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Solar Industries India Limited SOLARINDS NSEINFRA

Basic Materials · Specialty Chemicals · India
https://www.solargroup.com

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.

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₹18,247.00
+12.36% 1Y

Market & Price

Market Cap
₹1.65 L Cr
Current Price
₹18,247.00
High / Low (52W)
₹18,653.00 / ₹11,772.00
Beta
0.16

Valuation

Stock P/E
98.04
Industry PE
23.81
Forward P/E
54.78
PEG Ratio
-
Book Value
₹693.71
Price to Book
26.30
P/S
16.78
EV/EBITDA
63.44
Dividend Yield
0.06%

Profitability & Returns

ROCE
29.51%
ROE
31.33%
ROA
15.45%
Profit Margin
17.05%
Op Margin
26.17%
EPS (Latest Qtr)
₹60.52
EPS (TTM)
₹186.12

Balance Sheet & Liquidity

Debt/Equity
0.23
Quick Ratio
1.00
Current Ratio
2.06
Debt
₹1,524.02 Cr
Total Assets
₹10,918.50 Cr
Current Assets
₹5,037.46 Cr
Working Capital
₹2,588.57 Cr

Ownership

Promoter Holding
43.92%
Chg in Prom Hold
-
FII / Inst Holding
44.91%
Chg in FII Hold
-

Financial Snapshot

Enterprise Value
₹1.66 L Cr
Total Revenue (TTM)
₹9,837.74 Cr
EBITDA
₹2,621.81 Cr
Free Cash Flow
₹-1,315.16 Cr
Operating Cash Flow
₹620.87 Cr
Shares Outstanding
₹9.05 Cr
Gross Margin
50.26%
Payout Ratio
5.39%

Growth (CAGR)

Revenue 5Y
13.27%
Profit 5Y
30.36%
Revenue (YoY)
40.90%
Earnings (YoY)
70.00%

PROS

  • Strong return on equity of 31.3%.
  • Healthy ROCE of 29.5%.
  • Compounding revenue at 13.3% over 5 years.
  • Profit CAGR of 30.4% over 5 years.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

  • Trading at a high P/E of 98.0.

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Basic Materials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 SOLARINDS Solar Industries India Limited NSEINFRA 18,247.00 98.04 ₹1.65 L Cr 0.06% 29.51% 31.33% 13.27% 30.36%
2 ULTRACEMCO UltraTech Cement Limited NIFTY50NSEINFRA 11,482.00 41.32 ₹3.38 L Cr 0.67% 11.90% 10.59% 12.40% 17.26%
3 JSWSTEEL JSW Steel Limited NIFTY50NSEAIINFRA 1,278.00 14.01 ₹3.12 L Cr 0.56% 19.15% 27.26% 3.61% 75.28%
4 HINDZINC Hindustan Zinc Limited NSEINFRA 632.95 19.34 ₹2.67 L Cr 3.32% 62.35% 76.94% 5.61% 9.58%
5 TATASTEEL Tata Steel Limited NIFTY50NSEAIINFRA 208.02 28.34 ₹2.59 L Cr 1.92% 11.32% 11.16% -1.59% 7.21%
6 HINDALCO Hindalco Industries Limited NIFTY50NSEAIINFRA 1,126.70 18.73 ₹2.52 L Cr 0.44% 9.50% 10.29% 7.40% 9.87%
7 GRASIM Grasim Industries Limited NIFTY50NSEINFRA 3,122.40 42.74 ₹2.12 L Cr 0.32% 4.00% 6.29% 14.63% -10.06%
8 PIDILITIND Pidilite Industries Limited NSEINFRA 1,482.80 61.73 ₹1.51 L Cr 0.67% 28.48% 23.52% 7.50% 24.36%
9 VEDL Vedanta Limited NSEAIINFRA 352.60 19.64 ₹1.38 L Cr 9.64% 10.06% 20.40% -19.21% 18.04%
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Quarterly Results

Figures in INR.

Metric Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 2,166.55 Cr2,154.45 Cr2,082.22 Cr2,548.32 Cr3,052.75 Cr
Cost of Revenue 1,177.94 Cr1,094.40 Cr987.86 Cr1,241.32 Cr1,521.54 Cr
Gross Profit 988.61 Cr1,060.05 Cr1,094.36 Cr1,307.00 Cr1,531.21 Cr
Operating Expenses 499.43 Cr581.18 Cr602.19 Cr661.65 Cr776.66 Cr
Operating Income 489.18 Cr478.87 Cr492.17 Cr645.35 Cr754.55 Cr
EBITDA 543.64 Cr564.17 Cr581.03 Cr733.14 Cr871.72 Cr
Interest Expense 28.78 Cr27.43 Cr30.89 Cr34.38 Cr41.27 Cr
Pretax Income 464.37 Cr480.76 Cr489.52 Cr635.91 Cr759.03 Cr
Tax Provision 118.26 Cr128.14 Cr128.07 Cr169.37 Cr203.00 Cr
Net Income 322.23 Cr338.70 Cr344.97 Cr446.25 Cr547.63 Cr
Diluted EPS 35.6137.4338.1249.3160.52

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue -6,769.72 Cr5,909.02 Cr7,540.26 Cr9,837.74 Cr
Cost of Revenue -4,367.13 Cr3,230.68 Cr3,978.99 Cr4,893.72 Cr
Gross Profit -2,402.59 Cr2,678.34 Cr3,561.27 Cr4,944.02 Cr
Operating Expenses -1,057.06 Cr1,255.14 Cr1,782.41 Cr2,573.08 Cr
Operating Income -1,345.53 Cr1,423.20 Cr1,778.86 Cr2,370.94 Cr
EBITDA -1,320.17 Cr1,414.03 Cr2,036.74 Cr2,750.06 Cr
Interest Expense -90.38 Cr109.37 Cr116.50 Cr133.97 Cr
Pretax Income -1,101.58 Cr1,161.28 Cr1,738.74 Cr2,365.22 Cr
Tax Provision -290.41 Cr286.05 Cr450.81 Cr628.58 Cr
Net Income -757.19 Cr835.93 Cr1,209.44 Cr1,677.55 Cr
Diluted EPS -83.6892.38133.65185.39

Compounded Sales Growth

5 Years:13.27%
1 Year:40.90%

Compounded Profit Growth

5 Years:30.36%
1 Year:70.00%

Stock Price Performance

1 Year:+12.36%
6 Months:+36.51%
3 Months:+37.41%
1 Month:+18.19%

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets -5,036.25 Cr5,737.20 Cr8,261.32 Cr10,918.50 Cr
Current Assets -2,501.35 Cr2,648.38 Cr4,122.53 Cr5,037.46 Cr
Cash & Equivalents -245.04 Cr251.36 Cr588.35 Cr469.44 Cr
Inventory -1,097.99 Cr846.82 Cr1,039.98 Cr1,741.86 Cr
Receivables -825.28 Cr844.85 Cr1,238.58 Cr1,857.86 Cr
Total Liabilities -2,285.55 Cr2,309.95 Cr3,724.70 Cr4,369.60 Cr
Current Liabilities -1,632.32 Cr1,501.42 Cr2,113.88 Cr2,448.89 Cr
Long Term Debt -472.71 Cr583.55 Cr393.88 Cr820.36 Cr
Total Debt -1,194.69 Cr1,367.55 Cr1,369.56 Cr1,809.25 Cr
Total Equity -2,610.34 Cr3,305.60 Cr4,386.34 Cr6,277.20 Cr
Shares Outstanding -9.05 Cr9.05 Cr9.05 Cr9.05 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow 656.48 Cr1,406.01 Cr2,467.56 Cr620.87 Cr
Investing Cash Flow -518.97 Cr-727.34 Cr-1,593.21 Cr-1,163.83 Cr
Financing Cash Flow 118.16 Cr-370.28 Cr-476.36 Cr209.46 Cr
Capital Expenditure -479.11 Cr-559.75 Cr-1,005.95 Cr-1,739.12 Cr
Free Cash Flow 177.37 Cr846.26 Cr1,461.61 Cr-1,118.25 Cr
Net Change in Cash 255.67 Cr308.39 Cr397.99 Cr-333.50 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % -35.5%45.3%47.2%50.3%
Operating Margin % -19.9%24.1%23.6%24.1%
Net Margin % -11.2%14.1%16.0%17.1%
ROE % -29.0%25.3%27.6%26.7%
ROCE % -39.5%33.6%28.9%28.0%

Shareholding Pattern

Insiders
43.92%
Institutions
44.91%
Public Float
80.08%

Analyst View

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