Solar IndustriesNSE:SOLARINDS
Current view Q4 2026
World's largest explosives maker with a booming defence arm (Pinaka rockets, drones) - profit up 35% and a two-year order book. Real, proven growth, but the stock is very pricey.
Latest exchange filings last 5 · 5 after Q4 2026
- 17 Sep ’26Solar Industries repaid Rs. 75 crore commercial paper on September 17, 2026, on the due date. ↗
- 17 Sep ’26Transcription of Conference Call with reference to the proposed acquisition of Omnia Holdings Limited by Solar SA Investments Proprietary Limited. ↗
- 15 Sep ’26Audio recording of analyst call on proposed Omnia Holdings acquisition is available on website. ↗
- 14 Sep ’26Intimation of Conference Call under SEBI (LODR) Regulations, 2015. ↗
- 14 Sep ’26Solar SA proposes all-cash acquisition of Omnia Holdings for ₹12,951 crores, subject to approvals. ↗
Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.
AI concall report · Q4 2026
The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.
Growth Q4 2026
| Metric | This year vs lastYoY · vs Q4 2025 | vs the quarter beforeQoQ, sequential · vs Q3 2026 | 3-year yearly average3Y CAGR · compounded | 5-year yearly average5Y CAGR · compounded |
|---|---|---|---|---|
| Sales | ▲ +40.9% | +19.8% | +12.4% | +31.4% |
| Operating profit | ▲ +53.8% | +16.7% | +27.7% | +38.7% |
| EPS | ▲ +70.0% | +22.7% | +30.4% | +43.4% |
| PAT | ▲ +60.7% | +19.1% | — | — |
Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +40.9%, which is ≥ 20% → Tier 1.
QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.
Multibagger potential
Average54/100
Growing fast — and the market has noticed. Profit per share grew 30% a year, and buyers now pay more for each rupee of it than they did a year ago. Some of the re-pricing has already happened.
₹19,150 → ₹38,300 needs the P/E at 93× — it is 103× today, and has ranged 69× to 197× over the last 5 years. The rest would come from earnings growing as they have.
What you pay for its profitlog scale · 5-year range
Tripling needs 140× — it has traded there — high was 197×.
Target capped at 30× — its 117× five-year average came from near-zero earnings.
At ₹5,628 the price-tag on its earnings reaches the 30× it is being projected toward — the point where being cheap against that yardstick is used up.
Re-rated already, on growth that doesn't fully back it.
How this is calculated
This is arithmetic, not a forecast — Return = ΔEPS × ΔMultiple. It says what would have to be true, not how likely it is, and "earnings keep growing at this rate for three more years" is the assumption doing the most work. This is a mega-cap at ₹1,71,207 cr — size is the headwind here: a triple means the market finding ₹3,42,414 cr of new value.
Why the target is capped at 30×. This company averaged 117× over five years, but a multiple that high comes from near-zero earnings rather than from what buyers chose to pay — projecting a return to it would price in the collapse, not the recovery. 30× is what a 30% grower supports.
Growth rate used: 30.4% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR. Latest quarter reads 60%.
How it compares with its rivals Defence · 5 shown
These are the industry's largest names rather than companies of its own size, so the columns are worth reading straight across — a ranking against them would only be restating the size gap.
| Company | Price | P/E | Size | ROCE | Profitlast qtr | Saleslast qtr |
|---|---|---|---|---|---|---|
| Solar Industries | ₹18,980 | 86.2× | ₹1.72 L Cr | 38.1% | +92.7% | +70.3% |
| Prem. Explosives | ₹671 | 104.9× | ₹3,607 Cr | 22.6% | −83.4% | −27.9% |
| GOCL Corpn. | ₹451 | 8.3× | ₹2,235 Cr | 7.0% | −5.9% | +26.6% |
| Keltech Energies | ₹12,273 | 46.9× | ₹1,227 Cr | 20.4% | −1.6% | +27.8% |
| Beezaasan Exp. | ₹607 | 69.4× | ₹920 Cr | 12.2% | −0.2% | −2.1% |
Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.
Business quality to Jun 2026
| Are the margins widening? | wider, but it has moved around a lot | operating margin 19% → 28% over 3 years |
|---|---|---|
| Did the profit turn into cash? | more than all of it — reserves released cash too | 47% last year, 101% over three · free cash flow −₹1,072 cr, positive in 4 of 5 years |
| Is the growth borrowed? | lightly borrowed | ₹1,524 cr — 0.24× its own equity (was 0.22×) |
| Is it being collected? | collection is steady | 69 days to collect, up 9 in a year · cash cycle 152 days |
| Who has been buying? | the promoters have held steady | promoters 73.2%, 73.2% → 73.2% over 2.8 years · FIIs 6.4% (−0.4) · DIIs 13.4% (−0.2) · shareholders 50,103 → 1,16,877 |
| What does it earn on its capital? | earns a high return on the capital it employs | ROCE 38.1% · ROE 32.6% |
Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.
Screener's own checklist not mine, not the score
In its favour
- Company is expected to give good quarter
- Company has delivered good profit growth of 44.6% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 32.2%
- Company's median sales growth is 22.8% of last 10 years
Against it
- Stock is trading at 27.2 times its book value
- Working capital days have increased from 49.9 days to 74.4 days
Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.