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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

₹18,489.15 -119.25 (-0.64%)

As on 24-Jul'26 16:59

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

₹18,489.15 -119.25 (-0.64%)

As on 24-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,67,308 Cr.
Current Price
₹18,489.2
52-Week Low / High
₹11,641 / 19,161
TTM EPS
₹135
TTM Sales
₹5,579 Cr.
Book Value per Share
₹467.1
P/E Ratio
136.95
Higher than its 5-year historical median
Industry PE
51.7
Price to Book (P/B)
39.58
Higher than its 5-year historical median
Price to Sales (P/S)
29.99
Higher than its 5-year historical median
EV/EBITDA
94.65
Higher than its 5-year historical median
Dividend Yield
0.06%
Profitability Efficiency
Return on Equity (ROE)
33.50%
Outperforms industry median
Return on Capital Employed (ROCE)
43.69%
Outperforms industry median
Return on Assets (ROA)
24.52%
Operating Profit Margin
27.9%
Net Profit Margin
21.9%
Gross Profit Margin
30.8%
Growth Momentum
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
42.12%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
52.12%
Asset Quality
Promoter Holding
73.15%
Pledged shares (%) of Promoter's holding (%)
2.27%
Reserves
₹4,209 Cr.
Equity
₹18.1 Cr.
Face Value
₹2
All Time Low / High
₹18.81 / 19160.55

Solar Industries India stock performance

Key Ratios
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Quality

Very Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Semi Strong
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Q.1 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.

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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.

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How does Solar Industries India Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Solar Industries India Ltd vs industry peers?
Solar Industries India Ltd revenue CAGR is 28.63%, compared to the industry median CAGR of 21.76%, indicating faster growth and gaining its market share.
Q.1 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.
Q.1 Stock return of Solar Industries India Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 39.3% based on the current price.
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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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ25.9%24.2%30.4%24%21.4%25.8%33.9%34.2%37.4%43.7%-
Value Creation
Index ⓘ		0.90.81.30.80.61.32.02.02.32.9-

Growth Parameters ⓘ
Sales ⓘ1,1371,2731,6631,5121,5842,5284,1623,7184,4575,5795,579
Sales YoY Gr.-12%30.6%-9.1%4.8%59.6%64.6%-10.7%19.9%25.2%-
Adj EPS ⓘ14.714.622.122.520.728.348.366.388126.3135
YoY Gr.--0.8%51.3%2%-7.8%36.2%71%37.2%32.7%43.6%-
BVPS (₹) ⓘ72.883.997.8112.9127.8150.9195.3259.3338.9467.1467.1
Adj Net
Profit ⓘ		1331322002041882564376007961,1431,222
Cash Flow from Ops. ⓘ70.22132101951482941337701,054927-
Debt/CF from Ops. ⓘ3.50.70.80.70.90.53.20.40.20.2-

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 39.3% 63.4% 69% 27.4%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		2218.624.321.417.220.327.929.229.431.428.9
Op. Profit
Mgn % ⓘ		19.217.919.217.417.214.31522.724.62828
Net Profit
Mgn % ⓘ		11.710.41213.511.810.110.516.117.920.521.9
Debt to
Equity ⓘ		0.40.20.20.10.10.10.20.10.100
Working Cap
Days ⓘ		14315112914615213011715014616272
Cash Conv.
Cycle ⓘ		4353374252494868676542

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,1371,2731,6631,5121,5842,5284,1623,7184,4575,579
Operating Expenses ⓘ + 9201,0461,3501,2481,3122,1693,5412,8833,3594,020
Manufacturing Costs4757808583110142149177210
Material Costs7538221,0769601,0231,7823,0052,3012,5802,936
Employee Cost 5469828589111135165205252
Other Costs ⓘ 6699112118117165259268398621
Operating Profit ⓘ 2172273132632723606218351,0971,559
Operating Profit Margin (%) 19.1%17.8%18.8%17.4%17.2%14.2%14.9%22.5%24.6%27.9%
Other Income ⓘ + 131921352652635884207
Exceptional Items ⓘ 00-60000000
Interest ⓘ 141412127928302926
Depreciation ⓘ 192629343849576375100
Profit Before Tax ⓘ 1972052872522533536008001,0771,641
Tax ⓘ 657196396492155204274419
Profit After Tax 1331341912131892624455968031,222
PAT Margin (%) 11.7%10.5%11.5%14.1%11.9%10.3%10.7%16.0%18.0%21.9%
Adjusted EPS (₹)14.714.821.223.620.928.949.265.988.7135.0
Dividend Payout Ratio (%)34.10%40.40%33.10%25.50%28.70%26%16.30%12.90%11.30%8.20%

Valuation of Solar Industries Ind - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 6597598851,0211,1571,3661,7672,3463,0674,227
Share Capital ⓘ 18181818181818181818
Reserves ⓘ 6417418671,0031,1391,3471,7492,3283,0494,209
Debt +1779682102951193251939479
Long Term Debt80753763751191821939479
Short Term Debt97214539200142000
Minority Interest0000000000
Trade Payables375986106187335394333581486
Others Liabilities ⓘ 177186239155162190283362694737
Total Liabilities ⓘ 1,0501,1011,2921,3841,6002,0092,7693,2354,4365,529

Fixed Assets

Net Fixed Assets ⓘ +4034204705455587067798111,1391,377
Gross Block4344775546627119021,0261,1111,5121,844
Accumulated Depreciation315784117153196246299373467
CWIP ⓘ 163574321304178219113147
Investments ⓘ 1036692130129146226667859867
Inventories789194100143274460264397405
Trade Receivables178158185206295298539605787985
Cash Equivalents 1010276548256165196254
Others Assets ⓘ 2633223493062995196256039461,494
Total Assets ⓘ 1,0501,1011,2921,3841,6002,0092,7693,2354,4365,529

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 702132101951482941337701,054927
PBT ⓘ 1972052872522533536008001,0771,641
Adjustment ⓘ 263253264116336343-17
Changes in Working Capital ⓘ -10535-44-18-82-2-36193196-309
Tax Paid ⓘ -48-59-87-65-64-73-140-187-262-387
Cash Flow From Investing Activity ⓘ + -100-78-129-10-99-280-271-549-691-682
Capex -79-65-114-73-127-129-166-236-277-398
Net Investments -3135-26361-17-47-18748182
Others ⓘ 10-48112726-135-57-126-462-467
Cash Flow From Financing Activity ⓘ + 36-139-65-142-66-36173-217-232-188
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 28-16-11-43164912434-118-53
Interest Paid ⓘ -11-14-12-16-9-10-24-35-36-42
Dividend Paid ⓘ -18-27-65-76-54-54-68-72-77-91
Others ⓘ 37-8123-7-19-21141-144-1-3
Net Cash Flow ⓘ 6-41643-18-2235413157

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)21.9718.9423.2922.3917.3620.7428.4328.9929.6733.5
ROCE (%)25.9124.1930.4323.9821.3525.8333.8534.2337.3743.69
Asset Turnover Ratio1.291.221.421.161.081.421.771.251.171.13
PAT to CFO Conversion(x)0.531.591.10.920.781.120.31.291.310.76
Working Capital Days
Receivable Days45.2046.5036.9046.1056.5042.2036.1055.6056.4057.20
Inventory Days21.5023.4019.8022.8027.4029.7031.7035.2026.8025.90
Payable Days27.8021.4024.7034.904127.5023.2027.8020.6024.10

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.550.550.550.551.521.521.521.521.762.27
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Solar Industries India Ltd FAQs

The current trading price of Solar Industries Ind on 24-Jul-2026 16:59 is ₹18,489.2.

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 23-Jul-2026 the market cap of Solar Industries Ind stood at ₹1,67,308.4 Cr

The latest P/E ratio of Solar Industries Ind as of 23-Jul-2026 is 136.9.

The latest P/B ratio of Solar Industries Ind as of 23-Jul-2026 is 39.58.

The 52-week high of Solar Industries Ind is ₹19,160.6 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 ₹5,579 ( 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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