Solar Industries India Ltd logo

Solar Industries India Ltd

SOLARINDS NSE

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]

AI Verdict: BUY Confidence: 6%

Solar Industries India offers exceptional profit growth of 43% CAGR over 5 years with consistent ROE above 31%, justifying a premium valuation. However, at 92.6x PE and 26x book value, much of the growth is priced in, making it suitable for long-term investors with high risk tolerance.

Key Fundamentals

Volatility
Moderate
P/E Ratio
94.01
EBITDA
₹2,622 Cr
Return on Equity
25.54%
Debt to Equity
0.27
EPS
₹102.22
52W High
₹18,874
52W Low
₹11,646

Technical Indicators

Key Insights

Strengths

4
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 43.5% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.7%
  • Company's median sales growth is 22.8% of last 10 years

Weaknesses

2
  • Stock is trading at 25.8 times its book value
  • Working capital days have increased from 49.9 days to 74.4 days

Growth Rate

Revenue Growth
29.26% ↗
Net Income Growth
36.15% ↗
Cash Flow Change
75.50% ↗
ROE
11.16% ↘
ROCE
0.60% ↘
EBITDA Margin (Avg.)
-1.42% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk high

Solar Industries India offers exceptional profit growth of 43% CAGR over 5 years with consistent ROE above 31%, justifying a premium valuation. However, at 92.6x PE and 26x book value, much of the growth is priced in, making it suitable for long-term investors with high risk tolerance.

Bull Case 8
  • Outstanding 5-year compounded profit growth of 43% CAGR significantly outpaces sector peers
  • Consistent ROE of 31-32% over 3-5 years demonstrates superior capital efficiency and strong moat
  • TTM sales growth of 30% indicates accelerating revenue momentum
  • Overwhelming analyst consensus with 92.31% buy ratings (12 out of 13 analysts) and zero sell ratings
  • 10-year stock CAGR of 40% reflects sustained long-term wealth creation for shareholders
  • Compounded sales growth of 21% over 10 years shows durable demand for explosives and defence products
  • TTM profit growth of 34% continues to outpace sales growth of 30%, indicating improving margins
  • Market cap of Rs 1,62,855 crore provides institutional liquidity and index inclusion benefits
Bear Case 7
  • PE ratio of 92.6x is extremely elevated, leaving no margin of safety if growth disappoints
  • Price-to-book of 26x is excessively rich even for a high-growth compounder
  • Working capital days deteriorated from 49.9 to 74.4 days, signalling potential cash conversion issues
  • Dividend yield of just 0.06% offers negligible income support during any price correction
  • 3-year sales CAGR of only 12% versus 5-year CAGR of 31% shows a period of slower topline growth
  • 1-year stock CAGR of only 6% suggests the market is already questioning valuation sustainability
  • At 92.6x earnings, any quarterly miss could trigger sharp de-rating given lofty expectations baked into price

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 1
  • Defence export orders INR 1076 Cr May 29

    Solar Industries and its subsidiary secured export orders worth INR 1076 Crores for supplying defence products to international clients over a three-year period.

Neutral 3
  • Rs 75 Cr commercial paper issued Jun 19

    Solar Industries issued Commercial Paper worth Rs 75 Crores at 6.93% coupon rate, maturing on September 17, 2026.

  • Morgan Stanley investor forum attendance Jun 2

    Company participated in the India Investment Forum 2026 organized by Morgan Stanley in Mumbai on June 3, 2026.

  • Promoters confirm zero share encumbrance May 25

    Promoters declared no encumbrance on shares for FY26 under SEBI regulations, indicating clean promoter holding.

TL;DR: Solar Industries is demonstrating strong momentum in its defence export business with a significant INR 1076 Cr order win over three years. The balance sheet appears healthy with unencumbered promoter holdings and routine short-term borrowing at competitive rates. No material headwinds are visible in recent news flow. The export order pipeline and institutional investor engagement suggest continued positive sentiment around the stock.

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
7,216
Operating Profit
254
304
324
412
502
434
515
748
1,336
1,482
2,026
2,622
OPM %
20%
21%
20%
21%
20%
19%
20%
19%
19%
24%
27%
27%
Other Income
-2
13
13
12
9
41
21
19
-16
-68
10
128
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
4,368
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
2,744
3,117
Total Liabilities
1,389
1,512
1,722
1,988
2,253
2,481
2,959
3,629
4,909
5,577
8,106
10,918
Fixed Assets
585
703
777
923
1,043
1,209
1,288
1,493
1,702
2,028
2,692
4,045
CWIP
61
30
91
107
178
165
293
230
282
490
707
692
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
5,999
Total Assets
1,389
1,512
1,722
1,988
2,253
2,481
2,959
3,629
4,909
5,577
8,106
10,918
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
-1,164
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
-334
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
49
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
97
130
Days Payable
31
45
36
49
43
46
78
73
41
37
46
47
Cash Conversion Cycle
106
90
111
100
90
113
108
90
95
111
111
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%
37%

Shareholding Pattern

As of Mar 2026
Promoters 73.15%
DIIs 12.89%
Public 7.35%
FIIs 6.59%
Total 99.98%
  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
FIIs
5.79%
5.89%
5.90%
6.10%
7.56%
7.53%
7.23%
5.82%
6.79%
7.11%
6.74%
6.59%
DIIs
15.01%
15.24%
15.05%
14.52%
12.74%
12.68%
12.78%
14.10%
13.59%
12.90%
12.91%
12.89%
Public
6.04%
5.71%
5.88%
6.22%
6.54%
6.64%
6.82%
6.92%
6.47%
6.84%
7.20%
7.35%
No. of Shareholders
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

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 PE ratio of Solar Industries India Ltd?
The Price-to-Earnings (PE) ratio of Solar Industries India Ltd is 94.01. 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 ₹18,874. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Solar Industries India Ltd?
Solar Industries India Ltd has a Return on Equity (ROE) of 25.54%. 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

Explore More

More in Commodities → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List