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Solar Industries India Ltd.

•
solargroup.comBSE: 532725NSE: SOLARINDS
Market Cap₹ 2,01,861 Cr.
Current Price
High / Low₹ 22,625 / 11,646
Stock P/E155.2
Book Value₹ 507
Price to Book25.84
Dividend Yield0.05 %
ROCE43.7 %
ROE33.5 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2011 • Explosives: 85.3% • Trading: 9.6% • Others: 5.1%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence
55%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 45.2% CAGR over last 5 years
  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 38.4%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 30.7%
  • Company has delivered good sales growth of 28.6% CAGR over last 5 years
  • Operating margins have improved to 27.6% from 16.2%

CONS

  • Stock is trading at 25.8x its book value
  • Though reporting repeated profits, the company pays out little dividend (8.1%)
  • Expensive relative to growth - PEG of 3.9
  • Rich enterprise valuation - EV/EBITDA of 61.8x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsChemicals
Part ofNIFTY NEXT 50NIFTY ALPHA 50NIFTY100 QUALTY30NIFTYLARGEMIDCAP250NIFTY100 EQL WGT
S.No.Name
1.SOLARINDS22307.50101.37201860.690.05666.3788.983668.2070.2638.1627.91
2.PIDILITIND1567.4560.23159547.551.378835.101202.8645515.501112.7432.3826.28
3.SRF2483.0034.0573602.280.36758.8775.535033.2634.6314.2124.57
4.FLUOROCHEM4771.7585.2352417.670.06219.0019.021588.0023.979.5826.83
5.NAVINFLUOR8541.1055.4943822.770.18243.31107.671045.0844.0721.3934.17
6.GODREJIND1127.0032.2937963.110.00523.36-27.855448.0922.1610.6412.82
7.AETHER1672.9594.4122204.700.0062.7533.45326.5627.4911.6531.47
8.DEEPAKNTR1587.1027.6421646.940.47345.01207.362577.6036.3911.5820.96
9.ATUL6244.5523.1118385.050.48253.9391.851847.9525.0315.0521.41
10.AARTIIND492.1533.6217851.590.20155.00260.472387.0042.426.9516.00
11.DEEPAKFERT1320.4517.0016725.200.76490.04100.953256.2622.4712.1225.96
12.BASF3665.1524.6715864.840.68360.29162.224824.2624.5715.2310.46
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
9838309021,0021,0459051,2071,2991,3871,1251,4931,5741,656
7906317107517866749189811,0128351,0561,1171,204
Operating Profit193199192250258231290318376290437457452
OPM %19.66%23.99%21.27%24.98%24.71%25.52%23.99%24.50%27.07%25.76%29.25%29.05%27.30%
14141813263212153057388330
Interest8688678876677
Depreciation15161616171819212325252628
Profit before Tax184191186239261238274304375315443507482
Tax %25.44%25.97%25.52%25.05%25.52%25.49%25.50%25.31%25.53%25.53%25.64%25.46%25.65%
Net Profit137141138179194177204227280235329378358
15.1915.6015.2919.8221.4619.6122.5925.0930.8925.9636.4141.7539.60

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,1371,2731,6631,5121,5842,5284,1623,7184,4575,5795,848
9201,0461,3501,2481,3122,1693,5412,8833,3594,0204,212
Operating Profit2172273132632723606218351,0971,5591,636
OPM %19.07%17.85%18.83%17.41%17.17%14.23%14.93%22.45%24.62%27.95%27.97%
131915352652635884207207
Interest14141212792830292626
Depreciation192629343849576375100105
Profit before Tax1972052872522533536008001,0771,6411,747
Tax %32.75%34.64%33.40%15.47%25.33%25.92%25.78%25.47%25.45%25.54%25.57%
Net Profit1331341912131892624455968031,2221,301
EPS14.6014.8421.1623.5820.8928.9049.2265.8988.74134.99—
Dividend Payout %34.13%40.44%33.09%25.45%28.72%25.95%16.26%12.90%11.27%8.15%—

COMPOUNDED SALES GROWTH

10 Years:
19%
5 Years:
29%
3 Years:
10%

COMPOUNDED PROFIT GROWTH

10 Years:
27%
5 Years:
45%
3 Years:
40%

STOCK PRICE CAGR

10 Years:
43%
5 Years:
66%
3 Years:
70%
1 Year:
59%

RETURN ON EQUITY

10 Years:
25%
5 Years:
28%
3 Years:
31%
Last Year:
33%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Jul 28

₹ 5.50

Rs.11.0000 per share(550%)Final Dividend

2025

Jul 8

₹ 5

Rs.10.0000 per share(500%)Final Dividend

2024

Jul 4

₹ 4.25

Rs.8.5000 per share(425%)Final Dividend

2023

Jun 9

₹ 4

Rs.8.0000 per share(400%)Final Dividend

2022

May 27

₹ 3.75

Rs.7.5000 per share(375%)Final Dividend

2021

Aug 18

₹ 3

Rs.6.0000 per share(300%)Final Dividend

2018

Jul 18

₹ 3

Rs.6.0000 per share(300%)Final Dividend

2017

Aug 9

₹ 1.50

Rs.3.0000 per share(150%)Final Dividend

2017

Feb 20

₹ 1

Interim Dividend

2016

Mar 16

₹ 1.35

Rs.13.5000 per share (135%) Second Interim Dividend

2015

Nov 9

₹ 0.90

Rs.9.0000 per share(90%)Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital18181818181818181818
6417418671,0031,1391,3471,7492,3283,0494,209
246152171129126155403229385253
Trade Payables375986106187335394333581486
108130150127130153204326403563
Total Liabilities1,0501,1011,2921,3841,6002,0092,7693,2354,4365,529
4034204705455587067798111,1391,377
Capital Work in Progress163573301274176217112141
1026692130129146226667859867
789194100143274460264397405
0000000605787985
Cash & Bank1010276548256165196254
4414805365145968171,1666059461,500
Total Assets1,0501,1011,2921,3841,6002,0092,7693,2354,4365,529

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1182722972602123672727701,054927
Cash from Investing-100-78-129-10-99-280-271-549-691-682
Cash from Financing36-139-65-142-66-36173-216-232-188
6-41643-18-2235413157

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
73.1573.1573.1573.1573.1573.1573.1573.1573.15
7.567.537.235.826.797.116.746.596.39
12.7412.6812.7814.1013.5812.8912.9012.8913.36
Government0.000.000.000.000.000.000.000.000.00
6.556.656.846.926.486.857.217.357.10

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04
Credit Rating

2026-09-04 - Solar Industries India Limited has informed the Exchange about Credit Rating

2026-09-03
News Verification

2026-09-03 - The Exchange has sought clarification from Solar Industries India Limited with respect to recent news item captioned Solar Industries likely to acquire big global firm in South Africa, reports CNBC-Awaaz; shares rise 4.5%. The response from the Company is attached.

2026-09-03
News Verification

2026-09-03 - The Exchange has sought clarification from Solar Industries India Limited with respect to recent news item captioned Solar Industries likely to acquire big global firm in South Africa, reports CNBC-Awaaz; shares rise 4.5%. The response from the Company is awaited.

2026-08-15
Copy of Newspaper Publication

2026-08-15 - Solar Industries India Limited has informed the Exchange about Copy of Newspaper Publication for the Unaudited Financial Results for the quarter ended on June 30, 2026

2026-08-13
Updates

2026-08-13 - Solar Industries India Limited has informed the Exchange regarding Presentation on Unaudited Financial Results for the quarter ended on June 30, 2026.

2026-08-13
Press Release

2026-08-13 - Solar Industries India Limited has informed the Exchange regarding a press release dated August 13, 2026, titled "Updates on the Unaudited Financial Result (Standalone & Consolidated) of the Company for the quarter ended on June 30, 2026.".

2026-08-13
Integrated Filing- Financial

2026-08-13 - The unaudited financial result (standalone & consolidated) of the Company for the quarter ended on June 30, 2026.

2026-08-13
Outcome of Board Meeting

2026-08-13 - Solar Industries India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-12
Shareholders meeting

2026-08-12 - Solar Industries India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 11, 2026. Further, the company has informed the Exchange regarding voting results.

News

Recent coverage and analyst commentary for SOLARINDS

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