20-quarter listed-company comparison

Industrial Explosives Stocks in India

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

01 · the index people search for

Nifty Industrial Explosives Index — Constituents & Performance

The Industrial Explosives companies below are the listed Indian Industrial Explosives universe this page tracks — the same constituent set people search for as the Nifty Industrial Explosives index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

02 · the sector itself · before any single company

How has Industrial Explosives moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 75% ahead of NIFTY 500. Earnings across its companies grew 29% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 17 weeks running.

LEADER · ahead 17w✓Price and the fundamentals both up4 of 4 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑17w · 4/4 >200d (+0) · 4/4 lead (+0) · EPS 3/4↑

Industrial Explosives, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 4 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Industrial Explosives outperforming NIFTY 500?

Industrial Explosives has outperformed NIFTY 500 by 77.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 50.7%. 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 -17.5%. Readings are as of 2026-07-19.

+50.7%Sector vs NIFTY 500 · 13 weeks

+77.5%Sector vs NIFTY 500 · 52 weeks

4/4Stocks leading NIFTY 500

0/2Stocks leading sector

Sector metric: 58.7 as of 2026-07-19 · CONSOLIDATION · falling.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Industrial Explosives has outperformed NIFTY 500 by 77.5% over 52 weeks and 50.7% 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.

Companies

complete canonical membership

Combined market value

₹1.7 L Cr

Solar Industries India Ltd

Revenue growing

2/3

positive TTM year-on-year growth

Beating NIFTY 500

4/4

positive Mansfield relative strength

Comparing 3 of 4

04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Solar Industries India Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 75.1% evidence confidence.

Premier Explosives Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Solar Industries India LtdSOLARINDS	60.9/100Mixed-positive evidence75% evidence	LEADER	26.6/35 Revenue 30.4% · PAT 34.8% · OPM change 2 pp 83% evidence	22.0/25 ROCE 38.1% · OPM 27% 76% evidence	7.3/20 P/E 95.4× · PEG — 35% evidence	5.0/20 RS sector -17.5% · RS bench 22.7% · 1Y 26.8%12 of 12 weeks ahead 100% evidence
Exact sum: 26.6 + 22 + 7.3 + 5 = 60.9 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -17.5% and the one-year return is 26.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2Keltech Energies Ltd506528	48.6/100Mixed-negative evidence64% evidence	TURNING	12.0/35 Revenue 8.9% · PAT 14.9% · OPM change -1.2 pp 95% evidence	17.5/25 ROCE 20.4% · OPM 7.5% 76% evidence	6.6/20 P/E 35.1× · PEG — 35% evidence	12.5/20 RS sector — · RS bench 101.8% · 1Y —3 of 3 weeks ahead 25% evidence
Exact sum: 12 + 17.5 + 6.6 + 12.5 = 48.6 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3Premier Explosives LtdPREMEXPLN	47.1/100Mixed-negative evidence93% evidence	LEADER	12.4/35 Revenue -7% · PAT 59.5% · OPM change -13.3 pp 88% evidence	16.6/25 ROCE 22.6% · OPM -0.4% 100% evidence	13.1/20 P/E 71.9× · PEG 0.97 85% evidence	5.0/20 RS sector -21.7% · RS bench 16.3% · 1Y 37.3%12 of 12 weeks ahead 100% evidence
Exact sum: 12.4 + 16.6 + 13.1 + 5 = 47.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
4Beezaasan Explotech Ltd544369	48.3/100Thin evidence · provisional33% evidence		15.1/35 Revenue — · PAT — · OPM change -1 pp 26% evidence	10.7/25 ROCE 12.2% · OPM 7% 76% evidence	10.0/20 P/E 43.9× · PEG — 0% evidence	12.5/20 RS sector — · RS bench 53.9% · 1Y — 25% evidence
Exact sum: 15.1 + 10.7 + 10 + 12.5 = 48.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

05 · what price has already done

Market action

Premier Explosives Ltd has the strongest one-year price move in Industrial Explosives at +37.3%. Keltech Energies Ltd leads on Mansfield relative strength against NIFTY at +101.8%. 4 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · compare level, then change

Revenue Scale & Growth Durability

Solar Industries India Ltd has the highest Revenue among the 4 Industrial Explosives companies compared here, at ₹9,837 crore. Keltech Energies Ltd is next at ₹532 crore. The same company also holds the highest Revenue growth, at 30.4%. 3 of 4 companies report a comparable reading, the latest through Mar 2026.

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.

LeaderSolar Industries India Ltd · ₹9,837 crore

Gap18.5× versus #2 · Keltech Energies Ltd

Persistence8/8 recent comparable periods

Coverage3/4 companies · 52 observations

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.

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

Revenuelargest

1Solar Industries India Ltd SOLARINDS₹9.8K Cr

2Keltech Energies Ltd 506528₹532 Cr

3Premier Explosives Ltd PREMEXPLN₹388 Cr

Revenue growthfastest growers

1Solar Industries India Ltd SOLARINDS30%

2Keltech Energies Ltd 5065288.9%

3Premier Explosives Ltd PREMEXPLN-7.0%

Revenue · company comparison

3/4 level · 3/4 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Solar Industries India Ltd SOLARINDS	₹3.1K Cr	41%	Mar 2026
Keltech Energies Ltd 506528	₹183 Cr	28%	Jun 2026
Beezaasan Explotech Ltd 544369	₹111 Cr	-2.6%	Mar 2026
Premier Explosives Ltd PREMEXPLN	₹89 Cr	20%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Beezaasan Explotech Ltd · 544369

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

Jun 2026—

Keltech Energies Ltd · 506528

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

Jun 2026₹183 Cr

Premier Explosives Ltd · PREMEXPLN

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

Jun 2026—

Solar Industries India Ltd · SOLARINDS

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

Jun 2026—

Revenue growth · reported quarter history

Beezaasan Explotech Ltd · 544369

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 202513%

Jun 2025—

Sep 2025-1.0%

Dec 2025—

Mar 2026-2.6%

Jun 2026—

Keltech Energies Ltd · 506528

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 20246.2%

Dec 202423%

Mar 202515%

Jun 202512%

Sep 202514%

Dec 20259.2%

Mar 20262.3%

Jun 202628%

Premier Explosives Ltd · PREMEXPLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202258%

Sep 202211%

Dec 2022-27%

Mar 2023-14%

Jun 202319%

Sep 202329%

Dec 202319%

Mar 202466%

Jun 202434%

Sep 202421%

Dec 2024272%

Mar 2025-15%

Jun 202572%

Sep 2025-20%

Dec 2025-51%

Mar 202620%

Jun 2026—

Solar Industries India Ltd · SOLARINDS

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 20240.2%

Sep 202427%

Dec 202438%

Mar 202535%

Jun 202528%

Sep 202521%

Dec 202529%

Mar 202641%

Jun 2026—

07 · compare level, then change

Operating Economics & Margin Trend

Solar Industries India Ltd has the highest OPM among the 4 Industrial Explosives companies compared here, at 27%. Keltech Energies Ltd is next at 7.5%. The same company also holds the highest Margin change, at +2 percentage points. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

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

LeaderSolar Industries India Ltd · 27%

Gap258.6% versus #2 · Keltech Energies Ltd

Persistence6/8 recent comparable periods

Coverage4/4 companies · 64 observations

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.

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

OPMhighest

1Solar Industries India Ltd SOLARINDS27%

2Keltech Energies Ltd 5065287.5%

3Beezaasan Explotech Ltd 5443697.0%

4Premier Explosives Ltd PREMEXPLN-0.4%

Margin changefastest expanders

1Solar Industries India Ltd SOLARINDS+2.0 pp

2Beezaasan Explotech Ltd 544369−1.0 pp

3Keltech Energies Ltd 506528−1.2 pp

4Premier Explosives Ltd PREMEXPLN−13.3 pp

Operating margin · company comparison

4/4 level · 4/4 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Solar Industries India Ltd SOLARINDS	27%	+2.0 pp	Mar 2026
Keltech Energies Ltd 506528	7.5%	−1.2 pp	Jun 2026
Beezaasan Explotech Ltd 544369	7.0%	−1.0 pp	Mar 2026
Premier Explosives Ltd PREMEXPLN	-0.4%	−13.3 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Beezaasan Explotech Ltd · 544369

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20246.0%

Jun 20249.4%

Sep 202414%

Dec 2024—

Mar 20258.0%

Jun 2025—

Sep 202513%

Dec 2025—

Mar 20267.0%

Jun 2026—

Keltech Energies Ltd · 506528

Sep 20214.2%

Dec 20213.0%

Mar 20224.8%

Jun 20223.9%

Sep 20223.1%

Dec 20224.5%

Mar 20236.3%

Jun 20236.2%

Sep 20238.2%

Dec 20237.8%

Mar 20247.9%

Jun 20247.5%

Sep 20247.5%

Dec 20248.2%

Mar 20257.2%

Jun 20258.8%

Sep 20257.0%

Dec 20257.4%

Mar 20267.4%

Jun 20267.5%

Premier Explosives Ltd · PREMEXPLN

Sep 202112%

Dec 20218.7%

Mar 20226.3%

Jun 202211%

Sep 202212%

Dec 202213%

Mar 202316%

Jun 202327%

Sep 202328%

Dec 202311%

Mar 202417%

Jun 202419%

Sep 202418%

Dec 20249.3%

Mar 202513%

Jun 202515%

Sep 20258.6%

Dec 202514%

Mar 2026-0.4%

Jun 2026—

Solar Industries India Ltd · SOLARINDS

Sep 202117%

Dec 202117%

Mar 202220%

Jun 202218%

Sep 202219%

Dec 202219%

Mar 202319%

Jun 202319%

Sep 202325%

Dec 202325%

Mar 202422%

Jun 202427%

Sep 202426%

Dec 202427%

Mar 202525%

Jun 202525%

Sep 202526%

Dec 202528%

Mar 202627%

Jun 2026—

Margin change · reported quarter history

Beezaasan Explotech Ltd · 544369

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

Jun 2026—

Keltech Energies Ltd · 506528

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

Jun 2026−1.2 pp

Premier Explosives Ltd · PREMEXPLN

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

Jun 2026—

Solar Industries India Ltd · SOLARINDS

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 20250.0 pp

Dec 2025+1.0 pp

Mar 2026+2.0 pp

Jun 2026—

08 · compare level, then change

Profit Scale & Acceleration

Solar Industries India Ltd has the highest Net profit among the 4 Industrial Explosives companies compared here, at ₹1,737 crore. Premier Explosives Ltd is next at ₹46 crore. Premier Explosives Ltd has the highest Profit growth at 59.5%, so level and change sit with different companies. 3 of 4 companies report a comparable reading, the latest through Mar 2026.

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.

LeaderSolar Industries India Ltd · ₹1,737 crore

Gap37.9× versus #2 · Premier Explosives Ltd

Persistence8/8 recent comparable periods

Coverage3/4 companies · 52 observations

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.

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 profitlargest

1Solar Industries India Ltd SOLARINDS₹1.7K Cr

2Premier Explosives Ltd PREMEXPLN₹46 Cr

3Keltech Energies Ltd 506528₹29 Cr

Profit growthfastest growers

1Premier Explosives Ltd PREMEXPLN60%

2Solar Industries India Ltd SOLARINDS35%

3Keltech Energies Ltd 50652815%

Net profit · company comparison

3/4 level · 3/4 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Solar Industries India Ltd SOLARINDS	₹556 Cr	61%	Mar 2026
Keltech Energies Ltd 506528	₹8 Cr	-1.6%	Jun 2026
Premier Explosives Ltd PREMEXPLN	₹7 Cr	75%	Mar 2026
Beezaasan Explotech Ltd 544369	₹5 Cr	0.0%	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Beezaasan Explotech Ltd · 544369

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

Jun 2026—

Keltech Energies Ltd · 506528

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

Jun 2026₹8 Cr

Premier Explosives Ltd · PREMEXPLN

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

Jun 2026—

Solar Industries India Ltd · SOLARINDS

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

Jun 2026—

Profit growth · reported quarter history

Beezaasan Explotech Ltd · 544369

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 202567%

Jun 2025—

Sep 20250.0%

Dec 2025—

Mar 20260.0%

Jun 2026—

Keltech Energies Ltd · 506528

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 202438%

Sep 202441%

Dec 202431%

Mar 202511%

Jun 202522%

Sep 202512%

Dec 20251.0%

Mar 202623%

Jun 2026-1.6%

Premier Explosives Ltd · PREMEXPLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20220.0%

Sep 20220.0%

Dec 2022-36%

Mar 2023—

Jun 2023726%

Sep 2023289%

Dec 2023169%

Mar 2024179%

Jun 2024-11%

Sep 2024-28%

Dec 2024437%

Mar 2025-45%

Jun 2025110%

Sep 2025111%

Dec 2025-34%

Mar 202675%

Jun 2026—

Solar Industries India Ltd · SOLARINDS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20231.4%

Mar 202410.0%

Jun 202449%

Sep 202445%

Dec 202452%

Mar 202542%

Jun 202517%

Sep 202519%

Dec 202538%

Mar 202661%

Jun 2026—

09 · compare level, then change

Return On Capital Employed

Solar Industries India Ltd has the highest ROCE among the 4 Industrial Explosives companies compared here, at 38.1%. Premier Explosives Ltd is next at 22.6%. The same company also holds the highest ROCE change, at 0 percentage points. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

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.

LeaderSolar Industries India Ltd · 38.1%

Gap68.6% versus #2 · Premier Explosives Ltd

PersistenceNot enough history

Coverage4/4 companies · 15 observations

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.

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.

ROCEhighest

1Solar Industries India Ltd SOLARINDS38%

2Premier Explosives Ltd PREMEXPLN23%

3Keltech Energies Ltd 50652820%

4Beezaasan Explotech Ltd 54436912%

ROCE changefastest improvers

1Solar Industries India Ltd SOLARINDS0.0 pp

2Keltech Energies Ltd 506528−6.0 pp

3Premier Explosives Ltd PREMEXPLN−8.1 pp

4Beezaasan Explotech Ltd 544369−11.0 pp

Return on capital · company comparison

4/4 level · 4/4 change

Withheld from this chart: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
Premier Explosives Ltd PREMEXPLN	8.3%	−8.1 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Premier Explosives Ltd · PREMEXPLN

Sep 20213.4%

Dec 2021—

Mar 20226.1%

Jun 2022—

Sep 20226.2%

Dec 2022—

Mar 20238.2%

Jun 2023—

Sep 202317%

Dec 202319%

Mar 202418%

Jun 202422%

Sep 202415%

Dec 202421%

Mar 202516%

Jun 202520%

Sep 202513%

Dec 202521%

Mar 20268.3%

Jun 2026—

ROCE change · reported quarter history

Premier Explosives Ltd · PREMEXPLN

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

Jun 2026—

10 · compare level, then change

Valuation Against Growth & Quality

Premier Explosives Ltd has the lowest PEG among the 4 Industrial Explosives companies compared here, at 0.97×. Keltech Energies Ltd has the lowest P/E at 35.1×, so level and change sit with different companies. 1 of 4 companies report a comparable reading, the latest through Mar 2026. Its PEG series carries 5 reported observations across the 20-quarter window.

What the numbers say: Premier Explosives Ltd has the lowest comparable PEG at 0.97×. Only 1 of 4 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderPremier Explosives Ltd · 0.97×

GapNot enough peers

Persistence0/8 recent comparable periods

Coverage1/4 companies · 5 observations

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.

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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

PEGlowest PEG

1Premier Explosives Ltd PREMEXPLN1.0

P/Elowest P/E

1Keltech Energies Ltd 50652835.1

2Beezaasan Explotech Ltd 54436943.9

3Premier Explosives Ltd PREMEXPLN71.9

4Solar Industries India Ltd SOLARINDS95.4

Valuation · company comparison

1/4 level · 4/4 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Premier Explosives Ltd PREMEXPLN	1.0	46.5	Mar 2026
Keltech Energies Ltd 506528	—	26.6	Jun 2026
Beezaasan Explotech Ltd 544369	—	18.5	Mar 2026
Solar Industries India Ltd SOLARINDS	—	77.4	Mar 2026

Full 20-quarter history · every available company

PEG · reported quarter history

Premier Explosives Ltd · PREMEXPLN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20232.3

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 202420.7

Mar 20251.8

Jun 2025—

Sep 20251.8

Dec 2025—

Mar 20261.0

Jun 2026—

P/E · reported quarter history

Beezaasan Explotech Ltd · 544369

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 202532.8

Jun 2025—

Sep 202517.7

Dec 2025—

Mar 202618.5

Jun 2026—

Keltech Energies Ltd · 506528

Sep 202115.2

Dec 202115.2

Mar 202211.5

Jun 20229.4

Sep 202211.3

Dec 20229.8

Mar 20239.9

Jun 202312.9

Sep 202311.9

Dec 202317.4

Mar 202413.8

Jun 202419.7

Sep 202417.2

Dec 202415.5

Mar 202511.7

Jun 202516.9

Sep 202515.0

Dec 202513.9

Mar 202611.3

Jun 202626.6

Premier Explosives Ltd · PREMEXPLN

Sep 2021134.3

Dec 2021158.7

Mar 202244.9

Jun 202262.1

Sep 202287.2

Dec 202294.2

Mar 202389.9

Jun 202368.1

Sep 202377.9

Dec 202374.5

Mar 202468.2

Jun 2024141.7

Sep 2024104.2

Dec 2024116.6

Mar 202557.1

Jun 2025108.1

Sep 202579.5

Dec 202556.3

Mar 202646.5

Jun 2026—

Solar Industries India Ltd · SOLARINDS

Sep 202154.8

Dec 202164.4

Mar 202265.6

Jun 202256.5

Sep 202269.0

Dec 202264.3

Mar 202347.7

Jun 202343.0

Sep 202355.6

Dec 202375.3

Mar 202498.5

Jun 202499.2

Sep 2024114.8

Dec 202491.2

Mar 202590.7

Jun 2025130.8

Sep 202598.7

Dec 202585.2

Mar 202677.4

Jun 2026—

11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Industrial Explosives comparison names 6 specific ways its own evidence can mislead, all listed below. All 4 companies here report on comparable dates, so no rank carries a stale marker. 1 has second-feed figures withheld because the two sources disagree. 1 of the 5 ranked sections has fewer than three usable current readings.

Keep these limits visible

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: Valuation have fewer than three usable current readings.

12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 4 Industrial Explosives companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-31. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-07-31 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing1 cross-checked · 2 unverified · 1 withheld, of 4 graded companies.

How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

13 · questions investors ask, short speakable answers

Industrial Explosives company comparison FAQs

These 23 answers restate the Industrial Explosives comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Industrial Explosives sector outperforming NIFTY 500?

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 60.9/100 with 75.1% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Industrial Explosives company has the lowest comparable PEG?

Premier Explosives Ltd has the lowest comparable PEG at 0.97, among 1 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Industrial Explosives comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 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.

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 Jun 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 Jun 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 Jun 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 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 PEG — where a LOWER number is cheaper — Premier Explosives Ltd screens cheapest at 0.97×. Only 1 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Industrial Explosives sector beating the market?

Industrial Explosives has outperformed NIFTY 500 by 77.5% over the last 52 weeks and 50.7% 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 60.9 out of 100 with 75.1% evidence confidence, from 26.6 points on growth and earnings, 22 on capital efficiency, 7.3 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, ending Jun 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 ₹1,71,492 crore of combined market value. Solar Industries India Ltd is the largest at ₹1,66,420 crore, about 97% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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 77.5% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.