Is Solar Industries India Ltd (SOLARINDS) 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 .

Is Solar Industries India Ltd (SOLARINDS) 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 .

What is Solar Industries India Ltd (SOLARINDS) share price return in the past 10 years?

Solar Industries India Ltd share price has appreciated 36.1% annually (CAGR) over the past ten years.

Is Solar Industries India Ltd (SOLARINDS) a good buy now?

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

What is the share price of Solar Industries India Ltd (SOLARINDS)?

Company share prices are keep on changing according to the market conditions. The current trading price of Solar Industries India Ltd (SOLARINDS) on 17-Apr-2026 16:59:59 at 16:59 is 15086.85.

What is the P/E ratio of Solar Industries India?

The latest standalone P/E ratio of Solar Industries India as of 17-Apr-2026 is 127.48.

What is the P/B ratio of Solar Industries India Ltd (SOLARINDS)?

The latest standalone P/B ratio of Solar Industries India Ltd (SOLARINDS) as of 17-Apr-2026 is 35.62.

What is the 52-week high and low of Solar Industries India Ltd (SOLARINDS)?

The 52-week high of Solar Industries India Ltd (SOLARINDS) is Rs. 17805.00 and the 52-week low is Rs. 11641.10.

Solar Industries India Ltd (SOLARINDS) Share Analysis – Quality, Valuation Zone & Price Trend & DeciZen Rating

Name: Solar Industries India Ltd (SOLARINDS)
Brand: Solar Industries India

Solar Industries India Ltd (SOLARINDS) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

BSE: 532725 NSE: SOLARINDS | Chemicals | Large Cap

Solar Industries India Ltd (SOLARINDS)

BSE: 532725 NSE: SOLARINDS

Key Metrics

Market Cap

₹1,36,521 Cr.

P/E Ratio

127.48

Price to Book (P/B)

35.62

Price to Sales (P/S)

25.74

EV/EBITDA

87.68

Return on Capital Employed (ROCE)

37.37%

Current Price

₹15,086.9

Return on Equity (ROE)

29.67%

Return on Assets (ROA)

20.94%

Operating Profit Margin

24.6%

Net Profit Margin

18.02%

Gross Profit Margin

25.6%

Book Value per Share

₹423.6

Sales Growth (YoY)

19.88%

Sales Growth (3 Years)

20.8%

Operating Profit Growth (1 Year)

31.44%

Operating Profit Growth (3 Years)

45.01%

Net Profit Growth (1 Year)

34.68%

52-Week Low / High

₹11,641 / 17,805

Net Profit Growth (3 Years)

45.35%

Dividend Yield

0.09%

Promoter Holding

73.15%

Pledged shares (%)
of Promoter's holding (%)

1.76%

Check Before You Invest

Q.1 Revenue growth of Solar Industries India Ltd?

Solar Industries India Ltd revenue growth is 19.9% for FY-2025 , which is below its 5 year CAGR of 24.1% , indicating slower growth.

Q.1 Promoter shareholding and pledge status of Solar Industries India Ltd?

Promoters hold 73.15% of the Solar Industries India Ltd, with 1.76% of their stake pledged, indicating low pledge risk.

Q.1 Revenue growth of Solar Industries India Ltd vs industry peers?

Solar Industries India Ltd revenue CAGR is 24.14% , compared to the industry median CAGR of 6.25% , indicating faster growth and gaining its market share.

Q.1 Which industry/sub-sector does Solar Industries India Ltd belong to?

Solar Industries India Ltd belongs to the Chemicals & Fertilizers sector, operating specifically within the Chemicals segment.

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 36.1% based on the current price.

DeciZen - make an informed investing decision on Solar Industries

Based on:

Data

Overall Rating ⓘ
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1. Quality

2. Valuation

3. Price Trend

Solar Industries India stock performance

Key Ratios

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

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

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

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	25.7%	25.9%	24.2%	30.4%	24%	21.4%	25.8%	33.9%	34.2%	37.4%	-
Value Creation Index ⓘ	0.9	0.9	0.8	1.3	0.8	0.6	1.3	2.0	2.0	2.3	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	1,016	1,137	1,273	1,663	1,512	1,584	2,528	4,162	3,718	4,457	5,304
Sales YoY Gr.	-	11.9%	12%	30.6%	-9.1%	4.8%	59.6%	64.6%	-10.7%	19.9%	-
Adj EPS ⓘ	11.6	14.7	14.6	22.1	22.5	20.7	28.3	48.3	66.3	88	118.4
YoY Gr.	-	26.6%	-0.8%	51.3%	2%	-7.8%	36.2%	71%	37.2%	32.7%	-
BVPS (₹) ⓘ	60.6	72.8	83.9	97.8	112.9	127.8	150.9	195.3	259.3	338.9	423.6
Adj Net Profit ⓘ	105	133	132	200	204	188	256	437	600	796	1,071
Cash Flow from Ops. ⓘ	174	70.2	213	210	195	148	294	133	770	1,054	-
Debt/CF from Ops. ⓘ	1	3.5	0.7	0.8	0.7	0.9	0.5	3.2	0.4	0.2	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	17.9%	24.1%	20.8%	19.9%
Adj EPS ⓘ	25.3%	31.4%	46%	32.7%
BVPSⓘ	21.1%	24.6%	31%	30.7%
Share Price	36.1%	63.3%	57.5%	23.3%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	19.6	22	18.6	24.3	21.4	17.2	20.3	27.9	29.2	29.4	31
Op. Profit Mgn % ⓘ	18	19.2	17.9	19.2	17.4	17.2	14.3	15	22.7	24.6	26.8
Net Profit Mgn % ⓘ	10.3	11.7	10.4	12	13.5	11.8	10.1	10.5	16.1	17.9	20.2
Debt to Equity ⓘ	0.3	0.4	0.2	0.2	0.1	0.1	0.1	0.2	0.1	0.1	-
Working Cap Days ⓘ	141	143	151	129	146	152	130	117	150	146	77
Cash Conv. Cycle ⓘ	33	43	53	37	42	52	49	48	68	67	45

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	118.4	160.5
TTM Sales (₹ Cr.)	5,304	8,952
BVPS (₹) ⓘ	423.6	616.9
Reserves (₹ Cr.) ⓘ	3,815	5,564
P/BV ⓘ	35.62	24.45
PE ⓘ	127.48	94.01

From the Market
52 Week Low / High (₹)	11641.10 / 17805.00
All Time Low / High (₹)	18.81 / 17805.00
Market Cap (₹ Cr.)	1,36,521
Equity (₹ Cr.)	18.1
Face Value (₹)	2
Industry PE ⓘ	45.3

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

0.55

1.52

1.76

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

Valuation of Solar Industries - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	1,016	1,137	1,273	1,663	1,512	1,584	2,528	4,162	3,718	4,457
Operating Expenses ⓘ +	834	920	1,046	1,350	1,248	1,312	2,169	3,541	2,883	3,359
Manufacturing Costs	40	47	57	80	85	83	110	142	149	172
Material Costs	700	753	822	1,076	960	1,023	1,782	3,005	2,301	2,580
Employee Cost	43	54	69	82	85	89	111	135	165	205
Other Costs ⓘ	51	66	99	112	118	117	165	259	268	403
Operating Profit ⓘ	182	217	227	313	263	272	360	621	835	1,097
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 ⓘ +	16	13	19	21	35	26	52	63	58	84
Exceptional Items ⓘ	0	0	0	-6	0	0	0	0	0	0
Interest ⓘ	8	14	14	12	12	7	9	28	30	29
Depreciation ⓘ	18	19	26	29	34	38	49	57	63	75
Profit Before Tax ⓘ	173	197	205	287	252	253	353	600	800	1,077
Tax ⓘ	64	65	71	96	39	64	92	155	204	274
Profit After Tax	109	133	134	191	213	189	262	445	596	803
PAT Margin (%)	10.7%	11.7%	10.5%	11.5%	14.1%	11.9%	10.3%	10.7%	16.0%	18.0%
Adjusted EPS (₹)	12.0	14.7	14.8	21.2	23.6	20.9	28.9	49.2	65.9	88.7
Dividend Payout Ratio (%)	37%	34%	40%	33%	25%	29%	26%	16%	13%	11%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	548	659	759	885	1,021	1,157	1,366	1,767	2,346	3,067
Share Capital ⓘ	18	18	18	18	18	18	18	18	18	18
Reserves ⓘ	530	641	741	867	1,003	1,139	1,347	1,749	2,328	3,049
Debt +	153	177	96	82	102	95	119	325	193	94
Long Term Debt	97	80	75	37	63	75	119	182	193	94
Short Term Debt	57	97	21	45	39	20	0	142	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	78	37	59	86	106	187	335	394	333	581
Others Liabilities ⓘ	120	177	186	239	155	162	190	283	362	694
Total Liabilities ⓘ	900	1,050	1,101	1,292	1,384	1,600	2,009	2,769	3,235	4,436
Fixed Assets
Net Fixed Assets ⓘ +	351	403	420	470	545	558	706	779	811	1,139
Gross Block	452	434	477	554	662	711	902	1,026	1,111	1,512
Accumulated Depreciation	101	31	57	84	117	153	196	246	299	373
CWIP ⓘ	12	16	35	74	32	130	41	78	219	113
Investments ⓘ	66	103	66	92	130	129	146	226	667	859
Inventories	69	78	91	94	100	143	274	460	264	397
Trade Receivables	132	178	158	185	206	295	298	539	605	787
Cash Equivalents	6	10	10	27	65	48	25	61	65	196
Others Assets ⓘ	262	263	322	349	306	299	519	625	603	946
Total Assets ⓘ	900	1,050	1,101	1,292	1,384	1,600	2,009	2,769	3,235	4,436

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	174	70	213	210	195	148	294	133	770	1,054
PBT ⓘ	173	197	205	287	252	253	353	600	800	1,077
Adjustment ⓘ	17	26	32	53	26	41	16	33	63	43
Changes in Working Capital ⓘ	16	-105	35	-44	-18	-82	-2	-361	93	196
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	-31	35	-26	36	1	-17	-47	-187	48
Others ⓘ	-43	10	-48	11	27	26	-135	-57	-126	-462
Cash Flow From Financing Activity ⓘ +	-65	36	-139	-65	-142	-66	-36	173	-217	-232
Net Proceeds from Shares ⓘ	0	0	0	0	0	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	18	28	-16	-11	-43	16	49	124	34	-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 ⓘ	-7	37	-81	23	-7	-19	-21	141	-144	-1
Net Cash Flow ⓘ	0	6	-4	16	43	-18	-22	35	4	131

Finance Ratio

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	20.31	21.97	18.94	23.29	22.39	17.36	20.74	28.43	28.99	29.67
ROCE (%)	25.72	25.91	24.19	30.43	23.98	21.35	25.83	33.85	34.23	37.37
Asset Turnover Ratio	1.33	1.29	1.22	1.42	1.16	1.08	1.42	1.77	1.25	1.17
PAT to CFO Conversion(x)	1.6	0.53	1.59	1.1	0.92	0.78	1.12	0.3	1.29	1.31
Working Capital Days
Receivable Days	40	45	47	37	46	56	42	36	56	56
Inventory Days	19	21	23	20	23	27	30	32	35	27
Payable Days	30	28	21	25	35	41	27	23	28	21

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Solar Industries India Ltd FAQs

The current trading price of Solar Industries on 17-Apr-2026 16:59 is ₹15,086.9.

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 16-Apr-2026 the market cap of Solar Industries stood at ₹1,36,521 Cr

The latest P/E ratio of Solar Industries as of 16-Apr-2026 is 127.5.

The latest P/B ratio of Solar Industries as of 16-Apr-2026 is 35.62.

The 52-week high of Solar Industries is ₹17,805 and the 52-week low is ₹11,641.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Solar Industries is ₹5,304 ( 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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● Conflict-Free ● SEBI Registered ● 15Y+ Track Record

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
Logo:
Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
Brand Logo:
SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Solar Industries India Ltd (SOLARINDS) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Solar Industries Share Price