Solar Industries India Ltd.
SOLARINDSCommodities filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
24 transcript(s)/analyst meet(s) served; 14 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 24 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20200218 | 2019-12-31 | yes | |
| COVER_LETTER | 20220504 | 2022-03-31 | no | |
| TRANSCRIPT | 20230508 | 2022-03-31 | yes | |
| COVER_LETTER | 20220726 | 2022-06-30 | no | |
| COVER_LETTER | 20221105 | 2022-09-30 | no | |
| COVER_LETTER | 20230125 | 2022-12-31 | no | |
| TRANSCRIPT | 20230128 | 2022-12-31 | yes | |
| COVER_LETTER | 20230504 | 2023-03-31 | no | |
| TRANSCRIPT | 20240520 | 2023-03-31 | yes | |
| COVER_LETTER | 20230804 | 2023-06-30 | no | |
| TRANSCRIPT | 20230808 | 2023-06-30 | yes | |
| COVER_LETTER | 20231103 | 2023-09-30 | no | |
| TRANSCRIPT | 20231106 | 2023-09-30 | yes | |
| COVER_LETTER | 20240208 | 2023-12-31 | no | |
| TRANSCRIPT | 20240210 | 2023-12-31 | yes | |
| COVER_LETTER | 20240517 | 2024-03-31 | no | |
| TRANSCRIPT | 20240808 | 2024-06-30 | yes | |
| DUPLICATE | 20240808 | 2024-06-30 | no | |
| TRANSCRIPT | 20241116 | 2024-09-30 | yes | |
| DUPLICATE | 20241116 | 2024-09-30 | no | |
| TRANSCRIPT | 20250211 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250524 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250811 | 2025-06-30 | yes | |
| TRANSCRIPT | 20250905 | 2025-06-30 | yes | |
| DUPLICATE | 20250905 | 2025-06-30 | no | |
| TRANSCRIPT | 20251114 | 2025-09-30 | yes | |
| DUPLICATE | 20251114 | 2025-09-30 | no | |
| TRANSCRIPT | 20260518 | 2026-03-31 | yes | |
| DUPLICATE | 20260518 | 2026-03-31 | no |
SOLARINDS
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 19,480.00 |
| 52-week range | 11772.0 – 22455.0 |
| Return 1M | -1.62% |
| Return 3M | 11.77% |
| Return 1Y | 38.92% |
| Return 3Y | 322.33% |
| Return 5Y | 869.42% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 3,668.00 |
| Other income | 9.00 |
| Total income | 3,677.00 |
| Cost of materials consumed | 1,787.00 |
| Purchases of stock-in-trade | 105.00 |
| Changes in inventories | -34.00 |
| Employee benefit expense | 256.00 |
| Finance costs | 41.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.73 | 0.00 |
| institutions foreign | 0.06 | -0.00 |
| institutions domestic | 0.13 | 0.00 |
| mutual funds | 0.12 | 0.00 |
| public | 0.27 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| COVER_LETTER | 2024-03-31 | 9 |
| DUPLICATE | 2026-03-31 | 5 |
| TRANSCRIPT | 2026-03-31 | 15 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-03-31 | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,317.00 | 1,567.00 | 1,812.00 | 1,929.00 | 1,682.00 | 1,347.00 | 1,429.00 | 1,611.00 | 1,695.00 | 1,716.00 | 1,973.00 | 2,154.00 | 2,082.00 | 2,548.00 | 3,053.00 | 3,668.00 |
| Other income | 1.00 | 4.00 | 7.00 | 11.00 | 8.00 | 8.00 | 11.00 | 18.00 | 24.00 | 30.00 | 10.00 | 29.00 | 29.00 | 25.00 | 44.00 | 9.00 |
| Total income | 1,318.00 | 1,571.00 | 1,819.00 | 1,940.00 | 1,690.00 | 1,355.00 | 1,440.00 | 1,628.00 | 1,719.00 | 1,746.00 | 1,983.00 | 2,184.00 | 2,111.00 | 2,573.00 | 3,097.00 | 3,677.00 |
| Cost of materials consumed | 739.00 | 754.00 | 1,071.00 | 828.00 | 783.00 | 548.00 | 634.00 | 745.00 | 814.00 | 641.00 | 885.00 | 995.00 | 908.00 | 1,116.00 | 1,435.00 | 1,787.00 |
| Purchases of stock-in-trade | 99.00 | 177.00 | 85.00 | 364.00 | 127.00 | 97.00 | 130.00 | 49.00 | 97.00 | 253.00 | 130.00 | 122.00 | 122.00 | 159.00 | 164.00 | 105.00 |
| Changes in inventories | -21.00 | 2.00 | -5.00 | -2.00 | 52.00 | 8.00 | -13.00 | 36.00 | -40.00 | -51.00 | 13.00 | -23.00 | -43.00 | -34.00 | -78.00 | -34.00 |
| Employee benefit expense | 89.00 | 86.00 | 92.00 | 99.00 | 100.00 | 103.00 | 111.00 | 119.00 | 131.00 | 145.00 | 151.00 | 184.00 | 195.00 | 214.00 | 253.00 | 256.00 |
| Finance costs | 15.00 | 19.00 | 25.00 | 31.00 | 25.00 | 25.00 | 28.00 | 32.00 | 27.00 | 30.00 | 31.00 | 27.00 | 31.00 | 34.00 | 41.00 | 41.00 |
| Depreciation and amortisation | 30.00 | 30.00 | 32.00 | 35.00 | 34.00 | 34.00 | 39.00 | 37.00 | 40.00 | 44.00 | 47.00 | 56.00 | 61.00 | 63.00 | 71.00 | 80.00 |
| Other expenses | 149.00 | 248.00 | 219.00 | 281.00 | 297.00 | 255.00 | 210.00 | 309.00 | 244.00 | 283.00 | 267.00 | 341.00 | 347.00 | 385.00 | 453.00 | 540.00 |
| Total expenses | 1,098.00 | 1,317.00 | 1,520.00 | 1,638.00 | 1,418.00 | 1,070.00 | 1,140.00 | 1,326.00 | 1,313.00 | 1,344.00 | 1,524.00 | 1,703.00 | 1,621.00 | 1,937.00 | 2,339.00 | 2,774.00 |
| Profit before exceptional items and tax | 219.00 | 254.00 | 299.00 | 302.00 | 273.00 | 285.00 | 300.00 | 303.00 | 406.00 | 402.00 | 458.00 | 481.00 | 490.00 | 636.00 | 758.00 | 903.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 219.00 | 254.00 | 299.00 | 302.00 | 273.00 | 285.00 | 300.00 | 303.00 | 406.00 | 402.00 | 458.00 | 481.00 | 490.00 | 636.00 | 758.00 | 903.00 |
| Current tax | 53.00 | 75.00 | 95.00 | 74.00 | 76.00 | 77.00 | 84.00 | 69.00 | 108.00 | 105.00 | 116.00 | 121.00 | 122.00 | 164.00 | 204.00 | 234.00 |
| Deferred tax | -9.00 | -10.00 | -15.00 | 8.00 | -6.00 | -2.00 | -7.00 | -6.00 | 0.00 | -2.00 | 6.00 | 7.00 | 5.00 | 5.00 | -1.00 | 12.00 |
| Tax expense | 44.00 | 65.00 | 80.00 | 81.00 | 71.00 | 76.00 | 77.00 | 63.00 | 108.00 | 103.00 | 122.00 | 128.00 | 128.00 | 169.00 | 203.00 | 245.00 |
| Profit for the period | 175.00 | 189.00 | 219.00 | 221.00 | 202.00 | 209.00 | 222.00 | 243.00 | 301.00 | 304.00 | 338.00 | 353.00 | 362.00 | 467.00 | 556.00 | 666.00 |
| Profit attributable to owners | 168.00 | 176.00 | 205.00 | 206.00 | 197.00 | 200.00 | 203.00 | 0.00 | 286.00 | 8.00 | 315.00 | 339.00 | 345.00 | 446.00 | 548.00 | 653.00 |
| Profit attributable to non-controlling interests | 7.00 | 12.00 | 15.00 | 14.00 | 4.00 | 9.00 | 19.00 | 0.00 | 14.00 | -15.00 | 23.00 | 14.00 | 16.00 | 20.00 | 8.00 | 14.00 |
| Other comprehensive income | -18.00 | -21.00 | -7.00 | -20.00 | -100.00 | -39.00 | -55.00 | 23.00 | 5.00 | -8.00 | -34.00 | 59.00 | 58.00 | 61.00 | 126.00 | 25.00 |
| Total comprehensive income | 157.00 | 168.00 | 212.00 | 201.00 | 102.00 | 170.00 | 167.00 | 265.00 | 305.00 | 296.00 | 303.00 | 411.00 | 420.00 | 527.00 | 682.00 | 691.00 |
| Earnings per share, basic | 18.55 | 19.49 | 22.61 | 22.78 | 21.82 | 22.12 | 22.47 | 25.98 | 31.66 | 31.59 | 0.00 | 37.43 | 38.12 | 49.31 | 60.52 | 72.11 |
| Earnings per share, diluted | 18.55 | 19.49 | 22.61 | 22.78 | 21.82 | 22.12 | 22.47 | 25.98 | 31.66 | 31.59 | 0.00 | 37.43 | 38.12 | 49.31 | 60.52 | 72.11 |
Annual results, as filed
| Line | 2018-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,951.00 | 2,237.00 | 2,516.00 | 3,948.00 | 6,923.00 | 6,070.00 | 9,838.00 |
| Other income | 12.00 | 41.00 | 21.00 | 20.00 | 32.00 | 44.00 | 128.00 |
| Total income | 1,964.00 | 2,278.00 | 2,537.00 | 3,967.00 | 6,954.00 | 6,114.00 | 9,966.00 |
| Cost of materials consumed | 1,061.00 | 1,104.00 | 1,185.00 | 2,066.00 | 3,820.00 | 2,710.00 | 4,503.00 |
| Purchases of stock-in-trade | 40.00 | 153.00 | 199.00 | 302.00 | 560.00 | 403.00 | 569.00 |
| Changes in inventories | -37.00 | -42.00 | -38.00 | -40.00 | -37.00 | 84.00 | -178.00 |
| Employee benefit expense | 133.00 | 207.00 | 231.00 | 290.00 | 353.00 | 433.00 | 845.00 |
| Finance costs | 33.00 | 55.00 | 45.00 | 50.00 | 90.00 | 109.00 | 134.00 |
| Depreciation and amortisation | 51.00 | 85.00 | 94.00 | 109.00 | 128.00 | 143.00 | 251.00 |
| Other expenses | 343.00 | 381.00 | 424.00 | 583.00 | 939.00 | 1,071.00 | 1,477.00 |
| Total expenses | 1,624.00 | 1,943.00 | 2,140.00 | 3,360.00 | 5,852.00 | 4,953.00 | 7,601.00 |
| Profit before exceptional items and tax | 340.00 | 336.00 | 397.00 | 607.00 | 1,102.00 | 1,161.00 | 2,365.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 340.00 | 336.00 | 397.00 | 607.00 | 1,102.00 | 1,161.00 | 2,365.00 |
| Current tax | 88.00 | 95.00 | 126.00 | 164.00 | 314.00 | 307.00 | 607.00 |
| Deferred tax | 18.00 | -38.00 | -17.00 | -12.00 | -24.00 | -21.00 | 22.00 |
| Tax expense | 106.00 | 57.00 | 109.00 | 152.00 | 290.00 | 286.00 | 629.00 |
| Profit for the period | 234.00 | 279.00 | 288.00 | 455.00 | 811.00 | 875.00 | 1,737.00 |
| Profit attributable to owners | 221.00 | 267.00 | 276.00 | 441.00 | 757.00 | 0.00 | 1,678.00 |
| Profit attributable to non-controlling interests | 13.00 | 11.00 | 12.00 | 14.00 | 54.00 | 0.00 | 59.00 |
| Other comprehensive income | 8.00 | -63.00 | -13.00 | -28.00 | -32.00 | -172.00 | 301.00 |
| Total comprehensive income | 242.00 | 215.00 | 276.00 | 427.00 | 780.00 | 703.00 | 2,038.00 |
| Earnings per share, basic | 25.81 | 5.52 | 30.54 | 48.77 | 83.68 | 92.38 | 185.39 |
| Earnings per share, diluted | 25.81 | 5.52 | 30.54 | 48.77 | 83.68 | 92.38 | 185.39 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Total assets | 4,544.00 | 5,036.00 | 5,154.00 | 5,737.00 | 6,678.00 | 9,017.00 | 10,918.00 |
| Non-current assets | 2,321.00 | 2,535.00 | 2,659.00 | 3,080.00 | 3,563.00 | 4,859.00 | 5,881.00 |
| Current assets | 2,220.00 | 2,501.00 | 2,495.00 | 2,657.00 | 3,107.00 | 4,154.00 | 5,037.00 |
| Property, plant and equipment | 1,480.00 | 1,614.00 | 1,692.00 | 1,919.00 | 2,136.00 | 2,952.00 | 3,716.00 |
| Capital work-in-progress | 213.00 | 279.00 | 307.00 | 487.00 | 560.00 | 790.00 | 692.00 |
| Goodwill | 11.00 | 11.00 | 11.00 | 30.00 | 113.00 | 160.00 | 171.00 |
| Other intangible assets | 61.00 | 77.00 | 78.00 | 42.00 | 39.00 | 110.00 | 59.00 |
| Inventories | 972.00 | 1,098.00 | 955.00 | 847.00 | 1,069.00 | 1,424.00 | 1,742.00 |
| Trade receivables | 838.00 | 825.00 | 808.00 | 845.00 | 1,218.00 | 1,395.00 | 1,858.00 |
| Cash and cash equivalents | 128.00 | 245.00 | 225.00 | 260.00 | 257.00 | 194.00 | 469.00 |
| Total equity and liabilities | 4,544.00 | 5,036.00 | 5,154.00 | 5,737.00 | 6,678.00 | 9,017.00 | 10,918.00 |
| Equity | 2,314.00 | 2,751.00 | 2,973.00 | 3,427.00 | 3,899.00 | 5,331.00 | 6,549.00 |
| Equity share capital | 18.00 | 18.00 | 18.00 | 18.00 | 18.00 | 18.00 | 18.00 |
| Other equity | 2,169.00 | 2,592.00 | 2,841.00 | 3,288.00 | 3,776.00 | 5,098.00 | 6,259.00 |
| Total liabilities | 2,230.00 | 2,286.00 | 2,181.00 | 2,310.00 | 2,778.00 | 3,686.00 | 4,370.00 |
| Non-current liabilities | 776.00 | 653.00 | 703.00 | 809.00 | 769.00 | 1,478.00 | 1,921.00 |
| Current liabilities | 1,454.00 | 1,632.00 | 1,478.00 | 1,501.00 | 2,010.00 | 2,208.00 | 2,449.00 |
| Borrowings, non-current | 610.00 | 473.00 | 512.00 | 584.00 | 498.00 | 281.00 | 820.00 |
| Borrowings, current | 562.00 | 697.00 | 517.00 | 521.00 | 660.00 | 846.00 | 647.00 |
| Trade payables | 589.00 | 488.00 | 547.00 | 553.00 | 425.00 | 550.00 | 632.00 |
Cash flow, as filed
| Line | 2022-03-31 | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 298.00 | 137.00 | 656.00 | 674.00 | 1,406.00 | 545.00 | 96.00 | 621.00 |
| Net cash from investing activities | -303.00 | -226.00 | -519.00 | -243.00 | -726.00 | -407.00 | -284.00 | -1,164.00 |
| Net cash from financing activities | -45.00 | 182.00 | 118.00 | -305.00 | -370.00 | -146.00 | -292.00 | 209.00 |
| Purchase of property, plant and equipment | 287.00 | 207.00 | 479.00 | 205.00 | 560.00 | 437.00 | 763.00 | 1,739.00 |
| Net increase in cash | -85.00 | 43.00 | 160.00 | -20.00 | 15.00 | -19.00 | -397.00 | -121.00 |
| con:CFO.BEFORE_TAX | 470.00 | 249.00 | 911.00 | 825.00 | 1,706.00 | 786.00 | 372.00 | 1,193.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | -13.00 | -8.00 | 0.00 | -10.00 | 0.00 | -19.00 | 0.00 | -30.00 |
| con:TAX_PAID.OPERATING | 160.00 | 105.00 | 254.00 | 141.00 | 300.00 | 222.00 | 276.00 | 662.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 120.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 7.00 | 7.00 | 0.00 | 6.00 | 11.00 | 1.00 | 34.00 | 46.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 186.00 | 0.00 | 37.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 73.15 | 73.15 | 73.15 | 73.15 | 73.15 | 73.15 | 73.15 | 73.15 | 73.15 | 73.15 | 0.73 | 0.73 | 0.73 | 0.73 |
| Domestic institutions | 14.32 | 15.02 | 15.24 | 15.06 | 14.53 | 12.74 | 12.68 | 12.79 | 14.11 | 13.59 | 0.13 | 0.13 | 0.13 | 0.13 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 12.22 | 0.12 | 0.12 | 0.12 | 0.12 |
| Insurance companies | 0.02 | 0.03 | 0.02 | 0.29 | 0.33 | 0.35 | 0.68 | 0.73 | 0.79 | 0.93 | 0.01 | 0.00 | 0.00 | 0.00 |
| Foreign institutions | 6.62 | 5.79 | 5.89 | 5.90 | 6.10 | 7.57 | 7.53 | 7.23 | 5.82 | 6.79 | 0.07 | 0.07 | 0.07 | 0.06 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 26.85 | 26.85 | 26.85 | 26.85 | 26.85 | 26.85 | 26.85 | 26.85 | 26.85 | 26.85 | 0.27 | 0.27 | 0.27 | 0.27 |
| Non-institutional | 5.91 | 6.04 | 5.72 | 5.89 | 6.23 | 6.55 | 6.64 | 6.83 | 6.92 | 6.48 | 0.07 | 0.07 | 0.07 | 0.07 |
| Shares outstanding | 90490055 | 90490055 | 90490055 | 90490055 | 90490055 | 90490055 | 90490055 | 90490055 | 90490055 | 90490055 | 90490055 | 90490055 | 90490055 | 90490055 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Solar Overseas Mauritius Limited | Wholly owned subsidiary | Any other transaction, Interest received, Loan | 2,852,500,000.00 | 3 |
| Economic Explosives Limited | Wholly owned subsidiary | Any other transaction, Interest received, Loan, Purc | 2,725,900,000.00 | 8 |
| Solar Mining Services (Pty) Ltd, Australia | Overseas subsidiary /Step down sub | Any other transaction, Purchase of goods or services | 610,600,000.00 | 3 |
| Solar Mining Services (Pty) Ltd, South Africa | Overseas subsidiary /Step down sub | Any other transaction, Sale of goods or services | 587,800,000.00 | 2 |
| Solar Explochem Limited | Wholly owned subsidiary | Interest received, Loan, Purchase of goods or servic | 429,500,000.00 | 3 |
| Solar Nigachem Limited | Overseas subsidiary /Step down sub | Any other transaction, Sale of goods or services | 394,900,000.00 | 4 |
| Emultek Private Limited | Wholly owned subsidiary | Any other transaction, Interest received, Loan, Purc | 343,500,000.00 | 7 |
| Solar Explochem Zambia Limited | Overseas subsidiary /Step down sub | Any other transaction, Sale of goods or services | 333,900,000.00 | 2 |
| Solar Patlayici Maddeler San.A.S. | Overseas subsidiary /Step down sub | Any other transaction, Sale of goods or services | 233,400,000.00 | 3 |
| Solar Nitro Chemicals Limited, Tanzania | Overseas subsidiary /Step down sub | Sale of goods or services | 211,300,000.00 | 1 |
| Directors and Key Managerial Personnel | Directors and Key Managerial Perso | Any other transaction | 119,900,000.00 | 1 |
| Solar Nitro Ghana Limited | Overseas subsidiary /Step down sub | Any other transaction, Sale of goods or services | 87,700,000.00 | 3 |
| PT. Solar Mining Services, Indonesia | Overseas subsidiary /Step down sub | Any other transaction, Sale of goods or services | 52,400,000.00 | 2 |
| Rajasthan Explosives Chemicals Limited | Step down Subsidiary | Any other transaction | 18,000,000.00 | 1 |
| Rajasthan Explosives Chemicals Limited | Step down Subsidiary | Purchase of goods or services, Sale of goods or serv | 12,200,000.00 | 2 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-05-18 | Q4FY26 | Read the call | |
| 2025-11-14 | Q2FY26 | Read the call | |
| 2025-09-05 | Q1FY26 | Read the call | |
| 2025-08-11 | Q1FY26 | Read the call | |
| 2025-05-24 | Q4FY25 | SOLAR INDUSTRIES INDIA LIMITED | Read the call |
| 2025-02-11 | Q3FY25 | INDIA LIMITED, INDUSTRIES INDIA LIMITED, LIMITED | Read the call |
| 2024-11-16 | Q2FY25 | EQUITIES | Read the call |
| 2024-08-08 | Q1FY25 | AND SECURITIES | Read the call |
| 2024-05-20 | FYFY23 | Read the call | |
| 2024-02-10 | Q3FY24 | LIMITED | Read the call |
| 2023-11-06 | Q2FY24 | INDIA LIMITED, LIMITED, SOLAR INDUSTRIES INDIA LIMITED | Read the call |
| 2023-08-08 | Q1FY24 | LIMITED | Read the call |
| 2023-05-08 | FYFY22 | LIMITED | Read the call |
| 2023-01-28 | Q3FY23 | Garvit Goyal:, INDUSTRIES, Noel Vaz:, SOLAR INDUSTRIES | Read the call |
| 2020-02-18 | Q3FY20 | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | Q2FY25 | Q2FY26 | Q3FY20 | Q3FY23 | Q3FY24 | Q3FY25 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | So as per your experience, what do you think about the government CapEx picking up? | Depreciation stands at INR61 crores versus INR44 crores due to increased capex. | Now this year, we are saying that we are going to do a capex of 250 Crores. | Yes, I just wanted to know what exactly are the capacity expansion plans over FY23 and using a medium term if you can give me some color on that in te… | So any sense on the type of market, whether it is explosive or more defense related, the market size, the capex you'll be investing? | What was the cash flow from operations in nine months and CAPEX so far in nine month? | Further to our capex of around INR1,200 crores in this financial year, a massive plan to do a capex of INR2,500 crores in the coming year will unlock … | To support these growth plans, the company has invested INR2,700 crores over the last 2 years, and entering into FY '27 with a planned annual capex of… |
| Capital allocation | — | — | — | — | So that will capture all those investments for India, International market and defense, and maybe some acquisition opportunities which keep coming. | — | Reflecting our financial strength and commitment to shareholders, the company has proposed a dividend of INR10 per share for FY '25, up from INR8.5 pe… | The company has proposed a dividend of INR11 per share for FY '26-'27, up from INR10 per share in the previous year, reflecting confidence in its fina… |
| Costs | Therefore, I think the profits are more coordinated to the mix and the maybe the raw material situation at a particular point of time as well. | Raw material consumption for the quarter stands at INR988 crores versus INR843 crores and for half year, it stands at INR2,082 crores versus INR1,713 … | Second is, there is some commodity price fall, which is more than 8% in a lot of other raw materials apart from ammonium nitrate, and third is like, w… | Coming to our cost breakup raw material, the percent of raw material consumption is 63.55% versus 58.92%. | The percentage of raw material consumption is 52.59% versus 63.55%. | — | Raw material consumption for the quarter stands at INR1,165 crores against INR829 crores. | Solar Industries India Limited May 15, 2026 Raw materials. |
| Debt and cash | Sir, the question is on working capital side. | And second question is, sir, in the first half, our operating cash flow is actually relatively on a lower side compared to the historical average that… | Similarly, for the stress in the working capital cycle of the overseas business, especially in the scenario, when our business is not growing? | Sir, my first question pertains to the interest cost, net debt levels could you highlight what’s the net debt level for third quarter, at the end of t… | I just wanted to know if you can share the net debt number as of December? | — | Sir my next question was with regards to our NWC or net working capital intensity. | Last year, if you see the financial year '25, '26, working capital is sucked away almost about INR1,600 crores. |
| Demand | Sir, my first question is in the line of -- in the order book, is it possible to give us a split between defence and nondefense? | Company's portfolio expansions and ability to deliver quality products has gained strong demand from India and international defense markets. | So typically, as we have mentioned that because of this water logging and this well sinking activities, which is a typical part of infra, we will stil… | So, I just have one question which is specifically related to the order book which was given. | The domestic explosives order book of Coal India and Singareni stands at INR2,589 crores. | And as of now, the total order book of defense is Rs. | This is reflected in the substantial increase in our order book to over INR15,000 crores, including a landmark order of INR6,084 crores for Pinaka roc… | The robust sales pipeline, coupled with strong execution capabilities position us well to sustain this momentum, and we should cross defense revenue o… |
| Guidance | And it is even heartening to see the guidance which you have given. | We delivered good results with quarter 3 marking the beginning of our new growth phase in defense and the current -- and with the current order book, … | Okay, and how much it would be, maybe if you can just guide on the 9-month last year? | Despite these challenges, our quarterly and nine-month revenue number gives us confidence to revise our annual growth guidance from 50% to over 65% fo… | And in exact quantum, how much revenue can we pencil in for FY '24 and '25, if you can give that guidance? | So, any revision on that guidance that you would like to present? | So we give guidance based on the business as a whole. | In FY '26, we have delivered 30% revenue growth and surpassed our annual EBITDA guidance. |
| Margin | And it's evident that what is the volume sold and trying to relate to the profits made or profitability in terms of the margin is easy or very directl… | We are pleased to announce that we have achieved our highest ever quarterly EBITDA of INR582 crores and profit after tax of INR361 crores in quarter 2… | Sir, first question is on the margin difference, if you can just give that, definitely accessories have higher margin, as you mentioned, in the produc… | EBITDA is at 357 crores up by 93%, PAT is at 219 crores up by 109% year-on-year, demonstrating the strength of our business. | The EBITDA margin stands at 25.69%, and 23.38% for the quarter and 9 months, respectively. | But initially the EBITDA margin and the PAT margins, which we have said that in this year, we should do better than the last year. | Coming to the EBITDA, we reported a quarter EBITDA at INR546 crores against INR371 crores. | We achieved our EBITDA margins at around 28.5% for this quarter and 27.95% for the whole year. |
| People | Capacity utilization for a business, which we are in, it's very difficult to speak on the capacity because every -- the different products of differen… | So as far as hiring of people are concerned, it is very difficult to say that whether we have hired right people or wrong people. | — | — | — | And once it grows, so definitely we will get some kind of better utilization of our facilities. | It is very difficult to give any sense of capacity utilization number. | But as we have become a global player, the capacity utilization level has gone up. |
| Pricing | — | — | So the ammonium nitrate pricing has gone down by 8%. | Also, just one more thing, I just wanted to try and understand generally how your pricing mechanism works, generally speaking, when there is a increas… | Therefore, overall business conditions are far more conducive in terms of asserting a bit of a pricing power than before. | — | — | So that will take care of only the price increase. |
| Revenue growth | — | We are pleased to report that our defense revenue crossed INR500 crores in this Solar Industries India Limited November 11, 2025 quarter and INR900 cr… | Sir, secondly, like considering 9 months degrowth of around 6% in revenues. | Sir what shall be the overall PAT margins by the financial year 23 and by going forward what will be the revenue growth and PAT margins stated my fina… | Like we have mentioned that we have achieved a volume growth of around 27% in this quarter. | Sir first is, your defense growth has been phenomenal for this quarter and we earlier had guided for a revenue topline of close to around 20,000 contr… | Now Solar is entering in FY '26 on a strong footing, driven by growth of 15% to 20% from explosive sector and a robust target to surpass INR3,000 cror… | We have also achieved the highest-ever quarterly EBITDA and PAT at INR870 crores and INR556 crores, registering a growth of 59% and 61% year-on-year a… |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2025-05-24 | Q4FY25 | SOLAR INDUSTRIES INDIA LIMITED | May 21, 2025 believe that in this year, we should be able to cross INR3,000 crores revenues. |