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Informist, Thursday, May 14, 2026

By Gunjan Rajput

NEW DELHI –  Solar Industries India Ltd. is expected to report a strong year-on-year rise in net profit and revenue for the March quarter, driven by strong execution in its defence and international businesses and higher margins, according to analysts. Sequentially, both the net profit and revenue are likely to grow moderately.

The company is expected to report more than 60% year-on-year growth in consolidated net profit to INR 5.19 billion, according to an average of estimates from five brokerages. Its revenue is estimated at INR 29.21 billion, up 35% on year. Sequentially, the revenue is estimated to rise nearly 15% and the net profit by more than 15%. For the December quarter, on a consolidated basis, Solar Industries had reported a net profit of INR 4.50 billion on revenues of INR 25.48 billion.

The highest estimate for the company's bottom line is INR 5.75 billion from Nirmal Bang Equities Pvt. Ltd., and the lowest is INR 4.71 billion from ICICI Securities Ltd. The highest revenue estimate for the company is INR 30.85 billion, again from Nirmal Bang, while the lowest is INR 27.80 billion from Nuvama Wealth Management Ltd.

Elara Securities (India) Pvt. Ltd. said the revenue growth of Solar Industries would be driven by the execution of better-margin orders from the defence and international verticals. The company's earnings before interest, tax, depreciation, and amortisation are pegged at INR 7.68 billion, according to an average of estimates from four brokerages. The highest EBITDA estimate for the company is INR 8.30 billion from Nirmal Bang, while the lowest is INR 7.30 billion from ICICI Securities.

For the March quarter, the EBITDA margin of Solar Industries is seen at 27%, supported by a higher share of defence and overseas revenues, according to Nuvama. The company's EBITDA margin in the December quarter was 28.77%.

Analysts remain constructive on the company's long-term growth prospects, citing a strong order book, increasing export opportunities, and its transition towards a defence-focused business model.

Solar Industries will disclose its March quarter results Friday. Thursday, its shares closed at INR 16,665 on the National Stock Exchange, up nearly 6% from Wednesday's close. The stock is up nearly 21% since the company reported its December quarter earnings. All seven brokerage reports on the company available with Informist have a "buy" recommendation on the stock with an average target price of INR 16,555.

The following are the March quarter earnings estimates for Solar Industries India, in INR billion, from five brokerages in descending order of the net profit estimate:
 

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Edited by Rajeev Pai

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