Solar Industries India (SOIL IN) – Q2FY27 Result Update – Strong Q2; poised to outperform FY27 guidance – BUY
Published on 04 Nov 2026
Solar Industries India (SOIL IN) reported a strong operating performance with revenue growing ~69% YoY to INR35.2bn and EBITDA margin expanded by 203bps YoY to 28.6% reflecting strong execution across domestic explosives, international explosives and defence. Defence revenue rose to ~INR10bn in Q2FY27, contributing 29% of revenue, while the defence order book stood at ~INR175.7bn within the overall order book of INR201.8bn, providing robust medium-term growth visibility. The stock is currently trading at 57.7x/47.3x on FY28E/FY29E. We maintain our BUY rating on the stock and value the business at 62x Sep’28E (same as earlier), arriving at a TP of INR 23,124 (same as earlier).
