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India's largest manufacturer of industrial and defense explosives, also expanding into defense ammunition/missile components.
India's largest manufacturer of industrial and defense explosives, also expanding into defense ammunition/missile components.
Sells explosives mainly to Coal India and other miners under supply contracts, often delivering through mobile units that mix and pump the product at the mine, so demand is tied to mine output. Defence products are the newer line, sold to the Indian armed forces and for export. The Nuwal family founded and controls it.
In one line: India's smaller Orica/General Dynamics hybrid.
Moat: narrow (regulatory licence, scale, IP / patents). Licensing requirements for explosives manufacturing and a dominant domestic market position create high entry barriers.
Headquarters: Nagpur, India · Founded: 1995 · Employees: 7,446
Size Solar Industries India (SOLARINDS.NS) is an India Materials company (Industrial Specialties) with a market value of $17.8B, the 57th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹18,608 on 6 Nov 2026.
Performance Over six months the shares gained 17.1%, against +0.8% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 52.7% over the last twelve months (peer median +12.1%); the operating margin is 25.5% (peer median 13.4%).
Valuation It trades at 64.6× forward earnings against a peer median of 16.7× (2nd most expensive of 20).
Capital Return on invested capital runs 11.7 points above its cost of capital (13.8% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹128B | ₹96.8B | ₹74.2B | ₹59.7B | ₹68.2B |
| Revenue growth | — | +31% | +24% | -13% | — |
| Gross profit | ₹52.1B | ₹35.0B | ₹25.4B | ₹21.0B | ₹19.1B |
| EBITDA | ₹35.6B | ₹26.1B | ₹19.2B | ₹16.0B | ₹13.7B |
| Net income | ₹22.6B | ₹16.8B | ₹12.1B | ₹8.36B | ₹7.57B |
| Free cash flow | n/a | -₹12.4B | ₹13.5B | ₹7.24B | ₹968M |
| Capital expenditure | n/a | ₹17.4B | ₹10.1B | ₹5.60B | ₹4.79B |
| Total debt | ₹17.9B | ₹15.2B | ₹9.72B | ₹11.4B | ₹11.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Solar Industries India SOLARINDS.NS | $17.8B | +17% | +53% | 25% | 64.6× | n/a |
| Orica ORI.AX | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% |
| Bharat Dynamics BDL.NS | $4.12B | -28% | -19% | 10% | 47.2× | n/a |
| Dyno Nobel DNL.AX | $4.64B | +6% | -17% | 15% | 21.1× | n/a |
| Deepak Fertilisers and Petrochemicals DEEPAKFERT.NS | $1.54B | -14% | +14% | 13% | 10.1× | n/a |
| Premier Explosives PREMEXPLN.NS | $290M | -9% | -27% | 3% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SOLARINDS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.2% | +3.1% | 4th lowest of 20 |
| 6-month return | +17.1% | +0.8% | 6th highest of 20 |
| Distance from 52-week high | -18.0% | -15.2% | 9th lowest of 20 |
| Revenue growth (TTM) | +52.7% | +12.1% | highest of 20 |
| Operating margin | 25.5% | 13.4% | 3rd highest of 20 |
| Forward P/E | 64.6× | 16.7× | 2nd most expensive of 20 |
| ROIC minus cost of capital | +11.7 pp | +2.9 pp | 3rd highest of 20 |
| EV / EBITDA | 47.8× | 11.8× | most expensive of 14 |
| Net debt / EBITDA | 0.3× | 1.0× | 5th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Solar Industries India SOLARINDS.NS | India | $17.8B | +17% | +53% | 25% | 64.6× | n/a | n/a |
| Pidilite Industries PIDILITIND.NS | India | $17.0B | +9% | +17% | 21% | 56.8× | 40.3% | +14.9% |
| China Jushi 600176.SS | China | $16.6B | -20% | +27% | 34% | 13.5× | 14.6% | +10.1% |
| Nippon Paint 4612.T | Japan | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% | +18.1% |
| RPM International RPM | United States | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% | +5.2% |
| Asian Paints ASIANPAINT.NS | India | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% | +10.6% |
| Akzo Nobel AKZA.AS | Netherlands | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% | +3.6% |
| PPG Industries PPG | United States | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% | +2.8% |
| Wanhua Chemical 600309.SS | China | $34.1B | -19% | +37% | 11% | 11.3× | -2.6% | +22.7% |
| Henkel AG & Co. KGaA HEN.DE | Germany | $35.4B | +25% | -3% | 15% | 13.6× | -1.9% | +1.3% |
| Axalta Coating Systems AXTA | United States | $7.80B | +25% | 0% | 14% | 14.0× | 8.3% | +6.5% |
| Srf SRF.NS | India | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% | +13.5% |
| Orica ORI.AX | Australia | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% | +9.6% |
| Sekisui Chemical 4204.T | Japan | $6.61B | +9% | +6% | 9% | 13.4× | n/a | n/a |
| Berger Paints India BERGEPAINT.NS | India | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% | +11.8% |
| Fuchs FPE.DE | Germany | $5.87B | +21% | +12% | 13% | 13.8× | -4.4% | +8.4% |
| Taiwan Glass Industry 1802.TW | Taiwan | $5.08B | -21% | +12% | 12% | 16.7× | n/a | n/a |
| SICC 688234.SS | China | $4.98B | -24% | +20% | -5% | 202.4× | n/a | n/a |
| Sichuan EM Technology 601208.SS | China | $4.88B | -15% | +23% | 7% | 51.1× | 44.5% | +22.5% |
| Sunresin New Materials 300487.SZ | China | $4.77B | -2% | +17% | 36% | 31.2× | 19.0% | +24.7% |