# Solar Industries share price today (Solar Industries India Ltd, NSE: SOLARINDS)

> Solar Industries share price today: ₹19,654.00 at the NSE close on 3 November 2026, up 41.6% in a year. Solar Industries India (NSE: SOLARINDS) is worth ₹1,77,849 crore, trades at a P/E of 89.3 and has closed between ₹11,911.00 and ₹22,307.50 over the past 52 weeks. > Solar Industries India Ltd's results are improving, and its P/E is near the top of its own history, higher than 80% of past readings. SOLARINDS · Industrial Explosives · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/solar-industries-india-ltd

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## Key numbers

- Business trend: Growing steadily, from fewer quarters than usual
- Price: ₹19,654.00 (+41.6% in a year)
- P/E: 89.3× (higher than 80% of the last 11 years)
- Revenue (Jun 2026): ₹3,668 Cr (+70.3% on a year ago)
- Profit (Jun 2026): ₹666 Cr (+88.7% on a year ago)
- Operating margin: 28.0% (+3.0 points on a year ago)
- ROCE: 38%, FY26
- Profit that came in as cash: 115%, last 3 years

The main question: results are strong, and the P/E is higher than 80% of its own history. ## What is the Solar Industries share price today? Solar Industries India Ltd's share price was ₹19,654.00 at the close on 3 November 2026. It has been rising for 30 weeks. That is 12.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹11,911 and ₹22,308, and at that close it sat 74% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 14 weeks in a row. Over the last 11 years the share price moved +3,004% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Solar Industries this quarter? Three changes stood out: profit up on a year earlier for 11 quarters in a row (every quarter we can compare), revenue up on a year earlier for 9 quarters in a row and foreign funds (FIIs) cut their stake for 4 quarters in a row. 1. Profit up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter profit was ₹666 crore, +88.7% on a year earlier. 2. Revenue up on a year earlier for 9 quarters in a row In the June 2026 quarter revenue was ₹3,668 crore, +70.3% on a year earlier. 3. Foreign funds (FIIs) cut their stake for 4 quarters in a row From 7.1% to 6.1% of the company by the September 2026 quarter. ## What are Solar Industries' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Solar Industries reported revenue of ₹3,668 crore, up 70.3% from ₹2,154 crore a year earlier, and a profit of ₹666 crore, up 88.7% from ₹353 crore. ### Solar Industries results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹3,668 crore | ₹2,154 crore | +70.3% |
| Profit | ₹666 crore | ₹353 crore | +88.7% |
| Earnings per share | ₹72.11 | ₹37.43 | +92.7% |
| Operating margin | 28.0% | 25.0% | +3.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Solar Industries' management discussed these results on a call held on 15 September 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Solar Industries share price history? Solar Industries closed at ₹19,654.00 on 3 November 2026, up 41.6% from ₹13,878.00 a year earlier (31 October 2025) and up 745.6% over five years. Its highest weekly close since March 2016 was ₹22,307.50 on 11 September 2026. ### Solar Industries share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹18,320.00 | +7.3% |
| 1 month ago · 1 Oct 2026 | ₹19,355.20 | +1.5% |
| 6 months ago · 30 Apr 2026 | ₹15,439.00 | +27.3% |
| 1 year ago · 31 Oct 2025 | ₹13,878.00 | +41.6% |
| 3 years ago · 3 Nov 2023 | ₹5,577.50 | +252.4% |
| 5 years ago · 4 Nov 2021 | ₹2,324.40 | +745.6% |
| 10 years ago · 4 Nov 2016 | ₹668.95 | +2,838.0% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹633.12 | +3,004.3% |
| Highest weekly close since March 2016, also the 52-week high · 11 Sep 2026 | ₹22,307.50 | −11.9% |
| Lowest weekly close since March 2016 · 19 Aug 2016 | ₹594.20 | +3,207.6% |
| 52-week low (weekly close) · 19 Dec 2025 | ₹11,911.00 | +65.0% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Solar Industries? 3 Nov 2026: Solar Industries closed at ₹19,654.00, up 7.3% on the week and up 1.5% on the month. 15 Sep 2026: Solar Industries held its results call for April to June 2026. Management guided: Solar revenue around ₹14,000 crore in FY27 and approximately ₹16,500 crore in FY28, based on 17%-20% growth. ### Earlier

- 28 Jul 2026: ex-date for a dividend of ₹11 a share. - Results for April to June 2026: Revenue up 70.3% and profit up 88.7% on a year earlier. - Our read, 17 May 2026: Defense doubling every year revalues a commodity explosives company into a high-tech munitions platform, but management has missed three consecutive guidance goals. ### Our read of the business

Latest quarter: Defense doubling drives record performance, three guidance misses acknowledged quietly. (Our read after the latest results, written 17 May 2026.)

## What dividend does Solar Industries pay? Solar Industries paid ₹11 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.06% at the ₹19,654.00 close on 3 November 2026. The last was a dividend of ₹11 a share, ex-date 28 July 2026. ### Solar Industries dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 28 Jul 2026 | ₹11 | Dividend |
| 8 Jul 2025 | ₹10 | Dividend |
| 4 Jul 2024 | ₹8.50 | Dividend |
| 9 Jun 2023 | ₹8 | Dividend |
| 27 May 2022 | ₹7.50 | Dividend |
| 18 Aug 2021 | ₹6 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Solar Industries India Ltd paid out 6% of its profit as dividends in FY26, and it paid a dividend in 12 of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Solar Industries management say on the latest results call? On the call for April to June 2026, held on 15 September 2026, Solar Industries' management guided: Solar revenue around ₹14,000 crore in FY27 and approximately ₹16,500 crore in FY28, based on 17%-20% growth. > Manish Nuwal, MD & CEO, on the call for April to June 2026

### What management guided

- Omnia FY28 revenue at least ₹15,000 crore. - Combined Solar-Omnia FY28 revenue ₹31,000-32,000 crore. - Combined FY28 operating profit ₹6,800-7,000 crore and operating margin 22%-23%. - FY28 debt estimated at ₹10,000-11,000 crore, with debt below 2 times operating profit. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/4616/Conference Call/CC-Sep26.pdf). (From the call for April to June 2026, 15 September 2026.)

## What is the future of Solar Industries? What is changing in the business? What is changing at Solar Industries, from the latest results and calls: defense order book conversion (₹18,000 cr → ₹4,500 cr fy27 goal), international explosives expansion (africa-centric, 32% fy26 growth) and defense product mix margin expansion (defense + international now 73% of revenue). - Defense Order Book Conversion (₹18,000 Cr → ₹4,500 Cr FY27 goal). Defense revenue nearly doubled in FY26 to ₹2,634 Cr; FY27 goal ₹4,500 Cr backed by ₹18,000 Cr order book, the largest single Pinaka series order flowing now. ⚠ estimate
- International Explosives Expansion (Africa-centric, 32% FY26 growth). International revenue ~₹3,800 Cr in FY26 (+32% on a year earlier); West Africa (Sierra Leone launch FY27), Kazakhstan commissioned, Australia opening, 30% FY27 goal mostly commodity-price tailwind. ⚠ estimate
- Defense Product Mix Margin Expansion (defense + international now 73% of revenue). FY26 operating margin 27.95% vs 26.9% prior; management confident 27-28% sustainable as defense (higher-margin) scales to 32%+ of revenue in FY27. ⚠ estimate
- New Defense Product Pipeline (Bhargavastra, 155mm, Medium-Caliber). 155mm complete round supply within 3-4 months; Bhargavastra trials by CY26 end; medium-caliber commissioned, these products carry higher margins than core explosives. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 17 May 2026.)

## What is Solar Industries' order book? Defense order book ₹18,000 Cr (domestic ₹6,500-7,000 Cr + international ₹11,000+ Cr); total consolidated ₹21,000 Cr. - January to March 2026 key quote: 'Backed by a strong order book of rupees 21,300 crores and robust opportunities across all verticals, we are aiming for to achieve a revenue of 14,000 crores in FY27 while maintaining current margins.'. ✓ fact
- October to December 2025 key quote: 'Our defense business shows splendid growth of 72% hitting revenue of ₹702 crore this quarter, with record-breaking defense order book of ₹18,000 crore taking total consolidated orders to ₹21,000+ crores'. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What could change the Solar Industries story? What are the risks? Bhargavastra delayed 9 months, 155mm delayed 2 quarters, FY26 defense revenue 12% short, three consecutive misses; FY27 ₹4,500 Cr goal requires 70% growth. ### The main risks

- Defense Execution Slippage, Systematic Pattern of Missed Timelines: Bhargavastra delayed 9 months, 155mm delayed 2 quarters, FY26 defense revenue 12% short, three consecutive misses; FY27 ₹4,500 Cr goal requires 70% growth. ✓ fact
- Commodity Cost Squeeze (Ammonium Nitrate + Raw Materials at 29% on a year earlier Increase): Raw materials +29% on a year earlier to ₹1,522 Cr in January to March 2026; contractual pass-through recovers 60-70% but 30-40% absorbed, sustained commodity surge compresses margins. ✓ fact
- Working Capital Deterioration, FY26 Outflow ₹1,600 Cr: FY26 working capital outflow ₹1,600 Cr vs ₹800 Cr release prior year, deliberate Q4 inventory hedge but normalization not guaranteed. ✓ fact
- Domestic Mining Segment Structural Weakening: CIL contribution fell from 13% to 9% of revenue; domestic mining flatlined FY26; demand recovery contingent on coal + infrastructure cycle. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What to watch in Solar Industries' next results? When Solar Industries reports July to September 2026, these are the 3 checks that show whether the story is still on course. First: Regulatory and shareholder approval progress for Omnia - check movement toward transaction completion. - What to check (from the call)
- Regulatory and shareholder approval progress for Omnia - check movement toward transaction completion. - Final funding structure across Omnia and Solar - check debt allocation and internal-accrual usage. - Integration of nitrate, initiating-system and Problast capabilities - check first evidence of supply-chain or margin benefits. ## Which stock lists is Solar Industries on? Solar Industries is on 2 of our India lists: Momentum stocks and Defence stocks. - [Momentum stocks Market cap cr: 175894.25521276594](https://www.sectoralpha.in/momentum-stocks-india)
- [Defence stocks Group on the list: Explosives and ammunition](https://www.sectoralpha.in/sectors/aerospace-defence-equipments)

## Is Solar Industries profitable? Solar Industries India Ltd earned ₹666 Cr of net profit in the Jun 2026 quarter, +88.7% on the same quarter a year earlier. That is the 11th quarter in a row of profit growth. Full-year FY26 profit was ₹1,737 Cr. Over 10 years profit has grown 25.6% a year on average. That is 18.2% of the quarter's revenue. The same quarter a year earlier earned ₹353 Cr. For the full year, FY26 profit was ₹1,737 Cr (+34.9% on the year before). Why profit moved: revenue changed +70.3% on a year earlier and the margin moved +3.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +51.6% and revenue +40.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Solar Industries make, and is it growing? Solar Industries India Ltd reported ₹3,668 Cr of revenue in the Jun 2026 quarter, +70.3% on the same quarter a year earlier. That is the 9th quarter in a row with growth on the year before. Over 10 years it has grown 21.1% a year on average. The last full year, FY26, came in at ₹9,838 Cr. Why this happened. The primary thesis engine. Defense went from 18% to 27% of consolidated revenue in a single year. Q4 alone saw ₹1,008 Cr (134% YoY) as Pinaka deliveries accelerated. The ₹18,000 Cr defense order book (₹6,500-7,000 Cr domestic + ₹11,000+ Cr international) provides 3-4 years of delivery visibility. FY27 goal of ₹4,500 Cr implies 70% growth from FY26 base, credible if Pinaka supply remains consistent and 155mm comes online. Medium-caliber ammunition (23mm, 30mm, 40mm) and loitering munitions provide the long tail. The last four reported quarters add to ₹11,351 Cr. FY26 revenue was ₹9,838 Cr, +30.5% on the year before. Recent pace: the last four quarters grew +40.4% on average, against 21.1% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +41.7%, against +36.7% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +52.9%, against +45.0% a year (accelerating). ## How much of every ₹100 of sales does Solar Industries keep? Solar Industries India Ltd's operating margin was 28.0% in the Jun 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 19.0% and 28.0%. The latest quarter is within that range. Why this happened. The margin story rests on three pillars: (1) contractual rise-and-fall provisions recovering 60-70% of commodity cost increases; (2) defense and international mix shift (combined 73% in FY26, up from ~55% FY24); (3) operating leverage from new capacity. Employee costs +41% and depreciation +42% in FY26 were fully absorbed. Why the margin moved: operating margin changed +2.9 percentage points on the year while gross margin changed +0.2 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. ## Is Solar Industries' profit turning into cash? Over the last 3 years, 115% of Solar Industries India Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹621 Cr of operating cash against ₹1,737 Cr of profit. After ₹1,552 Cr of spending on assets, free cash was −₹931 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 115% of profit came in as cash: the cash cycle got 44 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: the bigger use of cash is spending on new assets, at 5.8× depreciation over three years. The next section checks what that spending is building. ## Where does Solar Industries' cash go? Solar Industries India Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 152 days in FY26, up from 108 days in FY21. It spent ₹3,329 Cr on assets over the last 3 years. Customers take 69 days to pay, and stock sits for 130 days on average. At FY26 sales of ₹9,838 Cr, each day of that cycle ties up about ₹27.0 Cr, so roughly ₹4,097 Cr is tied up in the business at any time. FY26: customers took 69 days to pay and stock sat for 130 days, about 4.3 months of sales sitting as stock, for a full cycle of 152 days, longer than FY21's 108. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 130 days. Customers pay about 69 days after that. Suppliers are paid at 47 days. Together that makes the 152-day cycle. Spending on assets: ₹3,329 Cr over the last 3 years, against ₹576 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹731 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Solar Industries' P/E ratio, and how does it compare with its own history? Solar Industries India Ltd's P/E is 89.3×, near the high end of its own history: higher than 80% of past readings. Its usual P/E (the middle reading) is 49.0×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why this happened. The optionality layer. 155mm fills the gap between current Pinaka ramp and the next leg, company already supplying raw material and intermediates for qualification, first complete rounds within 3-4 months of Q4 FY26. Bhargavastra counter-drone (rare globally) in final trials by CY26, the 9-month delay from March 2026 original goal is a credibility flag but not a thesis killer. Medium-caliber (23mm, 30mm, 40mm) commissioned and supplying for testing with higher margins than explosives core. Why the multiple is where it is: over the past year earnings per share moved +38.7% while the price moved +41.6%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +53.3% a year; about +42.4% a year came from earnings growth and about +10.9 percentage points from the multiple (the market paying more); over 10 years the price moved +40.2% a year; about +27.6% a year came from earnings growth and about +12.6 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 8.2% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Is the Solar Industries business getting better or worse? Solar Industries India Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 38.0%. This is based on 8 quarters of 4 measures, with some gaps. Why it matters: steady growth with healthy returns is how a business compounds over time. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Solar Industries story, and has it been checked? Solar Industries India Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: FULLY EXPANDED. Still open: Bhargavastra delayed 9 months, 155mm delayed 2 quarters, FY26 defense revenue 12% short, three consecutive misses; FY27 ₹4,500 Cr goal requires 70% growth. Our read, 17 May 2026. Defense doubling every year revalues a commodity explosives company into a high-tech munitions platform, but management has missed three consecutive guidance goals. From the numbers. At 83rd percentile of 10-year range and 1.93x the 10Y median. DII stake-cutting is…

From the price. Price stage 2, week 30, above its 200-day line, relative strength falling. From the research. Defense doubling every year revalues a commodity explosives company into a high-tech munitions platform, but management has missed three consecutive guidance goals. Where they disagree. At 83rd percentile of 10-year range and 1.93x the 10Y median. DII stake-cutting is notable at this level. The cycle is first expansion flag is false, this is not a first-cycle expansion from trough. What is proven. Defense doubling every year revalues a commodity explosives company into a high-tech munitions platform, but management has missed three consecutive guidance goals. What is not proven yet. Bhargavastra delayed 9 months, 155mm delayed 2 quarters, FY26 defense revenue 12% short, three consecutive misses; FY27 ₹4,500 Cr goal requires 70% growth. The test written in advance. Defense Execution Slippage, Systematic Pattern of Missed Timelines. Measured by: Defense Execution Slippage, Systematic Pattern of Missed Timelines Q1 FY27 defense revenue (must be ₹1,000+ Cr to track ₹4,500 Cr annual pace) by the next result. The test written in advance. Commodity Cost Squeeze (Ammonium Nitrate + Raw Materials at 29% YoY Increase). Measured by: Commodity Cost Squeeze (Ammonium Nitrate + Raw Materials at 29% YoY Increase) Q1 FY27 OPM vs ammonium nitrate spot price; working capital days (goal <100) by the next result. The test written in advance. What the company does. FY26 closed with revenue +30% YoY to ₹9,838 Cr and PAT +35% to ₹1,737 Cr; defense revenue surged 94% to ₹2,634 Cr (27% of portfolio) with an ₹18,000 Cr defense order book providing multi-year visibility. FY27 guidance of ₹14,000 Cr revenue and ₹4,500 Cr defense is credible given the order book, but three consecutive guidance slippages (Bhargavastra, 155mm, defense revenue goal) create an execution credibility discount. Lever 6 · Order-book wins: building. Defense revenue nearly doubled in FY26 to ₹2,634 Cr; FY27 goal ₹4,500 Cr backed by ₹18,000 Cr order book, the largest single Pinaka series order flowing now. What proves it keeps working: Defense Order Book Conversion (₹18,000 Cr → ₹4,500 Cr FY27 goal). It stops working if Q1 FY27 defense revenue (must be ₹1,000+ Cr to track ₹4,500 Cr annual pace). Lever 10 · New geographies: building. International revenue ~₹3,800 Cr in FY26 (+32% YoY); West Africa (Sierra Leone launch FY27), Kazakhstan commissioned, Australia opening, 30% FY27 goal mostly commodity-price tailwind. What proves it keeps working: International Explosives Expansion (Africa-centric, 32% FY26 growth). It stops working if Q1 FY27 defense revenue (must be ₹1,000+ Cr to track ₹4,500 Cr annual pace). Lever 2 · Value-added mix: building. FY26 EBITDA margin 27.95% vs 26.9% prior; management confident 27-28% sustainable as defense (higher-margin) scales to 32%+ of revenue in FY27. What proves it keeps working: Defense Product Mix Margin Expansion (defense + international now 73% of revenue). It stops working if Q1 FY27 defense revenue (must be ₹1,000+ Cr to track ₹4,500 Cr annual pace). Lever 8 · Demerger or value unlock: building. 155mm complete round supply within 3-4 months; Bhargavastra trials by CY26 end; medium-caliber commissioned, these products carry higher margins than core explosives. What proves it keeps working: New Defense Product Pipeline (Bhargavastra, 155mm, Medium-Caliber). It stops working if Q1 FY27 defense revenue (must be ₹1,000+ Cr to track ₹4,500 Cr annual pace). Sources: our stock research file (17 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Solar Industries management deliver what it promised? What Solar Industries India Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Bhargavastra Field Trial Timeline Slippage · 15 May 2026. In the Nov 2025 call, management specifically committed to completing Bhargavastra field trials by March 2026. The May 2026 call reveals the trials remain incomplete, with the new completion goal pushed to end of calendar year 2026 - a delay of approximately 9 months. No specific explanation was provided beyond a general acknowledgement that product development takes longer than expected. 155mm Shell Commercial Production Goal Missed · 15 May 2026. Both prior calls made explicit commitments that commercial production of complete 155mm shells would begin in Q4 FY26 ending March 2026. The May 2026 call reveals the filling facility is still not complete and commercial supply of the complete round is still 3 to 4 months away, confirming the Q4 FY26 goal was missed with no explanation provided for the delay. FY26 Defence Revenue Guidance Shortfall · 15 May 2026. Management maintained a Rs. 3,000 crore FY26 defence revenue guidance through both prior calls, with the Feb 2026 call still directing towards that goal just three months before year-end. The May 2026 call disclosed actual FY26 defence revenue of Rs. 2,634 crores - approximately 12% below the stated guidance - while management presented the result as a record achievement without acknowledging the shortfall or offering any explanation for why the Rs. 3,000 crore goal was not achieved. Capex Guidance Collapse · 4 February 2026. Management drastically slashed FY26 capital expenditure guidance from INR 2,500 crores down to INR 850 crores. In August, they committed to the higher figure for strategic expansion, but now project a figure nearly 66% lower without detailing which specific projects were cancelled or deferred. Earlier call (Aug 2025): “As we have shared in our annual call that we are going to invest INR2,500 crores in this financial year. And in the coming years also, we have a strong strategic program to expand our facilities.” Later call (Feb 2026): “Regarding capex, we spend approximately 700 to 800 crores every year. This year, it might be around 850 crores.”

Every quote above is taken word for word from the company’s own earnings calls. ## What is Solar Industries management's track record? Solar Industries demonstrates a high-fidelity track record, consistently meeting its 15-20% annual revenue growth guidance. For FY26, management reaffirmed a ₹3,000 Cr defense revenue goal; while 9M FY26 achievement stood at 54% (₹1,626 Cr), the commencement of high-value Pinaka rocket deliveries in January to March 2026 is expected to meet the full-year goal. October to December 2025 results significantly outperformed margin guidance, with operating margin hitting 27.8% to 28.8% against a guided range of 22-25%. The consolidated order book reached a record ₹21,200 Cr by Dec 2025, with defense accounting for ₹18,000 Cr, ensuring strong visibility for FY27. ### Regulatory and governance record

Solar Industries India Ltd (SOLARINDS) remains fundamentally clean of fraud, scams, or SEBI enforcement actions for market manipulation as of 2024-2026. The primary regulatory 'flag' is a long-standing internal promoter dispute between the Nuwal brothers (Satyanarayan vs. Kailash Chandra) regarding the removal of Kailash Chandra Nuwal from his executive position. This matter reached the Supreme Court, which stayed the NCLAT order in January 2022; as of the FY2024-25 reports, the matter remains sub-judice. In March 2026, a significant 29.23% promoter stake was transferred to the Sohan Devi Nand Lal Nuwal Family Trust via gift transactions. The company continues to secure major defense and mining contracts, including an ₹830 crore export order in January 2026. (Checked 20 April 2026.)

## How much does Solar Industries earn on its capital? Solar Industries India Ltd earned a ROCE of 38% in FY26. That is up from a low of 18% in FY14. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 17.7% net margin and 0.92× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 17.7% net margin × 0.92× asset turnover × 1.71× leverage (assets divided by equity) ≈ 27.8% on equity. The margin does most of the work; borrowing is a big part of it. The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 8.2% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does Solar Industries have too much debt? Solar Industries India Ltd had ₹1,524 Cr of borrowings against ₹6,277 Cr of equity in FY26, so its debt is 0.24× its equity. Its operating profit is 20 times its interest bill. Over 5 years borrowings went from ₹808 Cr to ₹1,524 Cr. Over the last 3 of those years it spent ₹3,329 Cr on assets. Part of the spending on assets is being paid for with borrowed money. The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 8.2% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What is the Solar Industries shareholding pattern? Foreign institutions cut their stake in Solar Industries India Ltd by 1.4 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 6.1% of the company. Domestic institutions moved +0.9 points over the same period, to 13.6%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −1.4 points over 8 quarters, to 6.1%; Domestic institutions: +0.9 points over 8 quarters, to 13.6%; Promoters: +0.0 points over 8 quarters, to 73.2%. Why the owners changed: foreign institutions drove it (−1.4 points), with the other side taken by domestic institutions (+0.9 points). They reduced their stake. ## How far is Solar Industries from balance-sheet trouble? For Solar Industries India Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Solar Industries rank in its industry? 64.1 out of 100, rank 1 of 4 in Industrial Explosives, with 79% of the evidence available. Solar Industries India Ltd scores 64.1 out of 100 against the 4 companies it is compared with in Industrial Explosives, ranking 1. Earnings are strong; relative strength in its sector is -31.7% and the one-year return is 35.7%. The four parts add up to the total exactly: 29.2 + 22 + 7.9 + 5 = 64.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Solar Industries compared with? Solar Industries ranks 1 of 4 Industrial Explosives companies on the 4-Factor Sector Score, with 64.1 out of 100. 1. Solar Industries India Ltd this page SOLARINDS · leader · Evidence leans up · 79% evidence 64.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.2/35 · Revenue 41.7% · Profit 52.9% · Operating margin change 3 points · 95% evidence Capital efficiency 22.0/25 · ROCE 38.1% · Operating margin 28% · 76% evidence Valuation 7.9/20 · P/E 85.4× · PEG n/a · 35% evidence Relative strength 5.0/20 · Lead over its industry -31.7% · Lead over NIFTY 500 22.2% · 1 year 35.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.2 + 22 + 7.9 + 5 = 64.1 · What this means: Earnings are strong; relative strength in its sector is -31.7% and the one-year return is 35.7%. 2. [Keltech Energies Ltd](https://www.sectoralpha.in/stocks/keltech-energies-ltd) breaking out · Evidence leans down · 69% evidence 46.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.6/35 · Revenue 13.6% · Profit 8.1% · Operating margin change -1.2 points · 95% evidence Capital efficiency 16.1/25 · ROCE 20.4% · Operating margin 7.5% · 95% evidence Valuation 6.6/20 · P/E 63.8× · PEG n/a · 35% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 160.4% · 1 year n/a · 25% evidence · 12 of 12 weeks ahead Exact sum: 11.6 + 16.1 + 6.6 + 12.5 = 46.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Premier Explosives Ltd](https://www.sectoralpha.in/stocks/premier-explosives-ltd) PREMEXPLN · quiet · Most evidence points down · 97% evidence 33.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 2.7/35 · Revenue -26.9% · Profit -8.8% · Operating margin change -8.9 points · 100% evidence Capital efficiency 16.8/25 · ROCE 23% · Operating margin 5.7% · 100% evidence Valuation 11.2/20 · P/E 87.1× · PEG 0.97 · 85% evidence Relative strength 2.8/20 · Lead over its industry -44.4% · Lead over NIFTY 500 0.5% · 1 year -15.1% · 100% evidence · 4 of 12 weeks ahead Exact sum: 2.7 + 16.8 + 11.2 + 2.8 = 33.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Beezaasan Explotech Ltd](https://www.sectoralpha.in/stocks/beezaasan-explotech-ltd) breaking out · Too little evidence to rank firmly · 38% evidence 46.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.1/35 · Revenue n/a · Profit n/a · Operating margin change -1 points · 26% evidence Capital efficiency 9.3/25 · ROCE 12.2% · Operating margin 7% · 95% evidence Valuation 10.0/20 · P/E 76.8× · PEG n/a · 0% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 105% · 1 year n/a · 25% evidence · 12 of 12 weeks ahead Exact sum: 15.1 + 9.3 + 10 + 12.5 = 46.9 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Jun 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Industrial Explosives](https://www.sectoralpha.in/sectors/industrial-explosives), all 4 compared on one page. ## Which companies are close to Solar Industries in size? Solar Industries is the largest of 4 Industrial Explosives companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Premier Explosives, Keltech Energies and Beezaasan Explotech. ### Industrial Explosives companies close in size

1. Solar Industries India Ltd ₹1,70,121 crore
2. [Premier Explosives Ltd](https://www.sectoralpha.in/stocks/premier-explosives-ltd) ₹2,996 crore
3. [Keltech Energies Ltd](https://www.sectoralpha.in/stocks/keltech-energies-ltd) ₹1,669 crore
4. [Beezaasan Explotech Ltd](https://www.sectoralpha.in/stocks/beezaasan-explotech-ltd) ₹1,018 crore

[All 4 Industrial Explosives companies, largest first](https://www.sectoralpha.in/sectors/industrial-explosives#all-companies)

### Companies close in size in other industries

1. [Torrent Pharmaceuticals Ltd](https://www.sectoralpha.in/stocks/torrent-pharmaceuticals-ltd) ₹1,75,479 crore · Pharma - Formulators
2. [DLF Ltd](https://www.sectoralpha.in/stocks/dlf-ltd) ₹1,71,180 crore · Realty - National
3. Solar Industries India Ltd ₹1,70,121 crore
4. [Samvardhana Motherson International Ltd](https://www.sectoralpha.in/stocks/samvardhana-motherson-international-ltd) ₹1,66,792 crore · Auto Ancillaries - Diversified
5. [SBI Life Insurance Company Ltd](https://www.sectoralpha.in/stocks/sbi-life-insurance-company-ltd) ₹1,66,425 crore · Finance - Insurance

## What else do people ask about Solar Industries? ### What is Solar Industries's share price today? Solar Industries India Ltd's share price is ₹19,654.00, +41.6% over the past year. The whole company is worth ₹1,77,849 Cr on the market. In the last 52 weeks it traded between ₹11,911 to ₹22,308; today it is 74% of the way up from the low, 12.1% above its 200-day average (as of 3 November 2026). ### What were Solar Industries's latest quarterly results? Solar Industries India Ltd reported revenue of ₹3,668 Cr and net profit of ₹666 Cr for the Jun 2026 quarter. Revenue rose 70.3% and profit rose 88.7% compared with a year earlier. Earnings per share were ₹72.11. The operating margin was 28.0%, 3.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Solar Industries's market cap? Solar Industries India Ltd's market capitalisation is ₹1,77,849 Cr at a share price of ₹19,654.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Solar Industries performing? Solar Industries India Ltd's share price has been rising for 30 weeks. In its latest quarter, revenue rose 70.3% and profit rose 88.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 14 weeks running (as of 3 November 2026). ### Will Solar Industries's share price go up? This page does not forecast Solar Industries India Ltd's share price. What it shows instead: the share price is ₹19,654.00, and it has been rising for 30 weeks. Its P/E of 89.3× is higher than 80% of its own last 11 years (as of 3 November 2026). ### Who owns Solar Industries? Promoters own 73.2% of Solar Industries India Ltd, foreign institutions 6.1%, domestic institutions 13.6% and the public 7.2% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 1.4 percentage points over 8 quarters (as of 3 November 2026). ### Where is Solar Industries in its business cycle? Solar Industries India Ltd's FY26 operating margin was 28.0%, against a 13-year range of 19.0% to 28.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 28.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Solar Industries story? The main question: results are strong, and the P/E is higher than 80% of its own history. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Solar Industries a stock worth studying right now? What the numbers show: Solar Industries India Ltd's results are improving, and its P/E is near the top of its own history, higher than 80% of past readings. The main open question: whether earnings grow enough to match the multiple. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Solar Industries share price forecast for 2026? What management itself guided: Solar revenue around ₹14,000 crore in FY27 and approximately ₹16,500 crore in FY28, based on 17%-20% growth. What is changing at Solar Industries, from the latest results and calls: defense order book conversion (₹18,000 cr → ₹4,500 cr fy27 goal), international explosives expansion (africa-centric, 32% fy26 growth) and defense product mix margin expansion (defense + international now 73% of revenue). What would change the story: Bhargavastra delayed 9 months, 155mm delayed 2 quarters, FY26 defense revenue 12% short, three consecutive misses; FY27 ₹4,500 Cr goal requires 70% growth. ### Where does this page get Solar Industries' management information? From Solar Industries' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Defence stocks: https://www.sectoralpha.in/sectors/aerospace-defence-equipments

This is research, not advice. We’re not SEBI-registered.