Solar Industries India Ltd (NSE: SOLARINDS) Q3 2026 Earnings Call dated Feb. 04, 2026
Corporate Participants:
Unidentified Speaker
Manish Nuwal — Chief Executive Officer
Analysts:
Unidentified Participant
Jyoti Gupta Nirmal — Analyst
Nitin Arora — Analyst
Bhavin Vithlani — Analyst
Sanjeev Zarbade — Analyst
Alisha Mahawla — Analyst
Balasubramanian A — Analyst
Presentation:
operator
Ladies and gentlemen, you are connected to Solar Industries Limited call. The call will begin shortly. Thank you. Ladies and gentlemen. Good day and welcome to the Solar Industries Limited Q3FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Jyoti Gupta from Nirmalbang Equities. Thank you. And over to you, ma’. Am.
Jyoti Gupta Nirmal — Analyst
Good morning everyone. On behalf of Nimalbang Institutional Equities, I welcome you all to the 403 FY26 earnings conference call with the management of Solar Industries Limited. The management is represented by Mr. Manish Nuwal MD and CEO Mr. Monish Agarwal. Joint CFO Ms. Shalmi Mandana, Joint CFO Ms. Achan Keblani, SRN and IRN. Without further delay, I would now request Manish sir to start with his opening remarks. After which we can open the floor for question answers. Thank you. And over to you, sir.
Unidentified Speaker
Thank you, Jyoti. A very good morning to our dear stakeholders and well wishers.
My name is Anshul and I would like to welcome you all to Solar Industry’s third quarter and ninth monthly conference call of FY26. This call recording, including the transcript will be available on the site. The financial statements, quarterly fact sheets, investor presentation, press release are also available on our website and exchange. To begin with, I would like to remind you that during this call we might make projections or other forward looking statements regarding future events and about the future financial performance. Please remember that such statements are only predictions. Actual events or results may differ materially and our website will be updated with all relevant information timely.
Now I would request Solar’s CEO and MD Mr. Manish for his opening remarks. Over to you, sir.
Manish Nuwal — Chief Executive Officer
Thank you, Anshal. Good afternoon ladies and gentlemen. It is a privilege to welcome you to our Q3 and 9 month earning call. Before outlining the quarterly and 9 month results, I would like to extend our heartfelt gratitude to all the stakeholders by sharing a milestone that brings a great joy to our company. The conferment of the Padma Shri, one of India’s highest civilian honors upon our respected Chairman, Shri Satyanaranji Nuwal. This award serves as a testament to his distinguished services and contribution to the nation and the defense industry. It is under his inspired Leadership that represent a quarter defined by record breaking milestones and relentless growth.
Turning to our financial performances, Q3FY26 has been our strongest quarter to date with rise in net revenue from 1973 crores to 2,548 crores which is year on year we have registered our strongest quarter again with a growth in revenue by 29%. We achieved highest ever quarterly EBITDA and profit after tax at 733 crores and 467 crores registering a growth of 37% and 38% year on year respectively. And highest ever 9 monthly EBITDA and profit after tax at 1879 crores and 1181 crores registering a growth of 27% and 25% respectively. This strong momentum is driven by business initiatives in the explosives and defense sectors.
Our international business has crossed 1,000 crore revenue in this quarter which is a significant increase of 35% year on year. The global economy is witnessing a steady rise in demand for key commodities and industrial metals. Our extensive and versatile product portfolio supported by continued innovation in specialized explosives technical services firmly strengthens our competitive market position and helping growing the international business. Ola’s defense business showed a splendid growth of 72% by hitting a revenue of 700 crore plus in this quarter evidenced by a record breaking defense order book of 18,000 crores which takes us to the highest ever total order book of rupees 21,000 crores.
This growth reflects our capabilities to convert aspirational goals into reality. We are now entering in a new era of growth by strengthening our global and local manufacturing footprints. Our new facility at Dhule, Maharashtra and Dholpur, Rajasthan optimizes and reinforces Solar’s positions as a dependable long term partner to the mining and infrastructure sectors within the country. Our commitment to excellence is powered by continued research and development, investments in automation, modern manufacturing technologies, ensuring process consistency and safety at every level. Moving forward, our focus on innovations, operational discipline and sustainable growth continues to guide our strategy. With a strong foundation and a clear long term vision, we are confident in our ability to deliver lasting value and drive a compelling future for the business.
Thank you for your continued trust and support. Now I request Achal to share the detailed financial numbers.
Unidentified Speaker
Thank you sir. The new year definitely has opened with noteworthy and exceptional milestones for our company. Our beloved Chairman has been honored with prestigious Padma Shri. The visit of Hon. Adnath Singh Ji to our defence premises further helped us showcase our capabilities. Capping it all, we achieved record breaking quarterly performance across revenue, EBITDA and PAC surpassing all our previous milestones. We will begin with the quarterly financial Update followed by 9 month update. Highlight quarters are we achieved. Highest ever quarterly revenue at 2548 crores up by 29%. Highest ever quarterly EBITDA at 733 crores up by 37%.
PAT at 467 crores up by 38%. Highest ever defense revenue crossing 700 crores highest ever consolidated order book at 21,000 crores plus including the defense order book of 18,000 crores plus. Now the quarter in detail. The top line grew by 29%. The percent of raw material consumption is decreased from 53.5 to 48.71. In absolute terms the cost is around 1241 crores versus is 1056 crores. In the same quarter previous year employee cost is around 214 versus 151 crores. Other expenses is around 385 crores versus 240 crores. The interest cost is approximately same which is at 34 crores versus 31.
The depreciation cost is approximately 63 crores versus 47. Coming to our customers basket CIL in the basket stands at 10% compared to 13%. Revenue from non CIL institutions stands at 11% compared to 14. Revenue from housing and infrastructure stands at 10% compared to 13. International revenue stands at 40% compared to 38% up by 35%. Year on year defence revenue was quarterly high till date at 702 crore versus 409 crores up by 72%. Showing a once full pick in the defence business. Coming to the highlights. For nine months we registered revenues to the tune of 6785 crores versus 5374 which is up by 26%.
Highest nine month EBITDA at 1879 crores versus 1485 which is up by 27%. Highest nine month PAT at 1181 crores versus 942 crores up by 25%. Now we would be happy to take any questions, comments or suggestions that you may have over to you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Nitin Arora from Access Mutual Fund. Please go ahead
Nitin Arora
Hi sir. Good morning and thanks for taking my question. Sir, just to articulate on your defense piece going forward. First your take on your guidance. Because this quarter has been very strong. So was Pinaka was a part of the execution. And are we still confident enough to achieve our guidance of 3000 crores? And just looking forward because defense proportion in order book is increasing very significantly. I mean beyond expectations. How are you thinking about Even if you can throw some light on articulation that how FY27 looks to you? That’s my first question. Hello. I’m audible.
operator
Ladies and gentlemen. The lines for the management got disconnected. Please stay connected while we reconnect them.
Manish Nuwal
Hello.
Nitin Arora
Yes sir. We can hear you. Sir. Should I repeat my question?
Manish Nuwal
Yeah, you can repeat again.
Nitin Arora
Oh sure. So the question was more from. You know this. This quarter execution on defense has been very strong. Was Pinaka Was has started now moving. And how do you think about your guidance of 3,000 crores this year? Because Q4 is a big number you have to achieve. And just going forward because every quarter you are increasing your defense order book in a very. You’re really exceeding the expectation for investors like us even how do you think about FY27 growth on the defense side? Just that’s my first question.
Manish Nuwal
If you look at our Q3 numbers in defense we have and we were expecting think that Pinaka should have been part of these few numbers. But trials are pending before we start the dispatches of Pinaka in Q3. And we are pretty sure that from Q4 Pinaka will be part of our top towards different sectors. So once it starts the number will be much much better. We are expecting that from Q4 it will be quite moving towards our annual guidance number.
Nitin Arora
Sorry sir, your voice was breaking. So you’re saying guidance we are maintaining of 3000 crores. Sorry, your voice was breaking in between.
Manish Nuwal
Like I said that now Pinata has started in Q4. The numbers from difference will be much much better. And we are moving towards our annual guidance.
Nitin Arora
Got it. Got it. And so any color you want to give on FY27 execution. How. How qualitatively you are looking the ramp up on the strong order book.
Manish Nuwal
Like we have said in our previous call. That ramping up of depends takes little more time than the other sectors. And like we have been improving our defense revenue. And as we move forward in next quarter or next year we will see a gradual improvements on every quarter basis. So in FY27 we are likely to perform very good. And the total expectations we will share at the start of the financial year 27.
Nitin Arora
Sure sir. So my second question is related to one article in India Today where the article spoke about you putting up a facility in US regarding you know, drones and the Malay part as well as it talked about solar industry going into making humanoids. You know, involving a lot of scientists from Europe and all. Can you throw some aspect? I’m just referring to India Today article. Can you throw some aspect? What are we doing here? What’s the tab size? Because you spoke about this earlier about these Malay and everything. You know we want to do it but if you can throw some light on that.
Manish Nuwal
Yeah, like we have been sharing that we are working a lot on announcing our product lighting emulations and then we have started work on the male category of drones also. And it is going to take some time before we really comment on the total marketed market and what we can get out of that we need to wait for. As far as our futuristic programs on humanoid robots and all those are concerned. We are very much interested in taking those initiatives forward for our country security programs. So once these things occupy, we will definitely can share more details on this.
Nitin Arora
Alright sir, thank you and all the best. I’ll come back in the queue. Thank you sir.
operator
Thank you. The next question is from the line of Neet Madhokia from Axia India Asset Management. Please go ahead.
Unidentified Participant
Hello. Am I audible?
operator
Yes sir.
Unidentified Participant
Congratulations sir on a very strong set of numbers. Two questions from my side. First is as per some report using big shortage of 165ml sales and I think in Q4 we are also starting commercial production of 155ml. So are these. And after this FCA are we planning to cater this demand or are we getting any inquiry from their side?
Manish Nuwal
Also like I said in the previous quarterly call that we are planning to start manufacturing of 155mm caliber ammunition. So we still working on that and commercial product production definitely should start in the Q4.
Unidentified Participant
Okay. And the second question is also on UAV currently. Where do we stand when it comes to the progress of male and hail uav.
Manish Nuwal
So we are working on these programs and these programs take longer time to develop. So we can wait for the final outcome. Let’s assume that in a year’s time once anything concrete happens we will definitely share with our stakeholders.
Unidentified Participant
Thank you sir. This is all from that.
operator
Thank you. The next question is from the line of Amit Dixit from Goldman Sachs. Please go ahead.
Unidentified Participant
Yeah. Hi, good morning everyone and congratulations on a great set of Numbers and conferment of the fourth highest civilian award on the chairman, two questions from my side. The first one is just extrapolating a bit on the shell part. We were already supplying 30 mm shells to Indian Navy and now Defence Minister has now created the medium carbine shell factory and you spoke about 155 mm. So just from an industry perspective how you are seeing the demand shaping up. We have been reading that there is a very firm demand for next six, seven years based on replenishment and solar is nicely dovetailing itself to this demand.
So just wanted to get an industrial perspective from your side. How do you see this demand for exports as well as within the country?
Manish Nuwal
So it’s definitely a big achievement on the part of our company to develop these products like 23mm, 30mm and for which the inauguration has been there in the last month. And the demand for this product is quite good. And we have participated in the long term RFP from Indian Ministry of Defense and we are expecting orders to come out because we are still participating in the final trials where they will do the technical analysis. And once those round is over then it will enter into the commercial stage. It’s going to take some more time but in this coming year we should see the orders coming for 23 and 30 mm programs.
So definitely that will help us to ramp up the production. At the moment we are only manufacturing for naval requirement. And once the army requirement starts this can become a good portion of our total defense order group or defense revenue.
Unidentified Participant
And sir, some color on export market.
Manish Nuwal
It is difficult for me to give any color on export market. But as and when we received orders we will definitely discuss. Because international market is so huge that it is very difficult to digest the numbers. But like in every country they have their own players. And once you have to say if you think that we should be part of those programs it takes little more time. We are trying to enter into that those markets and once we start getting orders we will share with all the people.
Unidentified Participant
Great sir. The second question is essentially on international non defense business. We have seen revenue picking up sharply and for the first time we have achieved 1000 plus crores in revenue. I know you give these numbers in your annual report every year on the subsidiaries performance but just wanted to get a little bit of color on you know how which geographies actually contributed to this kind of growth and whether we have ramped up operations in some of the some of the newly started subsidiaries or what kind of, you know you are seeing more exploration essentially in mining Business particularly because of the high base metal prices that we are seeing.
So that is contributing to this growth. So just wanted to get a bit sense on the drivers for this international mining business because this has performed exceedingly well.
Manish Nuwal
Yeah, you are very right on the observation that we are doing quite good in international business. And like I have shared in my press note that across the world we have seen that there is a good demand in demand for commodities like gold, copper and related industrial metals. And those are helping us to increase our international business. In last seven to 10 years we were trying to set up the facilities across the world and we have seen that business from international market is going up year on year. There were some turbulent years in between while we were setting up those things.
But now things are shaping up quite well. And in this quarter, like I said, we have crossed 1000 crores which is a growth of almost 35%. And we believe that it is all because of our efforts in last so many years. Specifically on your question on which geography. So definitely demand in African market is quite good. We are getting good traction in some of the Southeast Asian market also. We are doing quite good in Turkey and nearby market also. So by and large most of our geographies, wherever we are present is doing quite well and we expect the momentum to continue.
But by and large on annual basis or business as a whole, like we say that sometime India is very good, international is little low. Sometime international is quite good and India is low. So it’s a combination of various factors. So business as a whole we still believe that growing at 15% should not be a big problem for a company like Solar. I hope I have answered your questions.
Unidentified Participant
Yes sir, very much. Thank you so much and all the best.
Manish Nuwal
Thank you.
operator
Thank you. The next question is from the line of Bhavin from SBI Mutual funds. Please go ahead.
Bhavin Vithlani
Good afternoon Manishi.
Manish Nuwal
Good afternoon.
Bhavin Vithlani
Yeah, so the outside congratulations for the award to our chairman. And the question actually for me is to understand if I were to break the defence order book into the domestic and international. If you give us, can you help us with more color on the international piece of the defence order book, what it is currently, what’s the kind of projects that are there in the defence order book on the international side and what’s the gestation of the execution for these projects?
Manish Nuwal
If you look at our total order book from defense, around 18,000 crores. And out of that around six and half to 7,000 crore is from Indian market. And balance which is around say 11,000 crores is from the International market. As far as gestation time is concerned, we are continuously ramping up our facilities. Products are already well qualified. So we don’t see much challenge on converting these orders into the numbers. And you can see that from Q3 we have improved our defense business significantly. Although Pinaka is not part of the Q3 numbers. And once Pinaka will also start in Q4 will grow up and these international orders will also keep converting at a larger level.
So from Q4 onwards, I think you can see better numbers from India as well as different markets, overseas markets.
Bhavin Vithlani
Sure. So just if I just help me understand if I am my understanding is correct that a bulk of the international order book is on the HMX side for Alpha business. And out here the delivery timelines, the contractual delivery timelines would vary between three to four years. Is this understanding correct?
Manish Nuwal
You have asked two question on the product specific for which our company policy is very clear. And you are aware of that. As far as conversion of orders are concerned, like I said, whatever orders we have received against each order, we have mentioned the timeline. And like I said that we are confident that we can convert these orders into the numbers because our products are well qualified and we have been successfully supplying these products. So ramping up is not a problem.
Bhavin Vithlani
Great. And over the incremental margins that we have seen over the last couple of years, would you attribute to the change in the mix towards the defence where the underlying investments which was dragging down the margins is now actually bearing the fruit, where the margins that we are seeing currently could be sustained over at least the next three four year period?
Manish Nuwal
I think because since two factors which were definitely impacting our EBITDA margin in say a couple of years back, one was international and second was difference. Since international has started performing quite well and we are expanding in more geographies and expanding the capacities in those markets. So definitely up and down will keep going. It’s a part of business. But defense has been shipping quite well because of all the geopolitical tensions and the vacuum across the world for these products. So we are confident that we should be able to maintain the ebitda margins around 27, 28% as we move forward also.
Bhavin Vithlani
Yeah, great. Those are my questions. Thank you so much.
operator
Thank you. The next question is from the line of Sanjeev from Antique Stockbroking. Please go ahead.
Sanjeev Zarbade
Yeah, thanks for taking my question. And first of all, congratulations for to the chairman for being awarded with Padma Shrimp. Much deserved. Sir. Sir, my question was on the Pinaka Rockets. Is there any seasonality associated with delivery of These rockets maybe in FY27 because FY26 was just a part here in FY27 onwards.
Manish Nuwal
No, I think from Q4 we will start supplying Punaka rockets. And as we move forward things will be better and better. And the programs are of long tenure, seven to 10 years. We will see that every year. We will keep supplying the product consistently. And like you might have read that there will be new variants of Pinaka and once those will also become part of our kitty overall basket of Pinaka series products. So we will see more business from this product.
Sanjeev Zarbade
And on the gross margin expansion we’ve seen in the standalone side what could be the main drivers?
Manish Nuwal
Main drivers are basically increasing defense business and increasing international business which is well supported by exporting out of the country. And there are various initiatives which we have taken to improve the efficiencies across the facilities that is helping us.
Sanjeev Zarbade
And sir, lastly the non defense and export business hasn’t contributed much in terms of growth in the first nine months. What outlook you have for the next two years? You expect a rebound in terms of growth for the other segment?
Manish Nuwal
Yeah. If you look at India business definitely in the first nine months the demand was greatly impacted due to heavy monsoon and some slowdown in the economy. And we can correlate these sentiments with the fact that demand from coal and overburden, which is mainly coal, India signaling and private coal mines, there has been practically no growth in this financial year. And if you look at the demand for electricity which is also quite flat, but these are the dull periods and in every economy we can see such kind of periods. But we are a firm believer that the demand for these things or the mining products and related products for generating electricity should keep growing at 6 to 7% on annualized basis and we should grow at around 10 to 12% on volume terms and which will help us to grow our business even in India on 15% on annualized basis there can be up and down on some quarter or a year.
But if you look at a long term trajectory, we are quite confident of growing the business around 15%.
Sanjeev Zarbade
Okay, great sir, and all the best. Thank you.
operator
Thank you. The next question is from the line of Alisha Mahavala from Trust Mutual Fund. Please go ahead.
Alisha Mahawla
Hi sir. Good morning. Thank you for the opportunity. The first question is if you could highlight what else is part of our defense pipeline for this year and next year.
Manish Nuwal
Can you repeat the question please?
Alisha Mahawla
Hi, I hope I’m audible.
Manish Nuwal
Yeah, yeah, yes.
Alisha Mahawla
What is our defence pipeline looking like for this year and next year? Specifically for the domestic market.
Manish Nuwal
Depends. Pipeline as of now is around 18,000 crores as of now. And we will be definitely doing lot of sales out of these orders. And we expect more orders to come in as we move forward. Because we are developing plenty of products for India and international markets. So we expect a lot of orders to keep coming in our kpop. But as of now it is very difficult to give a firm number on the product pipeline for the next year.
Alisha Mahawla
Okay. And the pinaka execution from Q4. So you said that it is delayed because some trials are pending. But is that complete or there could be some further delays to the execution of Pinaka from Q4 to Q1?
Manish Nuwal
No, I don’t see any more delay in this slide.
Alisha Mahawla
Have the trials been complete?
Manish Nuwal
Like I said, you will see the numbers from Q4 for Pinaka Rocket. So let us stick to that.
Alisha Mahawla
Okay, sure. And last question about the 155mm shells. If you could just highlight what is the capacity, when is it coming on stream and what is the kind of ramp up or contributions are looking from that by 26 or 27.
Manish Nuwal
So we have started working on 155mm shells in last year and we have started production as well. We are waiting for the final round of qualification. Once we finish with that then we can share more details on this product. But as a policy we don’t share such kind of details on product wise like you have asked for capacity for 155m and all that. But more or less we believe that we should focus on the overall guidance for defense product assets and the results we are delivering.
Alisha Mahawla
Okay sir, thank you.
operator
Thank you. The next question is from the line of Bala Subramaniam from Arihant Capital. Please go ahead.
Balasubramanian A
Good morning sir. Thank you so much for the opportunities and congratulations for Padma Shri award to the Chairman. He was well recognized for his significant contributions specifically in strengthening India indigenous defense manufacturing capabilities which including development of ammunition and rockets. Sir, my first question. I think earlier we have faced entry restrictions and currency availability issues especially in African markets. And nearly around 40 percentage of sales is coming from international markets. Just want to understand how much of business is coming from African markets and how the situation currently is improving. And how much is our forex exposure in those regions.
Unidentified Speaker
As far as the forex exposure is concerned, it is basically normal expense cost for our business. It is a routine expense which is incurred because we are operating in multiple currencies in multiple geographies. So this is one which is a very normal part of the business. And approximately it is in the range which we expect so it’s approximately around 20 odd crores which is very very normal cost for the.
Balasubramanian A
Okay and another thing we have a guided nearly 2500 crore kind of capacity as of nine months how much we have achieved and what percentage of allocation goes to defense capacity expansion versus international or new business cycle.
Manish Nuwal
Yeah, we will share the total capex update on the Q4 numbers please.
Balasubramanian A
Okay sir, thank you.
operator
Thank you. The next question is from the line of Bharat Shah from Shah family office. Please go ahead.
Unidentified Participant
Hi Manish, congratulations to you in the entire solar team and not only just having very healthy growth rates but improving the quality of the growth rate even more and more. So that really deserves huge amount of Praise. I had two questions starting with the first one on a long term basis 3 to 5 years clearly our defence as well as international business will continue to drive growth rate ahead of our domestic CIL or non cil or infra business or at least that’s what I assume if that is the case what kind of. I’m aware that you mentioned during discussion just now 15% plus growth rate but I would assume that given the fact that domestic business you just now mentioned about 80% growth rate 1112 volume and 18% value and if defense and international business will continue to deliver given the healthy order book and opportunity at a much higher rate would we say over next three to five years our earlier picture of 20% plus kind of a compounded growth over the five year period is a realistic assumption.
Manish Nuwal
Thank you Bharatbhai. Basically if you look at my update I have said that on volume terms we should grow at 10 to 12% per annum and that will help us to grow our business especially in mining side by around 15% per annum. So we believe that this is quite very much possible to grow at around 15% on annualized basis. And if you look at the defense potential like I have shared that we are getting lot of orders and we are participating in many of the long term defense programs like MPATGM and Kusha program apart from the Pinaka series of products.
So potential is quite good and we are getting a lot of orders as well. If you combine the mining and defense together definitely growing at 20% plus is not at all difficult for solar at this stage for next three to five years down the line.
Unidentified Participant
Fantastic. And presumably given the fact that defense is a higher margin business so is international in exports, our margins have a reason to be protected or improve over. The period of time
Manish Nuwal
like we have demonstrated that since international business has no Much baggage leftover which will impact the margin improvements or sustaining the margin as difference keep growing. Definitely margin should keep improving. But as a prudent practice or conservative policy of our company, we try to maintain at a subdued level. And based on those things, I expect that getting 27% on next three to five years should not be big problem for us.
Unidentified Participant
Fantastic. The second and last question. We have come a long way over the period of time that I’ve interacted with you and the firm. Five, six years back we had non existent defense business, but we were building for it. We had very small but a difficult international business like you just now described. A lot of baggage and challenges were constantly causing confusion over the period of time. But from there these two businesses have now become 70% of our total turnover roughly. And among the healthy growth bulbarks, we have developed a lot of products. We have earned respect of the products that we are supplying.
Getting into more complex programs, more geographies, more opportunities, better products, technology. So keeping in mind all of these, when you view next five years, what are in your mind key strategic challenges and key strategic priorities for you?
Manish Nuwal
For us, looking at these kind of opportunities, our key priorities is to focus on the new technologies which we should be able to adapt and keep on developing the products for our security solutions or providing security solutions for not only for our country, but outside the country as well. So as we are expanding in defense in various zones or areas, it will be a challenge for us to maintain the relationship strong, connect with all our stakeholders. So that is, I believe is a key priority or challenge as well. And as far as the focus is concerned, like I said, that adopting new technologies, developing new products is our focus.
Unidentified Participant
Fantastic. And once again hearty congratulations. Not just getting healthy growth rate, but very superior quality of the growth. Your numbers make it look as if it is very easy to get these kind of results. But I am sure there is a remarkable work going on. So congratulations to you and your team for these performance and for the future.
Manish Nuwal
Thank you very much.
operator
Thank you ladies and gentlemen. We will take that as our last question for today. I now hand the conference over to Ms. Jyoti Gupta for closing comments. Over to you, ma’. Am,
Unidentified Speaker
Jyoti.
Jyoti Gupta Nirmal
Sorry, very sorry. Heartiest congratulations sir on being honored with the Padma Shri. This is well deserved recognition. Truly reflects your visionary leadership, unwavering commitment and significant contribution to India’s industrial progress. Wishing you continued success, good health and many more milestones as you continue to inspire future generations and common people like us. Thank you so much. On behalf of Niranbank Institutional Equities. We would like to thank the management of Solar Industries Ltd. For the call and also many thanks to the participants for joining the call. Thank you very much, sir. Thank you. Thank you, Arthur.
We will now conclude the call. Thank you.
operator
Thank you on behalf of Equities Private Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.