NSE: SOLARINDS · BSE: 532725
SOLAR INDUSTRIES (I) LTD
Manufactures industrial explosives and defense products, with FY26 revenue of ₹9,837.74 crores. The defense business nearly doubled to ₹2,634 crores in FY26 (27% of revenue), supplying Pinaka rockets, 155mm ammunition rounds and the Bhargavastra counter-drone system to the Indian armed forces and international clients; a single export defense order of ₹1,076 crores is to be executed over 3 years. Industrial explosives for mining — including supplies to Coal India Limited, whose share of revenue fell to 9% — form the original core business. International mining explosives operations span Africa (Tanzania, Zambia, Zimbabwe, Nigeria), West Asia, Southeast Asia and a newly commissioned Kazakhstan plant, contributing a 32% YoY rise to ₹3,800 crores. The order book stood at a record ₹21,300 crores (defense ₹18,000 crores, non-defense ₹3,000 crores), with FY27 revenue guided at ₹14,000 crores and defense targeted to cross ₹4,500 crores. Capex of ₹2,050 crores is planned for FY27. Raw materials are the largest cost at 45.8% of revenue, with EBITDA margin around 28%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defense products (27%), International mining explosives, Domestic industrial explosives. Diversified industrial explosives manufacturer with rapidly scaling defense exposure; cyclical commodity inputs, asset-heavy with significant capex.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,948 | 6,923 | 6,070 | 7,540 | 9,838 |
| EBITDA (ex other income) | 747 | 1,289 | 1,369 | 1,960 | 2,622 |
| margin % | 18.9 | 18.6 | 22.6 | 26.0 | 26.7 |
| Owners' profit | 441 | 757 | 0 | 1,209 | 1,678 |
| EPS, as reported (₹) | 48.77 | 83.68 | 92.38 | 133.65 | 185.39 |
| ROE % · ROCE % | 22.6 · 25.2 | 29.5 · 35.0 | 25.5 · 30.0 | 28.4 · 30.1 | 26.5 · 29.5 |
| Debt / equity (x) | 0.43 | 0.43 | 0.32 | 0.21 | 0.22 |
| Cash from operations | 298 | 656 | 1,406 | 2,468 | 621 |
| Capex | (287) | (479) | (560) | (1,006) | (1,739) |
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 | 1,716 | 1,973 | 2,167 | 2,154 | 2,082 | 2,548 | 3,053 | 3,668 |
| Profit before tax | 402 | 458 | 467 | 481 | 490 | 636 | 758 | 903 |
| Net profit | 304 | 338 | 346 | 353 | 362 | 467 | 556 | 666 |
| EPS (₹) | 31.59 | 0.00 | 35.61 | 37.43 | 38.12 | 49.31 | 60.52 | 72.11 |
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) | 87.7 | 21.2 | 180 of 197 | 9% |
| P/B | 26.7 | 2.1 | 198 of 202 | 2% |
| ROCE | 27.9 | 8.1 | 12 of 220 | 95% |
| ROE | 26.5 | 7.3 | 10 of 202 | 96% |
| Debt / Equity | 0.2 | 0.2 | 111 of 202 | 45% |
| EBITDA margin | 27.9 | 14.0 | 27 of 201 | 87% |
| Revenue growth | 70.3 | 17.2 | 17 of 194 | 92% |
| Profit growth | 89.0 | 41.9 | 70 of 202 | 66% |
| Market cap | 174665 | 381 | 1 of 225 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Solar Industries to discuss Q2 and H1 FY2027 results on November 4 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board to review September 2026 quarter and half-year results | results | low | — | — |
| 15 Oct 2026 · Solar Industries unit to acquire Sivasakthi Explosives for Rs 115 cr | strategic transactions | high | — | — |
| 9 Oct 2026 · Routine RTA compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · New step-down subsidiary Solar Explochem incorporated in Botswana | strategic transactions | medium | — | — |
| 29 Sept 2026 · Trading window closed for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 23 Sept 2026 · ICRA reaffirms A1+ rating on Rs 500 cr commercial paper | credit debt | medium | — | — |
| 22 Sept 2026 · Solar Industries AA+ rating placed on watch developing by CRISIL | credit debt | medium | — | — |
| 22 Sept 2026 · CRISIL places Solar Industries AA+ rating on Watch Developing | credit debt | medium | — | — |
| 17 Sept 2026 · Solar Industries India redeems Rs.75 Cr Commercial Paper on due date | compliance | low | — | — |
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.