Solar Industries India Limited (SOLARINDS)
Large CapChemicals stocks · Large cap · NSE
Solar Industries India Limited manufactures industrial explosives and defence products, serving diverse clients including mining (CIL, Non-CIL), infrastructure, and international markets, alongside a significant defence segment.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend supports entry, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/3 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +70% YoY · PAT +89% YoY · margin expansion · +20% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,668 Cr | +70.3% | +20.1% |
| EBITDA | ₹1,015 Cr | +89.7% | +22.9% |
| Operating margin | 28.0% | +300 bps | +100 bps |
| PAT | ₹666 Cr | +88.7% | +19.8% |
| PAT margin | 18.2% | +177 bps | -5 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4FY26 Sales up 41% YoY to Rs 3053 Cr, PAT up 61% YoY to Rs 556 Cr. FY26 Sales up 30% YoY to Rs 9838 Cr, PAT up 35% YoY to Rs 1737 Cr. Strong growth across segments, particularly Defence.
The company delivered robust Q4 and FY26 results, driven by strong performance in Defence and Housing & Infrastructure segments. Margins improved YoY. The FY27 revenue and capex outlook indicates continued expansion, supporting the growth thesis.
Revenue by Customer Segment (Q4FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Defence Segment
Defence sales grew 134% YoY in Q4FY26 and 94% YoY in FY26, contributing 33% of Q4 sales.
Housing & Infrastructure
Housing & Infra sales grew 25% YoY in Q4FY26, contributing 15% of Q4 sales.
International Sales
International sales grew 32% YoY in Q4FY26 and 32% YoY in FY26, contributing 33% of Q4 sales.
Strong Order Book
Order book stands at Rs. 21300 Cr+, providing revenue visibility.
Defence Sector Growth
Defence segment continues to be a significant growth driver with 94% YoY growth in FY26.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth and seasonal trends, especially in segments like CIL. QoQ comparison is relevant for tracking sequential momentum and operational efficiency improvements, as seen in margin trends.
Sales Growth (Q4FY26 YoY)
Net Sales 3053 Cr vs 2167 Cr (41% change)
Sales Growth (FY26 YoY)
Net Sales 9838 Cr vs 7540 Cr (30% change)
EBITDA Margin (Q4FY26)
EBIDTA % of Net Sales 28.51%
EBITDA Margin (FY26)
EBIDTA % of Net Sales 27.95%
FY27 Revenue Outlook
Management projects FY27 revenue of Rs 14000 Cr, implying 42% YoY growth.
FY27 Capex Plan
Planned Capex for FY27 is Rs 2050 Cr, indicating continued investment in growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY26: 30% YoY | Achievement of FY27 revenue target of Rs 14000 Cr. |
| Defence Segment Contribution | Q4FY26: 33% | Monitor sustained high growth and increasing share of Defence in overall sales. |
| EBITDA Margin | FY26: 27.95% | Track margin stability amidst rising material and other expenses. |
| Net Debt/EBIDTA | FY26: 0.32 | Observe debt levels relative to EBITDA, especially with planned higher capex. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company plans a capital expenditure of Rs. 2,050 Cr in FY27.
"Capex 1556 2050"
The company plans a capital expenditure of Rs. 2,050 Cr in FY27.
"Capex 1556 2050"
The company has an order book of over Rs. 21,300 Cr for CIL, SCCL, and Defence segments.
"Order Book Status CIL & SCCL Defence Rs. 21300 Cr+"
The company has an order book of over Rs. 21,300 Cr for CIL, SCCL, and Defence segments.
"Order Book Status CIL & SCCL Defence Rs. 21300 Cr+"
The company expects to achieve a revenue of Rs. 14,000 Cr in FY27.
"Revenue 9838 14000"
The company expects to achieve a revenue of Rs. 14,000 Cr in FY27.
"Revenue 9838 14000"
Outcome check: Revenue YoY averaged 70.3% across 1 later quarter(s).
Trend score and candlestick chart
70Bullishfull bull SMA stack · SMA20 +8.3% / mo · RSI overbought · MACD + · near 52W high
Technical chart
SOLARINDSdaily · 1Y · AUTO+46.2%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 71.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~7.7% over last month) — short-term momentum positive.
- RSI(14) at 71 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 29.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.9%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -116.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 99th percentile of the scored universe and 100th percentile within Chemicals. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 73.2%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Chemicals: 100th pctile, median 73 · Large: 97th pctile, median 73
113 documents have extracted text, but claim history is not strong enough yet.
1/3 claims checked · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73.2%.
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸ROCE is 38.1%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 97.40
- P/B
- 30.90
- EV/EBITDA
- 57.93
- Market Cap
- 194056.00Cr
Profitability
- ROE
- 32.60%
- ROCE
- 38.10%
- ROA
- 16.18%
- Dividend Y
- 0.05%
Growth (CAGR)
- Revenue 5Y
- 31.00%
- EPS 5Y
- 45.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 20.95×
- Altman Z
- 9.04
- Book Value
- 694.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 621.00 Cr
- EPS TTM
- 220.06
Shareholding
- Promoter Hold
- 73.15%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 97%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.