Hot Pursuit
Solar Industries India Ltd announced that ICRA Limited has reaffirmed the rating of [ICRA]A1+ for its Commercial Paper of Rs 500.00 crore, with a maturity date of November 28, 2025, and also provided a consolidated view of Solar Defence and Aerospace Limited (SDAL), a subsidiary, maintaining the [ICRA]A1+ rating; ICRA further noted healthy revenue growth of 30% projected for FY2026 at Rs 9,837.7 crore, an operating profit margin (OPM) around ~26% for FY2025 and FY2026, a total debt/OPBDITA ratio of around 0.6x in FY2026 and 0.8x in FY2025, an interest coverage ratio around 19.6x in FY2026 and 17.2x in FY2025, and expects margins to remain healthy in the range of 22-25% going forward, while also highlighting potential vulnerabilities due to foreign currency exchange rates, the regulatory framework, and ongoing legal proceedings, ultimately concluding that the credit profile remains robust with total debt/OPBDITA at 0.6x in FY2026.