Solar Industries did not disclose the names of the customers or the specific defence products covered under the contracts. Still, they said that the contracts do not involve any related-party transactions.
The Nagpur-based company manufactures a range of defence products, including ammunition, rockets, warheads, propellants, drones and counter-drone systems, and has been increasing its focus on exports amid rising global demand for defence equipment.Earlier this month, Solar Industries’ management guided revenue growth of over 40% in FY27, with its defence business expected to cross ₹4,500 crore and nearly 70% of that coming from international markets. Consolidated revenue is expected to cross ₹14,000 crore in FY27.
Managing Director and Chief Executive Officer Manish Nuwal said, “The international business should grow by around 35% and should cross the ₹5,000 crore revenue mark,” adding that the domestic business is also expected to grow at a similar pace. While the explosives business could grow by around 35%.
For the March quarter, the company reported a 70.2% rise in net profit to ₹548 crore from ₹322 crore last year. Revenue increased 41% year-on-year to ₹3,053 crore from ₹2,167 crore in Q4FY25. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) grew by 53% YoY to ₹826 crore, while the margin expanded by 220 basis points to 27.1% from 24.9% earlier.
Shares of Solar Industries are trading 0.7% lower despite the order win. The stock has surged over 53% so far this year.
