Solar Industries India Limited (SOLARINDS)

Chemicals · Chemicals & Petrochemicals · NSE · Updated 15 July 2026

₹18,285 ↑ 19% (1Y)

🎯 Key Takeaways

Solar Industries India Limited is transitioning from a high-growth phase into a more mature, capital-efficient stage, with revenue expansion stabilizing and profitability holding steady. Management is focused on operational discipline and capital allocation, supported by strong credit ratings and regulatory compliance.
Revenue grew 15% QoQ to ₹1,973 in Q3FY25.
⚠️ 1) Commodity price volatility in raw materials like ammonium nitrate could pressure input costs and margins if not fully passed on to customers. 2) Ma

Market Cap

₹1.57 L Cr

P/E Ratio

132.3

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About SOLARINDS 📊 Interactive Charts

📖 The Story

Solar Industries India Limited is transitioning from a high-growth phase into a more mature, capital-efficient stage, with revenue expansion stabilizing and profitability holding steady. Management is focused on operational discipline and capital allocation, supported by strong credit ratings and regulatory compliance. The company continues to benefit from structural demand tailwinds in the explosives sector, though growth is now being driven by efficiency rather than volume surges.

📰 What's Happening

In Q4FY25, the company reported revenue of ₹1,973 crore with an operating profit of ₹536 crore, reflecting sequential improvement from Q3FY25. Management scheduled an earnings call for May 15, 2026, to discuss audited results for the quarter and year ended March 31, 2026, hosted by Motilal Oswal. A CRISIL rating upgrade in April 2026 to 'Positive' outlook underscores improving creditworthiness, particularly relevant given the 1479.50 crore exposure in debt instruments. Additionally, the company confirmed receipt of a SEBI Regulation 74(5) certificate, signaling stable shareholding during the quarter. The resignation of an independent director in May 2026 was noted as non-contentious, preserving board continuity without raising governance concerns.

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 over the past year, rising from ₹1,347 crore in Q2FY24 to ₹1,973 crore in Q3FY25, indicating sustained demand in the explosives segment. Operating margins have stabilized around 26-27% in recent quarters, up from lows of 18-20% in FY23, reflecting improved cost management and product mix. Net profit margins remain healthy at approximately 17%, with EPS showing steady growth. These trends align with management’s focus on operational efficiency and margin expansion, rather than aggressive volume-driven growth.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the reviewed filings, but the CRISIL rating upgrade and scheduled earnings call suggest confidence in financial performance and credit profile. The company continues to emphasize regulatory compliance and shareholder returns, as evidenced by the upcoming dividend declaration tied to the AGM. Investor focus appears to be on execution consistency and capital efficiency rather than aggressive expansion.

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) Commodity price volatility in raw materials like ammonium nitrate could pressure input costs and margins if not fully passed on to customers. 2) Macroeconomic slowdown in key end-use sectors such as mining and infrastructure may dampen demand for industrial explosives. 3) Intensifying competition in the domestic explosives market could erode pricing power over time. 4) Regulatory changes in mining permits or environmental norms could impact long-term growth visibility.

📋 Recent Filings

🧠 Analyst's Read

Solar Industries remains a structurally sound player in a concentrated market, with stable cash flows and improving margins. The key near-term watchpoints are execution in FY26, trajectory of margin sustainability, and response to any softness in industrial demand. Investors should monitor management’s commentary on demand trends and capital allocation priorities during the upcoming earnings call.

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

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on SOLARINDS

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

📡 Get AI alerts when SOLARINDS files new disclosures

Track SOLARINDS filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track SOLARINDS — Free

Free account · 2 AI queries/day