# Industrial Explosives — company-by-company sector analysis

> Industrial Explosives: Solar Industries India Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Industrial Explosives has outperformed NIFTY 500 by 61.2% over 52 weeks and 48.6% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 0 of 2 beat the sector itself. Solar Industries India Ltd leads with revenue of ₹9,837 crore, based on 3 of 4 comparable companies through Mar 2026.

### Is the Industrial Explosives sector outperforming NIFTY 500?

Industrial Explosives has outperformed NIFTY 500 by 61.2% over 52 weeks and 48.6% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 0 of 2 beat the sector itself.

### Which Industrial Explosives company is largest by revenue?

Solar Industries India Ltd leads with revenue of ₹9,837 crore, based on 3 of 4 comparable companies through Mar 2026.

### Which Industrial Explosives company is growing fastest?

Solar Industries India Ltd has the fastest current revenue growth at 30.4%, across 3 of 4 comparable companies.

### Which Industrial Explosives company has the strongest 4-Factor Sector Score?

Solar Industries India Ltd ranks first at 61.8/100 with 80.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Industrial Explosives company has the least gross debt?

Premier Explosives Ltd has the lowest comparable gross debt at ₹32 crore. Solar Industries India Ltd has the highest at ₹1,524 crore.

### Which Industrial Explosives company has the lowest comparable PEG?

Premier Explosives Ltd has the lowest comparable Guarded PEG at 0.97, among 1 of 4 companies that pass the metric’s comparability rules.

### How much history does this Industrial Explosives comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Industrial Explosives has outperformed NIFTY 500 by 61.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 48.6%. 4 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Solar Industries India Ltd is the strongest against the sector itself at -13.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 49%
52-week sector return versus NIFTY 500: 61%
Stocks leading NIFTY: 4/4
Stocks leading sector: 0/2

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 4
Combined market value: ₹1.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Solar Industries India Ltd (SOLARINDS): 62/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 27.9/35 | Capital efficiency 21.8/25 | Valuation 7.1/20 | Relative strength 5.0/20
   - Exact sum: 27.9 + 21.8 + 7.1 + 5 = 61.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -13.4% and the one-year return is 24.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2. Keltech Energies Ltd (506528): 51/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 14.0/35 | Capital efficiency 17.8/25 | Valuation 6.6/20 | Relative strength 12.5/20
   - Exact sum: 14 + 17.8 + 6.6 + 12.5 = 50.9
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Premier Explosives Ltd (PREMEXPLN): 47/100 — Mixed-negative evidence; evidence 97%
   - Growth & earnings 11.7/35 | Capital efficiency 18.2/25 | Valuation 12.3/20 | Relative strength 5.0/20
   - Exact sum: 11.7 + 18.2 + 12.3 + 5 = 47.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Beezaasan Explotech Ltd (544369): 51/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 15.1/35 | Capital efficiency 13.3/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Exact sum: 15.1 + 13.3 + 10 + 12.5 = 50.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Solar Industries India Ltd is the scale leader at ₹9,837 crore, 18.5× the revenue of Keltech Energies Ltd. Solar Industries India Ltd's growth is 30.4% from a ₹9,837 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Solar Industries India Ltd is the scale benchmark; Solar Industries India Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Solar Industries India Ltd's growth falls below Solar Industries India Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Solar Industries India Ltd · ₹9,837 crore | 18.5× versus #2 · Keltech Energies Ltd | 8/8 recent comparable periods | 3/4 companies · 52 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Solar Industries India Ltd (SOLARINDS): ₹9.8K Cr
2. Keltech Energies Ltd (506528): ₹532 Cr
3. Premier Explosives Ltd (PREMEXPLN): ₹388 Cr

### Revenue growth — fastest growers
1. Solar Industries India Ltd (SOLARINDS): 30%
2. Keltech Energies Ltd (506528): 8.9%
3. Premier Explosives Ltd (PREMEXPLN): -7.0%

### 20-quarter Revenue history
- 506528: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹157 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹122 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹143 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹143 Cr
- 544369: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹101 Cr | Jun 2024 — | Sep 2024 ₹101 Cr | Dec 2024 — | Mar 2025 ₹114 Cr | Jun 2025 — | Sep 2025 ₹100 Cr | Dec 2025 — | Mar 2026 ₹111 Cr
- SOLARINDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹3.1K Cr
- PREMEXPLN: Jun 2021 ₹33 Cr | Sep 2021 ₹55 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹87 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹89 Cr

### 20-quarter Revenue growth history
- 506528: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -22% | Jun 2024 -5.6% | Sep 2024 6.2% | Dec 2024 23% | Mar 2025 15% | Jun 2025 12% | Sep 2025 14% | Dec 2025 9.2% | Mar 2026 2.3%
- 544369: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 13% | Jun 2025 — | Sep 2025 -1.0% | Dec 2025 — | Mar 2026 -2.6%
- SOLARINDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -21% | Mar 2024 -16% | Jun 2024 0.2% | Sep 2024 27% | Dec 2024 38% | Mar 2025 35% | Jun 2025 28% | Sep 2025 21% | Dec 2025 29% | Mar 2026 41%
- PREMEXPLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 58% | Sep 2022 11% | Dec 2022 -27% | Mar 2023 -14% | Jun 2023 19% | Sep 2023 29% | Dec 2023 19% | Mar 2024 66% | Jun 2024 34% | Sep 2024 21% | Dec 2024 272% | Mar 2025 -15% | Jun 2025 72% | Sep 2025 -20% | Dec 2025 -51% | Mar 2026 20%

## Operating Economics & Margin Trend

What the numbers say: Solar Industries India Ltd leads both opm at 27% and margin change at +2 percentage points.

Investor read: Solar Industries India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Solar Industries India Ltd · 27% | 262.9% versus #2 · Keltech Energies Ltd | 6/8 recent comparable periods | 4/4 companies · 66 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Solar Industries India Ltd (SOLARINDS): 27%
2. Keltech Energies Ltd (506528): 7.4%
3. Beezaasan Explotech Ltd (544369): 7.0%
4. Premier Explosives Ltd (PREMEXPLN): -0.4%

### Margin change — fastest expanders
1. Solar Industries India Ltd (SOLARINDS): +2.0 pp
2. Keltech Energies Ltd (506528): +0.3 pp
3. Beezaasan Explotech Ltd (544369): −1.0 pp
4. Premier Explosives Ltd (PREMEXPLN): −13.3 pp

### 20-quarter OPM history
- 506528: Jun 2021 6.1% | Sep 2021 4.2% | Dec 2021 3.0% | Mar 2022 4.8% | Jun 2022 3.9% | Sep 2022 3.1% | Dec 2022 4.5% | Mar 2023 6.3% | Jun 2023 6.2% | Sep 2023 8.2% | Dec 2023 7.8% | Mar 2024 7.9% | Jun 2024 7.5% | Sep 2024 7.5% | Dec 2024 8.2% | Mar 2025 7.2% | Jun 2025 8.8% | Sep 2025 7.0% | Dec 2025 7.4% | Mar 2026 7.4%
- 544369: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 6.0% | Jun 2024 9.4% | Sep 2024 14% | Dec 2024 — | Mar 2025 8.0% | Jun 2025 — | Sep 2025 13% | Dec 2025 — | Mar 2026 7.0%
- SOLARINDS: Jun 2021 21% | Sep 2021 17% | Dec 2021 17% | Mar 2022 20% | Jun 2022 18% | Sep 2022 19% | Dec 2022 19% | Mar 2023 19% | Jun 2023 19% | Sep 2023 25% | Dec 2023 25% | Mar 2024 22% | Jun 2024 27% | Sep 2024 26% | Dec 2024 27% | Mar 2025 25% | Jun 2025 25% | Sep 2025 26% | Dec 2025 28% | Mar 2026 27%
- PREMEXPLN: Jun 2021 18% | Sep 2021 12% | Dec 2021 8.7% | Mar 2022 6.3% | Jun 2022 11% | Sep 2022 12% | Dec 2022 13% | Mar 2023 16% | Jun 2023 27% | Sep 2023 28% | Dec 2023 11% | Mar 2024 17% | Jun 2024 19% | Sep 2024 18% | Dec 2024 9.3% | Mar 2025 13% | Jun 2025 15% | Sep 2025 8.6% | Dec 2025 14% | Mar 2026 -0.4%

### 20-quarter Margin change history
- 506528: Jun 2021 −3.5 pp | Sep 2021 −2.5 pp | Dec 2021 −2.3 pp | Mar 2022 +0.2 pp | Jun 2022 −2.2 pp | Sep 2022 −1.1 pp | Dec 2022 +1.5 pp | Mar 2023 +1.5 pp | Jun 2023 +2.4 pp | Sep 2023 +5.1 pp | Dec 2023 +3.3 pp | Mar 2024 +1.6 pp | Jun 2024 +1.3 pp | Sep 2024 −0.7 pp | Dec 2024 +0.5 pp | Mar 2025 −0.7 pp | Jun 2025 +1.3 pp | Sep 2025 −0.4 pp | Dec 2025 −0.9 pp | Mar 2026 +0.3 pp
- 544369: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +2.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 −1.0 pp
- SOLARINDS: Jun 2021 +2.5 pp | Sep 2021 −4.7 pp | Dec 2021 −3.0 pp | Mar 2022 −0.8 pp | Jun 2022 −3.7 pp | Sep 2022 +2.4 pp | Dec 2022 +1.5 pp | Mar 2023 −1.0 pp | Jun 2023 +1.5 pp | Sep 2023 +5.9 pp | Dec 2023 +6.0 pp | Mar 2024 +3.0 pp | Jun 2024 +8.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +3.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp
- PREMEXPLN: Jun 2021 +21.3 pp | Sep 2021 +3.3 pp | Dec 2021 +17.0 pp | Mar 2022 −13.5 pp | Jun 2022 −7.0 pp | Sep 2022 −0.4 pp | Dec 2022 +3.9 pp | Mar 2023 +9.4 pp | Jun 2023 +15.7 pp | Sep 2023 +16.0 pp | Dec 2023 −1.6 pp | Mar 2024 +1.7 pp | Jun 2024 −8.2 pp | Sep 2024 −10.3 pp | Dec 2024 −1.6 pp | Mar 2025 −4.5 pp | Jun 2025 −4.0 pp | Sep 2025 −9.0 pp | Dec 2025 +5.0 pp | Mar 2026 −13.3 pp

## Profit Scale & Acceleration

What the numbers say: Solar Industries India Ltd leads with ₹1,737 crore of TTM profit, 37.9× the profit of Premier Explosives Ltd. Premier Explosives Ltd shows 59.5% growth from a ₹46 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Solar Industries India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Solar Industries India Ltd · ₹1,737 crore | 37.9× versus #2 · Premier Explosives Ltd | 8/8 recent comparable periods | 3/4 companies · 52 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Solar Industries India Ltd (SOLARINDS): ₹1.7K Cr
2. Premier Explosives Ltd (PREMEXPLN): ₹46 Cr
3. Keltech Energies Ltd (506528): ₹29 Cr

### Profit growth — fastest growers
1. Premier Explosives Ltd (PREMEXPLN): 60%
2. Solar Industries India Ltd (SOLARINDS): 35%
3. Keltech Energies Ltd (506528): 15%

### 20-quarter Net profit history
- 506528: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹8 Cr
- 544369: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 — | Sep 2024 ₹8 Cr | Dec 2024 — | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 ₹5 Cr
- SOLARINDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹219 Cr | Mar 2023 ₹221 Cr | Jun 2023 ₹202 Cr | Sep 2023 ₹209 Cr | Dec 2023 ₹222 Cr | Mar 2024 ₹243 Cr | Jun 2024 ₹301 Cr | Sep 2024 ₹304 Cr | Dec 2024 ₹338 Cr | Mar 2025 ₹346 Cr | Jun 2025 ₹353 Cr | Sep 2025 ₹361 Cr | Dec 2025 ₹467 Cr | Mar 2026 ₹556 Cr
- PREMEXPLN: Jun 2021 ₹1 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹7 Cr

### 20-quarter Profit growth history
- 506528: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -5.9% | Jun 2024 38% | Sep 2024 41% | Dec 2024 31% | Mar 2025 11% | Jun 2025 22% | Sep 2025 12% | Dec 2025 1.0% | Mar 2026 23%
- 544369: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 67% | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 0.0%
- SOLARINDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.4% | Mar 2024 10.0% | Jun 2024 49% | Sep 2024 45% | Dec 2024 52% | Mar 2025 42% | Jun 2025 17% | Sep 2025 19% | Dec 2025 38% | Mar 2026 61%
- PREMEXPLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 -36% | Mar 2023 — | Jun 2023 726% | Sep 2023 289% | Dec 2023 169% | Mar 2024 179% | Jun 2024 -11% | Sep 2024 -28% | Dec 2024 437% | Mar 2025 -45% | Jun 2025 110% | Sep 2025 111% | Dec 2025 -34% | Mar 2026 75%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Premier Explosives Ltd has the clearest covered balance-sheet capacity with ₹28 crore net cash and gross debt of ₹32 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Premier Explosives Ltd · ₹32 crore | 13.5% versus #2 · Beezaasan Explotech Ltd | 3/8 recent comparable periods | 4/4 companies · 36 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Premier Explosives Ltd (PREMEXPLN): ₹32 Cr
2. Beezaasan Explotech Ltd (544369): ₹37 Cr
3. Keltech Energies Ltd (506528): ₹73 Cr
4. Solar Industries India Ltd (SOLARINDS): ₹1.5K Cr

### Net debt — lowest net debt
1. Premier Explosives Ltd (PREMEXPLN): ₹-28 Cr

### 20-quarter Gross debt history
- 506528: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹31 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹32 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹25 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹39 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹73 Cr
- 544369: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹24 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹43 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹37 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹25 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹37 Cr
- SOLARINDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹888 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.2K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.1K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹975 Cr | Jun 2025 — | Sep 2025 ₹876 Cr | Dec 2025 — | Mar 2026 ₹1.5K Cr
- PREMEXPLN: Jun 2021 ₹55 Cr | Sep 2021 ₹67 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹78 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹100 Cr | Dec 2022 ₹100 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹32 Cr

### 20-quarter Net debt history
- PREMEXPLN: Jun 2021 ₹49 Cr | Sep 2021 ₹59 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹-52 Cr | Jun 2025 ₹-60 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹-28 Cr

## Return On Capital Employed

What the numbers say: Solar Industries India Ltd leads ROCE at 38.1%, 15.5 percentage points above Premier Explosives Ltd. Solar Industries India Ltd has the strongest latest improvement at 0 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Solar Industries India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Solar Industries India Ltd · 38.1% | 68.6% versus #2 · Premier Explosives Ltd | Not enough history | 4/4 companies · 15 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Solar Industries India Ltd (SOLARINDS): 38%
2. Premier Explosives Ltd (PREMEXPLN): 23%
3. Keltech Energies Ltd (506528): 20%
4. Beezaasan Explotech Ltd (544369): 12%

### ROCE change — fastest improvers
1. Solar Industries India Ltd (SOLARINDS): 0.0 pp
2. Keltech Energies Ltd (506528): −6.0 pp
3. Premier Explosives Ltd (PREMEXPLN): −8.1 pp
4. Beezaasan Explotech Ltd (544369): −11.0 pp

### 20-quarter ROCE history
- PREMEXPLN: Jun 2021 — | Sep 2021 3.4% | Dec 2021 — | Mar 2022 6.1% | Jun 2022 — | Sep 2022 6.2% | Dec 2022 — | Mar 2023 8.2% | Jun 2023 — | Sep 2023 17% | Dec 2023 19% | Mar 2024 18% | Jun 2024 22% | Sep 2024 15% | Dec 2024 21% | Mar 2025 16% | Jun 2025 20% | Sep 2025 13% | Dec 2025 21% | Mar 2026 8.3%

### 20-quarter ROCE change history
- PREMEXPLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 — | Mar 2023 +2.1 pp | Jun 2023 — | Sep 2023 +10.9 pp | Dec 2023 — | Mar 2024 +10.0 pp | Jun 2024 — | Sep 2024 −2.4 pp | Dec 2024 +1.4 pp | Mar 2025 −1.8 pp | Jun 2025 −1.2 pp | Sep 2025 −1.4 pp | Dec 2025 +0.4 pp | Mar 2026 −8.1 pp

## Valuation Against Growth & Quality

What the numbers say: Premier Explosives Ltd has the lowest comparable Guarded PEG at 0.97×. Only 1 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Premier Explosives Ltd · 0.97× | Not enough peers | 0/8 recent comparable periods | 1/4 companies · 5 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Premier Explosives Ltd (PREMEXPLN): 1.0

### P/E — lowest P/E
1. Keltech Energies Ltd (506528): 32.0
2. Beezaasan Explotech Ltd (544369): 42.2
3. Premier Explosives Ltd (PREMEXPLN): 71.7
4. Solar Industries India Ltd (SOLARINDS): 95.9

### 20-quarter Guarded PEG history
- PREMEXPLN: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 20.7 | Mar 2025 1.8 | Jun 2025 — | Sep 2025 1.8 | Dec 2025 — | Mar 2026 1.0

### 20-quarter P/E history
- 506528: Jun 2021 13.0 | Sep 2021 15.2 | Dec 2021 15.2 | Mar 2022 11.5 | Jun 2022 9.4 | Sep 2022 11.3 | Dec 2022 9.8 | Mar 2023 9.9 | Jun 2023 12.9 | Sep 2023 11.9 | Dec 2023 17.4 | Mar 2024 13.8 | Jun 2024 19.7 | Sep 2024 17.2 | Dec 2024 15.5 | Mar 2025 11.7 | Jun 2025 16.9 | Sep 2025 15.0 | Dec 2025 13.9 | Mar 2026 11.3
- 544369: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 32.8 | Jun 2025 — | Sep 2025 17.7 | Dec 2025 — | Mar 2026 18.5
- SOLARINDS: Jun 2021 51.8 | Sep 2021 54.8 | Dec 2021 64.4 | Mar 2022 65.6 | Jun 2022 56.5 | Sep 2022 69.0 | Dec 2022 64.3 | Mar 2023 47.7 | Jun 2023 43.0 | Sep 2023 55.6 | Dec 2023 75.3 | Mar 2024 98.5 | Jun 2024 99.2 | Sep 2024 114.8 | Dec 2024 91.2 | Mar 2025 90.7 | Jun 2025 130.8 | Sep 2025 98.7 | Dec 2025 85.2 | Mar 2026 77.4
- PREMEXPLN: Jun 2021 -25.8 | Sep 2021 134.3 | Dec 2021 158.7 | Mar 2022 44.9 | Jun 2022 62.1 | Sep 2022 87.2 | Dec 2022 94.2 | Mar 2023 89.9 | Jun 2023 68.1 | Sep 2023 77.9 | Dec 2023 74.5 | Mar 2024 68.2 | Jun 2024 141.7 | Sep 2024 104.2 | Dec 2024 116.6 | Mar 2025 57.1 | Jun 2025 108.1 | Sep 2025 79.5 | Dec 2025 56.3 | Mar 2026 46.5

## Enterprise Value & Book Value

What the numbers say: Keltech Energies Ltd leads ev/ebitda at 6.9×; Beezaasan Explotech Ltd leads p/bv at 3.59×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Keltech Energies Ltd · 6.9× | 43.4% versus #2 · Beezaasan Explotech Ltd | 0/8 recent comparable periods | 4/4 companies · 62 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Keltech Energies Ltd (506528): 6.9
2. Beezaasan Explotech Ltd (544369): 12.2
3. Premier Explosives Ltd (PREMEXPLN): 28.1
4. Solar Industries India Ltd (SOLARINDS): 46.6

### P/BV — lowest P/BV
1. Beezaasan Explotech Ltd (544369): 3.6
2. Keltech Energies Ltd (506528): 5.2
3. Premier Explosives Ltd (PREMEXPLN): 12.3
4. Solar Industries India Ltd (SOLARINDS): 26.6

### 20-quarter EV/EBITDA history
- 506528: Jun 2021 5.6 | Sep 2021 6.3 | Dec 2021 6.9 | Mar 2022 5.6 | Jun 2022 4.6 | Sep 2022 6.3 | Dec 2022 5.5 | Mar 2023 4.9 | Jun 2023 6.3 | Sep 2023 6.2 | Dec 2023 9.0 | Mar 2024 7.6 | Jun 2024 10.9 | Sep 2024 9.0 | Dec 2024 8.5 | Mar 2025 6.4 | Jun 2025 9.4 | Sep 2025 8.9 | Dec 2025 8.4 | Mar 2026 6.9
- 544369: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 21.3 | Jun 2025 — | Sep 2025 12.9 | Dec 2025 — | Mar 2026 12.2
- SOLARINDS: Jun 2021 27.8 | Sep 2021 30.6 | Dec 2021 36.0 | Mar 2022 36.8 | Jun 2022 33.5 | Sep 2022 41.3 | Dec 2022 39.0 | Mar 2023 28.9 | Jun 2023 25.5 | Sep 2023 32.8 | Dec 2023 44.1 | Mar 2024 57.0 | Jun 2024 60.0 | Sep 2024 68.7 | Dec 2024 54.9 | Mar 2025 55.0 | Jun 2025 78.1 | Sep 2025 58.7 | Dec 2025 50.8 | Mar 2026 46.6
- PREMEXPLN: Jun 2021 — | Sep 2021 22.2 | Dec 2021 17.9 | Mar 2022 15.1 | Jun 2022 16.1 | Sep 2022 23.2 | Dec 2022 22.7 | Mar 2023 21.0 | Jun 2023 19.3 | Sep 2023 29.9 | Dec 2023 32.8 | Mar 2024 30.2 | Jun 2024 65.3 | Sep 2024 46.4 | Dec 2024 50.3 | Mar 2025 28.8 | Jun 2025 52.2 | Sep 2025 44.3 | Dec 2025 34.6 | Mar 2026 28.1

### 20-quarter P/BV history
- 506528: Jun 2021 1.0 | Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 0.8 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 0.9 | Mar 2023 1.2 | Jun 2023 2.2 | Sep 2023 2.1 | Dec 2023 3.5 | Mar 2024 3.1 | Jun 2024 4.7 | Sep 2024 3.7 | Dec 2024 3.2 | Mar 2025 2.5 | Jun 2025 4.2 | Sep 2025 3.2 | Dec 2025 2.7 | Mar 2026 2.2
- 544369: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 2.9 | Dec 2025 — | Mar 2026 2.3
- SOLARINDS: Jun 2021 10.4 | Sep 2021 11.5 | Dec 2021 12.9 | Mar 2022 14.1 | Jun 2022 13.0 | Sep 2022 16.2 | Dec 2022 18.1 | Mar 2023 17.9 | Jun 2023 13.0 | Sep 2023 16.7 | Dec 2023 21.3 | Mar 2024 27.8 | Jun 2024 27.4 | Sep 2024 32.1 | Dec 2024 24.3 | Mar 2025 26.8 | Jun 2025 47.9 | Sep 2025 28.2 | Dec 2025 22.0 | Mar 2026 22.0
- PREMEXPLN: Jun 2021 0.8 | Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.8 | Jun 2022 1.8 | Sep 2022 2.4 | Dec 2022 2.4 | Mar 2023 2.3 | Jun 2023 2.5 | Sep 2023 5.6 | Dec 2023 8.0 | Mar 2024 7.7 | Jun 2024 20.6 | Sep 2024 13.0 | Dec 2024 12.0 | Mar 2025 7.7 | Jun 2025 14.1 | Sep 2025 12.9 | Dec 2025 10.2 | Mar 2026 7.9

## Market action

Premier Explosives Ltd has the strongest one-year price move in Industrial Explosives at +25.9%. Keltech Energies Ltd leads on Mansfield relative strength against NIFTY at +80.7%. 4 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Premier Explosives Ltd (PREMEXPLN): 26%
2. Solar Industries India Ltd (SOLARINDS): 24%

### Strongest relative strength versus NIFTY 500
1. Keltech Energies Ltd (506528): 81%
2. Beezaasan Explotech Ltd (544369): 54%
3. Solar Industries India Ltd (SOLARINDS): 27%
4. Premier Explosives Ltd (PREMEXPLN): 20%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Solar Industries India Ltd (SOLARINDS) — market value ₹1.7 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Premier Explosives Ltd (PREMEXPLN) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- Keltech Energies Ltd (506528) — market value ₹787 Cr; latest fundamentals Mar 2026
- Beezaasan Explotech Ltd (544369) — market value ₹561 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 1. Unverified: 2. Withheld: 1. Graded companies: 4.

1 of 4 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Solar Industries India Ltd (SOLARINDS) — its two data sources disagree by up to 8.2% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | SOLARINDS | Solar Industries India Ltd | diff_gt_2pct | disagreement up to 8.19% over 14 comparable periods

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Industrial Explosives index?

The Nifty Industrial Explosives index tracks India's listed Industrial Explosives companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Industrial Explosives sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Industrial Explosives stocks in India?

Ranked by this page's four-factor score, Solar Industries India Ltd places first among 4 listed Industrial Explosives companies, followed by Keltech Energies Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Industrial Explosives stocks are listed in India?

This comparison covers 4 listed Industrial Explosives companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Industrial Explosives company is the biggest?

Solar Industries India Ltd is the largest, with trailing-twelve-month revenue of ₹9,837 crore, ahead of Keltech Energies Ltd at ₹532 crore. That covers 3 of 4 companies with comparable reporting through Mar 2026.

### Which Industrial Explosives company is growing fastest?

Solar Industries India Ltd has the fastest revenue growth at 30.4% year on year, across 3 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Industrial Explosives company has the best profit margins?

Solar Industries India Ltd has the highest operating margin at 27%, from 4 of 4 comparable companies. Solar Industries India Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Industrial Explosives company makes the most profit?

Solar Industries India Ltd earns the most, at ₹1,737 crore of trailing-twelve-month net profit, from 3 of 4 comparable companies. Premier Explosives Ltd has the fastest profit growth at 59.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Industrial Explosives company earns the highest return on capital?

Solar Industries India Ltd leads on return on capital employed at 38.1%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Industrial Explosives stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Premier Explosives Ltd screens cheapest at 0.97×. Only 1 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Industrial Explosives company has the strongest balance sheet?

Premier Explosives Ltd carries the lowest comparable gross debt at ₹32 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Industrial Explosives sector beating the market?

Industrial Explosives has outperformed NIFTY 500 by 61.2% over the last 52 weeks and 48.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Industrial Explosives stock has the strongest price momentum?

Keltech Energies Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Industrial Explosives company scores highest for research priority?

Solar Industries India Ltd scores 61.8 out of 100 with 80.2% evidence confidence, from 27.9 points on growth and earnings, 21.8 on capital efficiency, 7.1 on valuation and 5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Industrial Explosives companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Industrial Explosives sector?

The 4 Industrial Explosives companies on this page carry ₹1,72,260 crore of combined market value. Solar Industries India Ltd is the largest at ₹1,67,352 crore, about 97% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Industrial Explosives sector performing?

4 of the 4 covered Industrial Explosives companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 61.2% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/industrial-explosives