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Solar Industries India Limited (532725) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Solar Industries India Limited ₹50,892, price ₹19,355, upside +162.9%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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SI
Broad data
Sep 24, 2026
Solar Industries India Limited
532725 · BSEClearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value ₹50,892 · Strongly undervalued (+162.9%)
!Quality 55/100
!Expensive Growth (revenue 5y +31.4 %/yr)
✓Solidly profitable · 17.1% net margin (FY2025)
!Low debt · negative free cash flow
!The models disagree: range ₹37,514 to ₹130,078
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹1,197 – ₹22,471 · fair‑value band ₹37,514 – ₹130,078 · the ₹19,355 price screens below the ₹50,892 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Solar Industries India Limited, together with its subsidiaries, manufactures and supplies commercial explosives and explosive accessories worldwide.
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Solar Industries India Limited, together with its subsidiaries, manufactures and supplies commercial explosives and explosive accessories worldwide. It offers industrial explosives, such as packaged and bulk explosives; and initiating systems, including electronic, non-electric, electric, and plain detonators, as well as cord relays, cast boosters, and detonating cords. The company also provides defense products, including high energy explosives, bombs, warheads, torpedo??s, initiating systems, pyros and fuses, new generation explosives, ammunitions, and rockets and propellants. It primarily serves mining and infrastructure companies. The company was formerly known as Solar Explosives Limited and changed its name to Solar Industries India Limited in February 2009. Solar Industries India Limited was founded in 1983 and is based in Nagpur, India.
Stock analysis
Solar Industries India Limited (532725) currently trades at ₹19,355, while our model-based Fair Value estimate is ₹50,892, implying the stock looks roughly 62.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹104,561 per share, and 13 of the 17 models we run sit above the ₹19,355 price.
Bear case: the Asset-Based group reads lowest at ₹8,970, and 4 of the 17 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹37,514 (bear) to ₹130,078 (bull), the price of ₹19,355 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Solar Industries India Limited reported revenue of ₹98.4B in FY2025 versus ₹39.5B in FY2021, a compound +25.6%/yr. Reported net income was ₹16.8B in FY2025, compounding +39.6%/yr from FY2021.
Key figures
Market cap ₹90.7B (≈ $942M) · P/E ratio 31.4 · P/S ratio 5.35 · EPS (TTM) ₹31.94 · Net margin 17.1% · Return on assets (EBIT) 22.1% · Free cash flow −₹11.2B · Net debt ₹12.8B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 64% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −46% fair-value upside, at 163%, 532725 screens cheaper than that median.
Fair Value models
Bear ₹37,514
Fair Value ₹50,892
Bull ₹130,078
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (₹24.15 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Owner Earnings
₹7,273
₹15,877
₹31,841
71
EPV
₹31,211
₹35,569
₹39,201
71
ROIC Compounder
₹38,716
₹53,887
₹73,602
71
All 17 models by family
DCF Models
Owner Earnings
₹7,273
₹15,877
₹31,841
71
Earnings-Based
Graham-Dodd
₹24,330
₹169,675
₹238,114
63
Lynch FV
₹61,312
₹87,589
₹113,865
61
PEG = 1.0
₹61,312
₹87,589
₹113,865
57
EPV
₹31,211
₹35,569
₹39,201
71
Dividend Discount
Gordon GGM
₹1,500
₹2,702
₹3,720
68
DDM Multi-Stage
₹1,500
₹2,469
₹2,887
67
Multiples
P/E Multiple
₹45,619
₹60,825
₹76,032
63
P/S Multiple
₹23,605
₹31,474
₹39,342
58
P/B Multiple
₹30,124
₹40,165
₹50,206
55
EV/EBIT
₹52,349
₹70,048
₹87,747
66
EV/EBITDA
₹41,191
₹55,171
₹69,151
67
EV/Revenue
₹21,283
₹30,725
₹40,167
53
Asset-Based
NCAV (Graham)
₹6,694
₹8,970
₹13,388
54
Economic Profit
Residual Income
₹19,911
₹31,202
₹70,173
69
ROIC Compounder
₹38,716
₹53,887
₹73,602
71
Growth Earnings
Growth-Adj P/E
₹73,193
₹104,561
₹135,930
67
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Set up alert →Quality Score breakdown
Overall quality
55/100
Of which business quality 55 · Market factors (momentum, volatility) 66
Profitability
80
Margins and returns on capital today
Quality Growth
72
Are margins and returns improving?
Cashflow
8
Earnings quality: real cash, not paper profit
Fin. Strength
77
Balance sheet, leverage, solvency risk
Investment
4
Disciplined investing over empire-building
Low Volatility
55
Calm price path (market factor)
Momentum
72
Price trend over the last 3–12 months (market factor)
52W Momentum
68
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+30.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+31.4%
Start year 2020 (pandemic). Over 10 years: +20.1% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.1%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+41.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+41.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.43.4% vs 24.6%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.17% → 24%
2025 sits 101% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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| Sika AG SIKA | CHF 183.80 | CHF 98.89 | −46% |
| Wanhua Chemical Group 600309 | ¥69.45 | ¥68.03 | −2% |
| DSM-Firmenich AG DSFIR | CHF 92.30 | CHF 29.70 | −68% |
| Asian Paints Limited ASIANPAINT | ₹2,444 | ₹1,479 | −39% |
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Frequently asked questions
Is Solar Industries India Limited (532725) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹50,892 versus a price of ₹19,355, about +163% upside (undervalued).
What is the fair value of 532725?
Our model-based fair value for Solar Industries India Limited is ₹50,892 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹19,355.
What is the quality score of 532725?
Solar Industries India Limited has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Solar Industries India Limited (532725)?
Our model-based price target is the fair value of ₹50,892 (as of Sep 24, 2026) from 17 valuation models. Cautious scenario ₹37,514, optimistic scenario ₹130,078. It is a calculation from audited fundamentals, not an analyst target.
What is the Solar Industries India Limited stock forecast for 2026?
Our models put fair value at ₹50,892, about +163% upside versus a price of ₹19,355 (undervalued). Cautious scenario ₹37,514, optimistic scenario ₹130,078. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Solar Industries India Limited (532725)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Solar Industries India Limited it is ₹50,892 per share (as of Sep 24, 2026), against a price of ₹19,355. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Solar Industries India Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 532725 trades below its calculated fair value: price ₹19,355, fair value ₹50,892, a gap of about +163% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 532725?
No. The price is what the market pays today (₹19,355); the fair value is what the company's own numbers justify (₹50,892). For Solar Industries India Limited the two are ₹31,537 per share apart. That gap is exactly why we show both numbers side by side.
How much is Solar Industries India Limited worth?
The market values Solar Industries India Limited at about ₹90.7B (market capitalisation, as of Sep 24, 2026). Per share that is ₹19,355; our models calculate a fair value of ₹50,892 per share.
What do the bullish and bearish scenarios say about 532725?
Our models span a range for Solar Industries India Limited: cautious scenario ₹37,514, base ₹50,892, optimistic ₹130,078 per share (as of Sep 24, 2026, price ₹19,355). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 532725 from its 52-week high?
Solar Industries India Limited trades at ₹19,355, about 14% below its 52-week high of ₹22,471 and 64% above the low of ₹11,775 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹50,892 is for.
Which stocks are comparable to Solar Industries India Limited?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Solar Industries India Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹19,355, calculated fair value ₹50,892 (+163%), Quality Score 55/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 532725 calculated?
We run Solar Industries India Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹50,892, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Solar Industries India Limited currently trades 62 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Solar Industries India Limited (532725)?
The closing price on Oct 1, 2026 was ₹19,355. Our model-based fair value is ₹50,892, about +163% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Solar Industries India Limited right now?
The price is below even our cautious bear case (₹37,514). The market is more pessimistic than our downside scenario. The model range is unusually wide (₹37,514 to ₹130,078). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Solar Industries India Limited
How large is the market capitalisation of Solar Industries India Limited (532725)?
The market capitalisation of Solar Industries India Limited is ₹90.7B (≈ $942M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Solar Industries India Limited (532725)?
The price-to-earnings ratio of Solar Industries India Limited is 31.4 (as of Jul 4, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Solar Industries India Limited (532725)?
The price-to-sales ratio of Solar Industries India Limited is 5.35 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Solar Industries India Limited (532725)?
Earnings per share at Solar Industries India Limited are ₹31.94 (price ÷ EPS = P/E 31.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Solar Industries India Limited (532725)?
The net margin of Solar Industries India Limited is 17.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Solar Industries India Limited (532725)?
On an EBIT basis the return on assets of Solar Industries India Limited is 22.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does Solar Industries India Limited (532725) generate?
The free cash flow of Solar Industries India Limited is −₹11.2B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Solar Industries India Limited (532725) carry?
The net debt of Solar Industries India Limited is ₹12.8B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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