NSE: PREMEXPLN · BSE: 526247
PREMIER EXPLOSIVES LTD
Manufactures explosives and energetic materials — solid propellants for missiles, rocket motors, countermeasure systems such as chaffs and flares, and commercial explosives for mining. An order book of Rs 1,294 cr as of Q3 FY26 provides multi-year visibility, split between defense (Rs 1,191 cr, 92%), commercial explosives (Rs 51.8 cr, 4%) and operations and maintenance services (Rs 51.8 cr, 4%). It is described as the only Indian company qualified to manufacture countermeasures and a key exporter of fully assembled rocket motors, with FY26 revenue of Rs 388.34 cr. Raw materials at 49.1% of revenue are the dominant input cost, followed by employees at 17.7% and other operating expenses at 14.7%. A Rs 429 cr Ministry of Defence chaffs and flares order was secured in October, and the Katepally RDX/HMX expansion is scheduled to commission in Q1 FY27 with a guided FY27 revenue contribution of Rs 150–200 cr. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defense, Commercial explosives, Operations and maintenance services. Defence-anchored explosives and energetic materials manufacturer with multi-year order book visibility
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 199 | 202 | 272 | 417 | 388 |
| EBITDA (ex other income) | 21 | 26 | 58 | 58 | 33 |
| margin % | 10.5 | 12.8 | 21.5 | 13.9 | 8.6 |
| Owners' profit | 5 | (0) | (1) | 29 | 46 |
| EPS, as reported (₹) | 4.93 | 6.42 | 26.37 | 5.34 | 1.22 |
| ROE % · ROCE % | 2.7 · 6.8 | 3.6 · 8.5 | 12.8 · 19.8 | 11.6 · 17.4 | 15.8 · 19.6 |
| Debt / equity (x) | 0.41 | 0.42 | 0.28 | 0.16 | 0.11 |
| Cash from operations | (2) | 21 | 79 | 118 | (1) |
| Capex | (14) | (14) | (23) | (13) | (28) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 95 | 166 | 74 | 142 | 76 | 81 | 89 | 103 |
| Profit before tax | 12 | 9 | 6 | 19 | 25 | 8 | 9 | 4 |
| Net profit | 8 | 9 | 4 | 15 | 18 | 6 | 7 | 3 |
| EPS (₹) | 1.57 | 1.71 | 0.70 | 2.85 | 3.32 | 1.13 | 1.22 | 0.57 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SOLAR INDUSTRIES (I) LTD | 1,74,665 | 87.7 | 26.67 | 63.9 | 26.5 | 27.9 | 31.4 | 27.9 |
| PREMIER EXPLOSIVES LTD ◆ | 3,032 | 90.4 | 10.44 | 39.9 | 15.8 | 18.5 | 20.6 | 7.5 |
| GOCL CORPORATION LIMITED | 1,588 | 4.7 | 0.51 | 4.0 | 48.4 | 10.7 | (52.8) | 1332.8 |
| KELTECH ENERGIES LTD. | 1,350 | 36.6 | 8.83 | — | 18.7 | 19.1 | — | 10.4 |
| Beezaasan Explotech Limited | 1,053 | 45.7 | — | — | — | 10.1 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 90.4 | 21.2 | 184 of 197 | 7% |
| P/B | 10.4 | 2.1 | 190 of 202 | 6% |
| ROCE | 18.5 | 8.1 | 36 of 220 | 84% |
| ROE | 15.8 | 7.3 | 33 of 202 | 84% |
| Debt / Equity | 0.1 | 0.2 | 90 of 202 | 56% |
| EBITDA margin | 7.5 | 14.0 | 149 of 201 | 26% |
| Revenue growth | (27.9) | 17.2 | 176 of 194 | 9% |
| Profit growth | (80.0) | 41.9 | 176 of 202 | 13% |
| Market cap | 3032 | 381 | 49 of 225 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Rajasthan Global Securities crosses 5% after open-market purchase | ownership changes | medium | — | — |
| 8 Oct 2026 · Apollo Micro Systems open offer for Premier Explosives at INR 698 per share | strategic transactions | high | — | — |
| 5 Oct 2026 · Apollo Micro Systems open offer for 26 percent of Premier Explosives at INR 698 per share | strategic transactions | high | — | — |
| 3 Oct 2026 · Compliance Certificate under Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 2 Oct 2026 · IDC recommendations on Apollo Micro Systems open offer published | strategic transactions | high | — | — |
| 1 Oct 2026 · All 6 resolutions passed at Premier Explosives 46th AGM | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 46th AGM of Premier Explosives held on Sept 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 27 Sept 2026 · Trading Window Closed Ahead of Q2 Results | compliance | minimal | — | — |
| 7 Sept 2026 · 46th AGM notice and FY25-26 Annual Report web link shared | compliance | minimal | — | — |
| 5 Sept 2026 · Newspaper publication of 46th AGM notice and e-voting details | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.