Solar Industries India Limited
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.
Valuation
Profitability
Returns
Solvency
AI Summary
Indian StockRule-based from financial data. Not advice.
Historically, Mar has averaged the highest return (+13.1%); Feb the lowest (-2.5%).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +9.9%Positive MonthJan 2026: +9.92% | +0.2%Neutral MonthFeb 2026: +0.18% | -10.6%Negative MonthMar 2026: -10.59% | +27.9%Positive MonthApr 2026: +27.91% | +18.4%Positive MonthMay 2026: +18.36% | +2.2%Positive MonthJun 2026: +2.25% | -2.4%*Negative MonthJul 2026: -2.36% | β | β | β | β | β |
| 2025 | +4.0%Positive MonthJan 2025: +4.02% | -14.7%Negative MonthFeb 2025: -14.73% | +29.3%Positive MonthMar 2025: +29.33% | +17.0%Positive MonthApr 2025: +17.00% | +22.4%Positive MonthMay 2025: +22.42% | +9.2%Positive MonthJun 2025: +9.23% | -19.1%Negative MonthJul 2025: -19.11% | -3.1%Negative MonthAug 2025: -3.05% | -3.3%Negative MonthSep 2025: -3.29% | +4.1%Positive MonthOct 2025: +4.12% | -4.4%Negative MonthNov 2025: -4.44% | -7.6%Negative MonthDec 2025: -7.63% |
| 2024 | -3.9%Negative MonthJan 2024: -3.92% | +4.4%Positive MonthFeb 2024: +4.38% | +30.3%Positive MonthMar 2024: +30.27% | +2.1%Positive MonthApr 2024: +2.08% | +4.7%Positive MonthMay 2024: +4.73% | +6.6%Positive MonthJun 2024: +6.64% | +7.6%Positive MonthJul 2024: +7.62% | -0.8%Neutral MonthAug 2024: -0.76% | +7.6%Positive MonthSep 2024: +7.61% | -11.2%Negative MonthOct 2024: -11.19% | +4.5%Positive MonthNov 2024: +4.51% | -8.3%Negative MonthDec 2024: -8.28% |
| 2023 | -9.2%Negative MonthJan 2023: -9.16% | -2.3%Negative MonthFeb 2023: -2.33% | -5.0%Negative MonthMar 2023: -5.00% | +2.9%Positive MonthApr 2023: +2.85% | -1.9%Neutral MonthMay 2023: -1.88% | -0.3%Neutral MonthJun 2023: -0.30% | +1.6%Neutral MonthJul 2023: +1.55% | +27.5%Positive MonthAug 2023: +27.49% | -0.5%Neutral MonthSep 2023: -0.55% | +14.3%Positive MonthOct 2023: +14.35% | +13.6%Positive MonthNov 2023: +13.59% | +7.6%Positive MonthDec 2023: +7.56% |
| 2022 | -4.8%Negative MonthJan 2022: -4.77% | +0.2%Neutral MonthFeb 2022: +0.23% | +21.3%Positive MonthMar 2022: +21.28% | -1.6%Neutral MonthApr 2022: -1.59% | -5.2%Negative MonthMay 2022: -5.16% | +4.8%Positive MonthJun 2022: +4.83% | +0.1%Neutral MonthJul 2022: +0.09% | +21.2%Positive MonthAug 2022: +21.20% | +17.8%Positive MonthSep 2022: +17.84% | -0.4%Neutral MonthOct 2022: -0.37% | -1.0%Neutral MonthNov 2022: -0.97% | +13.9%Positive MonthDec 2022: +13.94% |
| 2021 | β | β | β | β | β | +13.2%Positive MonthJun 2021: +13.25% | +7.3%Positive MonthJul 2021: +7.32% | +2.7%Positive MonthAug 2021: +2.72% | +21.0%Positive MonthSep 2021: +21.02% | +17.6%Positive MonthOct 2021: +17.55% | +11.1%Positive MonthNov 2021: +11.09% | -12.4%Negative MonthDec 2021: -12.41% |
| AvgΒ±SD |
Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation β the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.
This aggregates every month by calendar position β all Januaries together, all Februaries together, and so on β to show whether a given month has leaned positive or negative historically. βSimpleβ counts each month as +1 or β1. βWeightedβ gives larger moves more influence: +2 above +10%, β2 below β10%. With only 6 years of history for this asset, each monthβs score reflects a small number of observations β read it as a historical tendency, not a reliable seasonal pattern.
This tracks a running tally across the assetβs full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.
Year-to-date return is calculated by dividing each dayβs closing price by the price on January 1st of that year (or the assetβs first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen β at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in βAverage fromβ, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.
Historical Performance
Revenue, profitability, and cash flow trends (βΉ Crores)
Revenue (10Y)
Operating Income (10Y)
Net Profit (10Y)
Operating Margin % (10Y)
Dividend Payout % (10Y)
Free Cash Flow (10Y)
Growth Summary
Latest fiscal year: Mar 2025
Historical Growth
Year-by-year revenue, profitability, and cash flow (βΉ Crores, last 10 years)
| Year | Revenue | Op. Income | Net Profit | CFO | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|---|
| Mar 2025 | βΉ4.46 K Cr | β | βΉ803.00 Cr | β | β | 26.2% | 19.9% | 34.7% |
| Mar 2024 | βΉ3.72 K Cr | β | βΉ596.00 Cr | β | β | 25.4% | -10.6% | 33.9% |
| Mar 2023 | βΉ4.16 K Cr | β | βΉ445.00 Cr | β | β | 25.2% | 64.6% | 69.8% |
| Mar 2022 | βΉ2.53 K Cr | β | βΉ262.00 Cr | β | β | 19.2% | 59.6% | 38.6% |
| Mar 2021 | βΉ1.58 K Cr | β | βΉ189.00 Cr | β | β | 16.3% | 4.8% | -11.3% |
| Mar 2020 | βΉ1.51 K Cr | β | βΉ213.00 Cr | β | β | 20.9% | -9.1% | 11.5% |
| Mar 2019 | βΉ1.66 K Cr | β | βΉ191.00 Cr | β | β | 21.6% | 30.6% | 42.5% |
| Mar 2018 | βΉ1.27 K Cr | β | βΉ134.00 Cr | β | β | 17.7% | 12.0% | 0.8% |
| Mar 2017 | βΉ1.14 K Cr | β | βΉ133.00 Cr | β | β | 20.2% | 11.9% | 22.0% |
| Mar 2016 | βΉ1.02 K Cr | β | βΉ109.00 Cr | β | β | 19.9% | 6.9% | 0.9% |
Financial Statements
Income statement, balance sheet, and cash flow (βΉ Crores, as reported)
Consolidated Figures in USD Millions.
| Unnamed: 0 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Net Sales | 856 | 950 | 1,016 | 1,137 | 1,273 | 1,663 | 1,512 | 1,584 | 2,528 | 4,160 | 3,718 | 4,457 | 5,019 |
| Total Expenses | 733 | 794 | 832 | 920 | 1,046 | 1,350 | 1,248 | 1,312 | 2,153 | 3,529 | 2,882 | 3,359 | 3,746 |
| EBIT / Operating Profit | 123 | 155 | 184 | 217 | 228 | 313 | 263 | 272 | 375 | 631 | 836 | 1,097 | 1,273 |
| OPM % | 14% | 16% | 18% | 19% | 18% | 19% | 17% | 17% | 15% | 15% | 22% | 25% | 25% |
| Other Income | 7 | 10 | 14 | 13 | 18 | 15 | 35 | 26 | 36 | 54 | 57 | 84 | 113 |
| Finance Costs | 14 | 7 | 8 | 14 | 14 | 12 | 12 | 7 | 9 | 28 | 30 | 29 | 29 |
| Depreciation & Amortisation | 13 | 18 | 18 | 19 | 26 | 29 | 34 | 38 | 49 | 57 | 63 | 75 | 88 |
| Profit Before Tax | 103 | 140 | 173 | 197 | 205 | 287 | 252 | 253 | 353 | 600 | 800 | 1,077 | 1,269 |
| Tax % | 18% | 23% | 37% | 33% | 35% | 33% | 15% | 25% | 26% | 26% | 25% | 25% | - |
| Net Profit / PAT | 84 | 108 | 109 | 133 | 134 | 191 | 213 | 189 | 262 | 445 | 596 | 803 | 946 |
| EPS (βΉ) | 9.26 | 11.92 | 12.03 | 14.65 | 14.84 | 21.16 | 23.58 | 20.89 | 28.90 | 49.22 | 65.90 | 88.75 | 104.53 |
| Dividend Payout % | 26% | 29% | 37% | 34% | 40% | 33% | 25% | 29% | 26% | 16% | 13% | 11% | - |
Peer Comparison
Industrials sector peers, ranked by market cap
| Company | Market Cap | Revenue | P/E | P/B | EV/EBITDA | Rev G 1Y |
|---|---|---|---|---|---|---|
| Solar Industries India Limitedthis co. | βΉ1.15 L Cr | βΉ4.46 K Cr | 121.00 | 32.81 | 128.61 | 19.9% |
| Larsen & Toubro Limited | βΉ5.35 L Cr | βΉ1.43 L Cr | 52.20 | 7.87 | 34.29 | 12.9% |
| Adani Ports and Special Economic Zone Ltd | βΉ3.29 L Cr | βΉ7.91 K Cr | 159.00 | 10.36 | 62.82 | 16.2% |
| Polycab India Limited | βΉ1.14 L Cr | βΉ21.91 K Cr | 46.90 | 10.84 | 42.32 | 21.4% |
| Cummins India Ltd. | βΉ1.10 L Cr | βΉ10.34 K Cr | 49.50 | 15.01 | 47.01 | 15.4% |
| Ashok Leyland Ltd. | βΉ1.09 L Cr | βΉ38.75 K Cr | 32.00 | 9.49 | 22.91 | 1.0% |
| ABB India Limited | βΉ1.05 L Cr | βΉ12.19 K Cr | 59.60 | 14.61 | β | 16.7% |
| Industry Average | β | βΉ5.40 K Cr | 57.83 | 7.16 | 40.88 | 45.0% |
