Solar Industries India
- Market cap
- ₹ 1,65,778 Cr.
- P/E
- 83.2x
- P/B
- 27.4x
- 52-week range
- 11,646 – 22,700
- ROE
- 33%
- ROCE
- 38%
- Dividend yield
- 0.1%
- Debt / equity
- 0.24
- Sector
- Chemicals & Petrochemicals
- Industry
- Explosives
- Listed on
- NSE, BSE
About
Solar Industries India Limited is an India-based integrated global explosives company. The Company is primarily involved in the manufacturing of complete range of industrial explosives and explosive initiating devices. Its segment is Explosives and its accessories. The Company's products include industrial explosives and defense. Its industrial explosives products include packaged emulsion explosives, bulk explosives and explosive initiating systems. Its industrial explosives include superpower 90, solargel, solar prime, solar prime gold, Eco Power, and others. The Company's defense products include high energy materials, such as HMX, RDX, TNT and their compounds; composite propellants for Pinaka, Akash, Brahmos, PSOMXL and Skyroot, among others; 30 mm ammunition, multi-mode hand grenade, mines, warheads, bund blasting device; artillery fuses, ASW fuses, Pyros and igniters; chaff payloads; loitering munition; rocket integration, and explosives filling of ammunition.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Explosives: 5 companies →Solar Industries India against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)83.2 against a typical 79.2: pricier than most peers (1st = cheapest).4th of 5
- Sales growth+70.3% against a typical +27.8% from a year earlier.2nd of 5
- Profit growth+88.7% against a typical +66.7% from a year earlier.2nd of 5
- Share price, 3 months+6.6% against a typical +6.6%.3rd of 5
- Size₹ 1,65,777.8 Cr. market value against a typical ₹ 2,466.8 Cr. (1st = largest).1st of 4
Latest announcements
Exchange filings and their impact on the company.
- Solar's subsidiary to buy 100% of Sivasakthi explosives in likely small tuck-in deal.
Solar Industries India said its wholly owned subsidiary Solar Explochem has signed a share purchase agreement on October 15, 2026 to acquire 100% of Sivasakthi Industrial Explosives Private Limited. No deal value, sales, or timelines were disclosed in the filing. It is a small tuck-in expansion in its core explosives business with limited near-term financial impact.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
High safety
Rated AA+ by CRISIL- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| ICRA | — | — | 23 Sep 2026 |
| CRISIL | Crisil AA+/Watch Developing | Watch: Developing | 22 Sep 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 23 Sep 2026 | Reaffirmed | — | — | ICRA | ₹ 500 Cr. | |
| 22 Sep 2026 | Reaffirmed | Crisil AA+ → Crisil AA+/Watch Developing | — | CRISIL | ₹ 1,514.5 Cr. | |
| 4 Sep 2026 | Reaffirmed | — | — | ICRA | ₹ 500 Cr. | |
| 23 Apr 2026 | Withdrawn | was Crisil AA+ | — | CRISIL | ₹ 1,529.5 Cr. | |
| 2 Feb 2026 | Reaffirmed | — | — | ICRA | ₹ 500 Cr. |
Research by Minerva Capital Research Solutions
Our research team's work on Solar Industries IndiaAlso covered in
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 15 May 2026 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2026 and dividend |
| 3 Feb 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 10 Nov 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 7 Aug 2025 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2025 |
| 20 May 2025 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2025 and final dividend for the year ended March 31, 2025. |
| 5 Feb 2025 | Financial Results | To consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2024. |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,347 | 1,429 | 1,611 | 1,685 | 1,716 | 1,973 | 2,167 | 2,154 | 2,082 | 2,548 | 3,053 | 3,668 |
| Expenses | 1,012 | 1,074 | 1,257 | 1,235 | 1,271 | 1,447 | 1,629 | 1,620 | 1,530 | 1,840 | 2,227 | 2,653 |
| Operating Profit | 335 | 355 | 354 | 449 | 445 | 527 | 537 | 535 | 552 | 708 | 826 | 1,015 |
| OPM % | 25% | 25% | 22% | 27% | 26% | 27% | 25% | 25% | 26% | 28% | 27% | 28% |
| Other Income | 8 | 11 | 20 | 26 | 36 | 10 | 7 | 29 | 29 | 25 | 46 | 17 |
| Interest | 25 | 28 | 32 | 27 | 30 | 31 | 29 | 27 | 31 | 34 | 41 | 41 |
| Depreciation | 34 | 39 | 37 | 40 | 44 | 47 | 50 | 56 | 61 | 63 | 71 | 80 |
| Profit before tax | 285 | 299 | 305 | 408 | 407 | 459 | 464 | 481 | 490 | 636 | 759 | 911 |
| Tax % | 27% | 26% | 21% | 26% | 25% | 26% | 25% | 27% | 26% | 27% | 27% | 27% |
| Net Profit | 209 | 222 | 243 | 301 | 304 | 338 | 346 | 353 | 361 | 467 | 556 | 666 |
| EPS in Rs | 22.12 | 22.47 | 25.98 | 31.66 | 31.59 | 34.8 | 35.61 | 37.43 | 38.12 | 49.31 | 60.52 | 72.11 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 21%
- 5 Years
- 31%
- 3 Years
- 12%
- TTM
- 42%
- 10 Years
- 27%
- 5 Years
- 45%
- 3 Years
- 30%
- TTM
- 58%
- 10 Years
- 42%
- 5 Years
- 64%
- 3 Years
- 66%
- TTM
- —
- 10 Years
- 29%
- 5 Years
- 32%
- 3 Years
- 32%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Solar Industries India | ₹ 19,240.00 | ₹ 1,65,778 Cr. | 83.2x | 27.4x | 33% | — |
| Asian Paints | ₹ 2,305.00 | ₹ 2,21,095 Cr. | 58.1x | 12.1x | 21.2% | 12.4% |
| Pidilite Industries | ₹ 1,514.00 | ₹ 1,54,107 Cr. | 64.8x | 14.7x | 23.8% | 16.9% |
| SRF | ₹ 2,309.00 | ₹ 68,444 Cr. | 44.6x | 6.1x | 13.8% | 11.6% |
| Linde India | ₹ 5,697.00 | ₹ 48,586 Cr. | 110.5x | 14.2x | 13.6% | 21.7% |
| Coromandel International | ₹ 1,723.60 | ₹ 50,876 Cr. | 29.6x | 4.8x | 16.6% | 6% |
Management
- Manish Satyanarayan Nuwal
- Chief Executive Officer, Managing Director, Executive Director
- Moneesh Agrawal
- Joint Chief Financial Officer
- Shalinee Mandhana
- Joint Chief Financial Officer
- Khushboo Anish Pasari
- Compliance Officer, Company Secretary
- Milind Deshmukh
- Whole Time Director
- Suresh Menon
- Whole Time Director
Prices are delayed and for information only. Nothing on this page is investment advice.