Solar Industries India Limited
₹18,836.25-₹591.75 (-3.0%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹1,14,837 Cr
- P/E
- 121.0x
- EV / EBITDA
- 128.6x
- Revenue
- ₹4,457 Cr
- Net margin
- 16.0%
- ROCE
- 31.4%
Price chart
Technical chartScreen technicals →+35.6% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -3.4%
- 3M
- +4.4%
- 6M
- +22.0%
- 1Y
- +35.6%
- 5Y
- +709.1%
52-week range
Day change -₹591.75 (-3.0%) from ₹19,428 to ₹18,836 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in SOLARINDS, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong 5-year revenue CAGR of 19.7%
Concerns1
- Valuation elevated — PE of 121.0x is 109% above peer average of 57.8x
Rule-based from financial data. Not advice.
About the company
Solar Industries India Limited, together with its subsidiaries, engages in the manufacture and sale of industrial explosives and explosive initiating devices in India and internationally.
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Solar Industries India Limited, together with its subsidiaries, engages in the manufacture and sale of industrial explosives and explosive initiating devices in India and internationally. It offers industrial explosives, such as bulk and packaged explosives; and initiating systems, including electronic, electric, non-electric, and plain detonators, as well as cord relays, cast boosters, detonating cords, and aluminum elemented det products. The company provides defense products, including unmanned aerial systems and drones, ammunitions, high energy materials, bombs and warheads, rockets and missiles, initiating systems and detonix, chaffs and flares, and mines devices. Its products are used in mining, infrastructure, construction, defence, and the space sectors. The company was formerly known as Solar Explosives Limited and changed its name to Solar Industries India Limited in February 2009. The company was founded in 1983 and is based in Nagpur, India.
- Sector
- Industrials
- Shares outstanding
- 9.0 Cr shares
- ISIN
- INE343H01029
- BSE code
- 532725
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹1,14,837 Cr
- P/E
- 121.0x
- P/B
- 32.8x
- EV / EBITDA
- 128.6x
- EV / Sales
- 30.9x
- P/S
- 30.9x
- Earnings yield
- 0.8%
- 52-week high
- ₹22,470.95
- 52-week low
- ₹11,774.80
Profitability
- Operating margin
- 22.5%
- Net margin
- 16.0%
- EBITDA margin
- 24.0%
- ROE
- 25.4%
- ROCE
- 31.4%
- ROA
- 18.4%
- Dividend payout
- 13.0%
- Tax rate
- 25.0%
- Other income, % of PBT
- 7.1%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹4,457 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 19.9%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 19.7%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹893 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 30.4%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 34.7%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 22.8%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹770 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 478.9%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹131 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 16.8%
Solvency and efficiency
- Current ratio
- 3.86
- Debt / Equity
- 0.14
- Debt / Assets
- 0.10
- Debt / EBITDA
- 0.36
- Interest coverage
- 27.87
- Financial leverage
- 1.38
- CFO / Net profit
- 1.29
- Cash / Market cap
- 1.3%
- Cash per share
- ₹170.04
- Asset turnover
- 1.15
- Fixed asset turnover
- 4.58
- Capital intensity
- 0.22
- Debtor days
- 59 days
- Inventory turnover
- 8.69
- Cash conversion cycle
- 85 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹18 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹3,360 Cr |
| Sales | Operating profit | ₹1,097 Cr |
| Operating profit | Interest | ₹29 Cr |
| Operating profit | Depreciation | ₹75 Cr |
| Operating profit | Profit before tax | ₹993 Cr |
| Other income | Profit before tax | ₹84 Cr |
| Profit before tax | Tax and other | ₹274 Cr |
| Profit before tax | Net profit | ₹803 Cr |
Revenue and net profit
Revenue grew 19.9% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹1,584 Cr | ₹189 Cr |
| FY2022 | ₹2,528 Cr | ₹262 Cr |
| FY2023 | ₹4,160 Cr | ₹445 Cr |
| FY2024 | ₹3,718 Cr | ₹596 Cr |
| FY2025 | ₹4,457 Cr | ₹803 Cr |
Cash flows
FY2025: ₹1,054 Cr from operations, ₹363 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹148 Cr | ₹49 Cr |
| FY2022 | ₹294 Cr | ₹14 Cr |
| FY2023 | ₹133 Cr | -₹138 Cr |
| FY2024 | ₹770 Cr | ₹221 Cr |
| FY2025 | ₹1,054 Cr | ₹363 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹4,457 Cr+19.9%1Y
- Net profit
- ₹803 Cr+34.7%1Y
- Cash from operations
- ₹1,054 Cr
- Free cash flow
- ₹363 Cr+64.3%1Y
- Revenue CAGR, 5Y
- 19.7%
- EBITDA CAGR, 5Y
- 24.5%
- Net profit CAGR, 5Y
- 22.8%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹4,457 Cr | ₹1,097 Cr | — | ₹803 Cr | ₹1,054 Cr | ₹363 Cr | 26.2% | +19.9% | +34.7% |
Monthly returns
Month-by-month returns of SOLARINDS across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹4,436 Cr |
| Equity capital | ₹18 Cr |
| Reserves | ₹3,049 Cr |
| Borrowings | ₹200 Cr |
| Other liabilities | ₹1,169 Cr |
| Assets | ₹4,436 Cr |
| Fixed assets | ₹1,139 Cr |
| Capital work in progress | ₹113 Cr |
| Investments | ₹859 Cr |
| Other assets | ₹2,325 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
SOLARINDS trades at 121.0x earnings against a peer median of 38.3x (a 216% premium).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Solar Industries India LimitedSOLARINDSthis companyP/E ↑ premium | ₹1.1 L Cr | 121.0x | 32.8x | 25.4% | 128.6x |
| Polycab India LimitedPOLYCAB | ₹1.1 L Cr | 46.9x | 10.8x | 21.7% | 42.3x |
| Cummins India Ltd.CUMMINSIND | ₹1.1 L Cr | 49.5x | 15.0x | 27.0% | 47.0x |
| Ashok Leyland Ltd.ASHOKLEY | ₹1.1 L Cr | 32.0x | 9.5x | 29.7% | 22.9x |
| ABB India LimitedABB | ₹1.1 L Cr | 59.6x | 14.6x | — | — |
| Siemens Ltd.SIEMENS | ₹1.0 L Cr | 65.3x | 8.1x | — | — |
| Mazagon Dock Shipbuilders LimitedMAZDOCK | ₹1.0 L Cr | 44.9x | 12.4x | 33.1% | 37.0x |
| Bharat Heavy Electricals Ltd.BHEL | ₹92,449 Cr | 171.0x | 3.7x | 1.0% | 69.4x |
| CG Power and Industrial Solutions LimitedCGPOWER | ₹91,571 Cr | 82.2x | 12.0x | 30.9% | 66.4x |
| Peer median | — | 38.3x | 5.2x | 15.2% | 25.8x |
Year-to-date ROI
SOLARINDS since 1 January, against earlier years.
Historical volatility
SOLARINDS's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 17.0% |
| FY2022 | 15.0% |
| FY2023 | 15.0% |
| FY2024 | 22.0% |
| FY2025 | 25.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹4,457 Cr |
| Costs | |
| Interest | ₹29 Cr |
| Expenses | ₹3,359 Cr |
| Operating profitOperating Profit | ₹1,097 Cr |
| Other income and charges | |
| Profit before tax | ₹1,077 Cr |
| Tax | |
| Net profitNet Profit | ₹803 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹4,436 Cr |
| Equity capitalEquity Capital | ₹18 Cr |
| Reserves | ₹3,049 Cr |
| Borrowings | ₹200 Cr |
| Other liabilitiesOther Liabilities | ₹1,169 Cr |
| AssetsTotal Assets | ₹4,436 Cr |
| Fixed assetsFixed Assets | ₹1,139 Cr |
| Capital work in progressCWIP | ₹113 Cr |
| Investments | ₹859 Cr |
| Other assetsOther Assets | ₹2,325 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹1,054 Cr |
| Investing cash flowCash from Investing Activity | -₹691 Cr |
| Financing cash flowCash from Financing Activity | -₹232 Cr |
| Change in cashNet Cash Flow | ₹131 Cr |
Learn while you research
Academy chapters picked for Solar Industries India Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 121.0, learn when high multiples are justified.6 min read
- 04 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 05 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
- 06 How to Read a Cash-Flow StatementProfit can be manipulated; cash flow rarely lies.7 min read