SOLAR INDUSTRIES (I) LTD

Manufactures industrial explosives and defense products, with FY26 revenue of ₹9,837.74 crores. The defense business nearly doubled to ₹2,634 crores in FY26 (27% of revenue), supplying Pinaka rockets, 155mm ammunition rounds and the Bhargavastra counter-drone system to the Indian armed forces and international clients; a single export defense order of ₹1,076 crores is to be executed over 3 years. Industrial explosives for mining — including supplies to Coal India Limited, whose share of revenue fell to 9% — form the original core business. International mining explosives operations span Africa (Tanzania, Zambia, Zimbabwe, Nigeria), West Asia, Southeast Asia and a newly commissioned Kazakhstan plant, contributing a 32% YoY rise to ₹3,800 crores. The order book stood at a record ₹21,300 crores (defense ₹18,000 crores, non-defense ₹3,000 crores), with FY27 revenue guided at ₹14,000 crores and defense targeted to cross ₹4,500 crores. Capex of ₹2,050 crores is planned for FY27. Raw materials are the largest cost at 45.8% of revenue, with EBITDA margin around 28%. AR · MarketPing reader · 2026-08-02

Revenue streams, as the annual report describes them. Defense products (27%), International mining explosives, Domestic industrial explosives. Diversified industrial explosives manufacturer with rapidly scaling defense exposure; cyclical commodity inputs, asset-heavy with significant capex.

Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)