SOLARINDS

Solar Industries India Limited

Industrial explosives maker, now also in defence — ammunition and counter-drone systems

Commodities›Chemicals›Chemicals & Petrochemicals›Explosives

solargroup.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹20011.00
Market cap
1,81,087 Cr
Stock P/E
90.9
P/B
28.85
Dividend yield
0.1%
ROE (FY26)
25.6%
ROCE (FY26)
31.2%
Operating margin (FY26)
24.1%
Debt / equity (FY26)
0.23
OCF / EBITDA (FY26)
23.7%
OCF / EBITDA (3Y)
75.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Solar Industries (Solar) makes industrial explosives, initiating systems and defence products for mining, infrastructure and defence customers in India and overseas.

Company snapshot

1stBy market cap

Ranked among 3 companies in Explosives.

What we see

Positives
  • ✓Net margin of 17.7% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,347 Cr1,429 Cr1,611 Cr1,695 Cr1,716 Cr1,973 Cr2,167 Cr2,154 Cr2,082 Cr2,548 Cr3,053 Cr3,668 Cr
Operating expenses (approx.)1,011 Cr1,073 Cr1,257 Cr1,245 Cr1,271 Cr1,447 Cr1,627 Cr1,620 Cr1,529 Cr1,840 Cr2,227 Cr2,653 Cr
EBITDA336 Cr356 Cr354 Cr449 Cr445 Cr527 Cr540 Cr535 Cr553 Cr708 Cr826 Cr1,015 Cr
OPM %24.9%24.9%22.0%26.5%25.9%26.7%24.9%24.8%26.5%27.8%27.1%27.7%
Other income8 Cr11 Cr18 Cr24 Cr30 Cr10 Cr7 Cr29 Cr29 Cr25 Cr44 Cr9 Cr
Interest25 Cr28 Cr32 Cr27 Cr30 Cr31 Cr29 Cr27 Cr31 Cr34 Cr41 Cr41 Cr
Depreciation34 Cr39 Cr37 Cr40 Cr44 Cr47 Cr50 Cr56 Cr61 Cr63 Cr71 Cr80 Cr
Profit before tax285 Cr299 Cr305 Cr408 Cr407 Cr459 Cr464 Cr481 Cr490 Cr636 Cr759 Cr911 Cr
Tax %26.5%25.8%20.5%26.4%25.4%26.5%25.5%26.7%26.1%26.6%26.7%26.9%
Net profit209 Cr222 Cr243 Cr301 Cr304 Cr338 Cr346 Cr353 Cr362 Cr467 Cr556 Cr666 Cr
EPS (₹)₹22.12₹22.47₹25.98₹31.66₹31.59₹34.80₹35.61₹37.43₹38.12₹49.31₹60.52₹72.11

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,711 Cr1,951 Cr2,462 Cr2,237 Cr2,516 Cr3,948 Cr6,923 Cr6,070 Cr7,540 Cr9,838 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,387 Cr1,540 Cr1,960 Cr1,803 Cr2,001 Cr3,200 Cr5,634 Cr4,700 Cr5,580 Cr7,216 CrSign in free for the trailing twelve months
EBITDA324 Cr412 Cr502 Cr434 Cr515 Cr747 Cr1,289 Cr1,369 Cr1,960 Cr2,622 CrSign in free for the trailing twelve months
OPM %18.9%21.1%20.4%19.4%20.5%18.9%18.6%22.6%26.0%26.7%Sign in free for the trailing twelve months
Other income13 Cr12 Cr15 Cr41 Cr21 Cr20 Cr32 Cr44 Cr71 Cr128 CrSign in free for the trailing twelve months
Interest27 Cr33 Cr50 Cr55 Cr45 Cr50 Cr90 Cr109 Cr117 Cr134 CrSign in free for the trailing twelve months
Depreciation39 Cr51 Cr59 Cr85 Cr94 Cr109 Cr128 Cr143 Cr182 Cr251 CrSign in free for the trailing twelve months
Profit before tax271 Cr340 Cr402 Cr336 Cr397 Cr607 Cr1,102 Cr1,161 Cr1,739 Cr2,365 CrSign in free for the trailing twelve months
Tax %28.3%31.2%31.1%17.0%27.5%25.0%26.4%24.6%25.9%26.6%Sign in free for the trailing twelve months
Net profit195 Cr234 Cr277 Cr279 Cr288 Cr455 Cr811 Cr875 Cr1,288 Cr1,737 CrSign in free for the trailing twelve months
EPS (₹)₹20.49₹25.81₹28.91₹5.52₹30.54₹48.77₹83.68₹92.38₹133.65₹185.39Sign in free for the trailing twelve months
Dividend payout %————18.8%11.9%8.4%8.8%6.0%6.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital18 Cr18 Cr18 Cr18 Cr18 Cr18 Cr18 Cr18 Cr18 Cr18 Cr
Reserves910 Cr1,066 Cr1,220 Cr1,362 Cr1,561 Cr1,896 Cr2,592 Cr3,288 Cr4,368 Cr6,259 Cr
Borrowings409 Cr388 Cr469 Cr610 Cr627 Cr866 Cr1,169 Cr1,105 Cr940 Cr1,468 Cr
Other liabilities350 Cr476 Cr528 Cr491 Cr760 Cr843 Cr1,116 Cr1,205 Cr2,785 Cr2,902 Cr
Total liabilities1,727 Cr1,995 Cr2,282 Cr2,532 Cr3,030 Cr3,724 Cr5,036 Cr5,737 Cr8,261 Cr10,919 Cr
Fixed assets (net)762 Cr894 Cr1,005 Cr1,147 Cr1,216 Cr1,416 Cr1,614 Cr1,919 Cr2,470 Cr3,716 Cr
CWIP91 Cr97 Cr166 Cr152 Cr282 Cr221 Cr279 Cr487 Cr703 Cr692 Cr
Investments53 Cr17 Cr33 Cr2 Cr0.97 Cr18 Cr99 Cr370 Cr676 Cr183 Cr
Loans & advances——2 Cr6 Cr4 Cr8 Cr12 Cr3 Cr2 Cr4 Cr
Inventories181 Cr232 Cr283 Cr331 Cr440 Cr719 Cr1,098 Cr847 Cr1,040 Cr1,742 Cr
Trade receivables319 Cr364 Cr399 Cr370 Cr455 Cr541 Cr825 Cr845 Cr1,239 Cr1,858 Cr
Cash & bank26 Cr52 Cr61 Cr93 Cr170 Cr85 Cr245 Cr260 Cr590 Cr469 Cr
Other assets295 Cr339 Cr333 Cr431 Cr460 Cr716 Cr864 Cr1,006 Cr1,541 Cr2,255 Cr
Total assets1,727 Cr1,995 Cr2,282 Cr2,532 Cr3,030 Cr3,724 Cr5,036 Cr5,737 Cr8,261 Cr10,919 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity118 Cr292 Cr314 Cr325 Cr357 Cr298 Cr656 Cr1,406 Cr2,468 Cr621 Cr
Cash from investing-170 Cr-174 Cr-202 Cr-214 Cr-251 Cr-303 Cr-519 Cr-726 Cr-1,593 Cr-1,164 Cr
Cash from financing53 Cr-91 Cr-52 Cr-32 Cr-26 Cr-45 Cr118 Cr-370 Cr-476 Cr209 Cr
Net cash flow0.49 Cr27 Cr9 Cr32 Cr77 Cr-85 Cr160 Cr15 Cr398 Cr-121 Cr
Free cash flow (OCF − Capex)-57 Cr67 Cr62 Cr84 Cr92 Cr10 Cr177 Cr846 Cr1,462 Cr-1,118 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %21.7%24.5%25.7%19.1%19.5%22.8%30.4%28.0%33.9%31.2%
ROE %19.3%20.6%20.3%18.7%16.8%21.9%27.5%25.5%26.7%25.6%
Debtor days68685960665043516069
Inventory days738082109135127105114112141
Days payable36444751888247745351
Cash conversion cycle105104941191139510190119158
OCF / EBITDA %36.3%70.9%62.5%74.8%69.3%39.9%50.9%102.7%125.9%23.7%
OCF / EBITDA % (3 years)——58.4%69.0%68.6%57.7%51.4%69.3%98.1%75.5%
Debt / equity0.440.360.380.440.400.450.450.330.210.23
Current ratio1.391.441.341.341.501.491.531.771.952.06
Net debt / EBITDA1.18—0.811.190.891.050.720.620.180.38