Solar Industries sees Rs 3,000 crore Guided Pinaka order soon

Solar Industries India Limited expects a Rs 3,000 crore Guided Pinaka order to conclude soon, management said in its November 4, 2026 Q2 FY27 call. If awarded at that value, Solar Industries said its combined Pinaka-family order value would reach about Rs 9,000 crore, including an earlier Rs 6,000 crore Pinaka order.

When will Solar Industries receive the Guided Pinaka order?

Solar Industries said it hopes the Guided Pinaka order will conclude “very soon,” although management did not disclose an FY27-end deadline. Managing Director and Chief Executive Officer Manish Nuwal said the programme was in the final stage of negotiations and that the company had already submitted its best price, giving it visibility on an expected value of about Rs 3,000 crore.

The November 4 call described Guided Pinaka as one of the large potential orders in Solar Industries’ Indian and international defence pipeline. However, the Rs 3,000 crore amount was management’s expectation during negotiations, not reported revenue or a signed award. The eventual order remains dependent on conclusion of the process management described.

How large could Solar Industries' Pinaka-family order base become?

Solar Industries said its Pinaka-family order base could reach about Rs 9,000 crore if the Rs 3,000 crore Guided Pinaka contract is concluded. The expected total includes a Pinaka order worth around Rs 6,000 crore that management said it received approximately 1.5 years before the Q2 FY27 earnings call.

The prospective Guided Pinaka award would be equivalent to half the value of the earlier Rs 6,000 crore Pinaka order. Solar Industries said it has entered the chain of rockets and missiles and commercialised Pinaka-family products, while also stating that it had started supplying Pinaka rockets to some international customers. The call did not disclose the value, countries or timing of those export supplies.

What is Solar Industries' Bhargavastra development timetable?

Solar Industries plans to complete Bhargavastra’s internal trials and conduct its field trial in calendar 2026. Management said it remained optimistic about meeting that plan, but declined to give an order-value estimate or a commercial-order date because defence programmes can take years to convert from trials into procurement.

Commercialisation would begin once the trials are completed, according to management. Solar Industries said establishing counter-drone systems in India could help it pursue international orders for products including Bhargavastra, but this was a stated expectation rather than a disclosed contract. Unlike Guided Pinaka, which was in final negotiations at about Rs 3,000 crore, Bhargavastra remained at the trial stage in the November 2026 update.

How much did defence contribute to Solar Industries' Q2 FY27 results?

Solar Industries reported Q2 FY27 defence revenue of Rs 1,002 crore, representing 29% of its customer basket, compared with 24% in the comparison cited by management. For the first half of FY27, defence revenue was Rs 1,935 crore, or 27% of the customer basket, compared with 22% in the cited comparison period.

The company reported consolidated revenue of Rs 3,519 crore in Q2 FY27, up from Rs 2,082 crore a year earlier, and Rs 7,187 crore in the first half, against Rs 4,237 crore. Quarterly earnings before interest, tax, depreciation and amortisation, or EBITDA, were Rs 1,021 crore versus Rs 582 crore, while profit after tax reached Rs 650 crore versus Rs 361 crore.

Management attributed the defence contribution to execution of the existing order book and an expanding portfolio of indigenously developed products. It said Solar Industries had delivered about Rs 1,900 crore to Rs 2,000 crore of defence revenue in the first half and expected to exceed its stated FY27 defence-revenue expectation of Rs 4,500 crore.

What other defence programmes is Solar Industries pursuing?

Solar Industries has set up a facility for 155 millimetre ammunition products and wants to secure additional international orders in that vertical. Management also cited capabilities in energetic materials, propellants, warheads, rocket integration and missile integration, saying the company was involved in some critical missile-development programmes without naming them or giving associated values.

Solar Industries is also developing medium-altitude long-endurance unmanned aerial vehicles, or MALE UAVs, indigenously. Management said it had participated in current procurement activity but was taking its own time on the programme and was not affected by current procurement developments. It deferred any FY28 or FY29 defence-revenue outlook until after its FY27 financial results.

What does management expect for Solar Industries' FY27 performance?

Solar Industries expects to surpass its FY27 revenue guidance of Rs 14,000 crore and said it should also exceed its Rs 4,500 crore defence-revenue expectation. Management based that view on first-half revenue of Rs 7,187 crore, defence revenue of Rs 1,935 crore and an expected stronger second half for domestic explosives as mining activity is less affected by monsoon conditions.

Management said first-half EBITDA margin was about 28.45% and expected the full-year average to exceed 29%, compared with guidance of around 28% at the beginning of FY27. It cautioned that geopolitical issues, supply-chain disruptions and commodity-price fluctuations made it difficult to revise guidance, despite its stated confidence in surpassing the existing targets.

Conclusion

Solar Industries’ Rs 3,000 crore Guided Pinaka expectation is its most advanced disclosed near-term defence opportunity because management said negotiations were at the final stage and pricing had been submitted. A conclusion at that value would lift the Pinaka-family order base to about Rs 9,000 crore, while defence produced Rs 1,002 crore of Q2 FY27 revenue and 29% of the customer basket.

The next disclosed milestones are the outcome of Guided Pinaka negotiations and completion of Bhargavastra’s internal and field trials in calendar 2026. Management also said it would seek to provide clarity on FY28 and FY29 after FY27 results, while its current FY27 benchmarks are Rs 14,000 crore of revenue, Rs 4,500 crore of defence revenue and an average EBITDA margin above 29%.