Explosives Stocks and Companies in India

The largest Explosives stocks in India by market value are Solar Industries (₹1.68 lakh crore), Premier Explosives (₹2,740 crore) and Keltech Energies (₹1,722 crore), at prices of 6 Nov 2026.

• Solar Industries: ₹18,608 | market value ₹1.68 lakh crore | P/E 84.5
• Premier Explosives: ₹509.70 | market value ₹2,740 crore | P/E 79.7
• Keltech Energies: ₹17,222.15 | market value ₹1,722 crore | P/E 65.8
• Beezaasan Explotech: ₹772.95 | market value ₹1,172 crore | P/E 88.4

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

All 4 listed Indian Industrial Explosives companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Industrial Explosives index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. Every figure is equal-weighted across those companies and carries its own as-of date.

1. Solar Industries India Ltd₹1.7 lakh cr
2. Premier Explosives Ltd₹3,000 cr
3. Keltech Energies Ltd₹1,770 cr
4. Beezaasan Explotech Ltd₹1,200 cr

4 Explosives companies in the Industrial Explosives industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 4 are listed below, largest first. The largest is Solar Industries India (₹1.7 lakh crore) and the smallest with a market value is Beezaasan Explotech.

Download all 4 Explosives companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 224% 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 31 weeks running.

Price and the fundamentals both up. 3 of 4 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 31 weeks running; 3 of the 4 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 3 of those 4 pass the momentum test (no change from four weeks earlier); earnings rising at 2 of the 4 that report earnings.

Ahead of NIFTY 500 for 31 weeks running and +168.8% over a year, with 3 → 3 of 4 stocks participating. Earnings mixed, 2 of 4 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the 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 set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Industrial Explosives has done better than the NIFTY 500 by 110.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 44.1%. Solar Industries India Ltd is the strongest against the sector itself at −31.7%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 88.2 as of 30 October 2026 (consolidation, falling).

Industrial Explosives has done better than the NIFTY 500 by 110.5% over 52 weeks and by 44.1% over 13 weeks. 3 of 4 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 0 of the 2 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Solar Industries India Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 79.3% evidence confidence.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Solar Industries India Ltd has the strongest one-year price move in Industrial Explosives at +35.7%. Keltech Energies Ltd leads on relative strength against the NIFTY, at +160.4%. 4 of 4 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: 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.

RS vs NIFTY 500: 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.

RS vs sector: 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.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

This is a genuine, earnings-backed super-cycle that has already run hard, a topping winner, not a fresh turn. Aggregate profit compounded from ₹833 cr (FY23) to ₹1,825 cr (FY26), with the latest year up 34.6% on a revenue-led leg. In the week of 13 July 2026, 100% of 4 Industrial Explosives companies were beating the Nifty 500, against 100% on 2 March 2026.

From our industry review of 19 July 2026. A newer review (10 October 2026) did not cover Industrial Explosives, so this is the latest we have.

2 of 4 Industrial Explosives companies held a results call for April to June 2026. Solar Industries India guided: Solar revenue around ₹14,000 crore in FY27 and approximately ₹16,500 crore in FY28, based on 17%-20% growth.

From the results calls for April to June 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters raised theirs by 0.9 points.

• Spending on new plants and equipment was ₹1,140 crore in the last 12 months, 35% less than a year before.
• Projects still being built grew 13% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 5 Industrial Explosives companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Industrial Explosives figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 29 Jul 2026, so the words are older than the numbers. 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.

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: OLD: this read comes from our Industrial Explosives sector brief dated 29 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Industrial Explosives sector brief, 29 Jul 2026.

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 has 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 largest 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 quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Solar Industries India Ltd is both the largest and the fastest-growing company here; the growth has to turn into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Solar Industries India Ltd's revenue growth slows for two consecutive comparable reports while its 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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

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.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

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 has 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.

What this means: Solar Industries India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

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 has 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 earns the most, ₹2,050 crore of profit over the last 12 months, 61.2× the profit of Premier Explosives Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Solar Industries India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

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 23%. The same company also has 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%, 15.1 percentage points above Premier Explosives Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Solar Industries India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

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.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

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 67.8×, 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: That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. 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.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Industrial Explosives companies show up on 2 of our India lists. The most are on the momentum stocks list (2 companies).

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-source figures left out 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 come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• 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-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Valuation have fewer than three usable current readings.

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 30 October 2026.

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 15 comparable periods, so its derived ratios are withheld.

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 30 October 2026. Nothing here is estimated, and none of it is a recommendation.