended March 2026, total revenue of ₹5,786.10 crore, and basic EPS of ₹135.01 for the same period. The quarterly profit and loss table (₹ crore) also shows sales rising from ₹1,682.21 crore in Jun 2023 to ₹2,548.32 crore in Dec 2025, with other income varying quarter to quarter.

Key reported figures (as stated in the provided text)

Market data points cited alongside the results

The provided dataset also listed “Quarterly Earnings Growth YOY” at 60.65 and EPS (TTM) at 142.31. Separately, a price update in the text said Solar Industries traded at ₹17,820 on May 18, 2026 (09:21), with intraday movement between ₹17,475 and ₹17,950. The 52-week range in the same update was ₹11,646 to ₹17,950. Another price snapshot in the text said the share price was ₹17,314 as of May 17, 2026.

Why this update matters for investors tracking Solar Industries

The earnings call recording adds another layer of accessibility for investors who want to review management commentary beyond the headline numbers. The FY26 disclosures put a spotlight on two operating levers highlighted repeatedly on the call: international business performance and the sharp acceleration in the defence segment. The company’s stated margin performance (28.5% for Q4 and 27.95% for FY26) and the large capex plan also provide context for how Solar Industries is positioning capacity and capabilities to execute the order pipeline.

Conclusion

Solar Industries’ FY26 earnings call and subsequent audio release consolidate a set of record numbers highlighted by management, including ₹9,838 crore in revenue and ₹1,737 crore in PAT for the year. The company also outlined a higher dividend, a large order book, and a sizeable capex plan as it targets FY27 revenue and defence growth milestones. Investors will likely focus next on follow-through actions tied to the ₹2,050 crore annual capex plan and updates on defence and international execution, as and when the company provides further disclosures.