Solar Industries (I) Ltd

NSE: SOLARINDS · Explosives · sector

₹18,683.00NSE close 2026-10-26

Key numbers

Market cap₹1,69,081 cr

Price₹18,683.00

52w high / low₹22,700 / ₹11,646

P/E84.9xSector median 66.9x

P/B26.9xSector median 8.3x

Book value₹693.6

Dividend yield0.07%Sector median 0.08%

ROE37.4%Sector median 12.5%

ROCE37.9%Sector median 15.2%

OPM27.3%Sector median 7.9%

Debt / equity0.23xSector median 0.17x

EV/EBITDA54.8xSector median 51.7x

Interest cover19.9x

Current ratio2.06x

Sales growth 3y+12.4%Sector median +5.3%

Profit growth 3y+30.4%Sector median +34.0%

PEG2.79x

Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 5 companies in Explosives (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹584 cr vs borrowings ₹1,468 cr (FY26): borrowings are higher by ₹884 cr.
Operating profit covered interest 19.9x in the last 12 months.
2.95% of the promoters' shares are pledged (2.2% of all shares).
Operating cash flow was below net profit in 3 of the last 5 years (FY26, FY23, FY22).
Revenue was higher than a year earlier in 4 of the last 4 quarters.
Other income was 5% of net profit in the last 12 months.
Debtor days went from 51 (FY24) to 69 (FY26).
Dividend paid in 5 of the last 5 financial years.
Price ₹18,683.00 on 2026-10-26: -17.7% from the 52-week high, +60.4% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹22,355.00 · low ₹8,850.50

Quarterly results

₹ cr	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	1,716	1,973	2,167	2,154	2,082	2,548	3,053	3,668
EBITDA	445	527	540	535	552	708	826	1,015
OPM %	25.9%	26.7%	24.9%	24.8%	26.5%	27.8%	27.1%	27.7%
Other income	30	10	7	29	29	25	44	9
Net profit	8	315	322	339	345	446	548	653
EPS (₹)	31.59	0.00	35.61	37.43	38.12	49.31	60.52	72.11
Revenue YoY					+21.4%	+29.2%	+40.9%	+70.3%
Profit YoY					+4,345.5%	+41.7%	+70.0%	+92.7%

Consolidated figures where filed. Latest quarter Jun 2026.

Profit & loss (yearly)

₹ cr	FY22	FY23	FY24	FY25	FY26	TTM
Revenue	3,948	6,923	6,070	7,540	9,838	11,351
EBITDA	747	1,289	1,369	1,960	2,622	3,101
Net profit	441	757	875	1,209	1,678	1,991
EPS (₹)	48.77	83.68	92.38	133.65	185.39	220.06
Revenue growth		+75.4%	-12.3%	+24.2%	+30.5%	+41.7%
Profit growth		+71.6%	+15.6%	+38.2%	+38.7%	+102.5%
Dividend / share (₹)	6.00	7.50	8.00	8.50	10.00

Compounded growth	3 years	5 years	Last 12 months
Sales	+12.4%	+31.4%	+41.7%
Net profit	+30.4%	+43.4%	+102.5%
EPS	+30.4%	+43.4%	–
Share price	–	+30.8% (2y)	+36.5%

Balance sheet

₹ cr	FY22	FY23	FY24	FY25	FY26
Shareholders' equity	–	2,610	3,306	4,386	6,277
Borrowings	–	1,169	1,105	940	1,468
Cash & equivalents	–	280	501	1,254	584
Total assets	–	5,036	5,737	8,261	10,918
Fixed assets	–	1,614	1,919	2,470	3,716
Capital work in progress	–	279	487	703	692
Investments	–	79	156	111	146
Receivables	–	825	845	1,239	1,858
Inventory	–	1,098	847	1,040	1,742
Payables	–	488	553	493	632

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	298	656	1,406	2,468	621
Cash from investing	-303	-519	-726	-1,593	-1,164
Cash from financing	-45	118	-370	-476	209
Capex	287	479	560	1,006	1,739
Free cash flow	10	177	846	1,462	-1,118

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY22	FY23	FY24	FY25	FY26
ROE %	–	29.0%	26.5%	27.6%	26.7%
ROCE %	–	31.5%	28.8%	34.7%	32.3%
Debtor days	–	44	51	60	69
Inventory days	–	92	97	97	130
Payable days	–	41	63	46	47
Cash conversion cycle (days)	–	95	85	111	152
Working capital days	–	46	70	97	96

Shareholding

Holder	% (2026-09-30)
Promoters	73.15%
FIIs	6.13%
DIIs	13.55%
of which Mutual funds	12.11%
of which Insurance	0.50%
Government	0.00%
Public (non-institutions)	7.16%

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters %	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%

Promoter group	%
Manish Satyanarayan Nuwal	38.93%
Sohan Devi Nand Lal Nuwal Family Trust	29.23%
Satyanarayan Nandlalji Nuwal	3.58%
Seema Manish Nuwal	1.37%
Rahul Nuwal	0.03%
Leeladevi Satyanarayan Nuwal	0.00%
Sohandevi Nuwal	0.00%
Raghav Manish Nuwal	0.00%
Harshwardhan Manish Nuwal	0.00%
Kailash Chandra Nuwal	0.00%
Indira Kailashchandra Nuwal	0.00%
MSN Holdings	0.00%
MSN Power Cells Limited	0.00%
MSN Nexgen Solutions Limited	0.00%
Solar Laboratories Limited	0.00%

Public holders above 1%	%
Sbi Aggressive Hybrid Fund	3.76%
Kotak Flexicap Fund	2.60%
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund	1.14%

1,39,491 shareholders. Pledged: 2.95% of promoter shares.

Peers in Explosives

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
SOLARINDS	₹1,69,081 cr	84.9x	26.9x	37.4%	37.9%	27.3%	+12.4%	0.07%
PREMEXPLN	₹3,400 cr	101.3x	11.8x	12.5%	15.2%	6.4%	+24.3%	0.08%
GOCLCORP	₹1,565 cr	4.3x	0.5x	12.5%	12.0%	-239.6%	-78.0%	3.17%
KELENRG	₹1,263 cr	44.3x	8.3x	20.6%	19.6%	7.9%	-1.9%	–
BEEZAASAN	₹1,026 cr	66.9x	7.3x	11.8%	13.7%	9.8%	–	–

All 5 companies in Explosives →

Dividends & corporate actions

Ex-date	Action	Detail
2026-07-28	Dividend	Dividend - Rs 11 Per Share
2025-07-08	Dividend	Annual General Meeting/Dividend - Rs 10 Per Share
2024-07-04	Dividend	Annual General Meeting/Dividend - Rs 8.50 Per Share
2023-06-09	Dividend	Annual General Meeting/Dividend - Rs 8 Per Share
2022-05-27	Dividend	Annual General Meeting/ Dividend - Rs 7.50 Per Share
2021-08-18	Dividend	Annual General Meeting/Dividend - Rs 6 Per Share
2020-09-03	Dividend	Annual General Meeting/Dividend - Rs 6 Per Share
2019-07-18	Dividend	Annual General Meeting/ Dividend - Rs 7 Per Share
2018-07-18	Dividend	Annual General Meeting / Dividend- Rs 6 Per Share
2017-08-09	Dividend	Annual General Meeting/Dividend - Rs 3/- Per Share (Book Closure Dates Revised)
2017-02-20	Dividend	Interim Dividend Rs 2/- Per Share (Purpose Revised)
2016-09-15	Other	Annual General Meeting (Book Closure Date Revised)
2016-07-13	Other	Fv Splt Frm Rs 10 To Rs 2
2016-03-16	Dividend	Interim Dividend - Rs 13.50/- Per Share
2015-11-09	Dividend	Interim Dividend - Rs 9/- Per Share
2015-08-27	Dividend	Annual General Meeting/Dividend - Rs 9/- Per Share
2014-11-19	Dividend	Interim Dividend - Rs 8/- Per Share
2014-08-22	Dividend	Annual General Meeting / Final Dividend - Rs 7/- Per Share
2013-11-13	Dividend	Interim Dividend - Rs 5/- Per Share
2013-08-30	Dividend	Annual General Meeting / Dividend - Rs.6/- Per Equity Share

Documents

Links go to the original files on the exchange website.

About the company

Manufacturing of Industrial Explosives, Initiating Systems: Manufacturing of Industrial Explosives


Sector	Commodities
Industry	Explosives
Sub-industry	Explosives
Symbol	SOLARINDS
BSE code	532725
ISIN	INE343H01029
Face value	₹2.0
Incorporated	1995-02-24
Website	www.solargroup.com
Plants (India / abroad)	26 / 0

From the company's filings (BRSR FY26).

Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.