Arthneeti

Solar Industries India Q1 FY27 Share Price & Earnings Call Analysis

₹19,430.00+0.99% today
Market cap
₹1.76L Cr
P/E
88.28
ROE
32.64%
PEG
2.91
Price to sales
15.49
Debt to equity
0.24
52W high / low
₹22,455 / ₹11,772
Sales growth (5Y)
31.36%
EBITDA margin
27.32%
Net profit margin
18.36%
Promoter holding
73.15%
Sales (last year)
₹11,351 Cr

Solar Industries is one of the largest domestic manufacturers of bulk and cartridge explosives, detonators, detonating cords and components which find applications in the mining, infrastructure and construction industries. Company manufactures high-energy explosives, delivery systems, ammunition filling and pyros fuses for the defence sector.[1]

Guidance scorecard · Q1 FY27 call

What Solar Industries's management guided
and where it ranks in Chemicals & Petrochemicals

#5of 71 in
Chemicals & Petrochemicals
Revenue20–40%MarginsUp 2%+CapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

20–40%
  • African market sales expected to grow from $300 million currently to $900 million - $1 billion, mainly driven by mining business expansion.
  • Overall revenue from combined Solar and Omnia businesses estimated to exceed INR 30,000 crores by FY28, including synergy benefits.
  • Solar's standalone revenue projected to reach around INR 16,500 crores by FY28 with 17-20% growth.
  • EBITDA anticipated to nearly double from INR 2,750 crores to around INR 7,000 crores for the combined entity by FY28.
  • Expansion in countries beyond current 90 to over 100, with manufacturing presence growing from 11 to 25+ countries.

2 more points from Solar Industries's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Up 2%+

See what Solar Industries said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Solar Industries has lined up a significant defense capex program announced around two years ago, amounting to approximately INR 12,000 crores, which is being pursued aggressively.
  • The acquisition of Omnia Holdings will involve investments to integrate and leverage Omnia's manufacturing and distribution strengths.
  • Post-acquisition, there will be capital expenditure focused on expanding mining and non-agriculture businesses, along with defense vertical investments.

2 more points from Solar Industries's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Solar Industries said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what Solar Industries said on the order book →

Full Q1 FY27 analysis
Full Chemicals & Petrochemicals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Chemicals & Petrochemicals
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Solar Industries rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Chemicals & Petrochemicals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 0–2%₹263 Cr3.4
240%+Flat₹4,375 Cr83.7
340%+Flat₹3,259 Cr4.0
440%+Flat₹145 Cr15.9
5Solar IndustriesThis stock20–40%Up 2%+₹1.81L Cr90.9
620–40%Up 2%+₹48,366 Cr78.3

Sign up free to see every company in the sector ranking and track Solar Industries.

Pro shows every company guiding 40%+ revenue growth →Full Chemicals & Petrochemicals ranking

Solar Industries announcements

All announcements →

Financials of Solar Industries

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Solar Industries

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +1,9291,6821,3471,4291,6111,6851,7161,9732,1672,1542,0822,5483,053
Expenses +1,5711,3591,0121,0741,2571,2351,2711,4471,6291,6201,5301,8402,227
Operating Profit357323335355354449445527537535552708826
OPM %19%19%25%25%22%27%26%27%25%25%26%28%27%
Other Income +11881120263610729292546
Interest31252528322730312927313441
Depreciation35343439374044475056616371
Profit before tax302272285299305408407459464481490636759
Tax %27%26%27%26%21%26%25%26%25%27%26%27%27%
Net Profit +221202209222243301304338346353361467556
EPS in Rs22.7821.8222.1222.4725.9831.6631.5934.8035.6137.4338.1249.3160.52

Financials of Solar Industries

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +1,2761,4491,5801,9162,4622,2372,5163,9486,9186,0707,5409,838
Expenses +1,0221,1441,2561,5051,9601,8032,0013,1995,5824,5885,5147,216
Operating Profit2543043244125024345157481,3361,4822,0262,622
OPM %20%21%20%21%20%19%20%19%19%24%27%27%
Other Income +-21313129412119-16-6810128
Interest182027335055455090109116134
Depreciation31333951598594109128143182251
Profit before tax2032642713404023363976071,1021,1611,7392,365
Tax %23%33%28%31%31%17%27%25%26%25%26%27%
Net Profit +1561781952342772792884558118751,2881,737
EPS in Rs16.2918.0820.6124.3728.9129.5530.5448.7783.6892.38133.65185.38
Dividend Payout %21%25%24%25%24%20%20%15%10%9%7%6%

Financials of Solar Industries

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital181818181818181818181818
Reserves7587879101,0661,2201,3621,5611,8962,5923,2884,3686,259
Borrowings +3713985015186037088088881,1951,1389751,524
Other Liabilities +2433092923874113935728271,1041,1342,7443,117
Total Liabilities1,3891,5121,7221,9882,2532,4812,9593,6294,9095,5778,10610,918
Fixed Assets +5857037779231,0431,2091,2881,4931,7022,0282,6924,045
CWIP613091107178165293230282490707692
Investments3740531733211899370676183
Other Assets +7067398019401,0001,1051,3781,8882,8262,6904,0305,999
Total Assets1,3891,5121,7221,9882,2532,4812,9593,6294,9095,5778,10610,918

Financials of Solar Industries

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2302431182543143253572986561,4062,468621
Cash from Investing Activity +-149-141-170-174-254-260-253-338-614-1,022-1,660-1,164
Cash from Financing Activity +-177-9253-53-52-34-26-45118-370-476209
Net Cash Flow-961102793277-8516014331-334
Free Cash Flow118103-5631648796171838581,466-1,072
CFO/OP112%95%55%83%88%100%90%61%68%115%142%49%

Financials of Solar Industries

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days556874695960665044516069
Inventory Days836773807499119113929797130
Days Payable314536494346787341374647
Cash Conversion Cycle10690111100901131089095111111152
Working Capital Days513427321721334131393774
ROCE %19%23%22%24%26%19%19%25%36%32%38%37%

Guidance history

How Solar Industries's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%Up 2%+PlannedPlanned—
Q4 FY26 call →20–40%FlatPlannedPlannedRising
Q3 FY26 call →10–20%FlatPlanned—Rising
Q2 FY26 call →10–20%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

79out of 100

Momentum score · price trend

79 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+38.9%82%
Last 6 months+25.1%78%
Last 3 months+6.4%76%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Solar Industries: 0.4 × 82 + 0.4 × 78 + 0.2 × 76 = 79.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Solar Industries's management said in earlier quarters

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