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Solar Industries India Limited
(SOLARINDS)
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Rating:60Neutral
Price Target:
₹20,213.00
▲(1.42% Upside)
Action:Reiterated
Date:09/16/26
The score is primarily supported by strong profitability, high returns on equity, and conservative leverage, but is held back by weak FY2026 cash-flow conversion and sharply negative free cash flow. Near-term technicals are soft (below 20/50 DMA), and the high P/E with a modest dividend yield further pressures the overall rating.
Positive Factors
Strong revenue growth
Revenue has nearly quadrupled across the reported period, showing substantial business scaling and resilient demand. Continued growth across mining, infrastructure, and industrial applications can support operating leverage, strengthen customer relationships, and provide a durable base for future earnings expansion.
Negative Factors
Weak cash conversion
The sharp gap between reported profit and operating cash generation raises concern about the quality and timing of earnings conversion. Negative free cash flow also reduces internally available funding, increasing reliance on financing or continued strong execution to sustain expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Revenue has nearly quadrupled across the reported period, showing substantial business scaling and resilient demand. Continued growth across mining, infrastructure, and industrial applications can support operating leverage, strengthen customer relationships, and provide a durable base for future earnings expansion.
Read all positive factors
Solar Industries India Limited (SOLARINDS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.70T
Dividend Yield0.06%
Average Volume (3M)11.68K
Price to Earnings (P/E)85.4
Beta (1Y)0.78
Revenue Growth41.72%
EPS Growth57.84%
CountryIN
Employees2,351
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)220.06
Shares Outstanding90,490,060
10 Day Avg. Volume5,163
30 Day Avg. Volume11,684
Financial Highlights & Ratios
PEG Ratio1.68
Price to Book (P/B)17.41
Price to Sales (P/S)11.11
P/FCF Ratio-87.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹23,200.00Price Target Upside16.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)284.52
Revenue Forecast (FY)₹141.99B
Solar Industries India Limited Business Overview & Revenue Model
Company Description
Solar Industries India Limited, through its subsidiaries, is a global producer and distributor of industrial explosives and their associated initiating devices. Its extensive product line features industrial explosives, available in both packaged ...
How the Company Makes Money
Solar Industries primarily makes money by manufacturing and selling explosives and initiation systems and by providing blasting-related services tied to industrial demand (especially mining and infrastructure activity).
Key revenue streams includ...
Solar Industries India Limited Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 113.51B | 98.38B | 75.40B | 60.70B | 69.23B | 39.48B |
| Gross Profit | 51.46B | 38.48B | 35.71B | 28.27B | 25.38B | 15.90B |
| EBITDA | 32.01B | 27.50B | 19.43B | 15.66B | 13.94B | 7.98B |
| Net Income | 19.91B | 16.78B | 12.09B | 8.36B | 7.57B | 4.41B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 109.19B | 82.61B | 57.37B | 50.36B | 37.24B |
| Cash, Cash Equivalents and Short-Term Investments | 4.81B | 4.80B | 11.25B | 4.67B | 2.79B | 987.50M |
| Total Debt | 0.00 | 15.24B | 9.75B | 11.38B | 11.95B | 8.88B |
| Total Liabilities | -65.49B | 43.70B | 37.25B | 23.10B | 22.86B | 17.09B |
| Stockholders Equity | 65.49B | 62.77B | 43.86B | 33.06B | 26.10B | 19.14B |
Cash Flow | ||||||
| Free Cash Flow | -6.67B | -12.45B | 14.62B | 7.24B | 1.77B | 103.60M |
| Operating Cash Flow | 958.60M | 4.94B | 24.68B | 12.84B | 6.56B | 2.98B |
| Investing Cash Flow | -2.84B | -12.08B | -15.93B | -7.26B | -5.19B | -3.03B |
| Financing Cash Flow | -2.92B | 3.80B | -4.76B | -3.70B | 1.18B | -454.00M |
Solar Industries India Limited Technical Analysis
Negative
19930.00
Price Trends
19956.55
Negative
19163.35
Negative
16897.65
Positive
Market Momentum
-243.45
Positive
42.20
Neutral
49.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SOLARINDS, the sentiment is Negative. The current price of 19930 is above the 20-day moving average (MA) of 19540.52, below the 50-day MA of 19956.55, and above the 200-day MA of 16897.65, indicating a neutral trend. The MACD of -243.45 indicates Positive momentum. The RSI at 42.20 is Neutral, neither overbought nor oversold. The STOCH value of 49.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SOLARINDS.
Solar Industries India Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹19.42B | 27.03 | ― | 0.35% | 15.65% | 7.88% | |
61 Neutral | ₹136.40B | 9.88 | ― | 1.33% | 13.84% | 94.54% | |
60 Neutral | ₹1.70T | 85.43 | ― | 0.06% | 41.72% | 57.84% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | ₹30.11B | 89.32 | ― | 0.09% | -26.85% | -8.69% | |
47 Neutral | ₹157.96B | 29.74 | ― | 0.23% | 27.05% | 123.98% | |
43 Neutral | ₹13.74B | -8.84 | ― | 0.32% | -5.80% | -19.15% |
* General Sector Average
IN:SOLARINDS
Solar Industries India Limited
18,836.25
4,686.96
33.13%
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Solar Industries India Limited Corporate Events
Solar Industries Publishes Q1 FY2026 Unaudited Results in Newspapers
Aug 15, 2026
Solar Industries India Limited has notified the stock exchanges that it has published its unaudited financial results for the quarter ended June 30, 2026 in widely circulating newspapers. The publication in Loksatta’s Nagpur edition and the ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.