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Solar Industries India Ltd - Stock Valuation and Financial Performance

BSE: 532725 | NSE: SOLARINDS | Chemicals | Mid Cap

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Solar Industries Share Price

 ₹14,898.85 -243.30 -1.61%
as on 18-Jul'25 16:59

Solar Industries India Ltd - Stock Valuation and Financial Performance

BSE: 532725 | NSE: SOLARINDS | Chemicals | Mid Cap

Place order

Solar Industries Share Price

 ₹14,898.85 -243.30 -1.61%
as on 18-Jul'25 16:59

DeciZen - make an informed investing decision on Solar Industries

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation

Overvalued
Check 10 Yrs Valuation charts

3. Price Trend

Weak
Check Price chart

Solar Industries India stock performance -

PE Chart Key Ratios
mw4me loader
P/E Ratio (SA):
167.87
Market Cap:
1,34,819.8 Cr.
52-wk low:
8,479.3
52-wk high:
17,805

Is Solar Industries India Ltd an attractive stock to invest in?

1. Is Solar Industries India Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Solar Industries India Ltd is a good quality company.

2. Is Solar Industries India Ltd undervalued or overvalued?

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.

3. Is Solar Industries India Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Solar Industries India Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Solar Industries:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
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 ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ25.7%25.9%24.2%30.4%24%21.4%25.8%33.9%34.2%37.4%-
Value Creation
Index ⓘ		0.90.90.81.30.80.61.32.02.02.3-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ1,0161,1371,2731,6631,5121,5842,5284,1623,7184,4574,457
Sales YoY Gr.-11.9%12%30.6%-9.1%4.8%59.6%64.6%-10.7%19.9%-
Adj EPS ⓘ11.614.714.421.922.42228.248.26687.488.8
YoY Gr.-26.6%-1.8%51.8%2.4%-2.1%28.6%70.9%36.8%32.5%-
BVPS (₹) ⓘ60.672.883.997.8112.9127.8150.9195.3259.3338.9338.9
Adj Net
Profit ⓘ		105133131198203199255436597791803
Cash Flow from Ops. ⓘ17470.22132101951482941337701,054-
Debt/CF from Ops. ⓘ13.50.70.80.70.90.53.20.40.2-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ17.9%24.1%20.8%19.9%
Adj EPS ⓘ25.2%31.3%45.8%32.5%
BVPSⓘ21.1%24.6%31%30.7%
Share Price 33.9% 70.7% 77.1% 37%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		19.62218.424.121.318.220.327.92929.226.2
Op. Profit
Mgn % ⓘ		1819.217.919.217.418.314.31522.724.624.6
Net Profit
Mgn % ⓘ		10.311.710.311.913.412.510.110.516.117.818
Debt to
Equity ⓘ		0.30.40.20.20.10.10.10.20.10.10
Working Cap
Days ⓘ		14114315112914615213011715014671
Cash Conv.
Cycle ⓘ		3343533742524948686733

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 20.80%

Net Profit is growing at healthy rate in last 3 years 45.76%

Sales growth is good in last 4 quarters at 19.70%

Return on Equity has declined versus last 3 years average to 26.20%

Latest Financials - Solar Industries India Ltd.

Standalone Consolidated
TTM EPS (₹) 88.8 133.7
TTM Sales (₹ Cr.) 4,457 7,540
BVPS (₹.) ⓘ 338.9 484.7
Reserves (₹ Cr.) ⓘ 3,049 4,368
P/BV ⓘ 43.96 30.74
PE ⓘ 167.87 111.47
From the Market
52 Week Low / High (₹) 8479.30 / 17805.00
All Time Low / High (₹) 18.81 / 17805.00
Market Cap (₹ Cr.) 1,34,820
Equity (₹ Cr.) 18.1
Face Value (₹) 2
Industry PE ⓘ 57

Management X-Ray of Solar Industries:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.550.550.550.551.521.52
* Pledged shares as % of Promoter's holding (%)

Valuation of Solar Industries

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Analyst's Notes

No data found!

Key Ratios of Solar Industries

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,0161,1371,2731,6631,5121,5842,5284,1623,7184,457
Operating Expenses ⓘ 8349201,0461,3501,2481,3122,1693,5412,8833,359
Manufacturing Costs404757808583110142149172
Material Costs7007538221,0769601,0231,7823,0052,3012,580
Employee Cost 435469828589111135165205
Other Costs ⓘ 516699112118117165259268403
Operating Profit ⓘ 1822172273132632723606218351,097
Operating Profit Margin (%) 17.9%19.1%17.8%18.8%17.4%17.2%14.2%14.9%22.5%24.6%
Other Income ⓘ 16131921352652635884
Interest ⓘ 81414121279283029
Depreciation ⓘ 18192629343849576375
Exceptional Items ⓘ 000-6000000
Profit Before Tax ⓘ 1731972052872522533536008001,077
Tax ⓘ 64657196396492155204274
Profit After Tax 109133134191213189262445596803
PAT Margin (%) 10.7%11.7%10.5%11.5%14.1%11.9%10.3%10.7%16.0%18.0%
Adjusted EPS (₹)12.014.714.821.223.620.928.949.265.988.7
Dividend Payout Ratio (%)37%34%40%33%25%29%26%16%13%11%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 5486597598851,0211,1571,3661,7672,3463,067
Share Capital ⓘ 18181818181818181818
Reserves ⓘ 5306417418671,0031,1391,3471,7492,3283,049
Minority Interest0000000000
Debt15317796821029511932519394
Long Term Debt97807537637511918219394
Short Term Debt579721453920014200
Trade Payables78375986106187335394333581
Others Liabilities ⓘ 120177186239155162190283362694
Total Liabilities ⓘ 9001,0501,1011,2921,3841,6002,0092,7693,2354,436

Fixed Assets

Gross Block4524344775546627119021,0261,1111,512
Accumulated Depreciation101315784117153196246299373
Net Fixed Assetsⓘ 3514034204705455587067798111,139
CWIP ⓘ 12163574321304178219113
Investmentsⓘ 661036692130129146226667859
Inventories69789194100143274460264397
Trade Receivables132178158185206295298539605787
Cash Equivalents 61010276548256165196
Others Assetsⓘ 262263322349306299519625603946
Total Assets ⓘ 9001,0501,1011,2921,3841,6002,0092,7693,2354,436

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ 174702132101951482941337701,054
PBT ⓘ 1731972052872522533536008001,077
Adjustment ⓘ 17263253264116336343
Changes in Working Capital ⓘ 16-10535-44-18-82-2-36193196
Tax Paid ⓘ -32-48-59-87-65-64-73-140-187-262
Cash Flow From Investing Activity ⓘ -109-100-78-129-10-99-280-271-549-691
Capex -73-79-65-114-73-127-129-166-236-277
Net Investments 6-3135-26361-17-47-18748
Others ⓘ -4310-48112726-135-57-126-462
Cash Flow From Financing Activityⓘ -6536-139-65-142-66-36173-217-232
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 1828-16-11-43164912434-118
Interest Paid ⓘ -8-11-14-12-16-9-10-24-35-36
Dividend Paid ⓘ -69-18-27-65-76-54-54-68-72-77
Others ⓘ -737-8123-7-19-21141-144-1
Net Cash Flow ⓘ 06-41643-18-22354131

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)20.3121.9718.9423.2922.3917.3620.7428.4328.9929.67
ROCE (%)25.7225.9124.1930.4323.9821.3525.8333.8534.2337.37
Asset Turnover Ratio1.331.291.221.421.161.081.421.771.251.17
PAT to CFO Conversion(x)1.60.531.591.10.920.781.120.31.291.31
Working Capital Days
Receivable Days40454737465642365656
Inventory Days19212320232730323527
Payable Days30282125354127232821

Solar Industries India Ltd Stock News

Solar Industries India Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Solar Industries on 18-Jul-2025 16:59 is ₹14,898.9.
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 18-Jul-2025 16:59 the market cap of Solar Industries stood at ₹1,34,819.8.
The latest P/E ratio of Solar Industries as of 18-Jul-2025 16:59 is 167.9.
The latest P/B ratio of Solar Industries as of 18-Jul-2025 16:59 is 43.96.
The 52-week high of Solar Industries is ₹17,805 and the 52-week low is ₹8,479.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Solar Industries is ₹4,457 ( Cr.) .

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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