MarketFriction

Solar Industries India Ltd

NSE SOLARINDS · BSE 532725 · Explosives
₹19,400.00 -1.52%
NSE close2026-10-01
52 week range11,646.00 - 22,700.00
Market cap₹1,68,764 Cr.
P/E84.8
Nifty Next 50Nifty 100Nifty 200Nifty 500Nifty India Defence No price band Delivery 35.8%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,3471,4291,6111,6851,7161,9732,1672,1542,0822,5483,0533,668
Expenses1,0121,0741,2571,2351,2711,4471,6291,6201,5301,8402,2272,653
Operating Profit3353553544494455275375355527088261,015
OPM %25%25%22%27%26%27%25%25%26%28%27%28%
Other Income8112026361072929254617
Interest252832273031292731344141
Depreciation343937404447505661637180
Profit before tax285299305408407459464481490636759911
Tax %27%26%21%26%25%26%25%27%26%27%27%27%
Net Profit209222243301304338346353361467556666
EPS in Rs22.1222.4725.9831.6631.5934.8035.6137.4338.1249.3160.5272.11
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,4491,5801,9162,4622,2372,5163,9486,9186,0707,5409,83811,351
Expenses1,1441,2561,5051,9601,8032,0013,1995,5824,5885,5147,1208,250
Operating Profit3043244125024345157481,3361,4822,0262,7173,101
OPM %21%20%21%20%19%20%19%19%24%27%28%27%
Other Income1313129412119-16-681033117
Interest2027335055455090109116134148
Depreciation333951598594109128143182251275
Profit before tax2642713404023363976071,1021,1611,7392,3652,796
Tax %33%28%31%31%17%27%25%26%25%26%27%
Net Profit1781952342772792884558118751,2881,7372,050
EPS in Rs18.0820.6124.3728.9129.5530.5448.7783.6892.38133.65185.38220.06
Dividend Payout %25%24%25%24%20%20%15%10%9%7%6%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth21%31%12%42%
Compounded Profit Growth27%45%30%58%
Stock Price CAGR40%54%57%40%
Return on Equity29%32%32%33%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital181818181818181818181818
Reserves7587879101,0661,2201,3621,5611,8962,5923,2884,3956,259
Borrowings3713985015186037088088881,1951,1389751,524
Other Liabilities2433092923874113935728271,1041,1342,7542,931
Total Liabilities1,3891,5121,7221,9882,2532,4812,9593,6294,9095,5778,14210,733
Fixed Assets5857037779231,0431,2091,2881,4931,7022,0282,7294,006
CWIP613091107178165293230282490707731
Investments3740531733211899370676183
Other Assets7067398019401,0001,1051,3781,8882,8262,6904,0305,813
Total Assets1,3891,5121,7221,9882,2532,4812,9593,6294,9095,5778,14210,733
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2302431182543143253572986561,4062,468621
Cash from Investing Activity-149-141-170-174-254-260-253-338-614-1,022-1,660-951
Cash from Financing Activity-177-9253-53-52-34-26-45118-370-476209
Net Cash Flow-961102793277-8516014331-121
Free Cash Flow118103-5631648796171838581,466-1,072
CFO/OP112%95%55%83%88%100%90%61%68%115%142%47%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days556874695960665044516069
Inventory Days836773807499119113929795130
Days Payable314536494346787341374547
Cash Conversion Cycle10690111100901131089095111110152
Working Capital Days513427321721334131393774
ROCE %19%23%22%24%26%19%19%25%36%32%38%38%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters73.15%73.15%73.15%73.15%73.15%73.15%73.15%73.15%73.15%73.15%73.15%73.15%
FIIs5.89%5.90%6.10%7.56%7.53%7.23%5.82%6.79%7.11%6.74%6.59%6.39%
DIIs15.24%15.05%14.52%12.74%12.68%12.78%14.10%13.59%12.90%12.91%12.89%13.36%
Public5.71%5.88%6.22%6.54%6.64%6.82%6.92%6.47%6.84%7.20%7.35%7.10%
No. of Shareholders50,10357,92664,37772,85378,40283,95995,38097,7121,05,0141,13,8691,15,9171,16,877

Fundamentals

Market Cap₹ 1,68,764 Cr.
Current Price₹ 18,650
Stock P/E84.8
Book Value₹ 694
ROCE38.1 %
ROE32.6 %
Dividend Yield0.06 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)42%
Compounded Profit Growth (TTM)58%
Consolidated figures.
Valuation
Market capRs 175,551 Cr
Enterprise valueRs 176,491 Cr
P/E (TTM)88.15x
Price to book27.97x
Price to sales15.46x
EV / EBITDA54.84x
EV / EBIT59.95x
EV / sales15.55x
Price to cash flow282.75x
Earnings yield1.13%
Dividend yield0.06%
P/E, 3-year average81.44x
P/B, 3-year average21.50x
P/E, 5-year average69.40x
P/B, 5-year average18.17x
Profitability
Operating margin (excl. other income)27.62%
Operating margin (incl. other income)27.95%
EBITDA margin28.35%
Pre-tax margin24.63%
Net profit margin17.54%
Net margin, latest quarter17.79%
ROE31.38%
ROCE37.90%
ROA17.78%
ROE, 3-year average30.33%
ROCE, 3-year average35.48%
ROA, 3-year average17.12%
ROE, 5-year average29.94%
ROCE, 5-year average33.57%
ROA, 5-year average16.50%
ROIC (approx.)29.95%
Tax rate26.58%
Other income / net worth0.52%
Growth
Sales growth (latest year)30.47%
Profit growth (latest year)38.70%
Sales CAGR, 3 years12.45%
Sales CAGR, 5 years31.36%
Profit CAGR, 3 years30.36%
Profit CAGR, 5 years43.43%
Sales growth QoQ20.16%
Profit growth QoQ19.16%
Sales growth YoY (latest quarter)70.26%
Profit growth YoY (latest quarter)92.66%
Per share
EPS (TTM)Rs 220.07
EPS (latest year)Rs 185.38
EPS (latest quarter)Rs 72.11
EPS, 3-year averageRs 137.14
EPS, 5-year averageRs 108.77
Book value per shareRs 693.69
Sales per shareRs 1,254.45
Cash flow per shareRs 68.61
Free cash flow per shareRs -118.47
Dividend per share (latest year)Rs 11.00
Dividend per share, 3-year averageRs 9.83
Dividend per share, 5-year averageRs 9.00
Dividends
Dividend payout5.93%
Dividend payout, 3-year average7.54%
Dividend payout, 5-year average9.51%
Efficiency
Asset turnover0.92x
Fixed asset turnover2.46x
Inventory turnover2.98x
Inventory days123 days
Debtor days69 days
Debtors turnover5.30x
Creditor days47 days
Cash conversion cycle152 days
Working capital days74 days
Leverage
Total debtRs 1,524 Cr
Cash and bankRs 584 Cr
Net debtRs 940 Cr
Debt to equity0.24x
Net debt / EBITDA0.29x
Interest coverage19.92x
Current ratio (filing 2026-03-31)2.06x
Quick ratio (filing 2026-03-31)1.35x
Trade payables (filing 2026-03-31)Rs 632 Cr
Owners' fund to total sources58.49%
Debt to assets14.20%
Cash flow
Cash from Operating Activity (latest year)Rs 621 Cr
Cash from Investing Activity (latest year)Rs -951 Cr
Cash from Financing Activity (latest year)Rs 209 Cr
Net Cash Flow (latest year)Rs -121 Cr
Free cash flow (latest year)Rs -1,072 Cr
FCFE (approx.: FCF + change in debt)Rs -523 Cr
Cash from ops / profit, 5 years1.05x
Sales to cash flow15.85x
Statement figures
Net sales (TTM)Rs 11,351 Cr
Net sales (latest year)Rs 9,838 Cr
Sales (latest quarter)Rs 3,668 Cr
Operating profit excl. other income (latest year)Rs 2,717 Cr
Operating profit (latest quarter)Rs 1,015 Cr
Other income (TTM)Rs 117 Cr
EBITDA (TTM)Rs 3,218 Cr
PBDT (TTM)Rs 3,071 Cr
Profit before tax (TTM)Rs 2,796 Cr
Tax (latest year)Rs 629 Cr
Net profit (TTM)Rs 1,991 Cr
Net profit (latest year)Rs 1,678 Cr
Net profit (latest quarter)Rs 653 Cr
Depreciation (TTM)Rs 275 Cr
Depreciation (latest quarter)Rs 80 Cr
Interest (TTM)Rs 148 Cr
Cost of goods sold (latest year)Rs 5,187 Cr
Total expenditure (latest year)Rs 7,120 Cr
Total income (latest year)Rs 9,870 Cr
Share capitalRs 18 Cr
ReservesRs 6,259 Cr
Shareholders' fundsRs 6,277 Cr
Total assetsRs 10,733 Cr
Net blockRs 4,006 Cr
Capital work in progressRs 731 Cr
InvestmentsRs 183 Cr
ReceivablesRs 1,858 Cr
InventoryRs 1,742 Cr
Other liabilitiesRs 2,931 Cr
Shares outstanding (crore)9.05
Ownership
Promoter holding73.15% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 88.2 is at the 72th percentile of its own 9.4-year range (median 57.8, low 30.6, high 131.7).
P/B 27.97 is at the 82th percentile (median 13.23).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodSOLARINDSNifty 50Difference
1 week-0.4%-2.8% +2.4 pts
1 month-3.3%-6.8% +3.5 pts
3 months+4.8%-7.6% +12.4 pts
6 months+60.6%+0.4% +60.2 pts
1 year+37.1%-9.9% +47.0 pts
2 years+76.0%-13.6% +89.6 pts
3 years+302.5%+14.2% +288.3 pts
5 years+795.3%+27.9% +767.4 pts
271 mutual fund schemes hold about ₹24,216 Cr. Over three months 56 bought more and 59 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Aggressive Hybrid Fund4.06%3,599 -1%
SBI Focused Fund4.32%2,212 -6%
Kotak Flexi Cap Fund3.57%2,011 +2%
Kotak Flexi Cap Fund3.57%2,001 +2%
Kotak Mid Cap Fund2.29%1,636 -3%
HDFC Defence Fund10.77%1,236 -9%
Motilal Oswal Nifty India Defence Index Fund12.16%672 +1%
Axis Midcap Fund1.79%617 -17%
Canara Rob Large and Mid Cap Fund1.89%498 +1%
Edelweiss Mid Cap Fund2.06%410 -8%
Axis ELSS-Tax Saver Fund1.19%389 +0%
SBI Midcap Fund1.48%362 +1%
SBI Midcap Fund1.48%360 +1%
Kotak Balanced Advantage Fund1.63%284 -1%
Axis Large Cap Fund0.82%259 -26%
Kotak Large Cap Fund2.25%247 +1%
HDFC Large & Mid Cap Fund0.74%225 -1%
Kotak Arbitrage Fund(M0.28%213 -25%
ICICI Pru Nifty Next 50 Index Fund1.93%195 -1%
Axis Flexi Cap Fund1.37%191 -2%
Axis Flexi Cap Fund1.37%185 -2%
PGIM India Midcap Fund1.64%184 +0%
Axis Large & Mid Cap Fund1.06%183 -2%
SBI Arbitrage Fund0.38%180 +4%
Axis Large & Mid Cap Fund1.06%178 -2%

Red flags

F-score 5 of 8
lookInventory outrunning sales Inventory grew 67% vs sales +30% in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-03-11Smt. Indira Kailashchandra NuwalPromotersother5,568,230Rs 1.11 CrGift
2026-03-11Sohan Devi Nand Lal Nuwal Family TPromotersother26,451,193Rs 5.29 CrGift
2026-03-11Shri Kailash Chandra NuwalPromotersother20,882,963Rs 4.18 CrGift
2026-03-09Smt. Indira Kailashchandra NuwalPromotersother5,568,230Rs 1.11 CrGift
2026-03-09Sohan Devi Nand Lal Nuwal Family TPromotersother26,451,193Rs 5.29 CrGift
2026-03-09Shri Kailash Chandra NuwalPromotersother20,882,963Rs 4.18 CrGift
2021-12-06Manish Satyanarayan NuwalImmediate relativeother10,000,000Inter-se-Transfer
2021-12-06Satyanarayan N NuwalImmediate relativeother10,000,000Inter-se-Transfer
2019-07-10Satyanarayan N NuwalPromotersother1,000Inter-se-Transfer
2019-07-10Leeladevi Satyanarayan NuwalPromotersother1,000Inter-se-Transfer
2019-03-19Nilesh PanpaliyaKey Managerial Personnelbuy200Rs 0.02 CrMarket Purchase
2019-03-19Nilesh PanpaliyaKey Managerial Personnelbuy200Market Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹3,668 Cr +70.3% vs Jun 2025. Net profit ₹666 Cr +88.7%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-28Dividend - Rs 11 Per Share
2025-07-08Annual General Meeting/Dividend - Rs 10 Per Share
2024-07-04Annual General Meeting/Dividend - Rs 8.50 Per Share
2023-06-09Annual General Meeting/Dividend - Rs 8 Per Share
2022-05-27Annual General Meeting/ Dividend - Rs 7.50 Per Share
2021-08-18 Annual General Meeting/Dividend - Rs 6 Per Share
2020-09-03 Annual General Meeting/Dividend - Rs 6 Per Share
2019-07-18 Annual General Meeting/ Dividend - Rs 7 Per Share
2018-07-18 Annual General Meeting / Dividend- Rs 6 Per Share
2017-08-09 Annual General Meeting/Dividend - Rs 3/- Per Share (Book Closure Dates Revised)
2017-02-20 Interim Dividend Rs 2/- Per Share (Purpose Revised)
2016-09-15 Annual General Meeting (Book Closure Date Revised)
2016-07-13 Fv Splt Frm Rs 10 To Rs 20.2000
2016-03-16 Interim Dividend - Rs 13.50/- Per Share
2015-11-09 Interim Dividend - Rs 9/- Per Share
2015-08-27Annual General Meeting/Dividend - Rs 9/- Per Share
2014-11-19Interim Dividend - Rs 8/- Per Share
2014-08-22Annual General Meeting / Final Dividend - Rs 7/- Per Share
2013-11-13Interim Dividend - Rs 5/- Per Share
2013-08-30Annual General Meeting / Dividend - Rs.6/- Per Equity Share
2012-11-15Interim Dividend Rs.5/- Per Share
2012-08-01Annual General Meeting And Dividend - Rs.5/- Per Share
2011-11-22Interim Dividend Rs.5/- Per Share
2011-07-29Annual General Meeting And Dividend Rs.4/- Per Share
2010-11-11Interim Dividend - Rs 4 Per Share
2010-08-11Annual General Meeting / Dividend Rs 3.50 Per Share
2010-02-17Int Div-Rs.3.50 Per Share
2009-09-08Agm/Div-Rs.4.50 Per Share
2008-09-10Agm/Dividend - 15%
2007-11-01Interim Dividend-15%
2007-09-12Agm/Dividend-15%
2006-09-18Agm/Dividend-15%
DateTypeWhat it says
2026-09-29AcquisitionIncorporation of Step down subsidiary.
2026-09-23Credit RatingCredit Rating
2026-09-22Credit RatingCredit Rating
2026-09-17General UpdatesCertificate confirming fulfilment of payment obligation with respect to Commercial Paper issued dated June 19, 2026, by Solar Industries India Limited...
2026-09-17Concall / analyst meetTranscript
2026-09-15Concall / analyst meetLink of Recording
2026-09-14Concall / analyst meetSchedule of meet
2026-09-14AcquisitionAcquisition
2026-09-14Press ReleaseA press release dated September 14, 2026, titled "Press release on proposed acquisition of Omnia Holdings Limited by Solar SA Investments Proprietary ...
2026-09-04Credit RatingCredit Rating
2026-09-03News clarificationThe Exchange has sought clarification from Solar Industries India Limited with respect to recent news item captioned Solar Industries likely to acquir...
2026-09-03News clarificationThe Exchange has sought clarification from Solar Industries India Limited with respect to recent news item captioned Solar Industries likely to acquir...
2026-08-13UpdatesPresentation on Unaudited Financial Results for the quarter ended on June 30, 2026.
2026-08-13Press ReleaseA press release dated August 13, 2026, titled "Updates on the Unaudited Financial Result (Standalone & Consolidated) of the Company for the quarter en...
2026-08-13Integrated Filing- FinancialThe unaudited financial result (standalone & consolidated) of the Company for the quarter ended on June 30, 2026.
2026-08-13Board meeting outcomeSolar Industries India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-12Shareholder meetingVoting results.
2026-08-11Shareholder meetingProceedings of Annual General Meeting held on August 11, 2026
2026-07-21UpdatesLetter to the Shareholders - Annual Report FY 2025-26.
2026-07-20UpdatesBusiness Responsibility and Sustainability Report for FY 2025-26..
2026-07-20Shareholder meetingIntegrated Annual Report for the financial year 2025-26 including Notice convening the 31st AnnualGeneral Meeting (AGM) and Intimation of Record Date
2026-07-09General UpdatesIncorporation
2026-06-29Record DateRecord date for the purpose of Dividend is 28-Jul-2026.
2026-06-19Issue of SecuritiesIssue of Securities.
2026-06-02Concall / analyst meetIntimation of participating in the India Investment Forum 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.50
Max pain (expiry 2026-10-27)19,750
Largest call open interest at20,000
Largest put open interest at19,000
Implied volatility, at the money33.8%
Underlying at snapshot19,400.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-30216
2026-09-29100
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-04-05NCLATSolar Industries India Ltd VS Kailash Chandra Nuwal&Ors
2021-03-19NCLATSolar Industries India Ltd VS Kailash Chandra Nuwal&Ors
2021-03-15NCLATSolar Industries India Ltd VS Kailash Chandra Nuwal&Ors
2021-02-25NCLATSolar Industries India Ltd VS Kailash Chandra Nuwal&Ors
2020-09-11NCLTKailash Chandra Nuwal & Ors Vs Solar Industries India Limited & Ors.
2018-03-16CESTATSOLAR INDUSTRIES INDIA LIMITED ---VS.--- DESIGNATED AUTHORITY DIRECTORATE GENERAL OF ANTI-DUMPING AND ALLIED DUTIES
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Solar Industries India Ltd?

Solar Industries India Ltd (SOLARINDS) has a market capitalisation of Rs 1,68,764 Cr. at the 2026-10-01 close.

What is the P/E ratio of Solar Industries India Ltd?

Solar Industries India Ltd trades at a P/E of 84.8 on trailing twelve-month profit, at the 2026-10-01 close.

What were Solar Industries India Ltd's latest quarterly results?

In the Jun 2026 quarter, Solar Industries India Ltd sales was Rs 3,668 Cr (+70.3% vs Jun 2025) and net profit was Rs 666 Cr.

What is the 52-week high and low of Solar Industries India Ltd?

The 52-week high is Rs 22,700.00 and the 52-week low is Rs 11,646.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03