Solar Industries India Ltd logo

Solar Industries India Ltd

SOLARINDS NSE

Key Fundamentals

LargecapEngineeringAerospace & Defense
Market Cap
1.8L Cr
Volatility
Moderate
P/E Ratio
91.36
EBITDA
₹2,750 Cr
Return on Equity
26.52%
Debt to Equity
0.24
Book Value
₹693.69
EPS
₹102.22
52W High
₹20,400
52W Low
₹11,646

Insights

Beta

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

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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 28.8 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 4d ago
AI opinion · based on fundamentals
Risk high

Solar Industries India is a ₹1.71 lakh crore market-cap explosives and defence company trading at 99.3x PE and 27.5x book value. It delivered FY26 annual revenue of ₹9,838 crore (30% YoY growth) with a 5-year profit CAGR of ~45%, supported by a defence order book exceeding ₹21,350 crore. The stock's premium valuation reflects strong execution but leaves limited margin of safety.

Bull Case 8
  • FY26 annual revenue hit a record ₹9,838 crore, up from ₹7,540 crore in FY25, representing ~30% YoY growth
  • Q1 FY27 net profit surged 93% YoY to ₹653 crore, demonstrating accelerating earnings momentum
  • Defence order book stands at ₹18,000 crore out of a total order book of ₹21,350 crore, providing multi-year revenue visibility (2.6x TTM revenue)
  • 5-year compounded profit growth of 45% CAGR, significantly outpacing revenue growth, indicating operating leverage
  • Consistent ROE of 32-33% over 3-5 years shows strong capital efficiency relative to manufacturing peers
  • Defence revenue CAGR of 68% over FY21-25 with management guiding ₹8,000 crore defence segment revenue in 4-5 years (40%+ CAGR)
  • International business revenue crossed ₹1,000 crore in Q3 FY26 (up 35% YoY), now contributing ~40% of revenue and diversifying geographic risk
  • Low debt-to-equity ratio of 0.23 provides balance sheet headroom for the planned ₹2,000+ crore FY26 capex programme
Bear Case 8
  • PE ratio of 99.3x is extremely elevated versus the broader market and most defence peers, requiring sustained high growth to justify
  • Price-to-book of 27.5x leaves minimal margin of safety if growth decelerates even modestly
  • Working capital days have deteriorated from 49.9 to 74.4 days, indicating rising capital tied up in receivables or inventory as defence revenue scales
  • Dividend yield of just 0.06% (₹11 per share on a ₹18,000+ stock price) offers negligible income return to shareholders
  • Defence revenue concentration risk: ₹18,000 crore of the ₹21,350 crore order book is defence, exposing the company to government procurement cycle delays
  • FY27 revenue guidance of ₹14,000 crore implies ~42% YoY growth; any execution shortfall on Pinaka or 155mm shell commercialisation could disappoint versus lofty expectations
  • 3-year compounded sales CAGR of only 12% (vs 30% TTM) shows growth has been lumpy historically, not consistently linear
  • Planned capex of ₹2,000+ crore in a single year may pressure free cash flow in the near term despite low debt

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

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Positives 4
  • Q1 profit surges 89% YoY Aug 13

    Q1FY27 net profit jumped 89% to ₹666 crore on 70% sales growth to ₹3,668 crore. EBITDA margin expanded 173 bps YoY to 27.91%, driven by explosives and defence volumes.

  • Targets 35% growth, more Pinaka Aug 14

    Company aims for 35% growth across domestic and international segments and expects additional enhanced-range Pinaka orders before FY27 ends.

  • ₹14,000 cr FY27 revenue on track Aug 14

    Management reaffirmed ₹14,000 crore FY27 revenue target is achievable, with formal guidance update planned after H1.

  • ₹11 per share dividend declared Aug 11

    31st AGM approved final dividend of ₹11 per share and reappointed Milind Deshmukh as Whole-time Director.

Neutral 2
  • BRSR FY26 ESG report released Jul 21

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

  • AGM date and book closure set Jul 21

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

TL;DR: Solar Industries is firing on all cylinders with 89% profit growth in Q1FY27, strong margin expansion, and confident management guidance of ₹14,000 crore revenue for the full year. The defence pipeline looks robust with expected Pinaka orders reinforcing long-term visibility. No material headwinds are visible in recent news flow. The trend is clearly improving with both volume growth and margin expansion supporting the bull case.

Quarterly Results

  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

  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

  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 ₹183215.21 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 91.36. 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 ₹20,400. 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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