Solar Industries India Ltd

Solar Industries Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Solar Industries India Ltd

₹ 18,494 -0.68%
24 Jul - close price
solargroup.com BSE: 532725 NSE: SOLARINDS
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
  • Market Cap ₹ 1,67,352 Cr.
  • Current Price ₹ 18,494
  • High / Low ₹ 19,187 / 11,641
  • Stock P/E 95.9
  • Book Value ₹ 694
  • Dividend Yield 0.06 %
  • ROCE 38.1 %
  • ROE 32.6 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 44.6% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.2%
  • Company's median sales growth is 22.8% of last 10 years

Cons

  • Stock is trading at 26.7 times its book value
  • Working capital days have increased from 49.9 days to 74.4 days

* 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

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,929 1,682 1,347 1,429 1,611 1,685 1,716 1,973 2,167 2,154 2,082 2,548 3,053
1,571 1,359 1,012 1,074 1,257 1,235 1,271 1,447 1,629 1,620 1,530 1,840 2,227
Operating Profit 357 323 335 355 354 449 445 527 537 535 552 708 826
OPM % 19% 19% 25% 25% 22% 27% 26% 27% 25% 25% 26% 28% 27%
11 8 8 11 20 26 36 10 7 29 29 25 46
Interest 31 25 25 28 32 27 30 31 29 27 31 34 41
Depreciation 35 34 34 39 37 40 44 47 50 56 61 63 71
Profit before tax 302 272 285 299 305 408 407 459 464 481 490 636 759
Tax % 27% 26% 27% 26% 21% 26% 25% 26% 25% 27% 26% 27% 27%
221 202 209 222 243 301 304 338 346 353 361 467 556
EPS in Rs 22.78 21.82 22.12 22.47 25.98 31.66 31.59 34.80 35.61 37.43 38.12 49.31 60.52
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,276 1,449 1,580 1,916 2,462 2,237 2,516 3,948 6,918 6,070 7,540 9,838
1,022 1,144 1,256 1,505 1,960 1,803 2,001 3,199 5,582 4,588 5,514 7,120
Operating Profit 254 304 324 412 502 434 515 748 1,336 1,482 2,026 2,717
OPM % 20% 21% 20% 21% 20% 19% 20% 19% 19% 24% 27% 28%
-2 13 13 12 9 41 21 19 -16 -68 10 33
Interest 18 20 27 33 50 55 45 50 90 109 116 134
Depreciation 31 33 39 51 59 85 94 109 128 143 182 251
Profit before tax 203 264 271 340 402 336 397 607 1,102 1,161 1,739 2,365
Tax % 23% 33% 28% 31% 31% 17% 27% 25% 26% 25% 26% 27%
156 178 195 234 277 279 288 455 811 875 1,288 1,737
EPS in Rs 16.29 18.08 20.61 24.37 28.91 29.55 30.54 48.77 83.68 92.38 133.65 185.38
Dividend Payout % 21% 25% 24% 25% 24% 20% 20% 15% 10% 9% 7% 6%
Compounded Sales Growth
10 Years: 21%
5 Years: 31%
3 Years: 12%
TTM: 30%
Compounded Profit Growth
10 Years: 27%
5 Years: 45%
3 Years: 30%
TTM: 39%
Stock Price CAGR
10 Years: 40%
5 Years: 62%
3 Years: 69%
1 Year: 28%
Return on Equity
10 Years: 29%
5 Years: 32%
3 Years: 32%
Last Year: 33%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 758 787 910 1,066 1,220 1,362 1,561 1,896 2,592 3,288 4,395 6,259
371 398 501 518 603 708 808 888 1,195 1,138 975 1,524
243 309 292 387 411 393 572 827 1,104 1,134 2,754 2,931
Total Liabilities 1,389 1,512 1,722 1,988 2,253 2,481 2,959 3,629 4,909 5,577 8,142 10,733
585 703 777 923 1,043 1,209 1,288 1,493 1,702 2,028 2,729 4,006
CWIP 61 30 91 107 178 165 293 230 282 490 707 731
Investments 37 40 53 17 33 2 1 18 99 370 676 183
706 739 801 940 1,000 1,105 1,378 1,888 2,826 2,690 4,030 5,813
Total Assets 1,389 1,512 1,722 1,988 2,253 2,481 2,959 3,629 4,909 5,577 8,142 10,733

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
230 243 118 254 314 325 357 298 656 1,406 2,468 621
-149 -141 -170 -174 -254 -260 -253 -338 -614 -1,022 -1,660 -951
-177 -92 53 -53 -52 -34 -26 -45 118 -370 -476 209
Net Cash Flow -96 11 0 27 9 32 77 -85 160 14 331 -121
Free Cash Flow 118 103 -56 31 64 87 96 17 183 858 1,466 -1,072
CFO/OP 112% 95% 55% 83% 88% 100% 90% 61% 68% 115% 142% 47%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 55 68 74 69 59 60 66 50 44 51 60 69
Inventory Days 83 67 73 80 74 99 119 113 92 97 95 130
Days Payable 31 45 36 49 43 46 78 73 41 37 45 47
Cash Conversion Cycle 106 90 111 100 90 113 108 90 95 111 110 152
Working Capital Days 51 34 27 32 17 21 33 41 31 39 37 74
ROCE % 19% 23% 22% 24% 26% 19% 19% 25% 36% 32% 38% 38%

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 ・Standalone data
International Revenue Share
%
Domestic Explosives Realisation
Rs/MT ・Standalone data
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.

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