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Solar Industries India Ltd (SOLARINDS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532725 NSE: SOLARINDS Chemicals | Large Cap | Solar Industries Ind Share Price
₹19,015.20 -234.80 (-1.22%)
As on 16-Sep'26 12:53
Solar Industries India Ltd (SOLARINDS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532725 NSE: SOLARINDS Chemicals | Large Cap | Solar Industries Ind Share Price
₹19,015.20 -234.80 (-1.22%)
As on 16-Sep'26 12:53
Key Metrics
Valuation Multiples
Market Cap
₹1,74,193 Cr.
Current Price
₹19,015.2
52-Week Low / High
₹11,641 / 22,630
TTM EPS
₹220.1
TTM Sales
₹11,351 Cr.
Book Value per Share
₹766.4
P/E Ratio
87.47
Lower than its 5-year historical median
Industry PE
47.1
Price to Book (P/B)
25.12
Lower than its 5-year historical median
Price to Sales (P/S)
15.35
In line with its 5-year historical median
EV/EBITDA
54.55
Lower than its 5-year historical median
Dividend Yield
0.06%
Profitability Efficiency
Return on Equity (ROE)
32.49%
Outperforms industry median
Return on Capital Employed (ROCE)
38.16%
Outperforms industry median
Return on Assets (ROA)
18.40%
Operating Profit Margin
26.7%
Net Profit Margin
17.65%
Gross Profit Margin
26.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
25.18%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
35%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
34.84%
Asset Quality
Promoter Holding
73.15%
Pledged shares (%) of Promoter's holding (%)
2.27%
Reserves
₹6,917 Cr.
Equity
₹18.1 Cr.
Face Value
₹2
All Time Low / High
₹18.81 / 22617.10
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Solar Industries India Ltd a good quality company?
Solar Industries India Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Solar Industries India Ltd performance compare with that of its Peers?
Revenue growth of Solar Industries India Ltd vs industry peers?
Solar Industries India Ltd revenue CAGR is 31.36%, compared to the industry median CAGR of 23.13%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Solar Industries India Ltd?
Promoters hold 73.15% of the Solar Industries India Ltd, with 2.27% of their stake pledged, indicating low pledge risk.
Stock return of Solar Industries India Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 40.3% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Solar Industries India Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 25.9% | 24.2% | 30.4% | 24% | 21.4% | 25.8% | 33.9% | 34.2% | 37.4% | 43.7% | - |
| Value Creation Index ⓘ | 0.9 | 0.8 | 1.3 | 0.8 | 0.6 | 1.3 | 2.0 | 2.0 | 2.3 | 2.9 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,137 | 1,273 | 1,663 | 1,512 | 1,584 | 2,528 | 4,162 | 3,718 | 4,457 | 5,579 | 5,848 |
| Sales YoY Gr. | - | 12% | 30.6% | -9.1% | 4.8% | 59.6% | 64.6% | -10.7% | 19.9% | 25.2% | - |
| Adj EPS ⓘ | 14.7 | 14.6 | 22.1 | 22.5 | 20.7 | 28.3 | 48.3 | 66.3 | 88 | 126.3 | 143.7 |
| YoY Gr. | - | -0.8% | 51.3% | 2% | -7.8% | 36.2% | 71% | 37.2% | 32.7% | 43.6% | - |
| BVPS (₹) ⓘ | 72.8 | 83.9 | 97.8 | 112.9 | 127.8 | 150.9 | 195.3 | 259.3 | 338.9 | 467.1 | 506.7 |
| Adj Net Profit ⓘ | 133 | 132 | 200 | 204 | 188 | 256 | 437 | 600 | 796 | 1,143 | 1,301 |
| Cash Flow from Ops. ⓘ | 70.2 | 213 | 210 | 195 | 148 | 294 | 133 | 770 | 1,054 | 927 | - |
| Debt/CF from Ops. ⓘ | 3.5 | 0.7 | 0.8 | 0.7 | 0.9 | 0.5 | 3.2 | 0.4 | 0.2 | 0.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 19.3% | 28.6% | 10.3% | 25.2% | ||||
| Adj EPS ⓘ | 27% | 43.5% | 37.8% | 43.6% | ||||
| BVPSⓘ | 22.9% | 29.6% | 33.7% | 37.8% | ||||
| Share Price | 40.5% | 57.5% | 60.1% | 30.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 22 | 18.6 | 24.3 | 21.4 | 17.2 | 20.3 | 27.9 | 29.2 | 29.4 | 31.4 | 29.5 |
| Op. Profit Mgn % ⓘ | 19.2 | 17.9 | 19.2 | 17.4 | 17.2 | 14.3 | 15 | 22.7 | 24.6 | 28 | 28.6 |
| Net Profit Mgn % ⓘ | 11.7 | 10.4 | 12 | 13.5 | 11.8 | 10.1 | 10.5 | 16.1 | 17.9 | 20.5 | 22.2 |
| Debt to Equity ⓘ | 0.4 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0 | - |
| Working Cap Days ⓘ | 143 | 151 | 129 | 146 | 152 | 130 | 117 | 150 | 146 | 162 | 72 |
| Cash Conv. Cycle ⓘ | 43 | 53 | 37 | 42 | 52 | 49 | 48 | 68 | 67 | 65 | 42 |
Valuation of Solar Industries Ind - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.55 | 0.55 | 0.55 | 0.55 | 1.52 | 1.52 | 1.52 | 1.52 | 1.76 | 2.27 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,580 | 1,916 | 2,462 | 2,237 | 2,516 | 3,948 | 6,923 | 6,070 | 7,540 | 9,838 |
| Operating Expenses ⓘ + | 1,256 | 1,515 | 1,960 | 1,803 | 2,001 | 3,213 | 5,634 | 4,700 | 5,598 | 7,216 |
| Operating Profit ⓘ | 324 | 401 | 502 | 434 | 515 | 735 | 1,289 | 1,369 | 1,942 | 2,622 |
| Operating Profit Margin (%) | 20.5% | 20.9% | 20.4% | 19.4% | 20.5% | 18.6% | 18.6% | 22.6% | 25.8% | 26.7% |
| Other Income ⓘ + | 13 | 23 | 15 | 41 | 21 | 32 | 32 | 44 | 89 | 128 |
| Interest ⓘ | 27 | 33 | 50 | 55 | 45 | 50 | 90 | 109 | 117 | 134 |
| Depreciation ⓘ | 39 | 51 | 59 | 85 | 94 | 109 | 128 | 143 | 182 | 251 |
| Profit Before Tax ⓘ | 271 | 340 | 402 | 336 | 397 | 607 | 1,102 | 1,161 | 1,739 | 2,365 |
| Tax ⓘ | 77 | 106 | 125 | 57 | 109 | 152 | 290 | 286 | 451 | 629 |
| Profit After Tax | 195 | 234 | 277 | 279 | 288 | 455 | 811 | 875 | 1,288 | 1,737 |
| PAT Margin (%) | 12.3% | 12.2% | 11.2% | 12.5% | 11.5% | 11.5% | 11.7% | 14.4% | 17.1% | 17.7% |
| Adjusted EPS (₹) | 20.6 | 24.4 | 28.9 | 29.6 | 30.5 | 48.8 | 83.7 | 92.4 | 133.6 | 185.4 |
| Dividend Payout Ratio (%) | 24.30% | 24.60% | 24.20% | 20.30% | 19.70% | 15.40% | 9.60% | 9.20% | 7.50% | 5.90% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 929 | 1,084 | 1,238 | 1,380 | 1,579 | 1,914 | 2,610 | 3,306 | 4,413 | 6,277 | |
| Debt + | 409 | 425 | 466 | 610 | 627 | 673 | 806 | 782 | 613 | 1,101 | |
| Minority Interest | 40 | 47 | 48 | 52 | 63 | 101 | 140 | 122 | 160 | 272 | |
| Trade Payables | 89 | 143 | 163 | 154 | 286 | 465 | 488 | 553 | 887 | 917 | |
| Others Liabilities ⓘ | 255 | 288 | 338 | 285 | 404 | 477 | 864 | 815 | 2,069 | 2,165 | |
| Total Liabilities ⓘ | 1,722 | 1,988 | 2,253 | 2,481 | 2,959 | 3,629 | 4,909 | 5,577 | 8,142 | 10,733 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 777 | 923 | 1,043 | 1,209 | 1,288 | 1,493 | 1,702 | 2,028 | 2,729 | 4,006 | |
| CWIP ⓘ | 91 | 107 | 178 | 165 | 293 | 230 | 282 | 490 | 707 | 731 | |
| Investments ⓘ | 53 | 17 | 33 | 2 | 1 | 18 | 99 | 370 | 676 | 183 | |
| Inventories | 181 | 232 | 283 | 331 | 440 | 719 | 1,098 | 847 | 1,040 | 1,742 | |
| Trade Receivables | 319 | 364 | 399 | 370 | 455 | 541 | 825 | 845 | 1,239 | 1,858 | |
| Cash Equivalents | 39 | 69 | 92 | 120 | 181 | 99 | 260 | 287 | 725 | 584 | |
| Others Assets ⓘ | 261 | 275 | 226 | 283 | 301 | 529 | 643 | 711 | 1,026 | 1,629 | |
| Total Assets ⓘ | 1,722 | 1,988 | 2,253 | 2,481 | 2,959 | 3,629 | 4,909 | 5,577 | 8,142 | 10,733 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 118 | 254 | 314 | 325 | 357 | 298 | 656 | 1,406 | 2,468 | 621 |
| Cash Flow From Investing Activity ⓘ + | -170 | -174 | -202 | -212 | -251 | -303 | -519 | -727 | -1,593 | -1,164 |
| Cash Flow From Financing Activity ⓘ + | 53 | -53 | -52 | -34 | -26 | -45 | 118 | -370 | -476 | 209 |
| Net Cash Flow ⓘ | 0 | 27 | 60 | 79 | 80 | -51 | 256 | 308 | 398 | -334 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 22.46 | 23.21 | 23.84 | 21.29 | 19.47 | 26.07 | 35.86 | 29.59 | 33.37 | 32.49 |
| ROCE (%) | 22.66 | 24.57 | 26.23 | 19.88 | 19.87 | 25.56 | 36.33 | 31.02 | 38 | 38.16 |
| Asset Turnover Ratio | 1.06 | 1.06 | 1.18 | 0.96 | 0.94 | 1.21 | 1.62 | 1.16 | 1.1 | 1.04 |
| PAT to CFO Conversion(x) | 0.61 | 1.09 | 1.13 | 1.16 | 1.24 | 0.65 | 0.81 | 1.61 | 1.92 | 0.36 |
| Working Capital Days | ||||||||||
| Receivable Days | 62.90 | 63.50 | 55.70 | 61.70 | 59.10 | 45.60 | 36 | 50.20 | 50.40 | 57.40 |
| Inventory Days | 36.40 | 38.40 | 37.60 | 49.20 | 55.20 | 53.10 | 47.90 | 58.50 | 45.70 | 51.60 |
| Payable Days | 39.70 | 39.90 | 39.90 | 46.40 | 51 | 38.90 | 25.50 | 37.90 | 37.40 | 41.90 |
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Solar Industries India Ltd FAQs
The current trading price of Solar Industries Ind on 16-Sep-2026 12:53 is ₹19,015.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 15-Sep-2026 the market cap of Solar Industries Ind stood at ₹1,74,193.4 Cr
The latest P/E ratio of Solar Industries Ind as of 15-Sep-2026 is 133.9.
The latest P/B ratio of Solar Industries Ind as of 15-Sep-2026 is 37.99.
The 52-week high of Solar Industries Ind is ₹22,630.1 and the 52-week low is ₹11,641.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Solar Industries Ind is ₹5,848 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Solar Industries India Ltd is a good quality company.
The key valuation ratios of Solar Industries India Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Solar Industries India Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Solar Industries India Ltd
Solar Explosives, a Solar group company was incorporated on February 24, 1995 by Satyanarayan Nuwal, Nandlal Nuwal and Kailashchandra Nuwal. The journey of “Solar” Group started in the year 1984 when a proprietary firm Solar Explosives was formed by Satyanarayan Nuwal for trading in Explosives. In this year one of the, then largest Indian Explosive manufacturing company awarded its first consignment agency to Solar Explosives. The name of Solar Explosives Limited got changed to Solar Industries India Limited and the trading symbol of the company on NSE was changed from SOLAREX to SOLARINDS with effect from April 13, 2009.
Solar Group has evolved from a single site manufacturing company in 1995 to a globally recognised Industrial Explosives manufacturer today. With extensive experience, expertise and potential founded on years of experience in the Industrial Explosives segment, the company has entered into Defence and setup one of the world’s most integrated facilities for Ammunition.
Its innovation edge is rooted in a strategic blend of talented manpower and technological prowess. The company bank on its rich experience to create sustainable value and intend to accelerate towards excellence at an impressive pace. The company employ a comprehensive suite of robust best practice policies, and are committed to the safety, health, and wellbeing of people, communities and the environment.
Business area of the company
The company is one of the largest domestic manufacturer and supplier of bulk and cartridge explosives, detonators, detonating cords, and components.
Products
- Industrial Explosives
- Defence
Milestones
- 1983: Commenced explosives trading business
- 1996: Started production of Detonators
- 1998: Added Detonating Cord, Cast Booster and PETN to product portfolio
- 2000: Commenced production of Packaged Explosives after being incorporated in 1995
- 2001: Commenced production of Bulk Explosives
- 2006: Listed shares on Bombay Stock Exchange and National Stock Exchange
- 2006: Commenced Exports
- 2007: Extended India presence by setting up new bulk plants
- 2009: Emerged as India’s largest explosives manufacturer
- 2009: Set up manufacturing units at Zambia and Nigeria
- 2010: Ventured into Defence Segment for manufacturing HMX and Propellants
- 2011-12: Set up manufacturing unit at Turkey
- 2013: Commenced manufacturing of 3-layer shock tubes.
- 2013: Started commercial production of Electronic Detonators
- 2013: Introduced underground Bulk Explosives
- 2015: Started supplying HMX and HMX Compounds
- 2016: Set up facilities to manufacture Warhead Filling, Pyros, Ignitors, Propellants for Pinaka Mark-II
- 2017: Operationalised plant in South Africa. Started getting Bulk Defence Order
- 2018: Started Export of Defence Products
- 2018: Received TOT for mass production of Crucial Solid Propellant Booster of BrahMos missiles
- 2019: Defence turnover stood at Rs 170.20 crore for FY 18-19
- 2020: Celebrating 25 Years of excellence in the field of Explosives
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