Solar Industries India LimitedQ1 FY27 Results & Financial Update
Solar Industries India Limited: Q1 FY27 consolidated results and company financials – revenue ₹3,668.20 Cr, PAT ₹666.37 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Solar Industries India Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Solar Industries India Limited reported consolidated revenue from operations of Rs. 3,668.20 crore for the quarter ended June 30, 2026, accompanied by total income of Rs. 3,676.72 crore.
Total tax expenses for the period aggregated to Rs. 245.09 crore, comprising current tax of Rs. 233.55 crore, adjustments of tax relating to earlier periods of Rs. 0.11 crore, and deferred tax of Rs. 11.54 crore.
Consolidated net profit after tax (PAT) for the period reached Rs. 666.37 crore, resulting in basic and diluted earnings per share of Rs. 72.11 for the quarter.
Other comprehensive income for the quarter stood at a net gain of Rs. 24.16 crore, bringing total comprehensive income for the period to Rs. 691.22 crore.
During the quarter, the group applied Ind AS 29 ('Accounting of Hyperinflationary Economies') to its step-down subsidiaries in Turkey, restating non-monetary assets, liabilities, equity, and profit and loss items using consumer price indices.
The net impact of this hyperinflationary restatement under Ind AS 29 resulted in a debit of Rs. 25.33 crore to other expenses in the consolidated financial results for the quarter ended June 30, 2026.
01 · Business model
What does Solar Industries India do?
Solar Industries India Limited manufactures and supplies industrial explosives, initiating systems, and related services for use in mining, infrastructure construction, and defense applications.
The company operates through an extensive manufacturing footprint anchored in India alongside various international subsidiaries and joint operations spanning Africa, Turkey, and other geographies.
Its product portfolio encompasses packaged and bulk explosives, detonators, detonating fuses, and specialized defense products designed to serve large-scale mining contractors, infrastructure developers, and government agencies.
The economic model relies on continuous operational scale, input cost management across key raw materials such as ammonium nitrate, and expanding global distribution networks to capture mining and defense demand.
02 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹3,668.20 Cr |
| Total income | ₹3,676.72 Cr |
| Profit before tax | ₹902.71 Cr |
| Profit after tax | ₹666.37 Cr |
| EPS | ₹72.11 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 18.2% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 24.6% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹8.52 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations reached Rs. 3,668.20 crore for Q1 FY27, driven by core industrial explosives, initiating systems, and defense product deliveries.
What drove margins
Cost of materials consumed stood at Rs. 1,711.71 crore for the quarter, forming the largest component of total expenses.
Employee benefit expenses were recorded at Rs. 255.60 crore for the quarter ended June 30, 2026.
Other expenses reached Rs. 540.23 crore, which includes a debit of Rs. 25.33 crore resulting from the application of Ind AS 29 to step-down subsidiaries in Turkey.
04 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The group has identified 'Explosives, its accessories and related services' as its only reportable segment under Ind AS 108, and consequently no separate segment breakdown is provided.
Geography and market mix
Financial statements of step-down subsidiaries in Turkey were restated under Ind AS 29 for hyperinflation using respective consumer price indices.
05 · Items worth noticing
The line items that can distort a quick read
Inclusion of a Rs. 25.33 crore net impact under Ind AS 29 debited to other expenses due to the restatement of Turkish step-down subsidiaries.
06 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The ultimate holding company partially redeemed 292 unsecured, rated, listed, senior, redeemable NCDs amounting to Rs. 2.92 crore during the quarter, leaving an aggregate outstanding NCD amount of Rs. 8.75 crore as of June 30, 2026.
The ultimate holding company issued Commercial Paper in favor of Kotak Mahindra Bank Limited amounting to Rs. 75.00 crore during the quarter, maturing on September 17, 2026.
07 · Beyond the numbers
What changed beyond the numbers
Reported update
Hyperinflation Accounting Adoption
The group applied Ind AS 29 to Turkish step-down subsidiaries, debiting Rs. 25.33 crore to other expenses for the current quarter and crediting Rs. 12.43 crore to opening retained earnings as of April 1, 2026.
08 · Key Q&A
The quarter, answered directly
What does Solar Industries India do?
Solar Industries India Limited manufactures and supplies industrial explosives, initiating systems, and related services for use in mining, infrastructure construction, and defense applications.
What is the clearest takeaway from Q1 FY27?
Solar Industries India Limited reported consolidated revenue from operations of Rs. 3,668.20 crore for the quarter ended June 30, 2026, accompanied by total income of Rs. 3,676.72 crore.
What drove revenue or demand?
Revenue from operations reached Rs. 3,668.20 crore for Q1 FY27, driven by core industrial explosives, initiating systems, and defense product deliveries.
What mattered most for margins or profitability?
Cost of materials consumed stood at Rs. 1,711.71 crore for the quarter, forming the largest component of total expenses.
What changed operationally beyond the headline numbers?
The group applied Ind AS 29 to Turkish step-down subsidiaries, debiting Rs. 25.33 crore to other expenses for the current quarter and crediting Rs. 12.43 crore to opening retained earnings as of April 1, 2026.
What should the next disclosure help confirm?
Track further redemptions and servicing of the remaining Rs. 8.75 crore outstanding NCDs.
09 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
10 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Outstanding Debenture Obligations: Track further redemptions and servicing of the remaining Rs. 8.75 crore outstanding NCDs.
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