Any current/future capex/capital investment/strategic investment?

The company has invested INR 2,700 crores over the last 2 years. Planned annual capex for FY '27 is around INR 2,050 crores. Capex allocation is based on priority and market opportunities, not strictly split between defense and non-defense. Focus is on expanding domestic footprint with recent expansions in Northern and Western India, and upcoming plants in Eastern and Southern India. Expansion in international markets includes facilities in South Africa, Zambia, Tanzania, Zimbabwe, Nigeria, Ghana, Sierra Leone, Turkey, Kazakhstan, Thailand, and Indonesia; Australia operations to start soon. De

Future growth expectations in sales/revenue/volumes?

Target revenue for FY '27 is INR14,000 crores, aiming for robust growth across all verticals. Expecting over 30% combined growth in domestic and international markets. International business grew 32% in FY '26; aiming for ~30% growth in FY '27 with focus on Africa, West Asia, Turkey, Kazakhstan. Defense segment to cross INR4,500 crores revenue in FY '27 with continued strong momentum. Domestic market expected to grow due to expanded capacity in Northern, Western, Eastern, and Southern India. Volume growth anticipated at 10-15%, with price increases contributing approximately 18-20% to overall

Future growth expectations in earnings/operating earnings/profits/EPS?

Target revenue of INR 14,000 crores in FY '27, implying robust growth. EBITDA margins expected to be maintained around current levels (~28%). Defense revenue targeted to cross INR 4,500 crores in FY '27, nearly doubling. International and domestic businesses expected to grow over 30%, with 10-15% volume growth and 18-20% price increase driven by commodity costs. EBITDA margins projected to remain steady despite raw material inflation, supported by defense and international segments. Capex planned at INR 2,050 crores in FY '27 to support expansion. Dividend proposed at INR 11 per share (up from

Current/ Expected Orderbook/ Pending Orders?

Total order book stands at approximately INR 21,300 crores. Defense segment constitutes around INR 18,000 crores of the order book. Non-defense segment accounts for about INR 3,000 crores. Major defense orders primarily include the Pinaka project. Numerous smaller orders exist, mainly for raw materials and intermediate goods in the Indian market. The company is in final stages of receiving orders for similar defense products. Discussions and negotiations are ongoing for new orders related to the Pinaka series. The strong order book underpins confidence in sustained growth across all verticals.

IN US

Solar IndustriesQ1 FY27Chemicals & Petrochemicals

Solar Industries Q1 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹18,496P/E: 95.4Market Cap: ₹1.7L CrSector: Chemicals & Petrochemicals

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Target revenue for FY '27 is INR14,000 crores, aiming for robust growth across all verticals.
→Expecting over 30% combined growth in domestic and international markets.
→International business grew 32% in FY '26; aiming for ~30% growth in FY '27 with focus on Africa, West Asia, Turkey, Kazakhstan.
→Defense segment to cross INR4,500 crores revenue in FY '27 with continued strong momentum.
→Domestic market expected to grow due to expanded capacity in Northern, Western, Eastern, and Southern India.
→Volume growth anticipated at 10-15%, with price increases contributing approximately 18-20% to overall growth.
→Export business targets 10% volume growth and 15% value growth, leveraging global expansion and new facilities.
→Defense and international subsidiaries expected to deliver improved margins and revenues going forward.

Margin guidance

Category 3

→Target revenue of INR 14,000 crores in FY '27, implying robust growth.
→EBITDA margins expected to be maintained around current levels (~28%).
→Defense revenue targeted to cross INR 4,500 crores in FY '27, nearly doubling.
→International and domestic businesses expected to grow over 30%, with 10-15% volume growth and 18-20% price increase driven by commodity costs.
→EBITDA margins projected to remain steady despite raw material inflation, supported by defense and international segments.
→Capex planned at INR 2,050 crores in FY '27 to support expansion.
→Dividend proposed at INR 11 per share (up from INR 10), reflecting financial confidence.
→Management optimistic about sustaining earnings momentum driven by strong order book (~INR 21,300 crores), execution capabilities, and new product developments.

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Fundraise plans

Yes

Based on the information on page 13 and surrounding pages of the Solar Industries India Limited report dated May 15, 2026: - There is no explicit mention of any current or planned fundraising through new debt or equity in the transcript. - The company has highlighted significant recent investments, with INR 2,700 crores invested over the last 2 years. - For FY '27, a planned capital expenditure (capex) of INR 2,050 crores is mentioned. - No specific comments regarding raising capital via debt or equity were given during the Q&A or management remarks. - The company seems confident about sustaining operations and growth using internal accruals and existing cash flows. Hence, as per the available text, no new fundraising through debt or equity is currently planned or communicated.

Order book

Yes

→Total order book stands at approximately INR 21,300 crores.
→Defense segment constitutes around INR 18,000 crores of the order book.
→Non-defense segment accounts for about INR 3,000 crores.
→Major defense orders primarily include the Pinaka project.
→Numerous smaller orders exist, mainly for raw materials and intermediate goods in the Indian market.
→The company is in final stages of receiving orders for similar defense products.
→Discussions and negotiations are ongoing for new orders related to the Pinaka series.
→The strong order book underpins confidence in sustained growth across all verticals.

Capex plans

Yes

→The company has invested INR 2,700 crores over the last 2 years.
→Planned annual capex for FY '27 is around INR 2,050 crores.
→Capex allocation is based on priority and market opportunities, not strictly split between defense and non-defense.
→Focus is on expanding domestic footprint with recent expansions in Northern and Western India, and upcoming plants in Eastern and Southern India.
→Expansion in international markets includes facilities in South Africa, Zambia, Tanzania, Zimbabwe, Nigeria, Ghana, Sierra Leone, Turkey, Kazakhstan, Thailand, and Indonesia; Australia operations to start soon.
→Defense business capex supports new product development and capacity enhancements, including commissioned medium caliber ammunition facility.
→The strategic investment in inventory levels was deliberate to mitigate geopolitical risks and maintain supply chain continuity.

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