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Solar Industries India Limited

Solar Industries India Limited

SOLARINDS.BO
Solar Industries India LimitedIN flagBombay Stock Exchange
17,959.40
INR
-311.75
- -
1.62TMarket Cap
Solar Industries India Limited
SOLARINDS.BO
(Bombay Stock Exchange)

Recent

price

17,959.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
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
833.24
1,087.19
1,087.13
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
185.38
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
15.16
20.11
25.97
30.94
31.06
33.28
42.86
54.01
65.43
77.61
92.66
122.95
187.82
266.4
379.9
2
2
Book Value per Share
39.27
50.52
68.41
76.53
85.04
93.72
105.4
120.57
136.56
151.91
175.22
216.03
297.19
370.58
481.03
694.09
694.05
Tangible Book Value per Share
87
87
89
90
90
90
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
75,403
98,377
98,377
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
23.59
24.1
24.1
Operating Margin (%)
77
128
170
219
384
328
387
513
589
845
935
1,092
1,282
1,434
1,815
2,509
2,509
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
16,776
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
26.58
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
16.04
17.05
17.05
Profit Margin (%)
2,792
879
1,637
1,936
2,126
2,011
2,054
2,511
2,375
2,514
4,062
5,431
8,690
11,470
20,086
25,886
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
8,585
LT Debt
3,435
4,424
6,132
6,997
7,736
8,532
9,688
11,312
12,859
14,316
16,421
20,149
27,507
34,272
45,366
65,489
65,489
Total Equity
27.18
25.09
22.67
18.98
19.56
16.27
17.36
16.5
18.8
15.39
14.74
19.3
29.13
24.73
24.75
24.37
24.37
Return on Invested Capital (%)
34.42
24.93
21.07
16.81
20.42
22.78
23.59
23.2
24.37
22.04
18.69
24.4
29.98
25.35
27.49
48.66
48.66
Return on Capital (%)
64.82
66.25
57.46
46.4
52.55
56.22
54.15
50.32
48.41
41.32
35.87
45.24
53.85
40.68
41.36
97.08
97.08
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
8,602
- -
9,507
LT Borrowings
2,812
- -
8,204
LT Finance Leases
282
- -
382
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
90
- -
90
Market Capitalization
1,206,978
1,109,323
1,092,302

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
41,537
- -
50,375
Cash, Cash Equivalents & STI
6,900
- -
7,217
Accounts Receivable, Net
13,952
- -
18,579
Inventories
14,243
- -
17,419
Total Current Liabilities
22,076
- -
24,489
Payables & Accruals
- -
- -
- -
ST Debt
8,602
- -
9,507
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
23.06%
32.11%
44.36%
Free Cash Flow
164.08%
359.34%
-176.51%
Net Income, GAAP
28.14%
45.01%
38.7%
Sales/Revenue/Turnover
23.76%
35.79%
30.47%
Total Cash Common Dividend
- -
- -
17.65%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
16,822
13,475
14,291
14,502
59,090
2025
16,948
17,158
19,731
21,666
75,403
2026
21,544
20,822
25,483
30,528
98,377

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
21.82
22.12
22.47
- -
92.38
2025
31.66
31.59
34.8
35.61
133.65
2026
37.43
38.12
49.31
60.52
185.39

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
8
2025
- -
- -
- -
- -
8.5
2026
- -
- -
- -
- -
10
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Business
Solar Industries India Limited is a leading manufacturer and supplier of industrial explosives, blasting systems, and defense products. Founded in 1995 and headquartered in Nagpur, India, the company operates across mining, infrastructure, construction, defense, and space sectors. Its core product portfolio includes bulk and packaged industrial explosives; detonators such as electronic, electric, non-electric, and plain detonators; explosive accessories including cord relays, cast boosters, and detonating cords; defense products comprising high-energy materials (HMX, RDX, TNT compounds), composite propellants for missile systems like Pinaka, Akash, BrahMos, and Skyroot; 30 mm ammunition, multi-mode hand grenades, mines, warheads, fuses, chaffs, flares, loitering munitions, rocket integration, and ammunition filling services. Recent major developments include the acquisition of a 73.99% stake in South African blasting solutions provider Problast BS (Pty) Ltd in 2024 via its subsidiary Solar Mining Services, enhancing its African market presence. The company also entered into a business acquisition agreement to acquire a 98.39% stake in Rajasthan Explosives & Chemicals, expected to complete by early 2025, further consolidating its explosives manufacturing footprint. Solar Industries has secured significant large-scale orders, such as INR 887 crore from Singareni Collieries Company Limited, INR 483 crore from South Eastern Coalfields Limited, and INR 402 crore from Coal India Limited, underpinning strong demand in the mining sector. The defense segment is poised for growth, projected to contribute around 40% of total revenue within the next three years. Strategically, Solar Industries has a long-standing partnership with Eurenco, a European leader in high-energy materials, collaborating on propellants, ammunition filling, and modular charge technology under India's "Make in India" initiative, reinforcing domestic defense manufacturing capabilities. Solar Industries India Limited operates multiple manufacturing facilities in India and internationally, including a significant production plant in Morocco. The company is publicly traded on the Bombay Stock Exchange and National Stock Exchange of India under the ticker SOLARINDS. Its diversified operations and strategic acquisitions position it as a prominent player in the industrial explosives and defense materials market, with a commitment to innovation, sustainability, and expanding global reach. The company actively invests in research and development to enhance product efficiency and introduce environmentally friendly explosives, aligning with its vision for sustainable growth and industry leadership.