Solar Industries India Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- Excellent return on equity (ROE 32.6%)
- Efficient capital deployment (ROCE 38.1%)
- Low debt relative to equity (D/E 0.2x)
Concerns
- Premium to sector peers (P/E 97.4x vs industry 39.4x)
- High premium to book value (P/B 30.9x)
- Trading near 52-week high (₹21,700)
Today's Price Action
Solar Industries India Limited (SOLARINDS) is trading flat at ₹21,445, with the day's volume matching the 20‑day average of 1,27,496 shares. The lack of deviation between price and volume suggests a continuation of the current equilibrium, with neither buying nor selling pressure evident in the session.
Valuation Snapshot
The stock’s trailing P/E stands at 92.7, markedly higher than the chemicals sector benchmark of zero, indicating a premium valuation relative to earnings. However, the return on equity of 32.6% underscores strong profitability and efficient capital utilisation, mitigating concerns over the elevated multiple.
Key Levels to Watch
The current price sits just above the 52‑week high of ₹20,760, leaving limited upside room before encountering historical resistance. Open‑interest clusters around the ₹21,000–₹21,500 band, a level that could act as a short‑term support if price retraces.
Chart Pattern
In the daily timeframe, the chart displayed a Bullish Engulfing candle three sessions ago, followed by a Three Black Crows formation four sessions earlier, and another Bullish Engulfing ten sessions back. These candlesticks reflect alternating bullish and bearish reversals without implying a definitive trend direction.
Data Summary
Key metrics include a market capitalisation reported as ₹0 Cr, a P/B ratio of 0.0, and a 52‑week range of ₹11,641 to ₹20,760. The stock’s earnings multiple is high at 92.7, while the ROE remains robust at 32.6%, offering a concise snapshot of valuation and profitability.
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| PIDILITIND Pidilite Industries Limited | ₹1,630 | ₹1.7L Cr | 62.6 | 15.37 | 23.9 | 31 | 0.05 |
| SRF SRF Limited | ₹2,547 | ₹75K Cr | 33.7 | 5.37 | 14.3 | 14.6 | 0.35 |
| COROMANDEL Coromandel International Limited | ₹1,914 −0.67% | ₹57K Cr | 30.6 | 4.12 | 16.4 | 22 | 0.11 |
| LINDEINDIA Linde India Limited | ₹6,494 −0.57% | ₹54K Cr | 99 | 15.49 | 13.6 | 18.2 | 0.02 |
| FACT Fertilizers and Chemicals Travancore Limited | ₹876 +11.71% | ₹52K Cr | 3,501 | 41 | 1.61 | 8.65 | 2.79 |
| FLUOROCHEM Gujarat Fluorochemicals Limited | ₹4,606 −0.35% | ₹50K Cr | 81 | 5.25 | 7.82 | 9.64 | 0.29 |
| UPL UPL Limited | ₹582 | ₹49K Cr | 24.9 | 1.42 | 5.64 | 10.1 | 0.94 |
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 newsSolar Industries reports Q1 standalone and consolidated results
*Solar Industries reports Q1 standalone and consolidated results*. The company released unaudited financial results for the quarter ended June 30, 2026. Key figures include revenue of **₹1,842.3 Cr** and net profit of **₹167.5 Cr**. Margins improved YoY due to higher operating efficiency and cost optimization. The stock rose **4.2%** on the announcement. 📊 *STOCKS:* $SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #HIGHIMPACT #Earnings
Solar Industries reports Q1 FY26 financial results
*Solar Industries reports Q1 FY26 financial results.* The company has announced its financial performance for the quarter ended June 30, 2026. Results were in line with market expectations, with revenue at **₹1,842 crore** and net profit at **₹198 crore**. Operational performance remained stable, driven by continued demand in defence and mining sectors. 📊 *STOCKS:* $SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Earnings
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
Acme wins 300 MW solar power contract from SECI
*Acme wins 300 MW solar power contract from SECI*. **300 MW** capacity secured under SECI’s 1500 MW assured peak power tender. The win strengthens Acme’s project pipeline in renewable energy. Contract reflects growing government focus on solar infrastructure. 📊 *STOCKS:* $ACMESOLAR | 🏢 *SECTOR:* Energy | #MEDIUMIMPACT #Solar
Solar Industries announces key corporate updates for June 30, 2026
*Solar Industries announces key corporate updates for June 30, 2026.* The company filed disclosures with the NSE regarding internal restructuring and board committee changes. While no financial figures were disclosed, the updates suggest strategic realignment. Traders may monitor for potential follow-up announcements. 📊 *STOCKS:* $SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #CorporateUpdate
Solex Energy secures new solar project orders
*Solex Energy secures new solar project orders* with contract wins totaling **₹120 crore**. The orders are expected to be executed within **12–14 months**. This strengthens the company’s near-term revenue visibility in the renewable energy space. 📊 *STOCKS:* $SOLARIND | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Orders
Solar Industries to hold shareholder meeting on August 11, 2026
*Solar Industries to hold shareholder meeting on August 11, 2026.* The company has scheduled its annual shareholder meet on **August 11, 2026**, as per an NSE filing. This is a routine corporate event to discuss financial and operational matters. No immediate business changes are indicated. 📊 *STOCKS:* SOLARINDS | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #ShareholderMeeting
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
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 | ₹7.1K Cr 29.1% | ₹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 | ₹2.7K Cr 34.1% | ₹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 | 28.0% 3.7% | 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 | ₹33 Cr 230.0% | ₹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 16.0% | ₹4.4K Cr 33.7% | ₹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 9.8% | ₹2.8K Cr 142.9% | ₹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 10.7% | ₹8.1K Cr 46.0% | ₹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 18.7% | ₹2.7K Cr 34.6% | ₹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 10.7% | ₹8.1K Cr 46.0% | ₹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 | 95d 2.1% | 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 | 45d 21.6% | 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 | 110d 0.9% | 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]
ChemicalsChemicals & Petrochemicals