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Solar Industries
India's largest explosives maker — industrial + defence (Pinaka rockets, drones via Z-Motion, warheads). 37% ROCE, compounding 25%+. Defence now ~15% of revenue and rising.
Order book · ₹15K Cr+ defence order book incl. Pinaka + loitering munitions
Sell / Avoid
₹19,030
Mkt cap ₹1.72 L Cr
P/E
103.0x
P/B
27.4x
ROCE
36.8%
ROE
31.5%
Div yield
0.06%
52W high
₹19,100
52W low
₹11,641
Promoter
73.2%
Score bridge (derived from real data)
Fundamental
84
Valuation
16
Technical
93
Moat (curated)
86
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹11,641now ₹19,030₹19,100
99/100
Technical rating A+
Price · 2 years · SMA 50/200 · as of 2026-07-20
Strong UpMACD BullishGolden cross
RSI-14
RSI-14
63
vs SMA-50
5.8%
vs SMA-200
29.3%
1Y return
27.7%
Ann. vol
32%
Max DD 1Y
-22%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Peer set · Missiles & Munitions
| Company | Mkt cap | P/E | OPM | ROCE | Sales 3Y | PAT 3Y | D/E | Composite |
|---|---|---|---|---|---|---|---|---|
| Solar Industries ◄ | ₹1.72 L Cr | 103.0x | 27% | 36.8% | 12.5% | 28.9% | 0.24x | 69 |
| Bharat Dynamics | ₹46.0K Cr | 109.0x | 9% | 13.8% | -0.6% | 6.1% | 0.00x | 44 |
| Premier Explosives | ₹3.6K Cr | 71.7x | 10% | 22.6% | 24.3% | 87.3% | 0.11x | 59 |
Financial statements
Source: Screener.inSales 3Y CAGR
12.5%
PAT 3Y CAGR
28.9%
OPM (latest)
27.0%
PAT margin
17.7%
D / E
0.24x
CFO / PAT
0.36x
EV / EBITDA
66.3x
FCF yield
-0.3%
Ratio history · computed per year
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales growth YoY % | — | 75.2% | -12.3% | 24.2% | 30.5% |
| PAT growth YoY % | — | 78.2% | 7.9% | 47.2% | 34.9% |
| OPM % | 19% | 19% | 24% | 27% | 27% |
| PAT margin % | 11.5% | 11.7% | 14.4% | 17.1% | 17.7% |
| ROE % (PAT / net worth) | 23.8% | 31.1% | 26.5% | 29.4% | 27.7% |
| D / E (x) | 0.46 | 0.46 | 0.34 | 0.22 | 0.24 |
| Asset turnover (x) | 1.09 | 1.41 | 1.09 | 0.93 | 0.90 |
| CFO / PAT (x) | 0.65 | 0.81 | 1.61 | 1.92 | 0.36 |
Annual P&L · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales | 3,948 | 6,918 | 6,070 | 7,540 | 9,838 |
| Operating profit | 748 | 1,336 | 1,482 | 2,026 | 2,622 |
| OPM % | 19% | 19% | 24% | 27% | 27% |
| Net profit | 455 | 811 | 875 | 1,288 | 1,737 |
| EPS ₹ | 48.77 | 83.68 | 92.38 | 133.65 | 185.38 |
Quarterly · ₹ Cr
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|
| Sales | 2,548 | 3,053 | 2,154 | 2,082 |
| OPM % | 28% | 27% | 25% | 26% |
| PAT | 467 | 556 | 353 | 361 |
Balance sheet · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity | 18 | 18 | 18 | 18 | 18 |
| Reserves | 1,896 | 2,592 | 3,288 | 4,368 | 6,259 |
| Borrowings | 888 | 1,195 | 1,138 | 975 | 1,524 |
| Total assets | 3,629 | 4,909 | 5,577 | 8,106 | 10,918 |
Cash flow · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | 298 | 656 | 1,406 | 2,468 | 621 |
| Investing | -338 | -614 | -1,022 | -1,660 | -1,164 |
| Financing | -45 | 118 | -370 | -476 | 209 |
Shareholding
Promoters
73.2%
FII
6.4%
DII
13.4%
Public
7.1%
Mkt cap
₹1.72 L Cr
P/E
103.0x
52W range
₹11,641–19,100