About
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 cords; and aluminum elemented det products. It also provides defense products consisting of high energy materials, such as HMX, RDX, TNT, and their compounds; composite, single base, double base, and triple base propellants; complete integration of rockets; ammunitions, including multi-mode hand grenades, mines, bombs, warheads, and bund blasting devices; drones and UAVs; pyros and ignitors; propellants for space applications; missiles; and unmanned systems and advanced defense technologies. The company serves the Coal India Limited (CIL), non-CIL and institutional, housing and infrastructure, and defense industries. It exports its products to approximately 90 countries. The company was formerly known as Solar Explosives Limited and changed its name to Solar Industries India Limited in February 2009. Solar Industries India Limited was incorporated in 1995 and is based in Nagpur, India.
Key Metrics
as of Sep 2026Market Cap194,865 Cr
P/E97.80
Div Yield0.05 %
Book Value₹694.00
52w High₹21,700.00
52w Low₹11,641.00
Face Value₹2.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,656.00 | 1,574.00 | 1,493.00 | 1,125.00 | 1,387.00 | 1,299.00 | 1,207.00 | 905.00 | 1,045.00 | 1,002.00 | 902.00 | 830.00 | 983.00 |
| Expenses | 1,169.00 | 1,117.00 | 1,056.00 | 835.00 | 1,012.00 | 981.00 | 918.00 | 674.00 | 786.00 | 751.00 | 710.00 | 631.00 | 790.00 |
| Operating Profit | 487.00 | 457.00 | 437.00 | 290.00 | 376.00 | 318.00 | 290.00 | 231.00 | 258.00 | 250.00 | 192.00 | 199.00 | 193.00 |
| OPM % | 29.00 | 29.00 | 29.00 | 26.00 | 27.00 | 24.00 | 24.00 | 26.00 | 25.00 | 25.00 | 21.00 | 24.00 | 20.00 |
| Other Income | 30.00 | 83.00 | 38.00 | 57.00 | 30.00 | 15.00 | 12.00 | 32.00 | 26.00 | 13.00 | 18.00 | 14.00 | 14.00 |
| Depreciation | 28.00 | 26.00 | 25.00 | 25.00 | 23.00 | 21.00 | 19.00 | 18.00 | 17.00 | 16.00 | 16.00 | 16.00 | 15.00 |
| Interest | 7.00 | 7.00 | 6.00 | 6.00 | 7.00 | 8.00 | 8.00 | 7.00 | 6.00 | 8.00 | 8.00 | 6.00 | 8.00 |
| Profit before tax | 482.00 | 507.00 | 443.00 | 315.00 | 375.00 | 304.00 | 274.00 | 238.00 | 261.00 | 239.00 | 186.00 | 191.00 | 184.00 |
| Tax % | 26.00 | 25.00 | 26.00 | 26.00 | 26.00 | 25.00 | 26.00 | 25.00 | 26.00 | 25.00 | 26.00 | 26.00 | 25.00 |
| Net Profit | 358.00 | 378.00 | 329.00 | 235.00 | 280.00 | 227.00 | 204.00 | 177.00 | 194.00 | 179.00 | 138.00 | 141.00 | 137.00 |
| EPS in Rs | 39.60 | 41.75 | 36.41 | 25.96 | 30.89 | 25.09 | 22.59 | 19.61 | 21.46 | 19.82 | 15.29 | 15.60 | 15.19 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,579.00 | 4,457.00 | 3,718.00 | 4,160.00 | 2,528.00 | 1,584.00 | 1,512.00 | 1,663.00 | 1,273.00 | 1,137.00 | 1,016.00 | 950.00 |
| Expenses | 4,020.00 | 3,359.00 | 2,882.00 | 3,529.00 | 2,153.00 | 1,312.00 | 1,248.00 | 1,350.00 | 1,046.00 | 920.00 | 832.00 | 794.00 |
| Operating Profit | 1,559.00 | 1,097.00 | 836.00 | 631.00 | 375.00 | 272.00 | 263.00 | 313.00 | 228.00 | 217.00 | 184.00 | 155.00 |
| OPM % | 28.00 | 25.00 | 22.00 | 15.00 | 15.00 | 17.00 | 17.00 | 19.00 | 18.00 | 19.00 | 18.00 | 16.00 |
| Other Income | 207.00 | 84.00 | 57.00 | 54.00 | 36.00 | 26.00 | 35.00 | 15.00 | 18.00 | 13.00 | 14.00 | 10.00 |
| Interest | 26.00 | 29.00 | 30.00 | 28.00 | 9.00 | 7.00 | 12.00 | 12.00 | 14.00 | 14.00 | 8.00 | 7.00 |
| Depreciation | 100.00 | 75.00 | 63.00 | 57.00 | 49.00 | 38.00 | 34.00 | 29.00 | 26.00 | 19.00 | 18.00 | 18.00 |
| Profit before tax | 1,641.00 | 1,077.00 | 800.00 | 600.00 | 353.00 | 253.00 | 252.00 | 287.00 | 205.00 | 197.00 | 173.00 | 140.00 |
| Tax % | 26.00 | 25.00 | 25.00 | 26.00 | 26.00 | 25.00 | 15.00 | 33.00 | 35.00 | 33.00 | 37.00 | 23.00 |
| Net Profit | 1,222.00 | 803.00 | 596.00 | 445.00 | 262.00 | 189.00 | 213.00 | 191.00 | 134.00 | 133.00 | 109.00 | 108.00 |
| EPS in Rs | 135.01 | 88.75 | 65.90 | 49.22 | 28.90 | 20.89 | 23.58 | 21.16 | 14.84 | 14.65 | 12.03 | 11.92 |
| Dividend Payout % | 8.00 | 11.00 | 13.00 | 16.00 | 26.00 | 29.00 | 25.00 | 33.00 | 40.00 | 34.00 | 37.00 | 29.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18.00 | 18.00 | 18.00 | 18.00 | 18.00 | 18.00 | 18.00 | 18.00 | 18.00 | 18.00 | 18.00 | 18.00 |
| Reserves | 4,209.00 | 3,049.00 | 2,328.00 | 1,749.00 | 1,347.00 | 1,139.00 | 1,003.00 | 867.00 | 741.00 | 641.00 | 530.00 | 506.00 |
| Borrowings | 149.00 | 200.00 | 318.00 | 424.00 | 156.00 | 127.00 | 129.00 | 171.00 | 152.00 | 246.00 | 176.00 | 155.00 |
| Other Liabilities | 1,153.00 | 1,169.00 | 571.00 | 577.00 | 488.00 | 317.00 | 234.00 | 236.00 | 190.00 | 145.00 | 176.00 | 114.00 |
| Total Liabilities | 5,529.00 | 4,436.00 | 3,235.00 | 2,769.00 | 2,009.00 | 1,600.00 | 1,384.00 | 1,292.00 | 1,101.00 | 1,050.00 | 900.00 | 793.00 |
| Fixed Assets | 1,377.00 | 1,139.00 | 811.00 | 779.00 | 706.00 | 558.00 | 545.00 | 470.00 | 420.00 | 403.00 | 351.00 | 288.00 |
| CWIP | 147.00 | 113.00 | 219.00 | 78.00 | 41.00 | 130.00 | 32.00 | 74.00 | 35.00 | 16.00 | 12.00 | 20.00 |
| Investments | 867.00 | 859.00 | 667.00 | 226.00 | 146.00 | 129.00 | 130.00 | 92.00 | 66.00 | 102.00 | 66.00 | 59.00 |
| Other Assets | 3,138.00 | 2,325.00 | 1,538.00 | 1,685.00 | 1,116.00 | 784.00 | 677.00 | 656.00 | 581.00 | 528.00 | 470.00 | 426.00 |
| Total Assets | 5,529.00 | 4,436.00 | 3,235.00 | 2,769.00 | 2,009.00 | 1,600.00 | 1,384.00 | 1,292.00 | 1,101.00 | 1,050.00 | 900.00 | 793.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 927.00 | 1,054.00 | 770.00 | 133.00 | 294.00 | 148.00 | 195.00 | 210.00 | 213.00 | 70.00 | 174.00 | 150.00 |
| Cash from Investing Activity | -682.00 | -691.00 | -549.00 | -271.00 | -280.00 | -99.00 | -10.00 | -129.00 | -78.00 | -100.00 | -109.00 | -53.00 |
| Cash from Financing Activity | -188.00 | -232.00 | -216.00 | 173.00 | -36.00 | -66.00 | -142.00 | -65.00 | -139.00 | 36.00 | -65.00 | -118.00 |
| Net Cash Flow | 57.00 | 131.00 | 4.00 | 35.00 | -22.00 | -18.00 | 43.00 | 16.00 | -4.00 | 6.00 | 0.00 | -21.00 |
| Free Cash Flow | 530.00 | 777.00 | 533.00 | -33.00 | 165.00 | 21.00 | 122.00 | 96.00 | 147.00 | -9.00 | 101.00 | 101.00 |
| CFO/OP % | 84.00 | 120.00 | 114.00 | 43.00 | 98.00 | 78.00 | 99.00 | 95.00 | 119.00 | 54.00 | 112.00 | 112.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 64.00 | 64.00 | 59.00 | 47.00 | 43.00 | 68.00 | 50.00 | 41.00 | 45.00 | 57.00 | 48.00 | 44.00 |
| Inventory Days | 50.00 | 56.00 | 42.00 | 56.00 | 56.00 | 51.00 | 38.00 | 32.00 | 40.00 | 38.00 | 36.00 | 27.00 |
| Days Payable | 25.00 | 26.00 | 16.00 | 48.00 | 69.00 | 67.00 | 40.00 | 29.00 | 26.00 | 18.00 | 41.00 | 23.00 |
| Cash Conversion Cycle | 90.00 | 94.00 | 85.00 | 55.00 | 30.00 | 52.00 | 47.00 | 43.00 | 59.00 | 77.00 | 43.00 | 49.00 |
| Working Capital Days | 56.00 | 56.00 | 55.00 | 43.00 | 41.00 | 58.00 | 50.00 | 33.00 | 52.00 | 46.00 | 49.00 | 51.00 |
| ROCE % | 44.00 | 37.00 | 34.00 | 34.00 | 26.00 | 21.00 | 24.00 | 31.00 | 24.00 | 26.00 | 26.00 | 23.00 |
Corporate Actions
37 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 28 Jul 2026 | 28 Jul 2026 | — | 11.00 | |
| Dividend | 08 Jul 2025 | 08 Jul 2025 | — | 10.00 | |
| Dividend | 04 Jul 2024 | — | — | 8.50 | |
| Dividend | 09 Jun 2023 | — | — | 8.00 | |
| Dividend | 27 May 2022 | — | — | 7.50 | |
| Dividend | 18 Aug 2021 | — | — | 6.00 | |
| Dividend | 03 Sep 2020 | — | — | 6.00 | |
| Dividend | 18 Jul 2019 | — | — | 7.00 | |
| Dividend | 18 Jul 2018 | — | — | 6.00 | |
| Dividend | 09 Aug 2017 | — | — | 3.00 | |
| Dividend | 20 Feb 2017 | 22 Feb 2017 | — | 2.00 | |
| Other | 15 Sep 2016 | — | — | — | Annual General Meeting (Book Closure Date Revised) |
| Split | 13 Jul 2016 | 14 Jul 2016 | 10:2 | — | |
| Other | 13 Jul 2016 | 14 Jul 2016 | — | — | Fv Splt Frm Rs 10 To Rs 2 |
| Dividend | 16 Mar 2016 | 17 Mar 2016 | — | 13.50 | |
| Dividend | 09 Nov 2015 | 10 Nov 2015 | — | 9.00 | |
| Dividend | 27 Aug 2015 | — | — | 9.00 | |
| Dividend | 19 Nov 2014 | 20 Nov 2014 | — | 8.00 | |
| Dividend | 22 Aug 2014 | — | — | 7.00 | |
| Dividend | 13 Nov 2013 | 15 Nov 2013 | — | 5.00 | |
| Dividend | 30 Aug 2013 | — | — | 6.00 | |
| Other | 30 Aug 2013 | — | — | — | Annual General Meeting / Dividend - Rs.6/- Per Equity Share |
| Dividend | 15 Nov 2012 | 17 Nov 2012 | — | 5.00 | |
| Dividend | 01 Aug 2012 | — | — | 5.00 | |
| Dividend | 22 Nov 2011 | 23 Nov 2011 | — | 5.00 | |
| Dividend | 29 Jul 2011 | — | — | 4.00 | |
| Dividend | 11 Nov 2010 | 12 Nov 2010 | — | 4.00 | |
| Dividend | 11 Aug 2010 | — | — | 3.50 | |
| Dividend | 17 Feb 2010 | 18 Feb 2010 | — | 3.50 | |
| Dividend | 08 Sep 2009 | — | — | 4.50 | |
| Dividend | 10 Sep 2008 | — | — | 1.50 | NSE/BSE dividend mismatch: NSE=0.3; BSE=1.5 |
| Dividend | 10 Sep 2008 | — | — | 0.30 | NSE/BSE dividend mismatch: NSE=0.3; BSE=1.5 |
| Dividend | 01 Nov 2007 | 02 Nov 2007 | — | 1.50 | NSE/BSE dividend mismatch: NSE=0.3; BSE=1.5 |
| Dividend | 01 Nov 2007 | 02 Nov 2007 | — | 0.30 | NSE/BSE dividend mismatch: NSE=0.3; BSE=1.5 |
| Dividend | 12 Sep 2007 | — | — | 1.50 | NSE/BSE dividend mismatch: NSE=0.3; BSE=1.5 |
| Dividend | 12 Sep 2007 | — | — | 0.30 | NSE/BSE dividend mismatch: NSE=0.3; BSE=1.5 |
| Dividend | 18 Sep 2006 | — | — | 0.30 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update4 Sep from icra
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Rating update23 Apr from crisil
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Rating update2 Feb from icra
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Rating update28 Nov 2025 from icra
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Rating update24 Apr 2025 from crisil
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Rating update17 Feb 2025 from icra
Conference Calls
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