Solar Industries India Limited (SOLARINDS)

Chemicals · Chemicals & Petrochemicals · NSE · Updated 1 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹18,391 ↑ 29.33% (1Y)

🎯 Key Takeaways

Solar Industries India Limited is transitioning from a mature chemical manufacturer into a high-growth player with strategic focus on defence and international markets, evidenced by a 35% YoY PAT increase and a ₹21,300 Cr order book. The company is targeting ₹14,000 Cr revenue, driven by defence expansion and global presence across 90+ countries, while maintaining robust governance and ESG compliance.
Revenue grew 15% QoQ to ₹1,973 in Q3FY25.
⚠️ Foreign exchange volatility is explicitly cited as a key risk due to significant export exposure across 90+ countries, which could impact margins and

Market Cap

₹1.57 L Cr

P/E Ratio

132.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Solar Industries India Limited is transitioning from a mature chemical manufacturer into a high-growth player with strategic focus on defence and international markets, evidenced by a 35% YoY PAT increase and a ₹21,300 Cr order book. The company is targeting ₹14,000 Cr revenue, driven by defence expansion and global presence across 90+ countries, while maintaining robust governance and ESG compliance. It operates in a capital-intensive, cyclical chemicals sector but is differentiating through high-margin specialty products and export diversification.

📰 What's Happening

The company held its 31st AGM on August 11, 2026, where it approved FY2025-26 financials, declared a ₹11 per share dividend, and appointed Reena Jha Tripathi as an independent director. Management highlighted strong order book visibility of ₹21,300 Cr, 35% PAT growth, and revenue of ₹9,838 Cr for FY2025-26. No material changes were reported, but strategic focus remains on scaling defence manufacturing and global exports. The Business Responsibility and Sustainability Report for FY2025-26 was filed on July 20, 2026, verified by Moore Singhi Advisors LLP with reasonable assurance, underscoring its ESG commitments. Share register closure for dividend processing was announced from July 29 to August 11, 2026, contingent on AGM approval.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,929	1,682	1,347	1,429	1,611	1,695	1,716	1,973
Operating Profit	369	331	344	367	371	474	475	536
OPM %	18.5%	19.2%	24.9%	24.9%	22.0%	26.5%	25.9%	26.7%
Net Profit	221	202	209	222	243	301	304	338
EPS	₹22.78	₹21.82	₹22.12	₹22.47	₹25.98	₹31.66	₹31.59	₹0.00

Revenue has shown consistent growth from ₹1,347 Cr in Q2FY24 to ₹1,973 Cr in Q3FY25, with operating margins stabilizing around 26-27% in recent quarters after a dip in Q4FY24. Net profit rose to ₹338 Cr in Q3FY25 from ₹202 Cr in Q1FY24, reflecting improved operational efficiency and scale. EPS trends mirror profitability gains, rising to ₹31.59 in Q2FY25 from ₹21.82 in Q1FY24. The upward trajectory in revenue and profits aligns with management’s narrative of expanding defence orders and international footprint, supporting margin resilience despite commodity volatility.

🔮 Management Outlook & What's Next

Management has provided forward-looking guidance targeting ₹14,000 Cr revenue, driven by defence expansion and scaling manufacturing capabilities. They emphasize leveraging global presence in 90+ countries and strengthening strategic partnerships. No specific revenue or margin targets were quantified beyond the revenue milestone, but the focus on high-growth segments like defence is presented as central to future performance. Governance and compliance remain priorities, with no material risks flagged in strategic execution.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Chemicals & Petrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Solar Industries India Limited	1.57 L Cr	132.3	—	—	—
Pidilite Industries Limited	1.49 L Cr	75.7	—	—	—
SRF Limited	79,723	69.5	—	—	—
Linde India Limited	62,701	141.9	—	—	—
Gujarat Fluorochemicals Limited	40,793	89.6	—	—	—
Navin Fluorine International Limited	35,894	131.5	—	—	—
Himadri Speciality Chemical Limited	30,071	56.6	—	—	—
Deepak Nitrite Limited	24,911	33.3	—	—	—
Atul Limited	20,904	48.8	—	—	—
Tata Chemicals Limited	19,079	-47.1	—	—	—

🔗 Peer Stock Analyses

PIDILITIND SRF LINDEINDIA FLUOROCHEM NAVINFLUOR

⚠️ Risk Factors

1. Foreign exchange volatility is explicitly cited as a key risk due to significant export exposure across 90+ countries, which could impact margins and order profitability. 2. Regulatory compliance risks persist despite strong governance, particularly in defence manufacturing where compliance standards are stringent and evolving. 3. Commodity price fluctuations in raw materials could pressure input costs, though management has not provided hedging strategies. 4. Execution risk in scaling defence projects on time and within budget remains, given the complexity of government contracts and supply chain dependencies.

📋 Recent Filings

🧠 Analyst's Read

Solar Industries is transitioning into a high-growth, export-oriented specialty chemicals player with strong tailwinds in defence and international markets. Investors should monitor execution progress on the ₹14,000 Cr revenue target, margin sustainability amid commodity cycles, and management’s ability to convert order book into realized revenue, particularly in defence segments.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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