SOLARINDS

Solar Industries India share price & financials

Price
₹18,052
Market cap
₹2.0L Cr
Sector
Chemicals
Calls analysed
6
Latest concall · Q4 FY26 · call held 15 May 2026

Solar Industries Q4 FY26

Revenue ₹3,053 cr +41%EBITDA ₹870 cr +60%EBITDA Margin 28.5% PAT ₹556 cr +61%

What went well

  • Revenue reached a record high of INR3,053 crores in Q4 FY26 and INR9,838 crores for FY26.
  • EBITDA for Q4 FY26 was INR870 crores (up 59% YoY) and PAT was INR556 crores (up 61% YoY).
  • FY26 EBITDA was INR2,750 crores and PAT was INR1,737 crores, both up 35% YoY.

What to watch

  • No growth observed in domestic mining markets during the period.
  • Working capital days increased in Q4 due to higher inventory levels, though attributed to strategic build-up.
Read the full call →

What Solar Industries India Limited does

Solar Industries India Limited manufactures and supplies explosives, initiating systems and ammunition for mining, infrastructure, construction, defence and space applications. Its industrial business spans packaged and bulk explosives, detonators, detonating cord, cast boosters and electronic detonators used in blasting, while a fast-growing defence and aerospace arm makes ammunition, rockets, propellants, warheads and loitering munitions. It runs an integrated value chain and earns through large-volume, multi-year supply contracts across domestic and international markets, with defence now roughly a fifth of the portfolio.

Segments

  • Industrial Explosives & Initiating Systems
  • Defence & Aerospace
Global market position
Among top 5 global explosives companies
Manufacturing facilities
40+ across 9 countries and 4 continents
Countries with product presence
90+
Total workforce
11,245
R&D and Quality Control professionals
245
Supplier base
10,000+
Headquarters Nagpur, Maharashtra, IndiaEmployees 11,245 (FY2024-25) Company website

Guidance record · Q4 FY26

what the last two calls moved 15 tracked 3 delivered 4 missed 8 open
  • Pinaka Commercial Sales Start delivered said Q1 FY26 Promised: End of Q2 or start of Q3 FY26 Q4 FY26: Achieved. Q4 defense revenue surged to INR 1,008 cr (+134% YoY), confirming that major dispatches, including Pinaka, commenced as per the revised Q4 timeline.
  • FY26 Total Revenue missed said Q4 FY25 Promised: INR 10,000 crores Q4 FY26: Achieved INR 9,838 crores for FY26, narrowly missing the INR 10,000 crore target by 1.6%.
  • 155mm Shells Commercial Production delayed said Q1 FY26 Promised: Coming quarters Q4 FY26: Delayed. Management stated that supply of the 'complete round' will take another 3-4 months, missing the Q4 start for commercial production.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 70.3%, net profit up 88.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,716 1,973 2,167 2,154 2,082 +21%2,548 +29%3,053 +41%3,668 +70%
EBITDA445 527 537 535 552 +24%708 +34%826 +54%1,015 +90%
Net profit304 338 346 353 361 +19%467 +38%556 +61%666 +89%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +59.0% 1Y

₹12k₹14k₹16k₹18k₹20k₹22kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 4 Feb 2026Q4 FY26 — 15 May 2026

1Y: ₹14,017 on 10 Sept 2025 → ₹22,290. High ₹22,455 (8 Sept 2026), low ₹11,772 (18 Dec 2025).

How the price took the results

close before → close after

Q4 FY26
+3.9%
15 May
Q3 FY26
−1.6%
4 Feb
Q2 FY26
+2.8%
11 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 16.3% a year over 3 years, FY23 to FY26. Operating margin widened to 26.6%.

Year endingFY23FY24FY25FY26
Revenue₹6.2k Cr₹6.1k Cr₹7.5k Cr₹9.8k Cr
Operating profit₹1.2k Cr₹1.4k Cr₹2.0k Cr₹2.6k Cr
Operating margin18.7%22.5%26.0%26.6%
Interest₹70 Cr₹110 Cr₹117 Cr₹133 Cr
Depreciation₹108 Cr₹144 Cr₹181 Cr₹251 Cr
Net profit₹749 Cr₹876 Cr₹1.3k Cr₹1.7k Cr
Net margin12.0%14.4%17.1%17.7%
Cash from operations₹656 Cr₹1.4k Cr₹2.5k Cr₹621 Cr
Free cash flow₹183 Cr₹858 Cr₹1.5k Cr₹-1.1k Cr
ROCE36.0%32.0%38.0%38.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹18 Cr₹18 Cr₹18 Cr₹18 Cr₹18 Cr₹18 Cr
Reserves₹1.6k Cr₹1.9k Cr₹2.6k Cr₹3.3k Cr₹5.1k Cr₹6.3k Cr
Borrowings₹808 Cr₹888 Cr₹1.2k Cr₹1.1k Cr₹876 Cr₹1.5k Cr
Other liabilities₹572 Cr₹827 Cr₹1.1k Cr₹1.1k Cr₹3.0k Cr₹2.9k Cr
Total liabilities₹3.0k Cr₹3.6k Cr₹4.9k Cr₹5.6k Cr₹9.0k Cr₹10.7k Cr
Fixed assets₹1.3k Cr₹1.5k Cr₹1.7k Cr₹2.0k Cr₹3.2k Cr₹4.0k Cr
Capital work in progress₹293 Cr₹230 Cr₹282 Cr₹490 Cr₹790 Cr₹731 Cr
Investments₹1 Cr₹18 Cr₹99 Cr₹370 Cr₹278 Cr₹183 Cr
Other assets₹1.4k Cr₹1.9k Cr₹2.8k Cr₹2.7k Cr₹4.7k Cr₹5.8k Cr
Total assets₹3.0k Cr₹3.6k Cr₹4.9k Cr₹5.6k Cr₹9.0k Cr₹10.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.63 pp while FIIs trimmed −0.40 pp. The shareholder count grew 20% to 1,16,877.

Promoters
73.2%
FIIs
6.4%
DIIs
13.4%
Public
7.1%

Since Jun 2025

  • Public +0.63 pp
  • FIIs −0.40 pp
  • DIIs −0.23 pp

How it drifted, 12 quarters

Over this window DIIs fell from 15.2% to 13.4% — −1.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.2%, FIIs 5.9%, DIIs 15.2%, Public 5.7%.Dec '23: Promoters 73.2%, FIIs 5.9%, DIIs 15.1%, Public 5.9%.Mar '24: Promoters 73.2%, FIIs 6.1%, DIIs 14.5%, Public 6.2%.Jun '24: Promoters 73.2%, FIIs 7.6%, DIIs 12.7%, Public 6.5%.Sep '24: Promoters 73.2%, FIIs 7.5%, DIIs 12.7%, Public 6.6%.Dec '24: Promoters 73.2%, FIIs 7.2%, DIIs 12.8%, Public 6.8%.Mar '25: Promoters 73.2%, FIIs 5.8%, DIIs 14.1%, Public 6.9%.Jun '25: Promoters 73.2%, FIIs 6.8%, DIIs 13.6%, Public 6.5%.Sep '25: Promoters 73.2%, FIIs 7.1%, DIIs 12.9%, Public 6.8%.Dec '25: Promoters 73.2%, FIIs 6.7%, DIIs 12.9%, Public 7.2%.Mar '26: Promoters 73.2%, FIIs 6.6%, DIIs 12.9%, Public 7.3%.Jun '26: Promoters 73.2%, FIIs 6.4%, DIIs 13.4%, Public 7.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Solar Industries India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Manish Satyanarayan Nuwal 38.93%unchanged
Sohan Devi Nand Lal Nuwal Family Trust 29.23%unchanged
SBI Equity Hybrid Fund Mutual fund3.63%unchanged
Satyanarayan Nandlalji Nuwal 3.58%unchanged
Kotak Flexicap Fund Mutual fund2.77%−0.08 pp
Seema Manish Nuwal 1.37%unchanged
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund Mutual fund1.22%+0.06 pp
Rahul Nuwal 0.03%unchanged
Leeladevi Satyanarayan Nuwal 0.00%unchanged
Sohandevi Nuwal 0.00%unchanged
Raghav Manish Nuwal 0.00%unchanged
Indira Kailashchandra Nuwal 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in SOLARINDS

Filings to Aug 2026

0 new, 7 added, 5 trimmed, 0 sold out — net +0.14 L shares (+0.3%).

Held by funds
₹8.3k Cr
23 schemes
Biggest holder
SBI Aggressive Hybrid Fund
₹3.6k Cr · 4.1% of that fund
SchemeHoldingLast month
SBI Aggressive Hybrid Fund SBI Mutual Fund₹3.6k Crheld
SBI Focused Fund SBI Mutual Fund₹2.2k Crheld
HDFC Defence Fund HDFC Mutual Fund₹1.2k Crheld
SBI Midcap Fund SBI Mutual Fund₹362 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹205 Crheld
SBI Arbitrage Fund SBI Mutual Fund₹180 Cr+0.03 L
Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund₹173 Cr+0.03 L
SBI Infrastructure Fund SBI Mutual Fund₹101 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

7 added, 5 trimmed — net +14,389 shares (+0.3%)

Funds are sitting on
+301%
vs est. average cost
Held by funds
₹8.3k Cr
23 schemes · ≈ 3.7% of the company
Biggest holder
SBI Aggressive Hybrid Fund
₹3.6k Cr · 4.1% of that fund

Shares held by these funds −43%

Aug '23 41.66 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹22290, this stock must grow earnings at 45% every year for 7 years. Our analysis caps realistic growth at ~32%. At that growth it is worth ₹12318 — downside of 45%.

Growth the price implies
45.0% a year
for 7 years, fading to 4%
It has actually compounded at
31.5% a year
net profit, FY23–FY26 · EPS 32.3%
The gap
0.1 pp
-45% downside if it only repeats history
Price today ₹22,290 Value at the reference growth ₹12,317.98

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse Solar Industries India Limited

Guides on how to read this kind of business and the numbers that matter.