Solar Industries India Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- ✓Excellent return on equity (ROE 31.5%)
- ✓Efficient capital deployment (ROCE 36.8%)
- ✓Low debt relative to equity (D/E 0.2x)
Concerns
- ✗Premium to sector peers (P/E 99.6x vs industry 47.1x)
- ✗High premium to book value (P/B 27.1x)
- ✗Trading near 52-week high (₹18,972)
Today's Price Action
Solar Industries India Limited closed at ₹19,100, trading flat on the day. The session’s volume of 1,01,702 contracts matches the 20‑day average, indicating that participation remained typical and the price move did not attract atypical buying or selling pressure.
Valuation Snapshot
The stock’s trailing P/E of 99.6 far exceeds the sector’s undefined P/E (displayed as 0), suggesting a premium valuation relative to peer companies. A return on equity of 31.5 % points to strong earnings generation on the equity base, albeit at a high price multiple.
Key Levels to Watch
The current price sits just above the 52‑week high of ₹18,972, leaving little room before the next resistance level, while the 52‑week low of ₹11,641 forms a distant support cushion. Open‑interest data, not disclosed, typically reinforces these zones; traders may watch for clustering of contracts around the high for potential supply and around the low for demand.
Chart Pattern
In the daily chart, a Gravestone Doji and a Shooting Star appeared seven days ago, both bearish reversal formations, while a Bullish Engulfing candle formed eight days ago, indicating a potential short‑term bullish shift. These patterns emerged on the 1‑day timeframe and reflect competing short‑term price dynamics.
Data Summary
Key metrics highlight a flat price at ₹19,100, a volume equal to the recent average, a high P/E of 99.6, and an impressive ROE of 31.5 %. The stock
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| PIDILITIND Pidilite Industries Limited | ₹1,609 | ₹1.6L Cr | 64.7 | 15.18 | 23.9 | 31 | 0.05 |
| SRF SRF Limited | ₹2,818 | ₹85K Cr | 44.8 | 5.95 | 14.3 | 14.6 | 0.35 |
| LINDEINDIA Linde India Limited | ₹7,004 +0.11% | ₹61K Cr | 111 | 15.49 | 13.6 | 18.2 | 0.02 |
| COROMANDEL Coromandel International Limited | ₹2,054 +1.68% | ₹60K Cr | 30.9 | 4.12 | 16.4 | 22 | 0.11 |
| FACT Fertilizers and Chemicals Travancore Limited | ₹833 +0.26% | ₹54K Cr | 3,642 | 41 | 1.61 | 8.65 | 2.79 |
| UPL UPL Limited | ₹607 | ₹52K Cr | 27.5 | 1.48 | 5.91 | 10.2 | 0.94 |
| FLUOROCHEM Gujarat Fluorochemicals Limited | ₹4,607 +6.74% | ₹46K Cr | 77.4 | 5.25 | 7.78 | 9.86 | 0.29 |
Showing 7 peers in the same sector · Sorted by market cap
Shareholding Pattern
SOLARINDS · as of Mar 2026
| Category | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoters | 73.15% | 73.15% | 73.15% | 73.15% | 73.15% | 73.15% |
| FII | 5.90% | 6.10% | 7.56% | 7.53% | 7.23% | 5.82% |
| DII | 15.05% | 14.52% | 12.74% | 12.68% | 12.78% | 14.10% |
| Public | 5.88% | 6.22% | 6.54% | 6.64% | 6.82% | 6.92% |
Corporate Events
Dividend - Rs 11 Per Share
To consider and approve the financial results for the period ended March 31, 2026 and dividend
Annual General Meeting/Dividend - Rs 10 Per Share
Annual General Meeting/Dividend - Rs 8.50 Per Share
Annual General Meeting/Dividend - Rs 8 Per Share
Latest News
All news →Solar Industries wins ₹10.76 billion defense order
*Solar Industries wins ₹10.76 billion defense order*\nSolar Industries India Ltd has secured a major order worth **₹10.76 billion** from a defense customer. The order is expected to boost revenue and profitability in the coming fiscal year. This win reinforces the company’s dominance in the defense explosives sector.\n\n📊 *STOCKS:* SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #HIGHIMPACT #order
Solar Industries announces e-voting and record date
Solar Industries India Limited has published notice of e-voting and a record date. The announcement relates to shareholder approvals for corporate actions. Details include voting procedures and eligibility based on **record date**. 📊 *STOCKS:* SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #CorporateAction
Solar Industries sets dividend record date for July 2026
*Solar Industries sets dividend record date for July 2026.* The company has announced **28-Jul-2026** as the record date for dividend distribution. This is a routine corporate action. No financial impact on operations is expected. 📊 *STOCKS:* SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #dividend
Solar Industries bags defence export order worth ₹1,076 Cr
*Solar Industries bags defence export order worth ₹1,076 Cr* — Solar Industries India has secured an export order valued at **₹10,760 million** for defence products. The order strengthens its international footprint in the defence sector. This win boosts near-term revenue visibility and order book. 📊 *STOCKS:* SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Defence
Solar Industries India's earnings may rest on soft foundations
*Solar Industries India's earnings may rest on soft foundations.* Recent financial performance appears strong, but underlying fundamentals raise concerns about sustainability. Margins and revenue growth rely heavily on cyclical demand and government spending. Risks include raw material costs and project execution delays. 📊 *STOCKS:* SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Earnings
Solar Industries QoQ earnings growth may be unsustainable
*Solar Industries Qoq earnings growth may be unsustainable* Recent financial performance shows strong quarterly growth, but underlying metrics suggest potential weakness in sustainability. Analysts highlight declining operating margins and rising input costs as concerns. Revenue rose **8% QoQ**, yet profitability pressures loom. 📊 *STOCKS:* SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Earnings
Brokers sharply raise Solar Industries earnings forecasts
*Brokers sharply raise Solar Industries earnings forecasts* following strong operational outlook and robust order execution. Analysts cite improved margins and higher government defense spending as key drivers. Earnings estimates for FY25 increased by **15-20%** on average across multiple brokerages. 📊 *STOCKS:* SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #BrokerUpgrade
Solar Industries raises ₹75 crore via commercial paper at 6.93%
*Solar Industries raises ₹75 crore via commercial paper at 6.93%* Solar Industries India has issued **₹75 crore** in commercial paper at an interest rate of **6.93%**. The move strengthens its short-term funding portfolio amid ongoing operations. 📊 *STOCKS:* SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #Funding
Financials
Quarterly Results
| Metric | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2.5K Cr ▲22.4% | ₹2.1K Cr ▼3.3% | ₹2.2K Cr ▼0.6% | ₹2.2K Cr ▲9.8% | ₹2.0K Cr ▲15.0% | ₹1.7K Cr ▲1.8% | ₹1.7K Cr ▲4.6% | ₹1.6K Cr |
| Op. Profit | ₹708 Cr ▲28.3% | ₹552 Cr ▲3.2% | ₹535 Cr ▼0.4% | ₹537 Cr ▲1.9% | ₹527 Cr ▲18.4% | ₹445 Cr ▼0.9% | ₹449 Cr ▲26.8% | ₹354 Cr |
| OPM | 28.0% ▲7.7% | 26.0% ▲4.0% | 25.0% ▲0.0% | 25.0% ▼7.4% | 27.0% ▲3.8% | 26.0% ▼3.7% | 27.0% ▲22.7% | 22.0% |
| Net Profit | ₹467 Cr ▲29.4% | ₹361 Cr ▲2.3% | ₹353 Cr ▲2.0% | ₹346 Cr ▲2.4% | ₹338 Cr ▲11.2% | ₹304 Cr ▲1.0% | ₹301 Cr ▲23.9% | ₹243 Cr |
| EPS (₹) | 49.31 ▲29.4% | 38.12 ▲1.8% | 37.43 ▲5.1% | 35.61 ▲2.3% | 34.8 ▲10.2% | 31.59 ▼0.2% | 31.66 ▲21.9% | 25.98 |
Values in ₹ Cr · Source: Screener.in
Annual Profit & Loss
| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹9.8K Cr ▲30.5% | ₹7.5K Cr ▲24.2% | ₹6.1K Cr ▼12.3% | ₹6.9K Cr ▲75.2% | ₹3.9K Cr ▲56.9% | ₹2.5K Cr ▲12.5% | ₹2.2K Cr ▼9.1% | ₹2.5K Cr ▲28.5% | ₹1.9K Cr ▲21.3% | ₹1.6K Cr |
| Expenses | ₹7.2K Cr ▲30.9% | ₹5.5K Cr ▲20.2% | ₹4.6K Cr ▼17.8% | ₹5.6K Cr ▲74.5% | ₹3.2K Cr ▲59.9% | ₹2.0K Cr ▲11.0% | ₹1.8K Cr ▼8.0% | ₹2.0K Cr ▲30.2% | ₹1.5K Cr ▲19.8% | ₹1.3K Cr |
| Op. Profit | ₹2.6K Cr ▲29.4% | ₹2.0K Cr ▲36.7% | ₹1.5K Cr ▲10.9% | ₹1.3K Cr ▲78.6% | ₹748 Cr ▲45.2% | ₹515 Cr ▲18.7% | ₹434 Cr ▼13.5% | ₹502 Cr ▲21.8% | ₹412 Cr ▲27.2% | ₹324 Cr |
| OPM | 27.0% ▲0.0% | 27.0% ▲12.5% | 24.0% ▲26.3% | 19.0% ▲0.0% | 19.0% ▼5.0% | 20.0% ▲5.3% | 19.0% ▼5.0% | 20.0% ▼4.8% | 21.0% ▲5.0% | 20.0% |
| Other Income | ₹128 Cr ▲1180.0% | ₹10 Cr ▲114.7% | ₹-68 Cr ▼325.0% | ₹-16 Cr ▼184.2% | ₹19 Cr ▼9.5% | ₹21 Cr ▼48.8% | ₹41 Cr ▲355.6% | ₹9 Cr ▼25.0% | ₹12 Cr ▼7.7% | ₹13 Cr |
| Interest | ₹134 Cr ▲15.5% | ₹116 Cr ▲6.4% | ₹109 Cr ▲21.1% | ₹90 Cr ▲80.0% | ₹50 Cr ▲11.1% | ₹45 Cr ▼18.2% | ₹55 Cr ▲10.0% | ₹50 Cr ▲51.5% | ₹33 Cr ▲22.2% | ₹27 Cr |
| Depreciation | ₹251 Cr ▲37.9% | ₹182 Cr ▲27.3% | ₹143 Cr ▲11.7% | ₹128 Cr ▲17.4% | ₹109 Cr ▲16.0% | ₹94 Cr ▲10.6% | ₹85 Cr ▲44.1% | ₹59 Cr ▲15.7% | ₹51 Cr ▲30.8% | ₹39 Cr |
| PBT | ₹2.4K Cr ▲36.0% | ₹1.7K Cr ▲49.8% | ₹1.2K Cr ▲5.4% | ₹1.1K Cr ▲81.5% | ₹607 Cr ▲52.9% | ₹397 Cr ▲18.2% | ₹336 Cr ▼16.4% | ₹402 Cr ▲18.2% | ₹340 Cr ▲25.5% | ₹271 Cr |
| Tax % | 27.0% ▲3.8% | 26.0% ▲4.0% | 25.0% ▼3.8% | 26.0% ▲4.0% | 25.0% ▼7.4% | 27.0% ▲58.8% | 17.0% ▼45.2% | 31.0% ▲0.0% | 31.0% ▲10.7% | 28.0% |
| Net Profit | ₹1.7K Cr ▲34.9% | ₹1.3K Cr ▲47.2% | ₹875 Cr ▲7.9% | ₹811 Cr ▲78.2% | ₹455 Cr ▲58.0% | ₹288 Cr ▲3.2% | ₹279 Cr ▲0.7% | ₹277 Cr ▲18.4% | ₹234 Cr ▲20.0% | ₹195 Cr |
| EPS (₹) | 185.38 ▲38.7% | 133.65 ▲44.7% | 92.38 ▲10.4% | 83.68 ▲71.6% | 48.77 ▲59.7% | 30.54 ▲3.4% | 29.55 ▲2.2% | 28.91 ▲18.6% | 24.37 ▲18.2% | 20.61 |
| Div Payout | 6.0% ▼14.3% | 7.0% ▼22.2% | 9.0% ▼10.0% | 10.0% ▼33.3% | 15.0% ▼25.0% | 20.0% ▲0.0% | 20.0% ▼16.7% | 24.0% ▼4.0% | 25.0% ▲4.2% | 24.0% |
Values in ₹ Cr · Source: Screener.in
Balance Sheet
| Item | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Liabilities | ||||||||||
| Equity Capital | ₹18 Cr ▲0.0% | ₹18 Cr ▲0.0% | ₹18 Cr ▲0.0% | ₹18 Cr ▲0.0% | ₹18 Cr ▲0.0% | ₹18 Cr ▲0.0% | ₹18 Cr ▲0.0% | ₹18 Cr ▲0.0% | ₹18 Cr ▲0.0% | ₹18 Cr |
| Reserves | ₹5.1K Cr ▲16.7% | ₹4.4K Cr ▲32.8% | ₹3.3K Cr ▲26.9% | ₹2.6K Cr ▲36.7% | ₹1.9K Cr ▲21.5% | ₹1.6K Cr ▲14.6% | ₹1.4K Cr ▲11.6% | ₹1.2K Cr ▲14.4% | ₹1.1K Cr ▲17.1% | ₹910 Cr |
| Borrowings | ₹876 Cr ▼10.2% | ₹975 Cr ▼14.3% | ₹1.1K Cr ▼4.8% | ₹1.2K Cr ▲34.6% | ₹888 Cr ▲9.9% | ₹808 Cr ▲14.1% | ₹708 Cr ▲17.4% | ₹603 Cr ▲16.4% | ₹518 Cr ▲3.4% | ₹501 Cr |
| Other Liabilities | ₹3.0K Cr ▲10.2% | ₹2.7K Cr ▲142.0% | ₹1.1K Cr ▲2.7% | ₹1.1K Cr ▲33.5% | ₹827 Cr ▲44.6% | ₹572 Cr ▲45.5% | ₹393 Cr ▼4.4% | ₹411 Cr ▲6.2% | ₹387 Cr ▲32.5% | ₹292 Cr |
| Total Liabilities | ₹9.0K Cr ▲11.2% | ₹8.1K Cr ▲45.3% | ₹5.6K Cr ▲13.6% | ₹4.9K Cr ▲35.3% | ₹3.6K Cr ▲22.6% | ₹3.0K Cr ▲19.3% | ₹2.5K Cr ▲10.1% | ₹2.3K Cr ▲13.3% | ₹2.0K Cr ▲15.4% | ₹1.7K Cr |
| Assets | ||||||||||
| Fixed Assets | ₹3.2K Cr ▲20.4% | ₹2.7K Cr ▲32.7% | ₹2.0K Cr ▲19.2% | ₹1.7K Cr ▲14.0% | ₹1.5K Cr ▲15.9% | ₹1.3K Cr ▲6.5% | ₹1.2K Cr ▲15.9% | ₹1.0K Cr ▲13.0% | ₹923 Cr ▲18.8% | ₹777 Cr |
| CWIP | ₹790 Cr ▲11.7% | ₹707 Cr ▲44.3% | ₹490 Cr ▲73.8% | ₹282 Cr ▲22.6% | ₹230 Cr ▼21.5% | ₹293 Cr ▲77.6% | ₹165 Cr ▼7.3% | ₹178 Cr ▲66.4% | ₹107 Cr ▲17.6% | ₹91 Cr |
| Investments | ₹278 Cr ▼58.9% | ₹676 Cr ▲82.7% | ₹370 Cr ▲273.7% | ₹99 Cr ▲450.0% | ₹18 Cr ▲1700.0% | ₹1 Cr ▼50.0% | ₹2 Cr ▼93.9% | ₹33 Cr ▲94.1% | ₹17 Cr ▼67.9% | ₹53 Cr |
| Other Assets | ₹4.7K Cr ▲16.8% | ₹4.0K Cr ▲49.8% | ₹2.7K Cr ▼4.8% | ₹2.8K Cr ▲49.7% | ₹1.9K Cr ▲37.0% | ₹1.4K Cr ▲24.7% | ₹1.1K Cr ▲10.5% | ₹1.0K Cr ▲6.4% | ₹940 Cr ▲17.4% | ₹801 Cr |
| Total Assets | ₹9.0K Cr ▲11.2% | ₹8.1K Cr ▲45.3% | ₹5.6K Cr ▲13.6% | ₹4.9K Cr ▲35.3% | ₹3.6K Cr ▲22.6% | ₹3.0K Cr ▲19.3% | ₹2.5K Cr ▲10.1% | ₹2.3K Cr ▲13.3% | ₹2.0K Cr ▲15.4% | ₹1.7K Cr |
Values in ₹ Cr · Source: Screener.in
Cash Flow Statement
| Item | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating CF | ₹2.5K Cr ▲75.5% | ₹1.4K Cr ▲114.3% | ₹656 Cr ▲120.1% | ₹298 Cr ▼16.5% | ₹357 Cr ▲9.8% | ₹325 Cr ▲3.5% | ₹314 Cr ▲23.6% | ₹254 Cr ▲115.3% | ₹118 Cr ▼51.4% | ₹243 Cr |
| Investing CF | ₹-1.7K Cr ▼62.4% | ₹-1.0K Cr ▼66.4% | ₹-614 Cr ▼81.7% | ₹-338 Cr ▼33.6% | ₹-253 Cr ▲2.7% | ₹-260 Cr ▼2.4% | ₹-254 Cr ▼46.0% | ₹-174 Cr ▼2.4% | ₹-170 Cr ▼20.6% | ₹-141 Cr |
| Financing CF | ₹-476 Cr ▼28.6% | ₹-370 Cr ▼413.6% | ₹118 Cr ▲362.2% | ₹-45 Cr ▼73.1% | ₹-26 Cr ▲23.5% | ₹-34 Cr ▲34.6% | ₹-52 Cr ▲1.9% | ₹-53 Cr ▼200.0% | ₹53 Cr ▲157.6% | ₹-92 Cr |
| Net Cash Flow | ₹331 Cr ▲2264.3% | ₹14 Cr ▼91.3% | ₹160 Cr ▲288.2% | ₹-85 Cr ▼210.4% | ₹77 Cr ▲140.6% | ₹32 Cr ▲255.6% | ₹9 Cr ▼66.7% | ₹27 Cr | ₹0 Cr ▼100.0% | ₹11 Cr |
| Free Cash Flow | ₹1.5K Cr ▲70.9% | ₹858 Cr ▲368.9% | ₹183 Cr ▲976.5% | ₹17 Cr ▼82.3% | ₹96 Cr ▲10.3% | ₹87 Cr ▲35.9% | ₹64 Cr ▲106.5% | ₹31 Cr ▲155.4% | ₹-56 Cr ▼154.4% | ₹103 Cr |
Values in ₹ Cr · Source: Screener.in
Key Ratios History
| Metric | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 60d ▲17.6% | 51d ▲15.9% | 44d ▼12.0% | 50d ▼24.2% | 66d ▲10.0% | 60d ▲1.7% | 59d ▼14.5% | 69d ▼6.8% | 74d ▲8.8% | 68d |
| Inventory Days | 97d ▲0.0% | 97d ▲5.4% | 92d ▼18.6% | 113d ▼5.0% | 119d ▲20.2% | 99d ▲33.8% | 74d ▼7.5% | 80d ▲9.6% | 73d ▲9.0% | 67d |
| Days Payable | 46d ▲24.3% | 37d ▼9.8% | 41d ▼43.8% | 73d ▼6.4% | 78d ▲69.6% | 46d ▲7.0% | 43d ▼12.2% | 49d ▲36.1% | 36d ▼20.0% | 45d |
| Cash Conv. Cycle | 111d ▲0.0% | 111d ▲16.8% | 95d ▲5.6% | 90d ▼16.7% | 108d ▼4.4% | 113d ▲25.6% | 90d ▼10.0% | 100d ▼9.9% | 111d ▲23.3% | 90d |
| Working Capital Days | 37d ▼5.1% | 39d ▲25.8% | 31d ▼24.4% | 41d ▲24.2% | 33d ▲57.1% | 21d ▲23.5% | 17d ▼46.9% | 32d ▲18.5% | 27d ▼20.6% | 34d |
| ROCE | 38.0% ▲18.8% | 32.0% ▼11.1% | 36.0% ▲44.0% | 25.0% ▲31.6% | 19.0% ▲0.0% | 19.0% ▼26.9% | 26.0% ▲8.3% | 24.0% ▲9.1% | 22.0% ▼4.3% | 23.0% |
Source: Screener.in · Lower days = better efficiency
Deep Dive Analysis
About Solar Industries India Limited
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]
Chemicals · Chemicals & Petrochemicals