Solar Industries logo

Solar Industries

SOLARINDS NSE
₹20,087.00 247.00 (1.21%)
Market Cap
₹1.82 L Cr
P/E
91.28

Key Fundamentals

LargecapEngineeringAerospace & Defense
Market Cap
₹1.82 L Cr
P/E (TTM)
91.28
EBITDA
₹2,750 Cr
Return on Equity
26.52%
Debt to Equity
0.24
Book Value
₹693.69
EPS (TTM)
₹220.06
52W High
₹22,700.00
52W Low
₹11,646.00

Price-based figures as of 13 Oct 2026, 15:28 IST · EPS basis: Consolidated · TTM

Peer Comparison

Commodities › Aerospace & Defense › Engineering › Explosives

Hindustan Aeronautics
₹4,869.0034.933,25,627 Cr7.930.97%22.21%13.80%37,682 Cr9,322 Cr
Bharat Electronics
₹380.0045.242,77,772 Cr11.580.68%25.09%31.88%29,290 Cr6,148 Cr
Solar Industries (this company)
₹20,087.0091.281,81,767 Cr28.960.06%26.52%29.51%11,469 Cr2,050 Cr
Mazagon Dock Shipbuilders
₹2,120.0029.9285,517 Cr8.770.90%24.26%28.51%14,453 Cr2,853 Cr
Bharat Dynamics
₹1,125.9079.2341,271 Cr9.730.46%9.91%7.22%3,207 Cr521 Cr
Garden Reach Shipbuilders
₹2,140.5030.6224,520 Cr9.340.96%28.48%36.76%7,808 Cr801 Cr
MTAR Technologies
₹7,718.00176.3723,740 Cr28.860.04%11.43%15.30%1,097 Cr134 Cr
Data Patterns
₹4,142.7086.5623,192 Cr13.360.24%3.53%11.06%966 Cr267 Cr
Astra Microwave Products
₹1,673.9084.0715,893 Cr12.500.15%14.68%21.52%1,168 Cr189 Cr
Apollo Micro Systems
₹407.05119.0215,126 Cr10.540.06%8.21%13.53%1,030 Cr115 Cr
Median 10 companies₹2,130.2581.6532,896 Cr11.060.35%18.45%18.41%5,507 Cr661 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

As of 2026-10-12
v2.0.0
58 Good
Overall score
Data confidence 100/100

Category scores

Quality Good 60
Returns, margins, earnings quality 22%
Valuation Poor 14
Cheap vs sector & own history 24%
Growth Strong 99
Sales & profit trajectory 9%
Financial Health Strong 77
Solvency, leverage, coverage 9%
Momentum Strong 94
Trend strength, vol-adjusted 12%
Ownership Average 54
FII/DII/promoter flows 24%

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

Technical Indicators

Oscillators

BearishNeutralBullish

Bearish

Bearish
3
Neutral
4
Bullish
2

Overall

BearishNeutralBullish

Bullish

Bearish
3
Neutral
4
Bullish
12

Moving Averages

BearishNeutralBullish

Bullish

Bearish
0
Neutral
0
Bullish
10
Analyst Rating
Based on 18 analysts
BUY SHARE72%

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

Updated 13 Oct 2026

BUY
13
72.2%
HOLD
4
22.2%
SELL
1
5.6%

Growth Rate

Revenue Growth
30.94% higher than 3Y

change over 1 year

Net Income Growth
34.84% higher than 3Y

change over 1 year

Cash Flow Change
-74.84%

change over 1 year

EBITDA Margin Change
3.37%

change over 1 year Operating margin 28% · Jun 2026

AI Analysis — Bull vs Bear

Figures as of 9 Oct 2026
AI opinion · based on fundamentals
Risk high

As of the 2026-10-09 close, Solar Industries India Ltd traded at ₹20,000, giving it a market capitalisation of ₹1,80,980.11 crore. The stock was about 11.9% below its 52-week high of ₹22,700 and about 71.7% above its 52-week low of ₹11,646. Over the trailing twelve months, sales grew 42% and profit grew 58%, with ROCE at 29.51% and debt-to-equity at 0.24. Against that, the stock traded at 90.88 times trailing earnings and 28.83 times book value, and working capital days rose from 49.9 to 74.4.

Bull Case 7
  • Growth has picked up sharply: TTM sales rose 42% and TTM profit rose 58%, both well above the 3-year CAGRs of 12% for sales and 30% for profit.
  • Profit growth has held up over long periods, with compounded profit growth of 45% over 5 years and 27% over 10 years. Profit has grown faster than sales, which grew at a 31% 5-year CAGR, suggesting operating leverage or margin expansion.
  • Capital efficiency is high: ROCE was 29.51% and current ROE 26.52%, while ROE averaged 32% over 3 and 5 years and 29% over 10 years, a consistent record across cycles.
  • The balance sheet carries little debt, with debt-to-equity at 0.24. This leaves room to fund capacity expansion in defence and explosives without much financial strain.
  • Sales have grown steadily over the long run, with a 10-year median sales growth of 22.8% and a 10-year sales CAGR of 21%, which points to repeatable demand rather than one-off gains.
  • Long-term shareholder returns are strong, with stock CAGR of 40% over 10 years, 53% over 5 years and 56% over 3 years. These returns have broadly tracked the 45% 5-year profit CAGR rather than relying only on valuation re-rating.
  • Near-term momentum remains positive, with the company flagged as expected to deliver a good quarter and TTM EPS of ₹220.06 reflecting 58% profit growth.
Bear Case 8
  • Valuation leaves little room for error: at 90.88 times trailing earnings, the earnings yield is about 1.1%, so any slowdown from the 58% TTM profit growth could lead to a sharp de-rating.
  • The stock trades at 28.83 times book value, far above typical industrial and capital-goods multiples. Even ROE of 26.52% does not fully explain this premium on a book-value basis.
  • Working capital is stretching: working capital days rose from 49.9 to 74.4, an increase of about 49%. This points to slower collections or inventory build-up, which can weigh on cash conversion as defence orders grow.
  • Growth has been uneven. The 3-year sales CAGR is only 12%, compared with 42% for TTM and 31% over 5 years, which suggests lumpy, order-driven revenue rather than a smooth trend.
  • Returns on equity are coming down: current ROE of 26.52% is below the 33% recorded last year and the 32% 3-year average. Rising working capital may be diluting returns.
  • Dividend support is minimal: the dividend yield is 0.06%, or roughly ₹12 per share at a ₹20,000 price, so almost all shareholder return depends on the stock price.
  • The stock has swung widely, trading between ₹11,646 and ₹22,700 over 52 weeks, a range of about 95% from the low. At ₹20,000 it sits about 71.7% above that low, which signals high volatility for a ₹1,80,980 crore company.
  • Strong recent returns may have already priced in good news: the stock rose 38% over 1 year, and a 3-year stock CAGR of 56% is well ahead of the 30% 3-year profit CAGR, indicating part of the gain came from multiple expansion.

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

AI News Digest

18h ago
Headwinds 2
  • Large all-cash deal funding burden Sep 14

    The proposed ₹12,951 crore all-cash acquisition of Omnia Holdings is a large outlay. It could raise leverage and interest costs, depending on how it is financed.

  • Integration and Africa concentration risk Sep 15

    The growth strategy now leans heavily on India and Africa. Margin gains depend on integrating Omnia smoothly and on African mining-cycle and currency conditions.

Positives 3
  • Omnia acquisition expands global footprint Sep 14

    Solar plans to buy South Africa's Omnia Holdings for ₹12,951 crore through Solar SA Investments, scaling its explosives and mining solutions business across Africa and other international markets. Management held an investor call on Sep 15 at 10:30 am IST, hosted by ICICI Securities.

  • FY28 targets: ₹13,200 Cr revenue Sep 16

    After the Omnia deal, Solar targets ₹13,200 crore revenue and more than ₹1,700 crore EBITDA by FY28, per a newspaper report.

  • Africa EBITDA margin expansion expected Sep 15

    Management expects Solar Group's EBITDA margin in Africa to rise after the buyout, with India and Africa as the main growth markets.

Neutral 2
  • Timely ₹75 Cr CP repayment Sep 17

    Solar fully repaid its ₹75 crore commercial paper, issued in June 2026, to Kotak Mahindra Bank on the Sep 17, 2026 due date. This shows sound short-term liquidity management.

  • New Botswana step-down subsidiary Sep 29

    Solar incorporated Solar Explochem Proprietary Limited in Botswana through its Mauritius subsidiary, holding a 65% stake with USD 325,000 initial capital.

TL;DR: Solar Industries is making a big push into Africa with the ₹12,951 crore Omnia acquisition, backed by FY28 targets of ₹13,200 crore revenue and ₹1,700 crore+ EBITDA and an expected rise in African margins. Smaller moves like the Botswana subsidiary and the on-time ₹75 crore CP repayment show steady execution and liquidity discipline. The main risks are financing a large all-cash deal, integrating Omnia, and heavier exposure to African mining cycles and currencies. The strategic direction looks better, and the next things to watch are deal financing details, regulatory approvals and early progress on integration.

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹855 Cr −17.2% vs Jun 26
Reported High Mean Low

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 (₹)
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 (₹)
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 Aerospace & Defense sector, in the Engineering industry.
What is the market capitalisation of Solar Industries India Ltd?
Solar Industries India Ltd has a market capitalisation of ₹1,81,767 Cr as of 13 Oct 2026, 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 91.28 as of 13 Oct 2026, on earnings per share of ₹220.06, 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 ₹22,700 as of 13 Oct 2026.
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
Shares Outstanding 9,04,90,055

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