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Solar Industries India

SOLARINDS NSE
₹19,393.00 No trade today
P/E
88.13
View as Markdown
MCP
Close 4 Nov 2026 ₹19,393.00 +6,017.00 +45.0% 1Y
Start ₹13,376.00

Key Fundamentals

LargecapChemicals & PetrochemicalsChemicals

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
38.10%
Debt to Equity
0.24
EPS (TTM)
₹220.06
Book Value
₹847.98
Market Cap
—
P/E (TTM)
88.13
P/B
22.87
ROE
32.60%
Dividend Yield
0.06%
EBITDA
₹2,750 Cr
52W High
₹22,700.00
52W Low
₹11,646.00
Volume
0

Tapetide Score

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

Overall score

55 Good

Data confidence 100/100

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
15
Poor
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
77
Strong
Solvency, leverage, coverage 9% weight
Momentum
84
Strong
Trend strength, vol-adjusted 12% weight
Ownership
47
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 27.9 times its book value
  • Working capital days have increased from 49.9 days to 74.4 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish667
OscillatorsBearish261
Moving AveragesStrong Bullish406

Key readings

RSI (14)
48.79
Neutral
MACD (12,26,9)
−143.26
Bullish
SMA (50)
19,936.18
Bearish
SMA (200)
16,997.34
Bullish

As of

Analyst Rating

Based on 18 analysts
BUY72%

13 of 18 analysts rate Buy, 4 Hold, 1 Sell.

As of

BUY
13
72%
HOLD
4
22%
SELL
1
6%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+21.11%
5Y+31.35%
3Y+12.45%
1Y+30.48%
TTM+41.71%

Net profit

Net profit growth by window
10Y+25.59%
5Y+43.25%
3Y+28.90%
1Y+34.86%
TTM+52.87%

Operating cash flow

Operating cash flow growth by window
10Y+9.84%
5Y+11.71%
3Y−1.81%
1Y−74.84%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+6.64 pp
5Y+7.15 pp
3Y+8.31 pp
1Y+0.75 pp
TTM+1.80 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,580 Cr
Mar 2018₹1,916 Cr
Mar 2019₹2,462 Cr
Mar 2020₹2,237 Cr
Mar 2021₹2,516 Cr
Mar 2022₹3,948 Cr
Mar 2023₹6,918 Cr
Mar 2024₹6,070 Cr
Mar 2025₹7,540 Cr
Mar 2026₹9,838 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹195 Cr
Mar 2018₹234 Cr
Mar 2019₹277 Cr
Mar 2020₹279 Cr
Mar 2021₹288 Cr
Mar 2022₹455 Cr
Mar 2023₹811 Cr
Mar 2024₹875 Cr
Mar 2025₹1,288 Cr
Mar 2026₹1,737 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹895 Cr −12.3% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk high

Solar Industries India Ltd trades at ₹19,430 as of 2026-10-29 with a market cap of ₹1,75,822 Cr, commanding a TTM P/E of 88.29x and P/B of 28.01x. The company has delivered strong profit growth of 58% TTM and maintains a healthy ROE of 26.52% with low leverage at 0.24x debt-to-equity, though its valuation multiples remain significantly elevated relative to earnings and book value.

Bull Case 8
  • TTM compounded profit growth stands at 58%, reflecting a sharp acceleration in earnings momentum
  • 5-year compounded profit CAGR of 45% demonstrates sustained long-term earnings expansion, not a one-off spike
  • Consistent ROE track record — 32% over 3 years, 32% over 5 years, and 29% over 10 years — indicates durable capital efficiency
  • Low debt-to-equity ratio of 0.24x provides significant balance sheet headroom for future capex and order execution
  • TTM compounded sales growth of 42% signals strong top-line demand, likely driven by defence order book execution
  • 10-year median sales growth of 22.8% reflects a long runway of above-average revenue compounding
  • ROCE of 29.51% is well above typical cost of capital, indicating the business earns strong returns on deployed capital
  • Stock has appreciated 40% over the last 1 year, reflecting continued market recognition of the company's growth trajectory
Bear Case 7
  • TTM P/E of 88.29x is extremely elevated, requiring sustained high-growth execution to justify the multiple
  • Working capital days have deteriorated from 49.9 days to 74.4 days, a 49% increase that pressures near-term cash flows
  • Dividend yield of just 0.06% offers negligible income return, making the stock entirely dependent on capital appreciation
  • Stock is trading 14.4% below its 52-week high of ₹22,700, indicating recent selling pressure despite strong fundamentals
  • 3-year compounded sales CAGR of only 12% contrasts sharply with the 42% TTM figure, raising questions about whether the recent acceleration is sustainable
  • At a market cap of ₹1,75,822 Cr, even moderate earnings misses could trigger outsized corrections given the premium valuation
  • Stock has compounded at 55% CAGR over 3 and 5 years, and mean-reversion risk increases as the base effect grows larger

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

AI News Digest

10h ago

TL;DR: Solar Industries is executing on both its defence and commercial explosives growth tracks. The potential ₹2,600 crore Pinaka order pipeline signals continued momentum in defence revenues, while the ₹115 crore Sivasakthi acquisition bolsters its core explosives segment. No near-term headwinds are visible from these developments. The trend is constructive, with the company layering organic defence orders on top of inorganic expansion in its legacy business.

Positives 2
  • Pinaka orders worth ₹2,600 Cr Nov 4

    Solar Industries management indicated that Pinaka rocket system orders could bring inflows of ₹2,600 crore, strengthening the company's defence order pipeline.

  • Subsidiary acquires Sivasakthi for ₹115 Cr Oct 15

    Solar Explochem, a wholly owned subsidiary, signed a Share Purchase Agreement to acquire 100% equity of Sivasakthi Industrial Explosives for ₹115 crore, expanding the explosives business footprint.

Quarterly Results

₹ Cr
SOLARINDS quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
3,519
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
2,513
Operating Profit
323
335
355
354
449
445
527
537
535
552
708
826
1,015
1,006
OPM %
19%
25%
25%
22%
27%
26%
27%
25%
25%
26%
28%
27%
28%
29%
Other Income
8
8
11
20
24.29
36
10
7
29
29
25
44.47
17
—
Interest
25
25
28
32
27
30
31
29
27
31
34
41
41
55
Depreciation
34
34
39
37
40
44
47
50
56
61
63
71
80
88
PBT
273
285
300
305
406
407
458
464
481
490
636
758
911
877
Tax %
26%
27%
26%
21%
26%
25%
26%
25%
27%
26%
27%
27%
27%
26%
Net Profit
202
209
222
243
301
304
338
346
353
362
467
556
666
650
EPS (₹)
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
—

Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SOLARINDS profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
SOLARINDS balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
SOLARINDS cash flow, annual, ₹ crore
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/EBITDA
112
95
55
83
88
100
90
61
68
115
142
47

Ratios

SOLARINDS financial ratios, annual
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

Log in to view Solar Industries insights

64 extracted metrics across FY09–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 73.15%
  • DIIs 13.55%
  • FIIs 6.13%
  • Public 5.30%
  • Others 1.87%

2.95% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Solar Industries India

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.
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 Aerospace & Defense sector, in the Engineering industry.
What is the PE ratio of Solar Industries India Ltd?
Solar Industries India Ltd trades at a PE ratio of 88.13 as of 4 Nov 2026, on earnings per share of ₹220.06, against a book value of ₹847.98 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 ₹22,700 as of 4 Nov 2026.
Does Solar Industries India Ltd pay dividends?
Solar Industries India Ltd has a dividend yield of 0.06%.
What is the Return on Equity (ROE) of Solar Industries India Ltd?
Solar Industries India Ltd reported a return on equity of 32.60%. 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.

Website solargroup.com
CEO Mr. Manish Satyanarayan Nuwal
Employees 2,403
Listed 3 Apr 2006
Face Value ₹2

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