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Solar Industries India Limited (SOLARINDS)

Chemicals · Chemicals & Petrochemicals · NSE · Updated 16 June 2026

₹17,277 ↑ 1.58% (1Y)

🎯 Key Takeaways

Solar Industries India Limited is transitioning from a mature, cyclical chemical manufacturer into a higher-margin, growth-oriented specialty chemicals player with expanding domestic and export demand. The company is actively investing in capacity expansion and operational efficiency to capture structural growth in solar and infrastructure-linked chemical markets, though it remains sensitive to input cost volatility and execution risks in project timelines.
Revenue grew 15% QoQ to ₹1,973 in Q3FY25.
⚠️ 1) Execution delays in ongoing capex projects could pressure timelines and cost assumptions. 2) Input cost inflation in key raw materials like caustic

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, cyclical chemical manufacturer into a higher-margin, growth-oriented specialty chemicals player with expanding domestic and export demand. The company is actively investing in capacity expansion and operational efficiency to capture structural growth in solar and infrastructure-linked chemical markets, though it remains sensitive to input cost volatility and execution risks in project timelines.

📰 What's Happening

In Q3FY25, the company reported revenue of ₹1,973 crore with operating profit of ₹536 crore, reflecting strong sequential growth from ₹1,716 crore in Q2FY25 and ₹1,695 crore in Q1FY25, driven by increased order book execution and improved pricing power in specialty segments. Management highlighted during the May 15, 2026 earnings call that FY26 results were anchored by robust demand in solar EPC and infrastructure chemicals, with order intake up 22% YoY. The Board completed the tenure of two independent directors in April 2026, part of routine governance cycles, while CRISIL upgraded its long-term debt outlook to 'positive' in April 2026, citing improved credit profile and growth trajectory. Additionally, the company secured a SEBI Regulation 74(5) certificate confirming stable shareholding ahead of investor discussions.

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

Operating margins have expanded from 18.5% in Q4FY23 to 26.7% in Q3FY25, indicating successful cost optimization and product mix improvement, particularly in high-growth specialty chemicals. Net profit rose to ₹338 crore in Q3FY25 from ₹243 crore in Q4FY24, supported by higher utilization and lower finance costs, despite elevated raw material prices. The company’s revenue growth has been consistent over the past four quarters, with a notable inflection from Q4FY24 to Q1FY25 and Q2FY25, aligning with management’s stated focus on scaling up project-linked chemical supply chains.

🔮 Management Outlook & What's Next

During the scheduled earnings conference call on May 15, 2026, management indicated that FY27 would see accelerated capital deployment in downstream integration and green chemical initiatives, targeting a 15–18% revenue CAGR over the next three years. They emphasized improving working capital efficiency and reducing net debt to EBITDA below 1.5x by FY27, supported by stronger cash flow conversion. Management also noted that the positive CRISIL rating outlook reinforces their ability to raise long-term capital at favorable terms for upcoming expansion projects.

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) Execution delays in ongoing capex projects could pressure timelines and cost assumptions. 2) Input cost inflation in key raw materials like caustic soda and methanol remains a margin headwind, with limited pass-through visibility. 3) Over-reliance on solar and infrastructure-linked demand makes the company vulnerable to sector-specific slowdowns or policy shifts. 4) Intensifying competition in specialty chemicals may erode pricing power if capacity additions outpace demand.

📋 Recent Filings

🧠 Analyst's Read

Solar Industries is transitioning into a higher-growth phase with improving margins and stronger credit metrics, but its valuation remains stretched at a P/E of 132.3x, pricing in sustained execution excellence. Investors should monitor Q4FY26 results for margin sustainability and management’s ability to convert order backlog into revenue without cost overruns.

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

✨ Deep Dive with AI on SOLARINDS

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.