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    Process industries

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    Industrial specialties
Solar Industries India Limited

Solar Industries India Limited

18,320.00
INR
-721.10
(-3.79%)
226.58EPS
84.89P/E
1.69TMarket Cap
Nov 14Next Earn
Solar Industries India Limited
BSE:SOLARINDS
(Bombay Stock Exchange)

Recent

price

18,320.00

P/E

ratio

84.89

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
INR
83.45
111.7
126.31
125.2
149.4
160.04
174.53
211.75
266.78
241.27
269.86
423.09
748.12
653
813.36
1,062.2
1,254.39
Revenue per Share
8.73
11.68
13.09
13.09
16.29
18.08
20.61
24.37
28.91
29.55
30.54
48.77
83.68
92.38
133.65
185.39
220.06
Basic EPS, GAAP
-7.32
-9.2
0.08
1.02
10.06
11.1
-6.61
3.28
6.8
9.48
10.14
1.14
19.6
93.52
161.52
-123.58
- -
Free Cash Flow per Basic Share
0.8
2
2.24
2.38
3.41
6.3
2
3
7.23
8.44
6
6
7.5
8
8.5
10
- -
Dividend per Share
36.49
46.71
63.29
73.11
81.29
89.01
102.62
119.78
136.85
152.51
174.54
211.55
288.47
365.3
487.7
693.69
- -
Book Value per Share
36.1
46.15
62.66
72.33
80.84
88.45
100.96
115.34
131.31
146.22
168.29
204.91
281.68
357.14
463.34
664.05
- -
Tangible Book Value per Share
87
87
89
90
90
91
90
90
90
90
90
90
90
90
90
90
90
Basic Weighted Avg Shares
7,229
9,676
11,218
11,330
13,519
14,483
15,793
19,161
24,141
21,833
24,419
38,285
67,697
59,090
73,601
96,119
113,515
Sales/Revenue/Turnover
25.48
22.31
20.95
22.98
21.58
19.62
20.38
19.21
19.79
16.94
18.78
17.7
19.88
24.09
24.14
24.93
24.91
Operating Margin (%)
77
128
170
219
384
328
387
513
589
845
935
1,093
1,282
1,434
1,815
2,509
2,746
Depreciation Expense
756
1,012
1,163
1,184
1,474
1,637
1,865
2,206
2,616
2,674
2,764
4,413
7,572
8,359
12,094
16,776
19,914
Net Income, GAAP
35.22
27.63
16.91
21.23
22.84
32.83
28.27
31.22
31.12
17.01
27.46
25.02
26.36
24.63
25.93
26.58
26.66
Effective Tax Rate (%)
10.46
10.46
10.37
10.45
10.9
11.3
11.81
11.51
10.84
12.25
11.32
11.53
11.18
14.15
16.43
17.45
17.54
Profit Margin (%)
2,792
879
1,637
1,936
2,127
2,011
2,054
2,511
2,375
2,514
4,062
5,431
8,690
11,470
20,087
25,886
- -
Working Capital
1,617
826
673
1,524
1,558
1,347
1,480
1,961
1,516
2,615
4,498
4,534
4,917
6,073
4,177
8,585
- -
LT Debt
3,435
4,424
6,132
6,997
7,736
8,533
9,689
11,312
12,859
14,316
16,421
20,149
27,507
34,273
45,734
65,489
- -
Total Equity
27.18
17.89
15.73
14.59
14.26
15.95
16.84
15.68
18.08
14.62
13.64
19.5
27.98
24.26
24.79
24.48
- -
Return on Invested Capital (%)
20.78
16.61
14.08
11.2
13.09
13.66
14.53
14.75
15.82
14.82
12.93
17.37
22.48
20.12
22.67
24.01
- -
Return on Capital (%)
26.01
28.09
23.8
19.19
21.1
21.24
21.52
21.92
22.53
20.43
18.68
25.26
33.47
28.26
31.34
31.38
- -
Return on Common Equity (%)

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
9,507
- -
LT Borrowings
- -
8,204
- -
LT Finance Leases
- -
382
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
90
90
90
Market Capitalization
1,109,286
1,092,269
1,690,354

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
50,375
- -
Cash, Cash Equivalents & STI
- -
4,804
- -
Accounts Receivable, Net
- -
18,579
- -
Inventories
- -
17,419
- -
Total Current Liabilities
- -
24,489
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
9,507
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
23.05%
32.09%
43.2%
Free Cash Flow
164.08%
359.34%
-176.51%
Net Income, GAAP
28.14%
45.01%
38.7%
Sales/Revenue/Turnover
23.47%
35.21%
30.59%
Total Cash Common Dividend
- -
- -
17.65%

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
16,948
17,158
19,731
21,666
73,601
2026
21,545
20,822
25,483
30,528
96,119
2027
36,682
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
31.66
31.59
34.8
35.61
133.65
2026
37.43
38.12
49.31
60.52
185.39
2027
72.11
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
8.5
2026
- -
- -
- -
- -
10
2027
- -
- -
- -
- -
- -
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Business
Solar Industries India Limited (SOLARINDS.NS) manufactures and supplies a comprehensive range of industrial explosives, initiating systems, and defense products from its headquarters in Nagpur, India, where it was incorporated in 1995. The company produces bulk explosives, packaged emulsion explosives including brands such as Superpower 90, Solargel, Solar Prime, Solar Prime Gold, and Eco Power; initiating systems comprising electronic detonators, non-electric detonators, electric detonators, plain detonators, cord relays, cast boosters, detonating cords, and aluminum elemented detonators; high-energy materials like RDX, HMX, and TNT; and defense offerings such as composite propellants for Pinaka, Akash, Brahmos, PSOM-XL, and Skyroot systems, 30 mm ammunition, multi-mode hand grenades, mines, warheads, bund blasting devices, artillery fuses, ASW fuses, pyros and igniters, chaff payloads, loitering munitions including Nagastra-1, rocket integration, and explosives filling for ammunition. These products serve mining, infrastructure, construction, defense, and space sectors, with operations spanning over 50 countries including facilities in Nigeria, Zambia, Ghana, South Africa, Turkey, Tanzania, and Indonesia. In recent developments, Solar Industries secured a Rs 1,400 crore defense export order from international clients for delivery over four years as of November 2025, alongside a Rs 483 crore contract from South Eastern Coalfields Limited (SECL) for bulk explosives supply over two years, contributing to an order book exceeding Rs 16,800 crore including Rs 15,000 crore from defense. The company signed a memorandum of understanding (MoU) with the Government of Maharashtra for an Anchor Mega Defence & Aerospace Project in Nagpur valued at Rs 12,700-12,780 crore over 10 years, focusing on drones, UAVs, counter-drone systems, energetic materials, new-generation explosives, and military transport aircraft; it also plans Rs 2,500 crore capex for FY26 to expand product portfolios and capacities. Additional milestones include successful initial trials for counter-drone systems (Bhargavastra) and micro missiles, delivery of loitering munition Nagastra-1 to the Indian Army, the highest-ever Pinaka rocket order worth over Rs 6,000 crore pushing defense orderbook to Rs 11,000 crore, and crossing a market capitalization of Rs 1,00,000 crore.