Solar Industries reports Q2 revenue up 69%

Solar Industries India Ltd SOLARINDS posted a 69 percent year-on-year revenue increase to Rs 3,519 crore for Q2 FY27. Net profit surged 78.9 percent to Rs 617 crore. Execution across domestic, international, and defence segments drove the top-line expansion. EBITDA grew 81.9 percent to Rs 1,006 crore with margins expanding 203 basis points. The consolidated order book stands at Rs 20,178 crore, where defence accounts for Rs 17,568 crore. Strong order visibility and execution speed underline the performance. Headlines highlight the headline revenue growth, but miss the broader structural shift towards high-margin defense products like the Pinaka rocket program and artillery ammunition. Management is tracking ahead of its full-year guidance of Rs 14,000 crore in revenue and 28 percent EBITDA margins. Risks include potential execution delays in large defense programs and integration hurdles from the upcoming Omnia Holdings acquisition valued at Rs 12,951 crore. At a trading multiple of 44 times FY28 estimated earnings, the valuation prices in steady execution. Watch for the finalisation of the Rs 3,000 crore Pinaka order before Q4 FY27, progress on the Omnia transaction closing by mid-2027, and coal mining demand recovery in H2 FY27.