āagman

Not investment advice. Data and computed figures, for information only.

Solar Industries India Ltd

NSE: SOLARINDSF&O
₹19,866.00
−₹304.00 (−1.51%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹1,80,980 Cr
CMP
₹19,866.00
52-wk High / Low
₹22,700 / 11,646
P/E
90.9
P/B
28.8
Book Value
₹694.0
Div Yield
0.06%
ROCE
38.0%
ROE
32.6%
Face Value
₹2
D/E
0.24

Price+40.8% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
5
/ 9
5 of 9 F-score tests passed
Graham Number
₹1,701
√(22.5 × EPS × book value per share)
ROIC
23.2%
vs 7.5% sector median
Cash flow to profit
0.36
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+283
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
30.8%
ROE × earnings retention ratio
ROE stability
2.5
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −0.20DII +0.47
Latest quarter vs the previous one
Cash-accrual divergence
11.8%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 25% vs the 2022 sector median of 19%)
+Price trades above its 200-day moving average (1.2x)
Watch-outs
−Borrowings are up 282.9% since FY2016 (398 to 1524)
−Balance-sheet accruals of 11.8% of average assets — earnings are not cash-backed

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,6821,3471,4291,6111,6851,7161,9732,1672,1542,0822,5483,0533,668
Expenses1,3591,0121,0741,2571,2351,2711,4471,6291,6201,5301,8402,2272,653
Operating Profit3233353553544494455275375355527088261,015
OPM %19.2%24.9%24.8%22.0%26.6%25.9%26.7%24.8%24.8%26.5%27.8%27.1%27.7%
Other Income88112026361072929254617
Interest25252832273031292731344141
Depreciation34343937404447505661637180
Profit before tax272285299305408407459464481490636759911
Net Profit202209222243301304338346353361467556666
EPS (₹)21.8222.1222.4725.9831.6631.5934.8035.6137.4338.1249.3160.5272.11

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,2761,4491,5801,9162,4622,2372,5163,9486,9186,0707,5409,83811,351
Expenses1,0221,1441,2561,5051,9601,8032,0013,1995,5824,5885,5147,1208,250
Operating Profit2543043244125024345157481,3361,4822,0262,7173,101
OPM %19.9%21.0%20.5%21.5%20.4%19.4%20.5%18.9%19.3%24.4%26.9%27.6%27.3%
Other Income−21313129412119−16−681033117
Interest182027335055455090109116134148
Depreciation31333951598594109128143182251275
Profit before tax2032642713404023363976071,1021,1611,7392,3652,796
Net Profit1561781952342772792884558118751,2881,7372,050
EPS (₹)16.2918.0820.6124.3728.9129.5530.5448.7783.6892.38133.65185.38220.06

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital181818181818181818181818—
Reserves7587879101,0661,2201,3621,5611,8962,5923,2884,3956,259—
Borrowings3713985015186037088088881,1951,1389751,524—
Other Liabilities2433092923874113935728271,1041,1342,7542,931—
Total Liabilities1,3891,5121,7221,9882,2532,4812,9593,6294,9095,5778,14210,733—
Fixed Assets5857037779231,0431,2091,2881,4931,7022,0282,7294,006—
CWIP613091107178165293230282490707731—
Investments3740531733211899370676183—
Other Assets7067398019401,0001,1051,3781,8882,8262,6904,0305,813—
Total Assets1,3891,5121,7221,9882,2532,4812,9593,6294,9095,5778,14210,733—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1702302431182543143253572986561,4062,468621
Cash from Investing Activity−161−149−141−170−174−254−260−253−338−614−1,022−1,660−951
Cash from Financing Activity31−177−9253−53−52−34−26−45118−370−476209
Net Cash Flow41−961102793277−8516014331−121

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %18.019.023.022.024.026.019.019.025.036.032.038.038.0
ROE %————————————32.6
EPS (₹)13.0916.2918.0820.6124.3728.9129.5530.5448.7783.6892.38133.65185.38
Book Value (₹)————————————694.0
Face Value (₹)————————————2
P/E————————————90.9
Div Yield %————————————0.06
NPM %12.112.212.212.212.111.212.211.411.511.814.617.117.6
OPM %19.020.021.020.021.020.019.020.019.019.024.027.028.0
D/E0.730.480.490.540.480.490.510.510.460.460.340.220.24
P/B————————————28.8

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+21.0%
5 years+31.0%
3 years+12.0%
TTM+42.0%
Compounded profit growth
10 years+27.0%
5 years+45.0%
3 years+30.0%
TTM+58.0%
Stock price CAGR
10 years+40.0%
5 years+51.0%
3 years+56.0%
Last year+42.0%
Return on equity
10 years29.0%
5 years32.0%
3 years32.0%
Last year33.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters73.15%73.15%73.15%73.15%73.15%73.15%73.15%73.15%73.15%73.15%73.15%73.15%
FIIs1.37%1.37%1.52%1.39%3.99%5.41%6.28%6.63%6.10%5.82%6.59%6.39%
DIIs18.31%18.31%20.05%20.27%18.23%16.84%15.16%14.32%14.52%14.10%12.89%13.36%
Government————————————
Public7.17%7.17%5.28%5.20%4.64%4.60%5.41%5.91%6.22%6.92%7.35%7.10%
No. of shareholders11,32611,32614,77313,69013,11314,51728,75951,94364,37795,3801,15,9171,16,877
Change since Jun 2023 (pp)
Promoters +0.00FIIs +5.02DIIs −4.95Public −0.07

Documents

As of 11 Oct 2026
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement under Regulation 30 (LODR)-AcquisitionClosure of Trading WindowAnnouncement under Regulation 30 (LODR)-Credit RatingAnnouncement under Regulation 30 (LODR)-Credit Rating
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Sep 2026TranscriptSep 2026RecordingAug 2026PPTMay 2026TranscriptMay 2026PPTMay 2026RecordingFeb 2026TranscriptFeb 2026PPTFeb 2026RecordingNov 2025TranscriptNov 2025PPT

Corporate actions

As of 28 Jul 2026
28 Jul 2026DIVIDENDDividend - Rs 11 Per Share—
8 Jul 2025DIVIDENDAnnual General Meeting/Dividend - Rs 10 Per Share—
4 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 8.50 Per Share—
9 Jun 2023DIVIDENDAnnual General Meeting/Dividend - Rs 8 Per Share—
27 May 2022DIVIDENDAnnual General Meeting/ Dividend - Rs 7.50 Per Share—
18 Aug 2021DIVIDEND Annual General Meeting/Dividend - Rs 6 Per Share—
3 Sep 2020DIVIDEND Annual General Meeting/Dividend - Rs 6 Per Share—
18 Jul 2019DIVIDEND Annual General Meeting/ Dividend - Rs 7 Per Share—
18 Jul 2018DIVIDEND Annual General Meeting / Dividend- Rs 6 Per Share—
9 Aug 2017DIVIDEND Annual General Meeting/Dividend - Rs 3/- Per Share (Book Closure Dates Revised)—
20 Feb 2017DIVIDEND Interim Dividend Rs 2/- Per Share (Purpose Revised)—
16 Mar 2016DIVIDEND Interim Dividend - Rs 13.50/- Per Share—
9 Nov 2015DIVIDEND Interim Dividend - Rs 9/- Per Share—
27 Aug 2015DIVIDENDAnnual General Meeting/Dividend - Rs 9/- Per Share—
19 Nov 2014DIVIDENDInterim Dividend - Rs 8/- Per Share—
22 Aug 2014DIVIDENDAnnual General Meeting / Final Dividend - Rs 7/- Per Share—
13 Nov 2013DIVIDENDInterim Dividend - Rs 5/- Per Share—
30 Aug 2013DIVIDENDAnnual General Meeting / Dividend - Rs.6/- Per Equity Share—
15 Nov 2012DIVIDENDInterim Dividend Rs.5/- Per Share—
1 Aug 2012DIVIDENDAnnual General Meeting And Dividend - Rs.5/- Per Share—
22 Nov 2011DIVIDENDInterim Dividend Rs.5/- Per Share—
29 Jul 2011DIVIDENDAnnual General Meeting And Dividend Rs.4/- Per Share—
11 Nov 2010DIVIDENDInterim Dividend - Rs 4 Per Share—
11 Aug 2010DIVIDENDAnnual General Meeting / Dividend Rs 3.50 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman