Solar Industries India Limited’s defence manufacturing operations are moving into execution mode, with Pinaka rocket supplies scheduled to begin in the fourth quarter of FY2025–26. The ramp-up is supported by a defence order book of approximately INR 180 billion and the expected commercial start of 155 mm ammunition production.
The company reported a consolidated order book of around INR 210 billion at the end of the third quarter, of which approximately INR 180 billion relates to defence. Of the defence backlog, about INR 65–70 billion is from the domestic market and roughly INR 110 billion from international contracts.
Defence revenue for the third quarter stood at INR 7.02 billion compared with INR 4.09 billion a year earlier, reflecting growth of 72 percent. Management said Pinaka revenues were not included in the third-quarter numbers due to pending formalities but confirmed that dispatches would begin shortly.
“Like I said that now Pinaka has started in Q4, the numbers from defence will be much, much better and we are moving towards our annual guidance,” said Manish Nuwal, Managing Director and CEO of Solar Industries Limited.
The company has also begun production of 155 mm calibre ammunition and is awaiting final qualification before full commercial rollout.
“We have started working on 155 mm shells in last year and we have started production as well. We are waiting for the final round of qualification,” Nuwal said.
Management indicated that defence ramp-up typically requires longer gestation compared with other segments but expects steady quarterly improvement. “As we move forward in next quarter or next year, we will see gradual improvements on every quarter basis. So, in FY27, we are likely to perform very good,” Nuwal said.
International revenue crossed INR 10 billion in the quarter, rising 35 percent year-on-year. Management attributed the increase to demand across African markets, Southeast Asia and Turkey. “In this quarter we have crossed 10 billion which is a growth of almost 35 percent,” Nuwal said.
The company expects EBITDA margins to remain in the 27–28 percent range over the next three to five years, supported by the growing contribution from defence and international operations.
Solar Industries India Limited manufactures explosives and defence products for mining, infrastructure and military applications in domestic and international markets.
