Solar Industries India Ltd logo

Solar Industries India Ltd

SOLARINDS NSE

Key Fundamentals

LargecapEngineeringAerospace & Defense
Market Cap
1.7L Cr
Volatility
Moderate
P/E Ratio
100.6
EBITDA
₹2,750 Cr
Return on Equity
26.52%
Debt to Equity
0.24
Book Value
₹693.69
EPS
₹102.22
52W High
₹19,187
52W Low
₹11,646

Insights

Beta

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

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50 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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Technical Indicators

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

Growth Rate

Revenue Growth
30.94% ↗
Net Income Growth
34.84% ↗
Cash Flow Change
-74.84% ↘
ROE
-5.82% ↘
ROCE
-1.63% ↘
EBITDA Margin (Avg.)
3.37% ↘

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 an aerospace & defense explosives manufacturer with a market cap of ₹1,68,610 Cr trading at a PE of 95.9x. The company has delivered 33% ROE in the last year with 30% TTM sales growth and 39% TTM profit growth, though the stock trades at 26.5x book value with working capital days expanding from 49.9 to 74.4 days.

Bull Case 8
  • Exceptional profit growth CAGR of 44.6% over the last 5 years demonstrates strong earnings compounding ability
  • Consistent ROE track record of 32% over 3 and 5 years, with last year at 33%, indicating efficient capital deployment
  • TTM sales growth of 30% shows strong revenue momentum and demand visibility in the current period
  • TTM profit growth of 39% outpacing sales growth of 30% indicates operating leverage and margin expansion
  • 10-year median sales growth of 22.8% demonstrates long-term structural demand tailwinds in the explosives and defense sector
  • 10-year compounded profit growth of 27% sustained over a full business cycle shows durability of the business model
  • Stock CAGR of 60% over 5 years and 40% over 10 years reflects sustained wealth creation and market confidence in execution
  • Company is expected to deliver a good upcoming quarter suggesting near-term earnings momentum remains intact
Bear Case 7
  • PE ratio of 95.9x is extremely elevated, pricing in many years of flawless execution with little margin for error
  • Price-to-book ratio of 26.5x is exceptionally high, meaning significant premium over tangible asset value
  • Working capital days have deteriorated from 49.9 to 74.4 days, a 49% increase indicating potential cash conversion strain
  • Dividend yield of just 0.06% offers negligible income return, meaning total returns depend entirely on capital appreciation
  • At 95.9x PE, even a single quarter of earnings miss could trigger significant multiple compression given high expectations embedded in price
  • 3-year compounded sales growth of only 12% versus 5-year CAGR of 31% suggests revenue growth was lumpy and not uniformly distributed
  • 1-year stock CAGR of 23% trailing the 3-year CAGR of 68% suggests the pace of re-rating may be slowing as valuation stretches

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 2
  • New subsidiary in South Africa Jul 9

    Solar Industries incorporated Solar SA Investments in South Africa with an initial investment of ZAR 12,000, signaling international expansion and internal restructuring of overseas operations.

  • Final dividend of ₹11/share Jul 15

    Board declared a final dividend of ₹11 per share with record date July 28, 2026, reflecting confidence in cash flows and shareholder returns.

Neutral 2
  • AGM set for August 11 Jul 21

    31st AGM scheduled for August 11, 2026 via video conferencing with book closure from July 29 to August 11 for final dividend processing.

  • BRSR FY26 report released Jul 21

    Solar Industries released its Business Responsibility and Sustainability Report for FY 2025-26, disclosing ESG metrics and assurance details.

TL;DR: Solar Industries had a quiet news cycle with no material headwinds. The company is returning cash to shareholders via an ₹11/share dividend and expanding its international footprint with a new South African subsidiary. ESG disclosures and AGM scheduling are routine governance items. The trend is stable with modest positive signals from capital allocation and geographic diversification.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,929
1,682
1,347
1,429
1,611
1,685
1,716
1,973
2,167
2,154
2,082
2,548
3,053
Expenses
1,571
1,359
1,012
1,074
1,257
1,235
1,271
1,447
1,629
1,620
1,530
1,840
2,227
Operating Profit
357
323
335
355
354
449
445
527
537
535
552
708
826
OPM %
19%
19%
25%
25%
22%
27%
26%
27%
25%
25%
26%
28%
27%
Other Income
11
8
8
11
20
26
36
10
7
29
29
25
46
Interest
31
25
25
28
32
27
30
31
29
27
31
34
41
Depreciation
35
34
34
39
37
40
44
47
50
56
61
63
71
PBT
302
272
285
299
305
408
407
459
464
481
490
636
759
Tax %
27%
26%
27%
26%
21%
26%
25%
26%
25%
27%
26%
27%
27%
Net Profit
221
202
209
222
243
301
304
338
346
353
361
467
556
EPS in Rs
22.78
21.82
22.12
22.47
25.98
31.66
31.59
34.8
35.61
37.43
38.12
49.31
60.52
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
Operating Profit
254
304
324
412
502
434
515
748
1,336
1,482
2,026
2,717
OPM %
20%
21%
20%
21%
20%
19%
20%
19%
19%
24%
27%
28%
Other Income
-2
13
13
12
9
41
21
19
-16
-68
10
33
Interest
18
20
27
33
50
55
45
50
90
109
116
134
Depreciation
31
33
39
51
59
85
94
109
128
143
182
251
PBT
203
264
271
340
402
336
397
607
1,102
1,161
1,739
2,365
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
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
Div. Payout %
21%
25%
24%
25%
24%
20%
20%
15%
10%
9%
7%
6%
Figures in ₹ Crores

Balance Sheet

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 73.15%
DIIs 13.36%
FIIs 6.40%
Public 5.23%
Others 1.86%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
73.15%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.10%
7.57%
7.53%
7.23%
5.82%
6.79%
7.11%
6.74%
6.60%
6.40%
DIIs
16.84%
16.66%
16.19%
15.36%
15.01%
14.46%
14.27%
14.46%
14.32%
15.02%
14.92%
14.78%
14.53%
12.74%
12.68%
12.79%
14.11%
13.59%
12.89%
12.91%
12.90%
13.36%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
3.38%
3.38%
3.53%
3.86%
3.91%
4.01%
4.15%
4.23%
4.43%
4.53%
4.29%
4.44%
4.74%
4.98%
5.06%
5.20%
5.23%
4.75%
5.00%
5.33%
5.48%
5.23%
Others
6.63%
6.82%
7.14%
7.63%
7.93%
8.38%
8.43%
8.17%
8.10%
7.31%
7.64%
7.64%
1.48%
1.58%
1.59%
1.64%
1.70%
1.73%
1.85%
1.87%
1.87%
1.86%
No. of Shareholders
14,517
17,497
25,070
33,496
28,759
31,872
39,409
49,247
51,943
51,199
50,103
57,926
64,377
72,853
78,402
83,959
95,380
97,712
1,05,014
1,13,869
1,15,917
1,16,877

Documents

1
Concall - Nov 2017 Nov 2017
2
Concall - Feb 2018 Feb 2018
3
Concall - May 2018 May 2018
4
Concall - Jul 2018 Jul 2018
5
Concall - Aug 2018 Aug 2018

Frequently Asked Questions about Solar Industries India Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: SOLARINDS and BSE: 532725. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Solar Industries India Ltd belong to?
Solar Industries India Ltd operates in the Commodities sector within the Chemicals & Petrochemicals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Solar Industries India Ltd?
Solar Industries India Ltd has a market capitalisation of approximately ₹167723.32 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Solar Industries India Ltd?
The Price-to-Earnings (PE) ratio of Solar Industries India Ltd is 100.60. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Solar Industries India Ltd?
Over the past 52 weeks, Solar Industries India Ltd has traded between a low of ₹11,646 and a high of ₹19,187. This range helps investors understand the stock's price volatility and recent trading levels.
Does Solar Industries India Ltd pay dividends?
Yes, Solar Industries India Ltd has a dividend yield of 0.06%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Solar Industries India Ltd?
Solar Industries India Ltd has a Return on Equity (ROE) of 26.52%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Solar Industries India Ltd on Tapetide?
On Tapetide, you can view Solar Industries India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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