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Solar Industries India Limited (SOLARINDS) · mywealthgrid

About

Solar Industries India Limited manufactures explosives within the materials sector. With a market cap of ₹1,80,719 Cr and FY2026 standalone revenue of ₹3,052.75 Cr and net profit of ₹556.03 Cr, the company demonstrates stable profitability with operating margins around 27%. The company is positioned as a profitable, debt-light operator (D/E 0.23) with significant promoter ownership (73.15%).

Face value: ₹2

Market cap

₹1,75,570 Cr

P/E

88.2×

P/B

28.0×

Dividend yield

0.1%

ROE

31.5%

ROCE

34.2%

Debt / equity

0.23

OPM

26.7%

EPS (TTM)

₹220.0

Book value

₹693.6

52-week high

₹22,455.0

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation appears stretched at PE of 107.73 — verify forecast growth, sector multiples, and interest-rate assumptions that support this level.
Earnings show high variability (EPS ₹25.96–₹60.52, OPM 24.83–29.25%) — clarify if this reflects project-dependent execution, seasonality, or cyclical demand.
Explosives industry is regulated (licensing, environmental, safety standards) — verify compliance burden, costs, and impact on competitive dynamics.
End-market concentration in mining, infrastructure, and defense — verify customer concentration, revenue structure, and sensitivity to sector downturns.

Generated analysis · source review pending

Growth drivers

Net profit of ₹556.03 Cr (FY2026) with ROE of 31.46% demonstrates capital efficiency — verify if retained earnings are reinvested for capacity expansion or constrained by dividend policy.
Operating margin of 27.06% (FY2026) is stable — clarify if this reflects structural cost control and whether margins can expand further.
Debt-to-equity of 0.23 is low — verify if management plans to deploy this balance-sheet capacity for growth investments.
Explosives demand is tied to mining, infrastructure, and defense sectors — verify if these end-markets are growing and SOLARINDS' competitive positioning within each.

Generated analysis · source review pending

₹19,400.0+40.9%1Y

Beta

0.83

Moves with the index

Volatility (1y)

36.3%

Annualised, daily returns

RSI (14)

Neither overbought nor oversold

Rel. strength (1y)

28.4%

Ahead of the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Strong return on equity of 30.8% (3-yr avg)
+High return on capital employed of 34.4%
+Healthy operating margin of 26.7%
+Profit CAGR of 43.4% over the last 5 years
+Revenue CAGR of 31.4% over the last 5 years
+Comfortable interest coverage of 18.7×
+High promoter holding of 73.2% with no pledge
+Outperformed the universe by 28.4% over 1 year

Cons

−Expensive at 88.2× trailing earnings
−Trading at 28× book value
−Low dividend payout of 5% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

64/100

Business quality

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Solar Industries India LimitedSOLARINDSSOLARINDS	₹1,75,570 Cr	₹1,77,038 Cr	₹11,351 Cr	₹3,102 Cr	26.7%	₹1,991 Cr	17.7%	34.2%	31.5%	152
Premier Explosives LimitedPREMEXPLNPREMEXPLN	₹3,669 Cr	₹3,702 Cr	₹349 Cr	₹24 Cr	10%	₹34 Cr	11.8%	22.8%	17.1%	150
Gocl Corporation LimitedGOCLCORPGOCLCORP	₹1,744 Cr	₹1,745 Cr	₹11 Cr	₹-31 Cr	-321.6%	₹340 Cr	—	12.5%	64.5%	-7,990
KELTECH Energies LtdKELENRGKELENRG	₹1,387 Cr	₹1,459 Cr	₹532 Cr	₹40 Cr	7.7%	₹29 Cr	5.4%	22.9%	20.7%	16
Beezaasan Explotech LtdBEEZAASANBEEZAASAN	₹1,102 Cr	—	₹212 Cr	₹18 Cr	8.6%	₹12 Cr	5.6%	—	—	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,574	1,711	1,951	2,462	2,237	2,516	3,948	6,923	6,070	7,540	9,838
COGS	862	907	1,064	1,401	1,215	1,347	2,327	4,342	3,196	3,907	4,894
Gross profit	712	805	888	1,061	1,022	1,169	1,620	2,580	2,873	3,633	4,944
	441	481	476	559	588	654	873	1,292	1,504	1,667	2,322
	271	324	412	502	434	515	747	1,289	1,370	1,966	2,622
OPM %	17.2%	18.9%	21.1%	20.4%	19.4%	20.5%	18.9%	18.6%	22.6%	26.1%	26.7%
Depreciation	—	39	51	59	85	94	109	128	143	182	251
Interest	20	27	33	50	55	45	50	90	109	117	134
	13	13	12	15	41	21	20	32	44	71	128
Profit before tax	264	271	340	402	336	397	607	1,102	1,161	1,739	2,365
Tax	87	77	106	125	57	109	152	290	286	451	629
Tax %	32.8%	28.3%	31.2%	31.1%	17%	27.5%	25%	26.4%	24.6%	25.9%	26.6%
	178	195	234	277	279	288	455	811	875	1,288	1,737
PAT margin %	11.3%	11.4%	12%	11.2%	12.5%	11.5%	11.5%	11.7%	14.4%	17.1%	17.7%
EPS (₹)	—	—	25.8	—	5.5	30.5	48.8	83.7	92.4	133.7	185.4
EPS adjusted (₹)	19.6	20.6	24.4	28.9	29.6	30.5	48.8	83.7	96.7	133.6	185.4
	—	—	23.2%	—	108.7%	19.6%	15.4%	9.6%	9.2%	7.5%	5.9%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	18	18	18	18	18	18	18	18	18	18	18
Reserves	849	910	1,066	1,220	1,362	1,561	1,896	2,592	3,288	4,368	6,259
Minority interest	—	40	47	48	52	63	101	140	122	150	272
	346	409	425	464	610	786	866	1,169	1,105	940	1,468
	332	350	438	532	491	601	843	1,116	1,205	2,785	2,902
Total equity & liabilities	1,546	1,727	1,995	2,282	2,532	3,030	3,724	5,036	5,737	8,261	10,919
	700	777	923	1,043	1,192	1,263	1,467	1,702	1,991	2,692	3,945
CWIP	—	91	97	166	152	282	221	279	487	703	692
Investments	38	53	17	33	2	1	18	99	370	676	183
	807	806	958	1,041	1,186	1,484	2,018	2,957	2,889	4,190	6,099
Total assets	1,546	1,727	1,995	2,282	2,532	3,030	3,724	5,036	5,737	8,261	10,919

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	43.1%	45.7%	46.5%	41%

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%
	5.89%	5.9%	6.1%	7.57%	7.53%	7.23%	5.82%	6.79%	7.11%	6.74%	6.6%	6.4%
	15.24%	15.06%	14.53%	12.74%	12.68%	12.79%	14.11%	13.59%	12.89%	12.91%	12.9%	13.36%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	5.72%	5.89%	6.22%	6.54%	6.64%	6.83%	6.92%	6.47%	6.85%	7.2%	7.35%	7.09%
No. of shareholders	—	—	—	—	—	—	—	—	1,05,014	1,13,869	1,15,917	1,16,877

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹19,696.4 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹19,625.0	+360	+1.9%	₹19,625.0	17,875	-223	4,022	50
23 Nov 2026	₹19,725.0	+440	+2.3%	₹19,725.0	1,595	+4	149	50
29 Dec 2026	₹19,800.0	+870	+4.6%	₹19,800.0	6	+6	9	50

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

36

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	15,500

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

144

across 20 fund houses

Held by these funds

8.72%

of the company's equity

All mutual funds

12.25%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

144 schemes · 20 fund houses

		Shares
Aggressive Hybrid FundNEW	SBI Mutual Fund	17.9 L	3,599.33	4.06%	1.978%	—
Focused Fund	SBI Mutual Fund	11 L	2,211.88	4.32%	1.215%	-0
Portfolio of Kotak Flexi Cap FundNEW	Kotak Mahindra Mutual Fund	10 L	2,010.8	3.57%	1.105%	—
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	8.13 L	1,635.61	2.3%	0.899%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.34 L	672.46	12.16%	0.37%	+8,469
Midcap Fund	Axis Mutual Fund	3.16 L	635.18	1.79%	0.349%	-24,939
ELSS- Tax Saver Fund	Axis Mutual Fund	1.94 L	389.12	1.19%	0.214%	-0
Midcap Fund	SBI Mutual Fund	1.8 L	361.94	1.48%	0.199%	-0

1–8 of 144

1 / 18

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

98 announcementsExport CSV

23 Mar 2026, 5:45 pmOthers

Intimation of Repayment of Commercial Paper (CP)

Loading announcements…

28 deals · 19 Sept 2022 – 13 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
13 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	8,575	₹14,005.00	₹12.01 Cr
13 Oct 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	8,575	₹14,005.00	₹12.01 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	9,961	₹15,420.00	₹15.36 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	9,961	₹15,420.00	₹15.36 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	30,696	₹4,142.55	₹12.72 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	30,696	₹4,142.55	₹12.72 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	30,696	₹3,963.55	₹12.17 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	30,696	₹3,963.55	₹12.17 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	28,620	₹3,986.75	₹11.41 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	28,620	₹3,986.75	₹11.41 Cr

1–10 of 28

1 / 3

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
23 Mar 2026, 5:45 pm	Others Intimation of Repayment of Commercial Paper (CP)	Intimation of Repayment of Commercial Paper (CP)	PDF
11 Mar 2026, 3:51 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
11 Mar 2026, 3:46 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
11 Mar 2026, 3:44 pm	Insider Trading / SAST Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	PDF
10 Mar 2026, 4:17 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
10 Mar 2026, 4:13 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
10 Mar 2026, 4:09 pm	Insider Trading / SAST Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	PDF
8 Mar 2026, 12:10 pm	Company Update General	Intimation Of Bhoomi Pujan For Upcoming Robotics And UAV Manufacturing Facility	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	215	118	254	258	325	357	298	656	1,406	2,468	621
	-149	-170	-174	-198	-212	-251	-303	-519	-726	-1,593	-1,164
	-66	53	-53	-52	-34	-26	-45	118	-370	-476	209
Net cash flow	-0	0	27	9	32	80	-51	256	309	398	-334
Free cash flow	—	118	254	258	325	92	10	177	846	1,462	-1,118
CFO / Operating profit %	79.1%	36.3%	61.7%	51.5%	74.8%	69.3%	39.9%	50.9%	102.7%	125.9%	23.7%

Leverage
Current ratio	1.33	1.34	1.5	1.49	1.53	1.77	1.95	2.06

Return ratios
Return on assets %	12.1%	11%	9.5%	12.2%	16.1%	15.3%	15.6%	15.9%

Solar Industries India Limited

Solar Industries India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

36

Fund holders

Documents

Announcements

Events

Announcements

3

36

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

29

1

1

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

Working capital
Receivable days	59	60	66	50	44	51	60	69

Solar Industries India Limited

Solar Industries India Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Option chain36

Fund holders

Documents

Announcements

Events

Announcements

Futures3

Option chain36

Announcements

Ratio timeline

Quarterly record

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends29

Board meetings1

Stock splits1

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

3

36

3

36

29

1

1