Solar Industries India Limited (SOLARINDS)

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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

—

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

2,528 historical price candles were omitted because the exchange source has not been verified.

₹19,400.0+4%1Y

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

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.

60/100

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%	37.3%	47.3%	48.2%	50.3%
EBITDA margin %	20.4%	19.4%	20.5%	18.9%	18.6%	22.6%	26%	26.7%
EBIT margin %	18%	15.6%	16.7%	16.2%	16.8%	20.2%	23.6%	24.1%
PAT margin %	11.2%	12.5%	11.5%	11.5%	11.7%	14.4%	17.1%	17.7%
Working capital
Receivable days	59	60	66	50	44	51	60	69
Inventory days	74	99	119	113	92	97	97	130
Payable days	43	46	78	73	41	63	46	47
NWC days	90	113	108	90	95	84	111	152
Leverage
Current ratio	1.33	1.34	1.5	1.49	1.53	1.77	1.95	2.06
Debt to EBITDA	0.93	1.4	1.53	1.16	0.91	0.81	0.48	0.56
Debt to equity	0.38	0.44	0.5	0.45	0.45	0.33	0.21	0.23
Interest coverage	9.2	7.1	9.7	13.1	13.2	11.6	15.9	18.7
Asset turnover	1.08	0.88	0.83	1.06	1.37	1.06	0.91	0.9
Return ratios
Return on assets %	12.1%	11%	9.5%	12.2%	16.1%	15.3%	15.6%	15.9%
Return on capital employed %	30.7%	23.3%	22.1%	27.3%	39.7%	33.3%	35.6%	34.2%
Return on equity %	22.4%	20.2%	18.2%	23.8%	31.1%	26.5%	29.4%	27.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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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

Promoter holding up 0 percentage points since Sep 2023.

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

Mr. Satyanarayan NuwalNon-Executive - Non Independent Director-Chairperson
Mr. Manish NuwalExecutive Director-CEO-MD
Mr. Suresh MenonExecutive Director
Mr. Milind DeshmukhExecutive Director
Mrs. Girija BalakrishnanNon-Executive - Independent Director
Mr. Viswanathan LakshmananNon-Executive - Independent Director
Mr. Ramesh BhujangNon-Executive - Independent Director
Mrs. Reena Jha TripatiNon-Executive - Independent Director
Mr. Moneesh AgrawalJoint Chief Financial Officer
Smt. Shalinee MandhanaJoint Chief Financial Officer
Mrs. Khushboo PasariCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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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.

13

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	16,000

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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

Annual reports

Credit ratings

Investor Presentation and earnings call

Sept 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

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

29

Final dividend28 Jul 2026 · ex-date₹11
Final dividend8 Jul 2025 · ex-date₹10
Final dividend4 Jul 2024 · ex-date₹8.5
Final dividend9 Jun 2023 · ex-date₹8
Final dividend27 May 2022 · ex-date₹7.5
Final dividend18 Aug 2021 · ex-date₹6
Final dividend3 Sept 2020 · ex-date₹6
Final dividend18 Jul 2019 · ex-date₹7
Final dividend18 Jul 2018 · ex-date₹6
Final dividend9 Aug 2017 · ex-date₹3
Interim dividend20 Feb 2017 · ex-date₹2
Interim dividend16 Mar 2016 · ex-date₹13.5
Interim dividend9 Nov 2015 · ex-date₹9
Final dividend27 Aug 2015 · ex-date₹9
Interim dividend19 Nov 2014 · ex-date₹8
Final dividend22 Aug 2014 · ex-date₹7
Interim dividend13 Nov 2013 · ex-date₹5
Final dividend30 Aug 2013 · ex-date₹6
Interim dividend15 Nov 2012 · ex-date₹5
Final dividend1 Aug 2012 · ex-date₹5
Interim dividend22 Nov 2011 · ex-date₹5
Final dividend29 Jul 2011 · ex-date₹4
Interim dividend11 Nov 2010 · ex-date₹4
Final dividend11 Aug 2010 · ex-date₹3.5
Interim dividend17 Feb 2010 · ex-date₹3.5
Dividend dividend8 Sept 2009 · ex-date₹4.5
Dividend dividend10 Sept 2008 · ex-date₹1.5
Dividend dividend1 Nov 2007 · ex-date₹1.5
Dividend dividend12 Sept 2007 · ex-date₹1.5

1

Board meeting to consider results13 Aug 2026

1

Face value ₹10 → ₹213 Jul 2016 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

21 announcementsExport CSV

29 Sept 2026, 6:29 pmCompany Update

Announcement under Regulation 30 (LODR)-Acquisition

Acquisition PDF

Loading announcements…

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%	37.3%	47.3%	48.2%	50.3%
EBITDA margin %	20.4%	19.4%	20.5%	18.9%	18.6%	22.6%	26%	26.7%
EBIT margin %	18%	15.6%	16.7%	16.2%	16.8%	20.2%	23.6%	24.1%
PAT margin %	11.2%	12.5%	11.5%	11.5%	11.7%	14.4%	17.1%	17.7%
Working capital
Receivable days	59	60	66	50	44	51	60	69
Inventory days	74	99	119	113	92	97	97	130
Payable days	43	46	78	73	41	63	46	47
NWC days	90	113	108	90	95	84	111	152
Leverage
Current ratio	1.33	1.34	1.5	1.49	1.53	1.77	1.95	2.06
Debt to EBITDA	0.93	1.4	1.53	1.16	0.91	0.81	0.48	0.56
Debt to equity	0.38	0.44	0.5	0.45	0.45	0.33	0.21	0.23
Interest coverage	9.2	7.1	9.7	13.1	13.2	11.6	15.9	18.7
Asset turnover	1.08	0.88	0.83	1.06	1.37	1.06	0.91	0.9
Return ratios
Return on assets %	12.1%	11%	9.5%	12.2%	16.1%	15.3%	15.6%	15.9%
Return on capital employed %	30.7%	23.3%	22.1%	27.3%	39.7%	33.3%	35.6%	34.2%
Return on equity %	22.4%	20.2%	18.2%	23.8%	31.1%	26.5%	29.4%	27.7%

Calls	Strike	Puts
0	0	0	₹0.0	16,000

Date	Category	Subject	Filing
29 Sept 2026, 6:29 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
29 Sept 2026, 4:17 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 5:24 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
17 Sept 2026, 4:08 pm	Others Intimation of Repayment of Commercial Paper (CP)	Intimation of Repayment of Commercial Paper (CP)	PDF
17 Sept 2026, 3:44 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
15 Sept 2026, 4:19 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
14 Sept 2026, 5:24 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
14 Sept 2026, 12:30 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	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%

Solar Industries India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain13

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends29

Board meetings1

Stock splits1

Announcements

Dividends29

Board meetings1

Stock splits1

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain13

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

13

29

1

1

29

1

1

3

13