Solar Industries India Limited (IN:SOLARINDS)
:SOLARINDS
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Solar Industries India Limited
(SOLARINDS)
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Rating:65Neutral
Price Target:
₹19,456.00
▲(52.80% Upside)
Action:Reiterated
Date:05/20/26
The score is driven primarily by strong profitability and a solid balance sheet, but is capped by weak FY2026 cash conversion and negative free cash flow. Technicals remain bullish on trend, though overbought signals add near-term risk, and the high P/E further limits upside unless cash flows improve.
Positive Factors
Sustained Revenue Scale
The company has delivered multi-year top-line expansion, scaling revenue nearly fourfold over FY2021–FY2026. Durable volume and customer traction across mining and infrastructure markets support predictable demand and provide a larger base for margin recovery and further operational leverage over the next few quarters.
Negative Factors
Weak Cash Conversion
Cash generation deteriorated sharply in FY2026, with operating cash far below reported earnings and a large negative free cash flow. Persistent weak cash conversion limits internal funding for capex or working capital, increases reliance on external financing, and heightens vulnerability to market stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Scale
The company has delivered multi-year top-line expansion, scaling revenue nearly fourfold over FY2021–FY2026. Durable volume and customer traction across mining and infrastructure markets support predictable demand and provide a larger base for margin recovery and further operational leverage over the next few quarters.
Read all positive factors
Solar Industries India Limited (SOLARINDS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.65T
Dividend Yield0.08%
Average Volume (3M)4.26K
Price to Earnings (P/E)98.4
Beta (1Y)0.94
Revenue Growth30.30%
EPS Growth38.71%
CountryIN
Employees1,886
SectorEnergy
Sector Strength52
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)145.96
Shares Outstanding90,490,060
10 Day Avg. Volume4,512
30 Day Avg. Volume4,260
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)268.75
Revenue Forecast (FY)₹135.46B
Solar Industries India Limited Business Overview & Revenue Model
Company Description
Solar Industries India Limited, together with its subsidiaries, engages in the manufacture and sale of industrial explosives and explosive initiating devices in India and internationally. It offers industrial explosives, such as packaged and bulk ...
How the Company Makes Money
Solar Industries makes money by selling explosives and providing blasting-related services to industrial customers, mainly in mining and infrastructure. Its primary revenue streams include (1) sales of bulk explosives (typically supplied in large ...
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 | 83.76B | 98.38B | 75.40B | 60.70B | 69.23B | 39.48B |
| Gross Profit | 37.98B | 38.48B | 35.71B | 28.27B | 25.38B | 15.90B |
| EBITDA | 21.68B | 26.22B | 19.20B | 15.52B | 13.83B | 7.88B |
| Net Income | 13.21B | 16.78B | 12.09B | 8.36B | 7.57B | 4.41B |
Balance Sheet | ||||||
| Total Assets | 90.17B | 109.19B | 82.61B | 57.37B | 50.36B | 37.24B |
| Cash, Cash Equivalents and Short-Term Investments | 6.90B | 5.84B | 11.25B | 4.67B | 2.79B | 987.50M |
| Total Debt | 11.70B | 15.24B | 9.75B | 11.38B | 11.95B | 8.88B |
| Total Liabilities | 36.86B | 43.70B | 37.25B | 23.10B | 22.86B | 17.09B |
| Stockholders Equity | 51.16B | 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
Positive
12732.70
Price Trends
15218.58
Positive
14284.02
Positive
14028.64
Positive
Market Momentum
966.84
Negative
70.02
Negative
83.52
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SOLARINDS, the sentiment is Positive. The current price of 12732.7 is below the 20-day moving average (MA) of 17037.66, below the 50-day MA of 15218.58, and below the 200-day MA of 14028.64, indicating a bullish trend. The MACD of 966.84 indicates Negative momentum. The RSI at 70.02 is Negative, neither overbought nor oversold. The STOCH value of 83.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SOLARINDS.
Solar Industries India Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹37.16B | 86.39 | ― | 0.10% | -6.97% | 59.59% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | ₹1.65T | 98.42 | ― | 0.08% | 30.30% | 38.71% | |
65 Neutral | ₹11.77B | 16.83 | ― | 0.52% | 21.13% | 18.86% | |
59 Neutral | ₹172.07B | 40.98 | ― | 0.26% | 14.15% | 26.69% | |
59 Neutral | ₹161.84B | 18.95 | ― | 1.01% | 12.10% | 41.37% | |
45 Neutral | ₹24.76B | -15.84 | ― | 0.43% | -11.11% | -340.74% |
* Energy Sector Average
IN:SOLARINDS
Solar Industries India Limited
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12.21%
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Solar Industries India Limited Corporate Events
Solar Industries Publishes IEPF Share Transfer Notices for Dormant Investor Accounts
Apr 24, 2026
Solar Industries India Limited has notified stock exchanges that it has published newspaper notices to shareholders about the proposed transfer of certain equity shares to the Investor Education and Protection Fund (IEPF), in line with SEBI listin...
Solar Industries’ Arm to Build Robotics and UAV Facility at Nagpur SEZ
Mar 8, 2026
Solar Defence and Aerospace Limited, a wholly owned subsidiary of Solar Industries India Limited, has conducted a Bhoomi Pujan ceremony for a new Robotics and Unmanned Aerial Vehicle manufacturing facility at the MIHAN Special Economic Zone in Nag...
Solar Industries India Reports Postal Ballot Voting Results to Exchanges
Feb 24, 2026
Solar Industries India Limited has reported the outcome of a recent postal ballot process conducted via remote e-voting between January 24 and February 23, 2026, in line with Regulation 44(3) of SEBI’s Listing Obligations and Disclosure Requ...
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.