Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,045.00 last close on 30 Oct 2026 −1.16%
Research updated
Solar Industries India Ltd.
NSE: SOLARINDSBasic MaterialsSpecialty Chemicals
- Last close
- ₹18,800.00
- Day change
- −₹630.00 (−3.24%)vs
- Market cap
- ₹1.80 lakh crIndian rupees
- Research updated
- 2 reports
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About Solar Industries India
Solar Industries India Ltd. is a prominent player in the defense sector, specifically in industrial explosives and ammunition manufacturing. Its primary function is the production of a wide range of explosives used in construction, mining, and defense applications. With a robust portfolio that includes industrial explosives, detonators, and ammunition, it plays a critical role in supporting infrastructure projects and enhancing defense capabilities. The company's expertise spans across sectors like mining, construction, and defense, making it vital for infrastructure development and national security. Solar Industries India's operations are significant in both domestic and international markets, reflecting its strategic importance in supplying essential materials for various high-stakes applications."}
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: SOLARINDS
- Next results
- Chief executive
- Mr. Manish Satyanarayan Nuwal
- Employees
- 2,351
- Headquarters
- Nagpur, India
- ISIN
- INE343H01029
- Website
- solargroup.com
Public research · Report of
Business model & financial foundation
Solar Industries (NSE: SOLARINDS), Industrial explosives, initiating systems and defence ammunition: revenue of ₹9,838 crore in FY26 (+30.5% on FY25), an EBITDA margin of 26.7%, net profit of ₹1,678 crore and net debt of ₹883.7 crore.
- Revenue, FY26 (₹ crore)
- 9,838
- consolidated
- Revenue growth, FY26
- +30.5%
- on FY25
- EBITDA margin, FY26
- 26.7%
- EBITDA (revenue less cost stack) / revenue
- Net profit, FY26 (₹ crore)
- 1,678
- to owners
- Return on equity, FY26
- 31.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 883.7
- Net debt (borrowings - cash & bank - current investments)
- Market capitalisation (₹ crore)
- 1,75,551
- at the close of 15 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Solar Industries India Limited |
| Exchange and ticker | NSE: SOLARINDS; BSE: 532725 |
| ISIN | INE343H01029 |
| CIN | L74999MH1995PLC085878 |
| Sector | Industrials |
| Industry | Industrial explosives, initiating systems and defence ammunition |
| Headquarters | Nagpur, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co LLP jointly with Gandhi Rathi & Co |
| Market capitalisation | ₹1,75,551 crore (15 Oct 2026) |
| Shares outstanding | 9.05 crore shares (FY26) |
| Price | ₹20,170 (close, 15 Oct 2026) |
| 52-week range | ₹11,646 - ₹22,700 (to 15 Oct 2026) |
| Website | https://solargroup.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Solar Defence and Aerospace Ltd | n.d. | Defence: Pinaka rockets, ammunition, loitering munitions (Nagastra), counter-drone (Bhargavastra), warheads |
| Economic Explosives Ltd | n.d. | Initiating systems and defence energetics manufacturing (India) |
| Emul Tek Pvt Ltd | n.d. | Explosives manufacturing subsidiary (India) |
| Rajasthan Explosives and Chemicals Ltd | n.d. | Domestic explosives, acquired FY24 |
| Solar SA Investments (Pty) Ltd | 100% | South African step-down vehicle acquiring Omnia Holdings |
| Solar Explochem (Pty) Ltd, Botswana | 65% | Explosives, incorporated 29 Sep 2026 |
International manufacturing in South Africa (incl. ProBlast, acquired Jul 2024), Turkiye, Zambia, Nigeria, Tanzania, Ghana, Indonesia, Thailand, Australia, Kazakhstan; Saudi Arabia under development. Holdings percentages of Indian subsidiaries not retrieved this run (FY26 annual report notes unread).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 73.15% | 73.15% | 73.15% | 73.15% |
| Promoter holding pledged | 1.52% | 1.52% | 1.76% | 2.27% |
| Foreign institutions | 7.11% | 6.74% | 6.60% | 6.40% |
| Domestic institutions | 12.89% | 12.91% | 12.90% | 13.36% |
| of which mutual funds | 11.70% | 11.96% | 11.93% | 12.25% |
| Retail | 6.85% | 7.21% | 7.35% | 7.10% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Solar Industries is an integrated supplier of explosives, initiating systems and blasting services. The product is a consumable per tonne of rock moved, so overburden ratios matter as much as coal output. Local plants, magazines and PESO permissions reduce logistics cost and create incumbent advantage. Domestic explosives revenue FY26 was 3,343 cr, international explosives 3,815 and defence 2,634. Defence products (Pinaka rockets, 155mm ammunition, Nagastra, warheads, counter-drone systems) sit in subsidiaries. The statutory segment note reports only one segment; the management customer/business splits are KPIs, not statutory segments.
| Peer | Why the dossier compares them |
|---|---|
| Bharat Dynamics (BDL) | Listed Indian missile and munitions maker; closest defence-munitions peer |
| Bharat Electronics (BEL) | |
| Hindustan Aeronautics (HAL) | Large-cap Indian defence peer; order-book driven |
| Premier Explosives (PREMEXPLN) | Listed Indian explosives and defence energetics competitor |
| Orica | Global leader in commercial explosives (ASX: ORI); benchmark for the mining explosives business |
| GOCL Corporation (GOCL) | Listed Indian explosives maker (IDL Explosives parent) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,829 | 6,770 | 6,070 | 7,540 | 9,838 |
| Cost of revenue (vendor classification) * | 2,345 | 4,367 | 3,231 | 3,953 | 4,960 |
| Other operating costs (vendor classification) * | 526.1 | 728.3 | 726.5 | 1,028 | 1,356 |
| EBITDA (vendor classification) * | 760.0 | 1,419 | 1,545 | 2,017 | 2,753 |
| EBIT * | 657.7 | 1,192 | 1,271 | 1,855 | 2,499 |
| Finance costs | 50.3 | 90.4 | 109.4 | 116.5 | 134.0 |
| Profit before tax (incl. share of associates) | 607.4 | 1,102 | 1,161 | 1,739 | 2,365 |
| Total tax expense | 152.0 | 290.4 | 286.1 | 450.8 | 628.6 |
| Net profit for the period | 455.5 | 811.2 | 875.2 | 1,288 | 1,737 |
| Diluted EPS (INR) | 48.77 | 83.68 | 92.38 | 133.7 | 185.4 |
| Cost of materials (consumed + traded purchases + inventory change) | 3,196 | 3,979 | 4,894 | ||
| Employee benefits expense | 433.5 | 600.1 | 845.0 | ||
| Other expenses | 1,071 | 1,001 | 1,477 | ||
| EBITDA (revenue less cost stack) | 1,369 | 1,960 | 2,622 | ||
| Other income | 44.5 | 70.8 | 128.0 | ||
| Depreciation and amortisation | 143.4 | 181.5 | 250.9 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to non-controlling interests | 39.3 | 78.5 | 59.1 | ||
| Profit attributable to owners | 835.9 | 1,209 | 1,678 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 2,015 | 2,751 | 3,306 | 4,413 | 6,277 |
| Borrowings (non-current + current) | 888.0 | 1,195 | 1,105 | 939.6 | 1,468 |
| Cash & equivalents + other bank balances | 83.7 | 245.0 | 287.3 | 725.5 | 584.1 |
| Trade receivables | 541.1 | 825.3 | 844.9 | 1,239 | 1,858 |
| Inventories | 718.9 | 1,098 | 846.8 | 1,040 | 1,742 |
| Trade payables (current; excludes acceptances) | 464.9 | 488.5 | 322.9 | 492.5 | 631.7 |
| Net property, plant and equipment * | 25.5 | 2.95 | 5.68 | 4.61 | 3,777 |
| Capital work in progress * | 221.1 | 417.9 | 585.6 | 935.3 | 1,123 |
| Total assets * | 3,724 | 5,036 | 5,737 | 8,261 | 10,919 |
| Current investments | 213.4 | 529.0 | 0.00 | ||
| Net debt (borrowings - cash & bank - current investments) | 604.3 | -314.9 | 883.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 167.4 | 693.5 | 1,406 | 2,468 | 620.9 |
| Free cash flow (vendor definition) * | 10.4 | 177.4 | 846.3 | 1,462 | -1,118 |
| Dividends paid (the provider's sign: an outflow is negative) * | -54.3 | -67.9 | -72.4 | -76.9 | -90.5 |
| Capital expenditure (purchase of PPE and intangibles, outflow negative) | -277.3 | -473.1 | -559.8 | -1,006 | -1,739 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 9.05 | 9.05 | 9.05 | 9.05 | 9.05 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,716 | 1,973 | 2,167 | 2,154 | 2,082 | 2,548 | 3,053 | 3,668 |
| Cost of revenue (vendor classification) * | 843.0 | 1,029 | 1,211 | 1,094 | 987.9 | 1,241 | 1,522 | 1,857 |
| Other operating costs (vendor classification) * | 283.4 | 267.2 | -313.7 | 341.4 | 346.9 | 384.9 | 452.7 | 540.2 |
| EBITDA (vendor classification) * | 480.3 | 537.0 | 523.7 | 564.2 | 581.0 | 733.1 | 871.7 | 1,032 |
| EBIT * | 436.7 | 489.6 | 493.2 | 508.2 | 520.4 | 670.3 | 800.3 | 952.7 |
| Finance costs | 29.7 | 30.5 | 28.8 | 27.4 | 30.9 | 34.4 | 41.3 | 41.3 |
| Profit before tax (incl. share of associates) | 407.0 | 459.1 | 464.4 | 480.8 | 489.5 | 635.9 | 759.0 | 911.5 |
| Total tax expense (current + earlier-period adj + deferred) | 103.2 | 121.6 | 118.3 | 128.1 | 128.1 | 169.4 | 203.0 | 245.1 |
| Net profit for the period | 303.8 | 337.5 | 346.1 | 352.6 | 361.5 | 466.5 | 556.0 | 666.4 |
| Diluted EPS (INR) | 31.59 | 34.80 | 35.61 | 37.43 | 38.12 | 49.31 | 60.52 | 72.11 |
| Cost of materials (consumed + traded purchases + inventory change) | 843.0 | 1,029 | 1,178 | 1,118 | 1,013 | 1,241 | 1,522 | 1,857 |
| Employee benefits expense | 144.7 | 150.7 | 173.6 | 183.8 | 194.7 | 213.9 | 252.6 | 255.6 |
| Other expenses | 283.4 | 267.2 | 275.4 | 318.2 | 321.4 | 384.9 | 452.7 | 540.2 |
| EBITDA (revenue less cost stack) | 444.8 | 526.5 | 539.7 | 534.9 | 552.8 | 708.2 | 826.0 | 1,015 |
| Other income | 30.5 | 9.54 | 6.55 | 29.3 | 29.2 | 25.1 | 44.5 | 8.52 |
| Depreciation and amortisation | 43.6 | 47.4 | 50.5 | 56.0 | 60.6 | 62.9 | 71.4 | 79.7 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 17.9 | 22.6 | 23.9 | 13.9 | 16.5 | 20.3 | 8.40 | 13.8 |
| Profit attributable to owners | 285.9 | 314.9 | 322.2 | 338.7 | 345.0 | 446.3 | 547.6 | 652.6 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 56.8% | 76.8% | -10.3% | 24.2% | 30.5% |
| EBITDA margin | 22.6% | 26.0% | 26.7% | ||
| Net margin | 13.8% | 16.0% | 17.1% | ||
| Return on equity | 27.6% | 31.3% | 31.4% | ||
| Return on capital employed | 24.6% | 34.8% | 30.4% | 38.0% | 38.2% |
| Return on assets | 15.5% | 17.3% | 17.5% | ||
| Net debt (₹ crore) | 604.3 | -314.9 | 883.7 | ||
| Net debt / EBITDA | 0.44x | -0.16x | 0.34x | ||
| Interest cover | 13.1x | 13.2x | 11.6x | 15.9x | 18.7x |
| Asset turnover | 1.13x | 1.55x | 1.13x | 1.08x | 1.03x |
| Receivable days | 52 | 44 | 51 | 60 | 69 |
| Inventory days (on revenue) | 69 | 59 | 51 | 50 | 65 |
| Payable days (on revenue) | 44 | 26 | 19 | 24 | 23 |
| Cash conversion | 1.68x | 2.04x | 0.37x | ||
| Capex intensity | 7.2% | 7.0% | 9.2% | 13.3% | 17.7% |
| Free cash flow (₹ crore) | -109.9 | 220.4 | 846.2 | 1,462 | -1,118 |
| Dividend payout | 8.7% | 6.4% | 5.4% | ||
| EPS, diluted (₹) | 48.77 | 83.68 | 92.38 | 133.7 | 185.4 |
| Book value per share (₹) | 222.7 | 304.0 | 365.3 | 487.7 | 693.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cost stack) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings - cash & bank - current investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less cost stack).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Solar Industries India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Solar Industries India
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