Solar Industries India Ltd

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Solar Industries India Ltd

₹ 19,745 1.36%
25 Sep - close price
solargroup.com BSE: 532725 NSE: SOLARINDS F&O
About

Solar Industries is one of the largest domestic manufacturers of bulk and cartridge explosives, detonators, detonating cords and components which find applications in the mining, infrastructure and construction industries.
Company manufactures high-energy explosives, delivery systems, ammunition filling and pyros fuses for the defence sector.[1]

Key Points

Product Segments[1]
1) Industrial Explosives (72% in FY25 vs 91% in FY22): The company manufactures bulk explosives, packaged explosives, and initiating systems, finding applications in the mining, infrastructure, construction, Defence, and Space Sector. [2]

Website BSE NSE F&O
  • Market Cap ₹ 1,78,673 Cr.
  • Current Price ₹ 19,745
  • High / Low ₹ 22,700 / 11,641
  • Stock P/E 137
  • Book Value ₹ 467
  • Dividend Yield 0.06 %
  • ROCE 43.6 %
  • ROE 33.5 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 45.2% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.1%
  • Company's median sales growth is 15.9% of last 10 years

Cons

  • Stock is trading at 42.3 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Explosives

Part of BSE 500 BSE 200 BSE Dollex 200 Nifty Next 50 Nifty 500

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
983 830 902 1,002 1,045 905 1,207 1,299 1,387 1,125 1,493 1,574 1,656
790 631 710 751 786 674 918 981 1,012 835 1,056 1,117 1,169
Operating Profit 193 199 192 250 258 231 290 318 376 290 437 457 487
OPM % 20% 24% 21% 25% 25% 26% 24% 24% 27% 26% 29% 29% 29%
14 14 18 13 26 32 12 15 30 57 38 83 30
Interest 8 6 8 8 6 7 8 8 7 6 6 7 7
Depreciation 15 16 16 16 17 18 19 21 23 25 25 26 28
Profit before tax 184 191 186 239 261 238 274 304 375 315 443 507 482
Tax % 25% 26% 26% 25% 26% 25% 26% 25% 26% 26% 26% 25% 26%
137 141 138 179 194 177 204 227 280 235 329 378 358
EPS in Rs 15.19 15.60 15.29 19.82 21.46 19.61 22.59 25.09 30.89 25.96 36.41 41.75 39.60
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
950 1,016 1,137 1,273 1,663 1,512 1,584 2,528 4,160 3,718 4,457 5,579 5,848
794 832 920 1,046 1,350 1,248 1,312 2,153 3,529 2,882 3,359 4,020 4,177
Operating Profit 155 184 217 228 313 263 272 375 631 836 1,097 1,559 1,671
OPM % 16% 18% 19% 18% 19% 17% 17% 15% 15% 22% 25% 28% 29%
10 14 13 18 15 35 26 36 54 57 84 207 207
Interest 7 8 14 14 12 12 7 9 28 30 29 26 26
Depreciation 18 18 19 26 29 34 38 49 57 63 75 100 105
Profit before tax 140 173 197 205 287 252 253 353 600 800 1,077 1,641 1,747
Tax % 23% 37% 33% 35% 33% 15% 25% 26% 26% 25% 25% 26%
108 109 133 134 191 213 189 262 445 596 803 1,222 1,301
EPS in Rs 11.92 12.03 14.65 14.84 21.16 23.58 20.89 28.90 49.22 65.90 88.75 135.01 143.72
Dividend Payout % 29% 37% 34% 40% 33% 25% 29% 26% 16% 13% 11% 8%
Compounded Sales Growth
10 Years: 19%
5 Years: 29%
3 Years: 10%
TTM: 22%
Compounded Profit Growth
10 Years: 27%
5 Years: 45%
3 Years: 40%
TTM: 46%
Stock Price CAGR
10 Years: 41%
5 Years: 58%
3 Years: 61%
1 Year: 43%
Return on Equity
10 Years: 27%
5 Years: 30%
3 Years: 31%
Last Year: 33%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 18 18 18 18 18 18 18 18 18 18 18 18
Reserves 506 530 641 741 867 1,003 1,139 1,347 1,749 2,328 3,049 4,209
155 176 246 152 171 129 127 156 424 318 200 149
114 176 145 190 236 234 317 488 577 571 1,169 1,153
Total Liabilities 793 900 1,050 1,101 1,292 1,384 1,600 2,009 2,769 3,235 4,436 5,529
288 351 403 420 470 545 558 706 779 811 1,139 1,377
CWIP 20 12 16 35 74 32 130 41 78 219 113 147
Investments 59 66 102 66 92 130 129 146 226 667 859 867
426 470 528 581 656 677 784 1,116 1,685 1,538 2,325 3,138
Total Assets 793 900 1,050 1,101 1,292 1,384 1,600 2,009 2,769 3,235 4,436 5,529

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
150 174 70 213 210 195 148 294 133 770 1,054 927
-53 -109 -100 -78 -129 -10 -99 -280 -271 -549 -691 -682
-118 -65 36 -139 -65 -142 -66 -36 173 -216 -232 -188
Net Cash Flow -21 0 6 -4 16 43 -18 -22 35 4 131 57
Free Cash Flow 101 101 -9 147 96 122 21 165 -33 533 777 530
CFO/OP 112% 112% 54% 119% 95% 99% 78% 98% 43% 114% 120% 84%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 44 48 57 45 41 50 68 43 47 59 64 64
Inventory Days 27 36 38 40 32 38 51 56 56 42 56 50
Days Payable 23 41 18 26 29 40 67 69 48 16 26 25
Cash Conversion Cycle 49 43 77 59 43 47 52 30 55 85 94 90
Working Capital Days 51 49 46 52 33 50 58 41 43 55 56 56
ROCE % 23% 26% 26% 24% 31% 24% 21% 26% 34% 34% 37% 44%

Insights

In beta
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Defence Revenue Share
%

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Domestic Explosives Volume
MT
International Revenue Share
%
Domestic Explosives Realisation
Rs/MT
Order Book
Rs Cr
Total Manufacturing Units
count
Defence Order Book
Rs Cr

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15%
5.89% 5.90% 6.10% 7.56% 7.53% 7.23% 5.82% 6.79% 7.11% 6.74% 6.59% 6.39%
15.24% 15.05% 14.52% 12.74% 12.68% 12.78% 14.10% 13.59% 12.90% 12.91% 12.89% 13.36%
5.71% 5.88% 6.22% 6.54% 6.64% 6.82% 6.92% 6.47% 6.84% 7.20% 7.35% 7.10%
No. of Shareholders 50,10357,92664,37772,85378,40283,95995,38097,7121,05,0141,13,8691,15,9171,16,877

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

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