Beezaasan Explotech Ltd · 544369
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₹101 Cr
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₹101 Cr
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₹114 Cr
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₹100 Cr
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₹111 Cr
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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.
The 4 Industrial Explosives companies listed in India are Solar Industries India Ltd (₹2.0 L Cr, the largest), Premier Explosives Ltd, Keltech Energies Ltd and 1 more. 4 of 4 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.
01 · the index people search for
Nifty Industrial Explosives Index — Constituents & Performance
All 4 listed Indian Industrial Explosives companies are named here, largest first — the same constituent set people search for as the Nifty Industrial Explosives index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.
- Solar Industries India Ltd₹2.0 L Cr
- Premier Explosives Ltd₹3.6K Cr
- Keltech Energies Ltd₹1.2K Cr
- Beezaasan Explotech Ltd₹850 Cr
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 164% ahead of NIFTY 500. Earnings across its companies grew 22% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 23 weeks running.
LEADER · ahead 23w~Price and the fundamentals both up3 of 4 companies ahead of NIFTY 500 by 5% or more over three months
RS ↑23w · 4/4 >200d (+0) · 3/4 lead (−1) · EPS 2/4↑
Industrial Explosives, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Industrial Explosives, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
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 99.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 59.1%. 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 -16.7%. Readings are as of 2026-08-22.
+59.1%Sector vs NIFTY 500 · 13 weeks
+99.6%Sector vs NIFTY 500 · 52 weeks
4/4Stocks leading NIFTY 500
0/2Stocks leading sector
Sector metric: 110.5 as of 2026-08-22 · NARROWING · rising.
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 99.6% over 52 weeks and 59.1% 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 ₹11,351 crore, based on 3 of 4 comparable companies through Jun 2026.
Companies
4
complete canonical membership
Combined market value
₹2.1 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 79.3% evidence confidence.
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 | 63.5/100Mixed-positive evidence79% evidence | LEADER | 29.2/35 Revenue 41.7% · PAT 52.9% · OPM change 3 pp 95% evidence | 22.0/25 ROCE 38.1% · OPM 28% 76% evidence | 7.3/20 P/E 101× · PEG — 35% evidence | 5.0/20 RS sector -16.7% · RS bench 46.1% · 1Y 60.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 29.2 + 22 + 7.3 + 5 = 63.5 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -16.7% and the one-year return is 60.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 2Keltech Energies Ltd506528 | 48.2/100Mixed-negative evidence64% evidence | BREAKING OUT | 11.6/35 Revenue 13.6% · PAT 8.1% · OPM change -1.2 pp 95% evidence | 17.5/25 ROCE 20.4% · OPM 7.5% 76% evidence | 6.6/20 P/E 45.1× · PEG — 35% evidence | 12.5/20 RS sector — · RS bench 120.1% · 1Y —9 of 9 weeks ahead 25% evidence |
| Exact sum: 11.6 + 17.5 + 6.6 + 12.5 = 48.2 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 3Premier Explosives LtdPREMEXPLN | 35.4/100Mixed-negative evidence97% evidence | FADING | 2.7/35 Revenue -26.9% · PAT -8.8% · OPM change -8.9 pp 100% evidence | 15.8/25 ROCE 22.6% · OPM 5.7% 100% evidence | 11.9/20 P/E 104× · PEG 0.97 85% evidence | 5.0/20 RS sector -33.9% · RS bench 16.9% · 1Y 21.1%9 of 12 weeks ahead 100% evidence |
| Exact sum: 2.7 + 15.8 + 11.9 + 5 = 35.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Beezaasan Explotech Ltd544369 | 48.3/100Thin evidence · provisional33% evidence | BREAKING OUT | 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 64.1× · PEG — 0% evidence | 12.5/20 RS sector — · RS bench 102.7% · 1Y —6 of 6 weeks ahead 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
Solar Industries India Ltd has the strongest one-year price move in Industrial Explosives at +60.2%. Keltech Energies Ltd leads on Mansfield relative strength against NIFTY at +120.1%. 4 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-11.
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.
How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.
The same measure taken against Industrial Explosives itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.
06 · the story behind the numbers
Industrial Explosives — the story behind the numbers
This is the written read behind the Industrial Explosives figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 29 Jul 2026. 5 themes are live here, 2 of them rated high severity.
The sector lacks uniform growth momentum. While export catalysts are active, input cost volatility and regulatory hurdles constrain margins. Investors should monitor raw material price trajectories and capex execution.
The Industrial Explosives sector displayed divergent performance in Q4 FY26. Keltech Energies reported PAT growth of 22.7% YoY to ₹8.44 Cr, while Beezaasan Explotech saw PAT decline 3.51% YoY to ₹5.02 Cr. Revenue trends also split, with Keltech up 2.29% YoY and Beezaasan down 2.79% YoY. Operating margins ranged from 5.79% to 8.17%.
How old this read is: This read comes from our Industrial Explosives sector brief dated 29 Jul 2026 — 50 days old. The numbers above it are newer than the words here.
What is live in this sector right now
| Live theme | Severity | Evidence on file |
|---|---|---|
| Raw material costs account for around 70% of production costs with ammonium nitrate having volatile prices. Sensitivity to chemical nitrate price fluctuations impacts margins.Named for 506528, 544369 | high | Price escalation clause in supply contract mitigate volatility risk up to some extent. Vertical integration underway to reduce dependency on external suppliers. |
| ICRA downgraded rating to BB+ for Keltech. License suspension risk due to safety lapse for Beezaasan.Named for 506528, 544369 | high | Periodic legal review and internal compliance checks. CESTAT has allowed the appeal filed by Keltech Energies. |
| Company faced Rs 13.75 crore customs penalty on ammonium nitrate imports; CESTAT allowed appeal in May 2026.Named for 506528 | medium | CESTAT has allowed the appeal filed by Keltech Energies and has set aside the order passed by the lower authority |
| Environmental and safety concerns expose industry to tightening regulatory norms for production, handling, disposal, and transportation.Named for 506528 | medium | KEL hasn't experienced/reported any incident suggestive of safety lapses at its manufacturing facilities over the last several years |
| Export supply chains exposed to global tensions affecting trade.Named for 544369 | low | Diversification into newer geographies and customer segments. |
Sources: our Industrial Explosives sector brief, 29 Jul 2026.
07 · 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 ₹11,351 crore. Keltech Energies Ltd is next at ₹572 crore. The same company also holds the highest Revenue growth, at 41.7%. 3 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Solar Industries India Ltd is the scale leader at ₹11,351 crore, 19.8× the revenue of Keltech Energies Ltd. Solar Industries India Ltd's growth is 41.7% from a ₹11,351 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderSolar Industries India Ltd · ₹11,351 crore
Gap19.8× versus #2 · Keltech Energies Ltd
Persistence8/8 recent comparable periods
Coverage3/4 companies · 54 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
Revenue growthfastest growers
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 | ₹3.7K Cr | 70% | Jun 2026 |
| Keltech Energies Ltd 506528 | ₹183 Cr | 28% | Jun 2026 |
| Beezaasan Explotech Ltd 544369 | ₹111 Cr | -2.6% | Mar 2026 |
| Premier Explosives Ltd PREMEXPLN | ₹103 Cr | -28% | Jun 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Keltech Energies Ltd · 506528
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₹157 Cr
₹136 Cr
₹97 Cr
₹96 Cr
₹122 Cr
₹128 Cr
₹103 Cr
₹117 Cr
₹140 Cr
₹143 Cr
₹117 Cr
₹128 Cr
₹143 Cr
₹183 Cr
Premier Explosives Ltd · PREMEXPLN
₹55 Cr
₹51 Cr
₹61 Cr
₹52 Cr
₹61 Cr
₹37 Cr
₹52 Cr
₹62 Cr
₹78 Cr
₹45 Cr
₹87 Cr
₹83 Cr
₹95 Cr
₹166 Cr
₹74 Cr
₹142 Cr
₹76 Cr
₹81 Cr
₹89 Cr
₹103 Cr
Solar Industries India Ltd · SOLARINDS
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₹1.8K Cr
₹1.9K Cr
₹1.7K Cr
₹1.3K Cr
₹1.4K Cr
₹1.6K Cr
₹1.7K Cr
₹1.7K Cr
₹2.0K Cr
₹2.2K Cr
₹2.2K Cr
₹2.1K Cr
₹2.5K Cr
₹3.1K Cr
₹3.7K Cr
Revenue growth · reported quarter history
Beezaasan Explotech Ltd · 544369
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13%
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-1.0%
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-2.6%
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Keltech Energies Ltd · 506528
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-22%
-5.6%
6.2%
23%
15%
12%
14%
9.2%
2.3%
28%
Premier Explosives Ltd · PREMEXPLN
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—
58%
11%
-27%
-14%
19%
29%
19%
66%
34%
21%
272%
-15%
72%
-20%
-51%
20%
-28%
Solar Industries India Ltd · SOLARINDS
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—
—
—
—
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-21%
-16%
0.2%
27%
38%
35%
28%
21%
29%
41%
70%
08 · 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 28%. Keltech Energies Ltd is next at 7.5%. The same company also holds the highest Margin change, at +3 percentage points. 4 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Solar Industries India Ltd leads both opm at 28% and margin change at +3 percentage points.
LeaderSolar Industries India Ltd · 28%
Gap271.8% versus #2 · Keltech Energies Ltd
Persistence6/8 recent comparable periods
Coverage4/4 companies · 66 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
Margin changefastest expanders
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 | 28% | +3.0 pp | Jun 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 | 5.7% | −9.0 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Beezaasan Explotech Ltd · 544369
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6.0%
9.4%
14%
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8.0%
—
13%
—
7.0%
—
Keltech Energies Ltd · 506528
4.2%
3.0%
4.8%
3.9%
3.1%
4.5%
6.3%
6.2%
8.2%
7.8%
7.9%
7.5%
7.5%
8.2%
7.2%
8.8%
7.0%
7.4%
7.4%
7.5%
Premier Explosives Ltd · PREMEXPLN
12%
8.7%
6.3%
11%
12%
13%
16%
27%
28%
11%
17%
19%
18%
9.3%
13%
15%
8.6%
14%
-0.4%
5.7%
Solar Industries India Ltd · SOLARINDS
17%
17%
20%
18%
19%
19%
19%
19%
25%
25%
22%
27%
26%
27%
25%
25%
26%
28%
27%
28%
Margin change · reported quarter history
Beezaasan Explotech Ltd · 544369
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+2.0 pp
—
−1.0 pp
—
−1.0 pp
—
Keltech Energies Ltd · 506528
−2.5 pp
−2.3 pp
+0.2 pp
−2.2 pp
−1.1 pp
+1.5 pp
+1.5 pp
+2.4 pp
+5.1 pp
+3.3 pp
+1.6 pp
+1.3 pp
−0.7 pp
+0.5 pp
−0.7 pp
+1.3 pp
−0.4 pp
−0.9 pp
+0.3 pp
−1.2 pp
Premier Explosives Ltd · PREMEXPLN
+3.3 pp
+17.0 pp
−13.5 pp
−7.0 pp
−0.4 pp
+3.9 pp
+9.4 pp
+15.7 pp
+16.0 pp
−1.6 pp
+1.7 pp
−8.2 pp
−10.3 pp
−1.6 pp
−4.5 pp
−4.0 pp
−9.0 pp
+5.0 pp
−13.3 pp
−9.0 pp
Solar Industries India Ltd · SOLARINDS
−4.7 pp
−3.0 pp
−0.8 pp
−3.7 pp
+2.4 pp
+1.5 pp
−1.0 pp
+1.5 pp
+5.9 pp
+6.0 pp
+3.0 pp
+8.0 pp
+1.0 pp
+2.0 pp
+3.0 pp
−2.0 pp
0.0 pp
+1.0 pp
+2.0 pp
+3.0 pp
09 · 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 ₹2,050 crore. Premier Explosives Ltd is next at ₹34 crore. The same company also holds the highest Profit growth, at 52.9%. 3 of 4 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: Solar Industries India Ltd leads with ₹2,050 crore of TTM profit, 61.2× the profit of Premier Explosives Ltd. Solar Industries India Ltd shows 52.9% growth from a ₹2,050 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderSolar Industries India Ltd · ₹2,050 crore
Gap61.2× versus #2 · Premier Explosives Ltd
Persistence8/8 recent comparable periods
Coverage3/4 companies · 54 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
Profit growthfastest growers
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 | ₹666 Cr | 89% | Jun 2026 |
| Keltech Energies Ltd 506528 | ₹8 Cr | -1.6% | Jun 2026 |
| Beezaasan Explotech Ltd 544369 | ₹5 Cr | 0.0% | Mar 2026 |
| Premier Explosives Ltd PREMEXPLN | ₹3 Cr | -80% | Jun 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Beezaasan Explotech Ltd · 544369
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—
—
—
—
—
—
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₹3 Cr
—
₹8 Cr
—
₹5 Cr
—
₹8 Cr
—
₹5 Cr
—
Keltech Energies Ltd · 506528
—
—
—
—
—
—
₹7 Cr
₹5 Cr
₹4 Cr
₹4 Cr
₹6 Cr
₹7 Cr
₹6 Cr
₹6 Cr
₹7 Cr
₹8 Cr
₹6 Cr
₹6 Cr
₹8 Cr
₹8 Cr
Premier Explosives Ltd · PREMEXPLN
₹3 Cr
₹1 Cr
₹0 Cr
₹1 Cr
₹3 Cr
₹1 Cr
₹2 Cr
₹8 Cr
₹12 Cr
₹2 Cr
₹7 Cr
₹7 Cr
₹8 Cr
₹9 Cr
₹4 Cr
₹15 Cr
₹18 Cr
₹6 Cr
₹7 Cr
₹3 Cr
Solar Industries India Ltd · SOLARINDS
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—
—
—
—
₹219 Cr
₹221 Cr
₹202 Cr
₹209 Cr
₹222 Cr
₹243 Cr
₹301 Cr
₹304 Cr
₹338 Cr
₹346 Cr
₹353 Cr
₹361 Cr
₹467 Cr
₹556 Cr
₹666 Cr
Profit growth · reported quarter history
Beezaasan Explotech Ltd · 544369
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—
—
—
—
—
—
—
—
—
—
—
—
67%
—
0.0%
—
0.0%
—
Keltech Energies Ltd · 506528
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—
—
—
—
—
—
—
—
—
-5.9%
38%
41%
31%
11%
22%
12%
1.0%
23%
-1.6%
Premier Explosives Ltd · PREMEXPLN
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—
—
0.0%
0.0%
-36%
—
726%
289%
169%
179%
-11%
-28%
437%
-45%
110%
111%
-34%
75%
-80%
Solar Industries India Ltd · SOLARINDS
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—
—
—
—
—
—
—
—
1.4%
10.0%
49%
45%
52%
42%
17%
19%
38%
61%
89%
10 · 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 Jun 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
ROCE changefastest improvers
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 15 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 | Jun 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Premier Explosives Ltd · PREMEXPLN
3.4%
—
6.1%
—
6.2%
—
8.2%
—
17%
19%
18%
22%
15%
21%
16%
20%
13%
21%
8.3%
—
ROCE change · reported quarter history
Premier Explosives Ltd · PREMEXPLN
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—
—
—
+2.8 pp
—
+2.1 pp
—
+10.9 pp
—
+10.0 pp
—
−2.4 pp
+1.4 pp
−1.8 pp
−1.2 pp
−1.4 pp
+0.4 pp
−8.1 pp
—
11 · 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 45.1×, so level and change sit with different companies. 1 of 4 companies report a comparable reading, the latest through Jun 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
P/Elowest P/E
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 | 80.2 | Jun 2026 |
| Keltech Energies Ltd 506528 | — | 26.6 | Jun 2026 |
| Beezaasan Explotech Ltd 544369 | — | 18.5 | Mar 2026 |
| Solar Industries India Ltd SOLARINDS | — | 94.0 | Jun 2026 |
Full 20-quarter history · every available company
PEG · reported quarter history
Premier Explosives Ltd · PREMEXPLN
—
—
—
—
—
—
—
2.3
—
—
—
—
—
20.7
1.8
—
1.8
—
1.0
—
P/E · reported quarter history
Beezaasan Explotech Ltd · 544369
—
—
—
—
—
—
—
—
—
—
—
—
—
—
32.8
—
17.7
—
18.5
—
Keltech Energies Ltd · 506528
15.2
15.2
11.5
9.4
11.3
9.8
9.9
12.9
11.9
17.4
13.8
19.7
17.2
15.5
11.7
16.9
15.0
13.9
11.3
26.6
Premier Explosives Ltd · PREMEXPLN
134.3
158.7
44.9
62.1
87.2
94.2
89.9
68.1
77.9
74.5
68.2
141.7
104.2
116.6
57.1
108.1
79.5
56.3
46.5
80.2
Solar Industries India Ltd · SOLARINDS
54.8
64.4
65.6
56.5
69.0
64.3
47.7
43.0
55.6
75.3
98.5
99.2
114.8
91.2
90.7
130.8
98.7
85.2
77.4
94.0
12 · 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.
13 · 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 2026-09-11. 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 2026-09-11 · 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.
14 · 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 2026-09-11. Nothing here is estimated, and none of it is a recommendation.
Is the Industrial Explosives sector outperforming NIFTY 500?
Industrial Explosives has outperformed NIFTY 500 by 99.6% over 52 weeks and 59.1% 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 ₹11,351 crore, based on 3 of 4 comparable companies through Jun 2026.
Which Industrial Explosives company is growing fastest?
Solar Industries India Ltd has the fastest current revenue growth at 41.7%, across 3 of 4 comparable companies.
Which Industrial Explosives company has the strongest 4-Factor Sector Score?
Solar Industries India Ltd ranks first at 63.5/100 with 79.3% 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.
Is there a Nifty Industrial Explosives index?
NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Industrial Explosives, this page builds its own equal-weight basket of 4 listed Industrial Explosives companies — one company, one vote, regardless of market value — so no single large company dominates the reading. 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 ₹11,351 crore, ahead of Keltech Energies Ltd at ₹572 crore. That covers 3 of 4 companies with comparable reporting through Jun 2026.
Which Industrial Explosives company has the best profit margins?
Solar Industries India Ltd has the highest operating margin at 28%, from 4 of 4 comparable companies. Solar Industries India Ltd shows the biggest recent improvement, at +3 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 ₹2,050 crore of trailing-twelve-month net profit, from 3 of 4 comparable companies. Solar Industries India Ltd has the fastest profit growth at 52.9%, 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 99.6% over the last 52 weeks and 59.1% 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 63.5 out of 100 with 79.3% evidence confidence, from 29.2 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 ₹2,07,323 crore of combined market value. Solar Industries India Ltd is the largest at ₹2,01,702 crore, about 97% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.
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 99.6% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-17.
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.
Not SEBI Registered !! Not Investment advice !!