Solar Industries India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2011 • Explosives: 85.3% • Trading: 9.6% • Others: 5.1%
AI Sector View
AI GENERATEDChemicals
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 22305.00 | 101.35 | 201838.07 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1572.50 | 60.43 | 160061.58 | 1.37 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2515.00 | 34.49 | 74550.84 | 0.36 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4753.80 | 84.91 | 52220.49 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8796.15 | 57.15 | 45131.39 | 0.17 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1132.45 | 32.45 | 38146.70 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1642.10 | 28.59 | 22397.10 | 0.46 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1612.65 | 91.01 | 21404.36 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6217.65 | 23.01 | 18305.85 | 0.48 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 497.05 | 33.95 | 18029.33 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1358.70 | 17.49 | 17209.68 | 0.74 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| BASF | 3745.25 | 25.21 | 16211.55 | 0.67 | 360.29 | 162.22 | 4824.26 | 24.57 | 15.23 | 10.46 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 983 | 830 | 902 | 1,002 | 1,045 | 905 | 1,207 | 1,299 | 1,387 | 1,125 | 1,493 | 1,574 | 1,656 | |
| 790 | 631 | 710 | 751 | 786 | 674 | 918 | 981 | 1,012 | 835 | 1,056 | 1,117 | 1,204 | |
| Operating Profit | 193 | 199 | 192 | 250 | 258 | 231 | 290 | 318 | 376 | 290 | 437 | 457 | 452 |
| 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% |
| 14 | 14 | 18 | 13 | 26 | 32 | 12 | 15 | 30 | 57 | 38 | 83 | 30 | |
| Interest | 8 | 6 | 8 | 8 | 6 | 7 | 8 | 8 | 7 | 6 | 6 | 7 | 7 |
| Depreciation | 15 | 16 | 16 | 16 | 17 | 18 | 19 | 21 | 23 | 25 | 25 | 26 | 28 |
| Profit before Tax | 184 | 191 | 186 | 239 | 261 | 238 | 274 | 304 | 375 | 315 | 443 | 507 | 482 |
| 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 Profit | 137 | 141 | 138 | 179 | 194 | 177 | 204 | 227 | 280 | 235 | 329 | 378 | 358 |
| 15.19 | 15.60 | 15.29 | 19.82 | 21.46 | 19.61 | 22.59 | 25.09 | 30.89 | 25.96 | 36.41 | 41.75 | 39.60 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,137 | 1,273 | 1,663 | 1,512 | 1,584 | 2,528 | 4,162 | 3,718 | 4,457 | 5,579 | 5,848 | |
| 920 | 1,046 | 1,350 | 1,248 | 1,312 | 2,169 | 3,541 | 2,883 | 3,359 | 4,020 | 4,212 | |
| Operating Profit | 217 | 227 | 313 | 263 | 272 | 360 | 621 | 835 | 1,097 | 1,559 | 1,636 |
| OPM % | 19.07% | 17.85% | 18.83% | 17.41% | 17.17% | 14.23% | 14.93% | 22.45% | 24.62% | 27.95% | 27.97% |
| 13 | 19 | 15 | 35 | 26 | 52 | 63 | 58 | 84 | 207 | 207 | |
| Interest | 14 | 14 | 12 | 12 | 7 | 9 | 28 | 30 | 29 | 26 | 26 |
| Depreciation | 19 | 26 | 29 | 34 | 38 | 49 | 57 | 63 | 75 | 100 | 105 |
| Profit before Tax | 197 | 205 | 287 | 252 | 253 | 353 | 600 | 800 | 1,077 | 1,641 | 1,747 |
| Tax % | 32.75% | 34.64% | 33.40% | 15.47% | 25.33% | 25.92% | 25.78% | 25.47% | 25.45% | 25.54% | 25.57% |
| Net Profit | 133 | 134 | 191 | 213 | 189 | 262 | 445 | 596 | 803 | 1,222 | 1,301 |
| EPS | 14.60 | 14.84 | 21.16 | 23.58 | 20.89 | 28.90 | 49.22 | 65.89 | 88.74 | 134.99 | — |
| 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:
- 69%
- 1 Year:
- 60%
RETURN ON EQUITY
- 10 Years:
- 25%
- 5 Years:
- 28%
- 3 Years:
- 31%
- Last Year:
- 33%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| 641 | 741 | 867 | 1,003 | 1,139 | 1,347 | 1,749 | 2,328 | 3,049 | 4,209 | |
| 246 | 152 | 171 | 129 | 126 | 155 | 403 | 229 | 385 | 253 | |
| Trade Payables | 37 | 59 | 86 | 106 | 187 | 335 | 394 | 333 | 581 | 486 |
| 108 | 130 | 150 | 127 | 130 | 153 | 204 | 326 | 403 | 563 | |
| Total Liabilities | 1,050 | 1,101 | 1,292 | 1,384 | 1,600 | 2,009 | 2,769 | 3,235 | 4,436 | 5,529 |
| 403 | 420 | 470 | 545 | 558 | 706 | 779 | 811 | 1,139 | 1,377 | |
| Capital Work in Progress | 16 | 35 | 73 | 30 | 127 | 41 | 76 | 217 | 112 | 141 |
| 102 | 66 | 92 | 130 | 129 | 146 | 226 | 667 | 859 | 867 | |
| 78 | 91 | 94 | 100 | 143 | 274 | 460 | 264 | 397 | 405 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 605 | 787 | 985 | |
| Cash & Bank | 10 | 10 | 27 | 65 | 48 | 25 | 61 | 65 | 196 | 254 |
| 441 | 480 | 536 | 514 | 596 | 817 | 1,166 | 605 | 946 | 1,500 | |
| Total Assets | 1,050 | 1,101 | 1,292 | 1,384 | 1,600 | 2,009 | 2,769 | 3,235 | 4,436 | 5,529 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 118 | 272 | 297 | 260 | 212 | 367 | 272 | 770 | 1,054 | 927 | |
| Cash from Investing | -100 | -78 | -129 | -10 | -99 | -280 | -271 | -549 | -691 | -682 |
| Cash from Financing | 36 | -139 | -65 | -142 | -66 | -36 | 173 | -216 | -232 | -188 |
| 6 | -4 | 16 | 43 | -18 | -22 | 35 | 4 | 131 | 57 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Solar Industries India Limited has informed the Exchange about Credit Rating
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 - 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 - 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 - 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 - 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 - The unaudited financial result (standalone & consolidated) of the Company for the quarter ended on June 30, 2026.
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 - 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
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