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Swing Capital

Solar Industries India Ltd

NSE: SOLARINDS BSE: 532725Energy

Solar Industries is one of the largest domestic manufacturers of bulk and cartridge explosives, detonators, detonating cords and components which find applications in the mining, infrastructure and construction industries. Company manufactures high-energy explosives, delivery systems, ammunition filling and pyros fuses for the defence sector.[1]

₹18,045
52W: ₹11641 — ₹18079
PE 134 · Book ₹467 · +3764% vs book
Market Cap₹1,63,289 Cr
Stock P/E134Price to Earnings
ROCE43.6%Return on Capital
ROE33.5%Return on Equity
Div. Yield0.06%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 45.2% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 31.2%
  • +Company's median sales growth is 15.9% of last 10 years

Weaknesses

  • −Stock is trading at 38.1 times its book value

Shareholding Pattern

Promoters73.15%
FIIs6.59%
DIIs12.89%
Public7.35%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters73.15%73.15%73.15%73.15%73.15%73.15%73.15%73.15%
FIIs7.56%7.53%▼0.07.23%▼0.35.82%▼1.46.79%▲1.07.11%▲0.36.74%▼0.46.59%▼0.2
DIIs12.74%12.68%▼0.112.78%▲0.114.1%▲1.313.59%▼0.512.9%▼0.712.91%▲0.012.89%▼0.0
Public6.54%6.64%▲0.16.82%▲0.26.92%▲0.16.47%▼0.56.84%▲0.47.2%▲0.47.35%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales9021,0021,0459051,2071,2991,3871,1251,4931,574
Expenses7107517866749189811,0128351,0561,117
Operating Profit192250258231290318376290437457
OPM %21%25%25%26%24%24%27%26%29%29%
Net Profit138179194177204227280235329378
EPS ₹15.2919.8221.4619.6122.5925.0930.8925.9636.4141.75

AI Insights

Revenue Trend

Mar 2026 revenue at ₹5,579Cr, up 25.2% YoY. OPM at 28%.

Debt Position

Borrowings at ₹149Cr. Debt-to-equity ratio: 0.04x. Healthy balance sheet.

Capex Cycle

CWIP at ₹141Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 12.89% (-2.12pp change). FIIs: 6.59% (+0.80pp change). Promoters hold 73.15%.

Margin & Efficiency

ROCE improving from 23% (Mar 2015) to 44% (Mar 2026). Working capital days: 56.

Valuation

PE 134x with 43.6% ROCE. Price is 3764% above book value of ₹467. Dividend yield: 0.06%.

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