Solar Industries India Ltd.: 4Q: Exceptionally strong, OW

Research evidence excerpt

Solar Industries India Ltd.: 4Q: Exceptionally strong, OW

Idea

May 18, 2026 01:43 AM GMT

Morgan Stanley India Company Private Limited+MSolar Industries India Ltd. | Asia Pacific Girish Achhipalia

Equity Analyst

4Q: Exceptionally strong, OW Girish.Achhipalia@morganstanley.comPranjal Jain +91 22 6118-1124

Research Associate

What’s Changed Pranjal.Jain@morganstanley.com +91 22 6118-3037

Parth Karia

Solar Industries India Ltd. (SLIN.NS) From To Research Associate

Price Traget 16,151.00 20,270.00 Parth.Karia@morganstanley.com +91 22 6118-1036

Solar Industries India Ltd. (SLIN.NS, SOIL IS)

Reaction to earnings

India Industrials | India

Strengthens our thesis Modest upside Meaningful revision higher Stock Rating Overweight

Impact to our thesis Financial results versus consensus Direction of next 12-month Industry View In-Line

consensus EPS Price target Rs20,270.00

Source: Company data, Morgan Stanley Research Up/downside to price target (%) 17

Shr price, close (May 15, 2026) Rs17,314.00

52-Week Range Rs17,820.00-

SOIL continues to execute on its multi-pronged growth strategy 11,646.00

– defence scale-up, international expansion, and domestic ShMktout,cap,dil,currcurr(mn)(mn) Rs1,566,74590

market share gains. 4Q results were ahead of Street and MS EV, curr (mn) Rs1,577,641

Avg daily trading value (mn) Rs2,198

expectations. F27 outlook is achievable given strong order book Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

continued capex expansion. Maintain OW. EPS (Rs)** 185.39 261.61 338.57 433.30

EPS (Rs)§ 185.97 241.96 292.35 -

Revenue, net (Rs mn) 98,377 136,103 171,725 212,052

Key Takeaways EBITDA (Rs mn) 26,218 37,134 47,822 60,286

ModelWare net inc (Rs 16,776 23,673 30,637 39,210

Revenue, EBITDA, adj. PAT growth of 41%, 53% and 70%, respectively. Earnings mn)