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Solar Industries India (SOLARINDS) had a P/E of 74.4× on 6 Nov 2026, above the industry P/E of 22.1×, and the shares are 18% below their 52-week high. Sales and net profit grew 12% and 30% a year over 3 years; its ROCE of 30% is the highest among the 7 largest Specialty Chemicals peers. Debt is 0.22× equity, and its dividend yield is 0.1%. It is a large-cap company with a market cap of ₹1.7 lakh crore, ranked 2nd of 204 Specialty Chemicals companies by market cap; the shares rose 36% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹18,521.00
Day high
₹18,637.00
Day low
₹17,711.00
Prev. close
₹18,520.00
Volume
1.9 L

Health check

4 good · 2 to check
  • ReturnsAhead

    +35.9% over a year, better than 6 of 7 peers.

  • Price tagPricier

    P/E 74.4 vs industry 22.1.

  • GrowthStrong

    Sales +12.4%, profit +30.4% a year over 3 years.

  • ProfitabilityStrong

    ROCE 29.5% vs peer median 21.0%.

  • Balance sheetSolid

    Debt 0.22× equity, interest covered 18.7×, Piotroski 6 of 9.

  • Red flags1 to check

    P/E of 74.4 against an industry P/E of 22.1.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Specialty Chemicals

203 listed peers. Screen the industry

Large cap

₹1.7L Cr, #2 of 204 in its industry by size.

Defensive

Beta 0.35 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹12,788 Cr · profit ₹2,263 Cr
Market cap
₹1.7L Cr
Large cap
P/E
74.4
Industry 22.1
Price to book
21.94
Peers 11.23
Dividend yield
0.06%
ROE
35.1%
Peers 18.5%
ROCE
29.5%
Peers 21.0%
Debt to equity
0.22
Debt ₹1,788 Cr
EPS (TTM)
₹250.13
Face value ₹2
OPM (TTM)
27.8%
Net margin 17.7%
Sales growth
+69.0%
Latest quarter vs a year ago
Profit growth
+78.9%
Latest quarter vs a year ago
Price to sales
13.17
EV/EBITDA 47.9

Strengths and risks

Strengths

  • Return on equity of 35.1%.
  • Return on capital employed of 29.5%.
  • Quarterly profit up 78.9% on a year ago.
  • Quarterly sales up 69.0% on a year ago.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • P/E of 74.4 against an industry P/E of 22.1.

Derived automatically from reported figures. Not a recommendation.

About Solar Industries India

Solar Industries India Limited, together with its subsidiaries, manufactures and sells industrial explosives, explosive initiating devices, and high energy materials for mining and defense applications in India and internationally. The company offers industrial explosives comprising bulk, packaged, non-permitted, permitted, and seismic explosives; initiating systems; electronic, non-electric, and plain detonators; cord relays; cast boosters; detonating…

Headquarters
Nagpur
Employees
2,351
Sector
Basic Materials
ISIN
INE343H01029
Website
solargroup.com

Price range

52 weeks

₹11,646.00₹22,700.00

Today

₹17,711.00₹18,637.00
Avg volume (3M)
2 L
1-year return
plus 35.9%
From 52-week high
minus 18.0%

Analyst consensus

16 analysts
BuyMean target ₹22,893.94 plus 23.0%

Target range, with today’s price

Low ₹12,300.00High ₹28,200.00

Next results expected around 3 Feb 2027

Consensus from Yahoo Finance. Not a recommendation.

Peers · Specialty Chemicals

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
ASIANPAINTAsian Paints2,546.00plus 0.88%2,44,02550.535.024.4%18.9%0.211.1%plus 1.5%
SOLARINDSSolar Industries India18,608.00plus 0.48%1,68,38474.464.129.5%27.8%0.2212.4%plus 35.9%
PIDILITINDPidilite Industries1,579.00plus 1.63%1,60,82760.044.428.5%23.5%0.037.4%plus 6.8%
LINDEINDIALinde India6,859.00plus 8.73%58,496118.464.216.3%31.5%0.23–plus 5.4%
BERGEPAINTBerger Paints India478.35minus 5.28%55,77645.429.420.6%15.3%0.154.2%minus 6.0%
FLUOROCHEMGujarat Fluorochemicals4,665.50minus 0.94%51,25175.944.09.6%24.1%0.26−4.5%plus 28.0%
ACUTAASAcutaas Chemicals3,786.60plus 0.42%31,00170.964.127.7%39.4%0.0129.4%plus 105.6%
HSCLHimadri Speciality Chemical568.15minus 0.07%28,66733.529.021.0%21.8%0.223.7%plus 22.9%
Median of 7 peers–0.42%55,77660.044.021.0%23.5%0.214.0%6.8%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrSep 25Dec 25Mar 26Jun 26Sep 26
2,0822,5483,0533,6683,519
1,5291,8402,2272,6532,513
5537088261,0151,006
26.5%27.8%27.1%27.7%28.6%
28.224.945.817.315
30.934.441.341.355.4
60.662.971.479.788
490636759911877
26.2%26.6%26.7%26.9%25.9%
345446548653617
38.1249.3160.5272.1168.19

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+12.4%
Profit CAGR 3Y
+30.4%
EPS CAGR 3Y
+30.4%
ROE
35.1%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
6,7705,9097,3609,612
–minus 12.7%+24.6%+30.6%
5,2964,3425,4026,965
1,4741,5671,9582,647
21.8%26.5%26.6%27.5%
−102−13358.4106
90.4109117134
128143182251
−51.3−19.519.9−3.1
1,1021,1611,7392,365
26.4%24.6%25.9%26.6%
7578361,2091,678
–+10.4%+44.7%+38.7%
83.6892.38133.65185.39

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
18.118.118.118.1
2,5923,2884,3956,259
1,1951,3681,3701,809
1,2311,0642,5152,832
5,0365,7378,29810,919
2,0612,5423,4484,900
4185869351,123
51129111163
2704751,122480
2,2372,0062,6824,252
5,0365,7378,29810,919

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
6561,4062,468621
−519−727−1,593−1,164
118−370−476209
256308398−334
−479−560−1,006−1,739
1778461,462−1,118
−67.9−72.4−76.9−90.5

Shareholding pattern

Source: NSE filings
73.2%
promoters
  • Promoters73.15%
  • Public26.85%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202673.15%26.85%0.00
30 Jun 202673.15%26.85%0.00
31 Mar 202673.15%26.85%0.00
31 Dec 202573.15%26.85%0.00
30 Sep 202573.15%26.85%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you