Solar Industries logo

Solar Industries

SOLARINDS NSE

Key Fundamentals

LargecapEngineeringAerospace & Defense
Market Cap
2.0L Cr
Volatility
High Risk
P/E Ratio
101.29
EBITDA
₹2,750 Cr
Return on Equity
26.52%
Debt to Equity
0.24
Book Value
₹693.69
EPS
₹102.22
52W High
₹22,625
52W Low
₹11,646

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

4
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 44.6% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.2%
  • Company's median sales growth is 22.8% of last 10 years

Weaknesses

2
  • Stock is trading at 32.1 times its book value
  • Working capital days have increased from 49.9 days to 74.4 days

Growth Rate

Revenue Growth
30.94% higher than 3Y
Net Income Growth
34.84% higher than 3Y
Cash Flow Change
-74.84% lower than 3Y
ROE
-5.82% lower than 3Y
ROCE
-1.63% level than 3Y
EBITDA Margin (Avg.)
3.37% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Solar Industries India Ltd is a leading Indian explosives and defence manufacturer with a market cap of approximately ₹2,02,472 crore, trading at a PE of 98.8x and a PB of 32.28x. The company has delivered strong profit growth of 58% TTM and maintains a consistent ROE of around 32-33% over recent years, though its valuation multiples are significantly elevated relative to earnings and book value.

Bull Case 7
  • Exceptional profit growth with TTM compounded profit growth at 58%, well above the 5-year CAGR of 45% and 10-year CAGR of 27%, indicating accelerating earnings momentum
  • Consistently high return on equity at 33% in the last year, with a 3-year average of 32% and a 10-year average of 29%, reflecting strong capital efficiency
  • Robust TTM sales growth of 42%, a sharp acceleration from the 3-year compounded sales growth of 12%, suggesting strong order execution and demand uptick
  • Long-term median sales growth of 22.8% over the last 10 years demonstrates a durable business model with sustained top-line expansion
  • 5-year compounded profit growth of 45% has significantly outpaced the 5-year compounded sales growth of 31%, pointing to expanding margins and operating leverage
  • Stock price CAGR of 66% over 5 years and 43% over 10 years reflects sustained long-term wealth creation and market confidence in the business trajectory
  • Company is expected to deliver a good upcoming quarter, suggesting near-term earnings visibility remains intact
Bear Case 7
  • PE ratio of 98.8x is extremely elevated, implying the stock prices in several years of high growth with little margin of safety if execution falters
  • Price-to-book ratio of 32.28x is exceptionally high, meaning investors are paying a steep premium over the company's net asset value
  • Working capital days have deteriorated from 49.9 days to 74.4 days, a nearly 49% increase that could pressure cash flows and signal slower receivable collections
  • Dividend yield of just 0.05% offers negligible income return, meaning investors are almost entirely dependent on capital appreciation
  • 3-year compounded sales growth of only 12% contrasts sharply with the TTM figure of 42%, raising questions about whether the recent acceleration is sustainable or one-off in nature
  • At a market cap of ₹2,02,472 crore, the stock already reflects a large base, making it harder for future returns to match the historical 10-year stock CAGR of 43%
  • The gap between 1-year stock CAGR of 60% and underlying TTM profit growth of 58% suggests limited further re-rating potential at current multiples

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 1
  • Denies South Africa acquisition talk Sep 03

    Solar Industries denied speculative reports aired on CNBC Awaaz about a potential acquisition in South Africa. No official confirmation of any transaction exists.

TL;DR: Limited recent news flow for Solar Industries. The company proactively denied speculative M&A reports regarding South Africa, suggesting no imminent large acquisition is underway. With no material headwinds or positive catalysts in the current news cycle, the near-term outlook hinges on upcoming quarterly results and order book updates.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,682
1,347
1,429
1,611
1,685
1,716
1,973
2,167
2,154
2,082
2,548
3,053
3,668
Expenses
1,359
1,012
1,074
1,257
1,235
1,271
1,447
1,629
1,620
1,530
1,840
2,227
2,653
Operating Profit
323
335
355
354
449
445
527
537
535
552
708
826
1,015
OPM %
19%
25%
25%
22%
27%
26%
27%
25%
25%
26%
28%
27%
28%
Other Income
8
8
11
20
26
36
10
7
29
29
25
46
17
Interest
25
25
28
32
27
30
31
29
27
31
34
41
41
Depreciation
34
34
39
37
40
44
47
50
56
61
63
71
80
PBT
272
285
299
305
408
407
459
464
481
490
636
759
911
Tax %
26%
27%
26%
21%
26%
25%
26%
25%
27%
26%
27%
27%
27%
Net Profit
202
209
222
243
301
304
338
346
353
361
467
556
666
EPS in Rs
21.82
22.12
22.47
25.98
31.66
31.59
34.8
35.61
37.43
38.12
49.31
60.52
72.11
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,276
1,449
1,580
1,916
2,462
2,237
2,516
3,948
6,918
6,070
7,540
9,838
11,351
Expenses
1,022
1,144
1,256
1,505
1,960
1,803
2,001
3,199
5,582
4,588
5,514
7,120
8,250
Operating Profit
254
304
324
412
502
434
515
748
1,336
1,482
2,026
2,717
3,101
OPM %
20%
21%
20%
21%
20%
19%
20%
19%
19%
24%
27%
28%
27%
Other Income
-2
13
13
12
9
41
21
19
-16
-68
10
33
117
Interest
18
20
27
33
50
55
45
50
90
109
116
134
148
Depreciation
31
33
39
51
59
85
94
109
128
143
182
251
275
PBT
203
264
271
340
402
336
397
607
1,102
1,161
1,739
2,365
2,796
Tax %
23%
33%
28%
31%
31%
17%
27%
25%
26%
25%
26%
27%
—
Net Profit
156
178
195
234
277
279
288
455
811
875
1,288
1,737
2,050
EPS in Rs
16.29
18.08
20.61
24.37
28.91
29.55
30.54
48.77
83.68
92.38
134
185
220
Div. Payout %
21%
25%
24%
25%
24%
20%
20%
15%
10%
9%
7%
6%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
18
18
18
18
18
18
18
18
18
18
18
18
Reserves
758
787
910
1,066
1,220
1,362
1,561
1,896
2,592
3,288
4,395
6,259
Borrowings
371
398
501
518
603
708
808
888
1,195
1,138
975
1,524
Other Liabilities
243
309
292
387
411
393
572
827
1,104
1,134
2,754
2,931
Total Liabilities
1,389
1,512
1,722
1,988
2,253
2,481
2,959
3,629
4,909
5,577
8,142
10,733
Fixed Assets
585
703
777
923
1,043
1,209
1,288
1,493
1,702
2,028
2,729
4,006
CWIP
61
30
91
107
178
165
293
230
282
490
707
731
Investments
37
40
53
17
33
2
1
18
99
370
676
183
Other Assets
706
739
801
940
1,000
1,105
1,378
1,888
2,826
2,690
4,030
5,813
Total Assets
1,389
1,512
1,722
1,988
2,253
2,481
2,959
3,629
4,909
5,577
8,142
10,733
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
230
243
118
254
314
325
357
298
656
1,406
2,468
621
Investing
-149
-141
-170
-174
-254
-260
-253
-338
-614
-1,022
-1,660
-951
Financing
-177
-92
53
-53
-52
-34
-26
-45
118
-370
-476
209
Net Cash Flow
-96
11
0
27
9
32
77
-85
160
14
331
-121
Free Cash Flow
118
103
-56
31
64
87
96
17
183
858
1,466
-1,072
CFO/OP
112
95
55
83
88
100
90
61
68
115
142
47
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
55
68
74
69
59
60
66
50
44
51
60
69
Inventory Days
83
67
73
80
74
99
119
113
92
97
95
130
Days Payable
31
45
36
49
43
46
78
73
41
37
45
47
Cash Conversion Cycle
106
90
111
100
90
113
108
90
95
111
110
152
Working Capital Days
51
34
27
32
17
21
33
41
31
39
37
74
ROCE %
19%
23%
22%
24%
26%
19%
19%
25%
36%
32%
38%
38%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.86%Promot.73.15%Public5.23%FIIs6.40%DIIs13.36%As ofJun 2026
2.27% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Solar Industries

What does Solar Industries India Ltd do?
Solar Industries is one of the largest domestic manufacturers of bulk and cartridge explosives, detonators, detonating cords and components which find applications in the mining, infrastructure and construction industries. Company manufactures high-energy explosives, delivery systems, ammunition...
Where is Solar Industries India Ltd (SOLARINDS) listed?
Solar Industries India Ltd trades as SOLARINDS on the NSE and under code 532725 on the BSE.
Which sector does Solar Industries India Ltd belong to?
Solar Industries India Ltd is classified under the Commodities sector, in the Chemicals & Petrochemicals industry.
What is the market capitalisation of Solar Industries India Ltd?
Solar Industries India Ltd has a market capitalisation of ₹2,02,472 Cr, which places it in the Large Cap band.
What is the PE ratio of Solar Industries India Ltd?
Solar Industries India Ltd trades at a PE ratio of 101.29, on earnings per share of ₹102.22, against a book value of ₹693.69 per share.
What is the 52-week high and low of Solar Industries India Ltd?
Over the last 52 weeks Solar Industries India Ltd has traded between ₹11,646 and ₹22,625.
Does Solar Industries India Ltd pay dividends?
Solar Industries India Ltd has a dividend yield of 0.05%.
What is the Return on Equity (ROE) of Solar Industries India Ltd?
Solar Industries India Ltd reported a return on equity of 26.52%. Its debt-to-equity ratio is 0.24.

Company Information

Solar Industries is one of the largest domestic manufacturers of bulk and cartridge explosives, detonators, detonating cords and components which find applications in the mining, infrastructure and construction industries. Company manufactures high-energy explosives, delivery systems, ammunition filling and pyros fuses for the defence sector.[1]

Website solargroup.com
CEO Mr. Manish Satyanarayan Nuwal
Employees 2,403
Listed 2006-04-03
Face Value ₹ 2
Issued Size 9,04,90,055

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