The order is awarded by an international entity and is to be completed in six years.
On another note, earlier this month, the company’s management said they will fall short of the 30% revenue growth guidance for FY25 due to a slowdown in the domestic market.
While the defense revenue guidance remains sustainable, it may vary by 5-10%. The execution timeline for the Pinaka order is estimated to be 8-12 years. Although revenue growth will be lower than the previous guidance, margins are expected to improve, it said.
Solar Industries posted a 55% increase in net profit at 314.87 for the December quarter. Its revenue was at ₹1,973.08 crore, a 38% increase from the previous year’s ₹1,429.14 crore.
Its revenue surged 38% to ₹1,973 crore, compared with ₹1,429 crore in the previous year. Its EBITDA increased 48% to ₹527 crore, from ₹355.3 crore a year ago, while margins expanded to 26.7% from 25%.
In December 2024, the company had bagged another supply order worth ₹2,039 crore for defence products. The project was from international clients and was to be completed in four years.
Solar Industries shares were trading 1.38% lower at ₹8,603.55 apiece on Friday, February 28. The stock has gained 27.02% in the past year.
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First Published: Feb 28, 2025 2:16 PM IST
