Solar Industries

Nagpur, India Founded: 1995 • Age: 31 yrs Listed
Defense and industrial explosives are manufactured for various sectors.
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About Solar Industries

Solar Industries is a publicly listed company based in Nagpur (India) founded in 1995 by Kailashchandra Nuwal and Satyanarayan Nandlal Nuwal. Defense and industrial explosives are manufactured for various sectors. The company has 7,040 employees. Its Indian entity Solar Industries India Limited reported revenue of ₹9,966 Cr. Its focus areas include Aerospace, Maritime and Defense, Defense Contractors and Arms and Ammunition.

Company details

Solar Industries was established in 1995 and is headquartered in Nagpur, India. Explosives are produced for both defense and industrial applications, serving sectors that require specialized materials for mining, construction, and military purposes. Operations focus on manufacturing and supply within these domains, with key leadership provided by co-founders Kailashchandra Nuwal and Satyanarayan Nandlal Nuwal, the latter serving as chairman.

  • Headquarters Nagpur, India
  • Employees 7,040
  • Founders Kailashchandra Nuwal, Satyanarayan Nandlal Nuwal
  • Stage Public
  • Sectors
    Aerospace, Defense & Maritime
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website solarexplosives.com
  • Social Facebook
  • Legal Name Solar Industries India Limited
Operational Areas
Aerospace, Defense & Maritime → Defense & Military Services
Key Metrics
  • Market Cap
    ₹1,72,148 Cr

    SOLARINDS · NSE

  • Share Price
    ₹19,024.00

    +2.18% today

  • Revenue
    ₹9,838 Cr

    FY 2025-26 · +30.5% YoY

  • EBITDA
    ₹2,622 Cr

    Margin 26.6%

  • Net Profit
    ₹1,747 Cr

    FY 2025-26 · +38.8% YoY

  • P/E (TTM)
    74.4x

    P/B 21.9x

  • ROE
    32.5%

    ROCE 33.4%

  • Debt / Equity
    0.23

    Interest cover 5.7x

  • Employee Count
    7,040

Board of directors of Solar Industries India Limited (Solar Industries)

Solar Industries India Limited is the primary company behind Solar Industries. The boards of the 2 registered companies of Solar Industries currently have 9 directors; the longest-serving is Satyanarayan Nandlal Nuwal, appointed in 1995. 27 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Satyanarayan Nandlal Nuwal
DIN 00713547
Director24 Feb 199531 yrs 8 moSolar Industries India Limited, Sunbeam Explosives Limited
Kailash Chandra Nuwal
DIN 00374378
Director12 May 200818 yrs 5 moSunbeam Explosives Limited
Manish Satyanarayan Nuwal
DIN 00164388
Managing Director25 Oct 200818 yrsSolar Industries India Limited, Sunbeam Explosives Limited
Suresh Menon
DIN 07104090
Whole-time director11 May 20188 yrs 6 moSolar Industries India Limited
Milind Bhalchandra Deshmukh
DIN 09256690
Whole-time director29 Jul 20215 yrs 3 moSolar Industries India Limited
Girija Balakrishnan
DIN 06841071
Director18 Sep 20251 yr 1 moSolar Industries India Limited
Viswanathan Lakshmanan
DIN 00193056
Director18 Oct 20251 yrSolar Industries India Limited
Ramesh Bhujang
DIN 00194189
Director03 Dec 202511 moSolar Industries India Limited
Reena Jha Tripathi
DIN 11022528
Director15 May 20265 moSolar Industries India Limited

People of Solar Industries

2 people are tracked at Solar Industries (2 in leadership); the tracked headcount is 7,040.

NameRoleGroup
Kailashchandra Nuwal
Co-FounderLeadership
Satyanarayan Nandlal Nuwal
Co-Founder & ChairmanLeadership
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Complete people profiles for Solar Industries

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IPO & Listings of Solar Industries

Solar Industries is a publicly listed company on the NSE with ticker symbol SOLARINDS in India, operating in the Process industries sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date03 Apr 2006
  • Listed onNSE: SOLARINDS · BSE: 532725
  • Listed entitySolar Industries India Limited
  • Exchange sectorProcess industries
  • ISININE343H01029
  • Share price₹20,190.00 (+0.51% on the day) · 2026-10-14
  • Market capitalisation₹181,930 Cr
  • Price to earnings91.7
  • EPS (diluted, trailing year)₹220.07
  • Dividend yield0.05%
  • Volume (last session)63,846

Financials of Solar Industries

Exchange-reported figures of Solar Industries India Limited, the listed company behind Solar Industries (NSE: SOLARINDS).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹9,838 Cr
+30.5% YoY
EBITDA
₹2,622 Cr
+33.7% YoY
Profit After Tax
₹1,747 Cr
+38.8% YoY
Net Worth
₹6,277 Cr
+41.8% YoY
Total Assets
₹8,864 Cr
+35.9% YoY
Total Debt
₹1,524 Cr
+58.5% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue9,8387,5406,0706,9233,9482,5162,237
Revenue growth+30.5%+24.2%-12.3%+75.4%+56.9%+12.4%-
EBITDA2,6221,9601,3691,289747515434
EBITDA margin+26.7%+26.0%+22.6%+18.6%+18.9%+20.5%+19.4%
Profit before tax2,3651,7391,1611,102607397336
Net profit1,7471,258918789442276267
Net profit margin+17.8%+16.7%+15.1%+11.4%+11.2%+11.0%+12.0%
EPS (₹)185.36133.6492.3783.6748.7630.5429.55
Balance sheet
Total assets8,8646,5224,5693,9482,9042,4522,151
Net worth6,2774,4273,3062,6101,9141,5791,380
Total debt1,5249621,1381,195888808708
Cash & bank58472528726098.75181120
Net working capital3,2542,0371,4641,552978764707
Cash flow
Cash from operations6212,4681,406656298357325
Cash from investing(951)(1,660)(1,022)(614)(338)(253)(260)
Cash from financing209(476)(370)118(45.40)(26.07)(33.62)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue3,5193,6683,0532,5482,0822,1542,1671,973
Revenue growth (YoY)+69.0%+70.3%+40.9%+29.2%+21.4%+27.9%--
Other income15.3717.2745.7525.0729.1829.326.5510.50
EBITDA1,0051,015826708552535537527
EBITDA margin+28.6%+27.7%+27.1%+27.8%+26.5%+24.8%+24.8%+26.7%
Depreciation87.9579.7471.4262.8560.6255.9850.4947.42
Interest55.3641.2641.2734.3830.8927.4328.7830.51
Profit before tax877911759636490481464459
Tax227245203169128128118122
Net profit650666556467361353346338
EPS (₹)68.1972.1160.5249.3138.1237.4335.6134.80
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue5,5794,4573,7184,1622,5281,5841,512
Revenue growth+25.2%+19.9%-10.7%+64.6%+59.6%+4.8%-
EBITDA1,5591,097835629375272263
EBITDA margin+28.0%+24.6%+22.5%+15.1%+14.8%+17.2%+17.4%
Profit before tax1,6411,077800600353253252
Net profit1,220803595445261189213
Net profit margin+21.9%+18.0%+16.0%+10.7%+10.3%+11.9%+14.1%
EPS (₹)134.9988.7465.8949.2128.9020.8923.58
Balance sheet
Total assets4,5343,5282,6642,1921,5221,2831,151
Net worth4,2273,0672,3461,7671,3661,1571,021
Total debt149200318424156127129
Cash & bank25419665.1860.9525.2447.6364.98
Net working capital1,169989745785348351336
Cash flow
Cash from operations9271,054770133294148195
Cash from investing(682)(691)(549)(271)(280)(99.33)(9.93)
Cash from financing(188)(232)(216)173(36.02)(65.95)(142)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue1,4461,6561,5741,4931,1251,3871,2991,207
Revenue growth (YoY)+28.5%+19.4%+21.1%+23.7%+24.3%+32.8%--
Other income47.4029.8383.4837.5156.5829.6714.5311.80
Total expenses1,0261,1691,1171,0568351,012981918
EBITDA420487457437290376318290
EBITDA margin+29.0%+29.4%+29.0%+29.3%+25.8%+27.1%+24.5%+24.0%
Depreciation29.0928.0526.4225.4324.7323.1320.7519.10
Interest8.946.887.345.686.266.748.087.88
Profit before tax429482507443315375304274
Tax10912412911480.5395.8276.9569.97

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 10 Nov 2026
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue3,5193,6683,0532,5482,0822,1542,1671,973
Revenue growth (YoY)+69.0%+70.3%+40.9%+29.2%+21.4%+27.9%--
Other income15.3717.2745.7525.0729.1829.326.5510.50
EBITDA1,0051,015826708552535537527
EBITDA margin+28.6%+27.7%+27.1%+27.8%+26.5%+24.8%+24.8%+26.7%
Depreciation87.9579.7471.4262.8560.6255.9850.4947.42
Interest55.3641.2641.2734.3830.8927.4328.7830.51
Profit before tax877911759636490481464459
Tax227245203169128128118122
Net profit650666556467361353346338
EPS (₹)68.1972.1160.5249.3138.1237.4335.6134.80
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue9,8387,5406,0706,9233,9482,5162,237
Revenue growth+30.5%+24.2%-12.3%+75.4%+56.9%+12.4%-
Other income12876.3844.8231.5219.6621.4241.05
Total expenses7,2165,5804,7005,6343,2002,0011,803
Employee cost766547400331267222196
EBITDA2,6221,9601,3691,289747515434
EBITDA margin+26.7%+26.0%+22.6%+18.6%+18.9%+20.5%+19.4%
Depreciation25118214312810993.5384.53
Interest13411610990.3850.2545.3955.04
Profit before tax2,3651,7391,1611,102607397336
Tax62945128629015210957.13
Net profit1,7471,258918789442276267
Net profit margin+17.8%+16.7%+15.1%+11.4%+11.2%+11.0%+12.0%
EPS (₹)185.36133.6492.3783.6748.7630.5429.55
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital18.1031.4018.1018.1018.1018.1018.10
Reserves & surplus6,2594,3953,2882,5921,8961,5611,362
Shareholders' funds (net worth)6,2774,4273,3062,6101,9141,5791,380
Minority interest27216012214010162.6951.51
Secured loans1,2618469691,009673786543
Unsecured loans26311616818621521.42165
Total debt1,5249621,1381,195888808708
Total liabilities8,8646,5224,5693,9482,9042,4522,151
Assets
Gross block4,9803,4822,6092,2101,9241,6181,461
Net block4,0062,7292,0281,7021,4931,2881,209
Capital work in progress731707490282230293165
Investments18367637098.5118.220.972.35
Inventories1,7421,0408471,098719440331
Sundry debtors1,8581,239845825541455370
Cash & bank balances58472528726098.75181120
Loans & advances854590456298302148162
Total current assets5,0373,5942,4352,4811,6611,226983
Total current liabilities1,7831,557971929683462277
Net working capital3,2542,0371,4641,552978764707
Total assets8,8646,5224,5693,9482,9042,4522,151
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash59025924584.6717092.5661.00
Net cash from operating activities6212,4681,406656298357325
Net cash from investing activities(951)(1,660)(1,022)(614)(338)(253)(260)
Net cash from financing activities209(476)(370)118(45.40)(26.07)(33.62)
Net change in cash(121)33113.94160(85.26)77.3731.56
Closing cash58472528726098.75181120
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+30.5%+24.2%-12.3%+75.4%+56.9%+12.4%-
EBITDA growth+33.7%+43.2%+6.3%+72.5%+45.2%+18.5%-
PBT growth+36.0%+49.7%+5.4%+81.4%+53.0%+18.3%-16.4%
Net income growth+38.8%+37.1%+16.3%+78.6%+60.2%+3.2%-
Revenue CAGR (3Y)+12.4%+24.1%+34.1%+45.7%+17.1%+9.5%+12.3%
EBITDA CAGR (3Y)+26.7%+37.9%+38.6%+43.7%+14.7%+7.7%+10.3%
Profitability & leverage
Net income margin+17.7%+17.1%+14.4%+11.7%+11.5%+11.5%+12.5%
Return on capital employed+33.4%+34.3%+30.8%+36.1%+25.3%+19.7%+19.8%
Return on net worth+32.5%+33.4%+29.6%+35.9%+26.1%+19.5%+21.3%
Debt / equity0.230.270.390.460.490.510.50
Long-term debt / equity0.120.130.190.210.260.240.15
Interest cover5.656.558.927.797.8810.7815.74
Efficiency & per share
Fixed asset turnover2.332.482.523.352.231.631.67
Inventory turnover7.077.996.247.626.816.527.29
Debtors turnover6.357.247.2710.137.926.095.82
EPS (₹)185.36133.6492.3783.6748.7630.5429.55
Dividend per share (₹)11.0010.008.508.007.506.006.00
Book value per share (₹)693.61487.65365.26288.44211.52174.52152.50
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue1,4461,6561,5741,4931,1251,3871,2991,207
Revenue growth (YoY)+28.5%+19.4%+21.1%+23.7%+24.3%+32.8%--
Other income47.4029.8383.4837.5156.5829.6714.5311.80
Total expenses1,0261,1691,1171,0568351,012981918
EBITDA420487457437290376318290
EBITDA margin+29.0%+29.4%+29.0%+29.3%+25.8%+27.1%+24.5%+24.0%
Depreciation29.0928.0526.4225.4324.7323.1320.7519.10
Interest8.946.887.345.686.266.748.087.88
Profit before tax429482507443315375304274
Tax10912412911480.5395.8276.9569.97
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue5,5794,4573,7184,1622,5281,5841,512
Revenue growth+25.2%+19.9%-10.7%+64.6%+59.6%+4.8%-
Other income20783.7558.3455.8436.1725.6435.35
Total expenses4,0203,3592,8833,5332,1531,3121,248
Employee cost25220516513511188.9185.01
EBITDA1,5591,097835629375272263
EBITDA margin+28.0%+24.6%+22.5%+15.1%+14.8%+17.2%+17.4%
Depreciation99.7174.6463.3757.0249.4437.9833.96
Interest26.0228.9329.5827.578.856.5212.17
Profit before tax1,6411,077800600353253252
Tax41927420415591.5064.1539.04
Net profit1,220803595445261189213
Net profit margin+21.9%+18.0%+16.0%+10.7%+10.3%+11.9%+14.1%
EPS (₹)134.9988.7465.8949.2128.9020.8923.58
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital18.1018.1018.1018.1018.1018.1018.10
Reserves & surplus4,2093,0492,3281,7491,3471,1391,003
Shareholders' funds (net worth)4,2273,0672,3461,7671,3661,1571,021
Secured loans181229330200191136114
Unsecured loans(32.43)(29.38)(12.39)224(34.76)(9.48)15.00
Total debt149200318424156127129
Total liabilities4,5343,5282,6642,1921,5221,2831,151
Assets
Gross block1,8381,5091,1091,024902710662
Net block1,3771,139811779706558545
Capital work in progress14711321978.4140.9113032.34
Investments867859667226146129130
Inventories405397264460274143100
Sundry debtors985787605539298295206
Cash & bank balances25419665.1860.9525.2447.6364.98
Loans & advances368387250196153111126
Total current assets2,0121,7661,1841,257750596497
Total current liabilities843778439472402245161
Net working capital1,169989745785348351336
Total assets4,5343,5282,6642,1921,5221,2831,151
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash19362.0758.1623.1345.3562.8619.94
Net cash from operating activities9271,054770133294148195
Net cash from investing activities(682)(691)(549)(271)(280)(99.33)(9.93)
Net cash from financing activities(188)(232)(216)173(36.02)(65.95)(142)
Net change in cash57.441313.9135.03(22.22)(17.51)42.92
Closing cash25419665.1860.9525.2447.6364.98
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+25.2%+19.9%-10.7%+64.6%+59.6%+4.8%-
EBITDA growth+42.1%+31.4%+32.7%+67.6%+37.9%+3.4%-
PBT growth+52.3%+34.7%+33.3%+70.0%+39.4%+0.3%-12.2%
Net income growth+51.9%+34.9%+33.7%+70.4%+38.2%-11.3%-
Revenue CAGR (3Y)+10.3%+20.8%+32.9%+40.2%+15.0%+7.6%+10.0%
EBITDA CAGR (3Y)+35.4%+43.0%+45.3%+33.7%+6.9%+6.1%+6.7%
Profitability & leverage
Net income margin+21.9%+18.0%+16.0%+10.7%+10.3%+11.9%+14.1%
Return on capital employed+41.4%+35.7%+34.2%+33.8%+25.8%+21.3%+24.0%
Return on net worth+33.5%+29.7%+29.0%+28.4%+20.7%+17.4%+22.4%
Debt / equity0.050.100.180.190.110.120.16
Long-term debt / equity0.020.050.090.110.100.090.07
Interest cover1.782.833.844.822.722.795.31
Efficiency & per share
Fixed asset turnover3.333.403.484.323.142.312.49
Inventory turnover13.9113.4810.2711.3412.1413.0415.59
Debtors turnover6.306.406.509.948.536.337.72
EPS (₹)134.9988.7465.8949.2128.9020.8923.58
Dividend per share (₹)11.0010.008.508.007.506.006.00
Book value per share (₹)467.05338.89259.28195.30150.89127.82112.86

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Related news about Solar Industries

Solar Industries: Goldman Sachs on Solar Industries maintains Buy, Target Price Rs 26550; Q2 results exceeded estimates across key parameters, led by 98% YoY revenue growth in Defence and 57% growth in international businesses. Commercial explosives revenue increased 61% YoY, although it declined 29% QoQ due to seasonality in India. Despite volatile ammonium nitrate prices, the company managed the commodity cycle with limited impact on profitability.
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Solar Industries: Says Pinaka Orders Could Bring Inflows Of Rs. 2,600 Crore - Interview
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Solar Industries: Expects Revenue And EBITDA Will Exceed FY27 Guidance
Exchange Update • 6 days ago
SOLARINDS: Q2 CONS NET PROFIT 6.2B RUPEES VS 3.45B (YOY); EST 5.4B
Exchange Update • 7 days ago
SOLARINDS: Q2 REVENUE 35.2B RUPEES VS 20.8B (YOY)
Exchange Update • 7 days ago
SOLARINDS: Q2 EBITDA 10B RUPEES VS 5.53B (YOY); Q2 EBITDA MARGIN 28.6% VS 26.56% (YOY)
Exchange Update • 7 days ago
Solar Industries India: Expects To Exceed Annual Goals For FY2026-27.
Exchange Update • 7 days ago
Solar Industries: Expecting Big Orders From Indian And International Defense Sector, Including Guided Pinaka Rockets Soon.
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Solar Industries: Co's Current Order Book Of Rs 20,178 Cr Vs 21,350 Cr (QoQ)
Exchange Update • 7 days ago
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Economic Times • 1 month ago
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Frequently Asked Questions about Solar Industries

Solar Industries was founded in 1995.

Solar Industries is headquartered in Nagpur, India. It is registered at Nagpur, Maharashtra, India.

Solar Industries has 7,040 employees.

The primary company behind Solar Industries, Solar Industries India Limited, reported revenue of ₹9,966 Cr for FY 2026, up 30% year on year.

Solar Industries was established in 1995 and is headquartered in Nagpur, India. Explosives are produced for both defense and industrial applications, serving sectors that require specialized materials for mining, construction, and military purposes. Operations focus on manufacturing and supply within these domains, with key leadership provided by co-founders Kailashchandra Nuwal and Satyanarayan Nandlal Nuwal, the latter serving as chairman.

Yes, Solar Industries is publicly traded on NSE under the ticker symbol SOLARINDS.

Solar Industries is associated with 2 legal entities: Solar Industries India Limited, Sunbeam Explosives Limited.

The legal entities of Solar Industries currently have 12 directors, including Milind Bhalchandra Deshmukh, Satyanarayan Nandlal Nuwal, Shalinee Manish Mandhana and others.

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