Solar Industries India Ltd (SOLARINDS) Q2 FY27 Results Analysis: PAT Surges 79.8%, Revenue Climbs 69%

Cofacto Research Published November 03, 2026 5 min read

Positive

Solar Industries India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 3,518.92 Cr (+69.00% YoY) and PAT growth of +79.84% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 03, 2026
Revenue (Q2)	Rs. 3,518.92 Cr (+69.00% YoY)
PAT (Q2)	Rs. 650.04 Cr (+79.84% YoY)
EBITDA margin	28.57% (+207 bps YoY)
EPS (Q2)	Rs. 68.19 (+78.90% YoY)

Quarter Snapshot

Q2 FY27 delivered 69.0% YoY revenue growth to Rs.3,518.92 Cr and 79.8% PAT growth to Rs.650.04 Cr, with EBITDA margin of 28.57% inside management's 28-29% FY27 band and H1 annualized revenue tracking 2.67% above the Rs.14,000 Cr guidance. Margin pass-through held despite ammonium-nitrate inflation, and leverage of 0.59x net debt/H1 EBITDA leaves headroom for the pending ~USD 1.35 bn Omnia acquisition. Watch items are cash conversion (CFO/PAT 0.69x), the growing Turkish hyperinflation charge, and the H2 capex step-up required under the Rs.2,050 Cr plan.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue	"likely ahead on a very weak base" (monsoon-hit Q2FY26)	+69.00% YoY (Rs.3,518.92 Cr)	Played out
Margin vs AN input shock	"the Q2 print tests whether pass-through plus inventory gain holds the band" (28–29%)	EBITDA margin 28.57%, up from 27.91% Q1; material cost 45.60% of revenue	Played out
Defence run-rate	"the guidance line most at risk"; needs a step-up from Q1's Rs.933 Cr	Single-segment disclosure — not observable in the filing	Not observable
Inventory gain promised in May '26	Watch whether it shows up	Filing shows a further Rs.(106.12) Cr build, no disclosed gain — not addressed in the filing; remains open for the call	Not observable
Omnia debt drawn post-Sep 14 would show in later filings	"would only show in later filings"	Borrowings Rs.1,704.65 Cr vs Rs.1,467.84 Cr at Mar-26; no bulk deal debt visible	Played out
Omnia completion-timeline update	"which completion timeline management now guides to"	Filing repeats only "subject to receipt of applicable regulatory approvals" — remains open for the call	Not observable
Capex cadence vs Rs.2,050 Cr plan	FY26 pattern of underspend	43.31% deployed in H1	Played out

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY27 revenue Rs.14,000 Cr	Q4 FY26 earnings call (May 15, 2026); reiterated at Q1 FY27	H1 consolidated Rs.7,187.12 Cr; annualized Rs.14,374.24 Cr, +2.67% above guidance (management's own tracking basis per its Q1 run-rate math). On the standalone reading, H1 standalone Rs.3,101.95 Cr annualizes to only… —…	On Track
FY27 EBITDA margin ~maintain FY26 / 28–29% band	Q4 FY26 call; Q1 FY27 call	28.57% in Q2; 28.24% H1 (vs 25.65% H1FY26) — above FY26's 27.95% (incl-OI basis) — H1-to-date	Met
FY27 capex Rs.2,050 Cr	Q4 FY26 call; reiterated Aug 13, 2026	Rs.887.81 Cr in H1 = 43.31% of plan	On Track
Combined Solar+Omnia FY28: >Rs.30,000 Cr revenue, Rs.6,800–7,000 Cr EBITDA	Omnia deal call (Sep 15, 2026)	Deal pending completion; no P&L impact yet	Too Early
Net debt/EBITDA < 2x by FY28	Q1 FY27 call Q&A	0.59x net debt/H1 EBITDA pre-deal	On Track
"Maintain the current EBITDA margins" via rise-and-fall clauses and defence/international mix	Q4 FY26 call (May 15, 2026)	Margin 28.57% vs 26.50% yr-ago; material cost held at 45.60% of revenue	Confirmed
FY26 marked record quarterly/annual sales; growth momentum into FY27	FY26/Q1 FY27 commentary	H1 FY27 revenue +69.6% YoY, EBITDA +86.7% YoY	Confirmed
Inventory gain expected in coming quarters	Q4 FY26 call	Filing shows a further build; no gain disclosed	Too Early
Debt will not cross 2x EBITDA "in any situation"	Q1 FY27 call Q&A	0.59x pre-deal; deal debt not yet drawn — direction intact	Too Early

Key Numbers, Quarter by Quarter

Metric	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27	Q2 FY27
Revenue (Rs. Cr)	2,082	2,548	3,053	3,668	3,518.92
EBITDA margin	27.95% (incl-OI, per notes)	28.77%	28.51%	27.91%	28.57% (excl-OI, this analysis)
PAT (Rs. Cr)	361	467	556	666	650

Key Investment Insights

Key Positives

Consolidated revenue grew 69.0% YoY to Rs.3,518.92 Cr; H1 revenue up 69.6% YoY to Rs.7,187.12 Cr
PAT grew 79.84% YoY to Rs.650.04 Cr; EPS of Rs.68.19 vs Rs.38.12 (+78.9% YoY)
EBITDA margin expanded ~207 bps YoY to 28.57%, above Q1's 27.91% and within management's 28-29% FY27 band
H1 annualized revenue of Rs.14,374.24 Cr runs 2.67% above management's Rs.14,000 Cr FY27 guidance
Material cost held at 45.60% of revenue (down 311 bps QoQ) despite ammonium-nitrate input inflation
Net debt/H1 EBITDA at 0.59x pre-Omnia, well below management's committed <2x path; D/E improved to 0.22
H1 operating cash before working-capital changes more than doubled YoY to Rs.2,153.68 Cr from Rs.1,163.26 Cr
Standalone EBITDA margin of 29.05% vs 25.76% a year ago

Risk Factors

H1 CFO/PAT at 0.69x with FCF near breakeven (Rs.20.47 Cr) due to receivables outflow of Rs.558.77 Cr and inventory build of Rs.517.48 Cr
IndAS 29 hyperinflation charge for Turkish subsidiaries of Rs.18.37 Cr in Q2 (Rs.43.70 Cr H1), recurring in nature and growing from Rs.36.50 Cr in H1FY26
Finance costs rose 79.2% YoY to Rs.55.36 Cr; H1 impairment loss on financial assets of Rs.67.62 Cr depresses reported earnings by an unquantified quarterly amount
H2 capex of Rs.1,162.19 Cr required vs Rs.887.81 Cr deployed in H1; internal accruals alone will not cover it ahead of the all-debt-funded Omnia consideration of ~Rs.12,951 Cr
QoQ revenue declined 4.07% and PAT declined 2.45% QoQ, consistent with monsoon seasonality