Solar Industries India Limited (SOLARINDS) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Solar Industries India Limited stock ₹2,793, price ₹18,520, that is 84.9% below the price, quality 54 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range ₹1,292 – ₹22,455 · fair‑value band ₹2,069 – ₹3,984 · the ₹18,520 price screens above the ₹2,793 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Solar Industries India Limited, together with its subsidiaries, engages in the manufacture and sale of industrial explosives and explosive initiating devices in India and internationally.
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It offers industrial explosives, such as bulk and packaged explosives; and initiating systems, including electronic, electric, non-electric, and plain detonators, as well as cord relays, cast boosters, detonating cords, and aluminum elemented det products.
The company provides defense products, including unmanned aerial systems and drones, ammunitions, high energy materials, bombs and warheads, rockets and missiles, initiating systems and detonix, chaffs and flares, and mines devices.
Its products are used in mining, infrastructure, construction, defence, and the space sectors. The company was formerly known as Solar Explosives Limited and changed its name to Solar Industries India Limited in February 2009. The company was founded in 1983 and is based in Nagpur, India.
Stock analysis
Solar Industries India Limited (SOLARINDS) currently trades at ₹18,520, while our model-based Fair Value estimate is ₹2,793, 85% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹5,015 per share, and 0 of the 16 models we run sit above the ₹18,520 price.
Bear case: the Economic Profit group reads lowest at ₹1,713, and 16 of the 16 models stay below the price. Data coverage for this calculation is low.
Scenario range: ₹2,069 (bear) to ₹3,984 (bull), the price of ₹18,520 sits above 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 54/100 (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 FY2026 versus ₹39.5B in FY2022, a compound +25.6%/yr. Reported net income was ₹16.8B in FY2026, compounding +39.6%/yr from FY2022.
Key figures
Market cap ₹1.7T (≈ $17.7B) Large · P/E ratio 84.2 · P/S ratio 14.8 · EPS (TTM) ₹220.06 · Dividend yield 0.1% · Net margin 17.5% · Return on equity 31.2% · Return on assets (EBIT) 34.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 81 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 57% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −44% fair-value upside, at −85%, SOLARINDS screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (₹43.78 to ₹8,791). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear₹2,069Fair Value ₹2,793Bull₹3,984
Price ₹18,520 · Downside -84.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹125.44 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.Coverage ⓘCoverage = 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.
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.62/100
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 2021 (pandemic). Over 10 years: +21.1% a year
Revenue growth 21 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.
+23.6%
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What shareholders gained per year (last 5 years), in INR ⓘ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. Basis: EBIT basis. 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.
≈ +22.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.3%
Dividend (yield on the price)0.1%
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 26.0%, picking up
Profit margin 2005 to 2026 ⓘ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.18% → 24%
Pace: the 5-year rate starts in 2021 (pandemic)
⚠ Rate on operating basis: 2026 sits 101% above its own trend.
Compare Solar Industries India Limited with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 726 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside−84.9% · Bottom 25%
Profitability
Return on equity (12 months)31.2% · Top 25%
Return on assets15.4% · Top 25%
Net margin (12 months)17.5% · Top 25%
Operating margin (12 months)25.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)70.3% · Top 25%
Dividend yield (12 months)0.1% · Bottom 25%
Balance sheet
Debt / equity0.13× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (12 months)84.2× · Priciest 25%
P/B26.70× · Priciest 25%
P/S (12 months)14.76× · Priciest 25%
EV/EBITDA54.4× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 67
PAST (return on equity)100· sector 27
HEALTH (low debt)93· sector 95
DIVIDEND (yield)1· sector 30
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Solar Industries India Limited Fair Value". https://www.fairvalue-calculator.com/stock/SOLARINDS
Frequently asked questions
Is Solar Industries India Limited (SOLARINDS) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of ₹2,793 versus a price of ₹18,520, about 85% lower (overvalued).
What is the fair value of SOLARINDS?
Our model-based fair value for Solar Industries India Limited is ₹2,793 (as of Nov 4, 2026), built from audited fundamentals. The current price: ₹18,520.
What is the quality score of SOLARINDS?
Solar Industries India Limited has a Quality Score of 54/100. 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 (SOLARINDS)?
Our model-based price target is the fair value of ₹2,793 (as of Nov 4, 2026) from 16 valuation models. Cautious scenario ₹2,069, optimistic scenario ₹3,984. 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 ₹2,793, about 85% lower versus a price of ₹18,520 (overvalued). Cautious scenario ₹2,069, optimistic scenario ₹3,984. The calculation is refreshed regularly with new filings.
What is the revenue of Solar Industries India Limited (SOLARINDS)?
Solar Industries India Limited reported trailing-twelve-month revenue of about ₹114B (latest available figure, as of Nov 4, 2026).
Does Solar Industries India Limited pay a dividend?
Solar Industries India Limited currently shows a dividend yield of 0.06% relative to its recent price (as of Nov 4, 2026).
What is the intrinsic value of Solar Industries India Limited (SOLARINDS)?
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 ₹2,793 per share (as of Nov 4, 2026), against a price of ₹18,520. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Solar Industries India Limited stock overvalued or undervalued in 2026?
As of Nov 4, 2026, SOLARINDS trades above its calculated fair value: price ₹18,520, fair value ₹2,793, a gap of about −85% (overvalued). 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 SOLARINDS?
No. The price is what the market pays today (₹18,520); the fair value is what the company's own numbers justify (₹2,793). For Solar Industries India Limited the two are ₹15,727 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 ₹1.7T (market capitalisation, as of Nov 4, 2026). Per share that is ₹18,520; our models calculate a fair value of ₹2,793 per share.
What do the bullish and bearish scenarios say about SOLARINDS?
Our models span a range for Solar Industries India Limited: cautious scenario ₹2,069, base ₹2,793, optimistic ₹3,984 per share (as of Nov 4, 2026, price ₹18,520). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SOLARINDS?
Solar Industries India Limited trades at a price-to-earnings ratio of 84.2 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹2,793 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings, FY2026 ex one-offs: 44.6. Other multiples: P/B 26.7, P/S 14.8, EV/EBITDA 54.4.
How solid is the balance sheet of Solar Industries India Limited (SOLARINDS)?
Balance-sheet figures for Solar Industries India Limited (as of Nov 4, 2026): return on equity 31.2%, debt of 0.13 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is SOLARINDS from its 52-week high?
Solar Industries India Limited trades at ₹18,520, about 18% below its 52-week high of ₹22,455 and 57% above the low of ₹11,765 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ₹2,793 is for.
Which stocks are comparable to Solar Industries India Limited?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, 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 Nov 4, 2026: price ₹18,520, calculated fair value ₹2,793 (−85%), Quality Score 54/100, from 16 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 SOLARINDS calculated?
We run Solar Industries India Limited through 16 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 ₹2,793, 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 15.6% above its aggregate fair value. Solar Industries India Limited itself currently trades above fair value. 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 (SOLARINDS)?
The closing price on Nov 5, 2026 was ₹18,520. Our model-based fair value is ₹2,793, about 85% lower (overvalued). 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 sits above even our optimistic bull case (₹3,984). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹2,069 to ₹3,984) leaves room in how you read the outcome.
Where does the earnings growth of Solar Industries India Limited (SOLARINDS) come from?
Earnings per share at Solar Industries India Limited grew +25.0 % a year from 2015 to 2026. Broken into its drivers: revenue per share +20.5 %, EBIT margin −0.8 %, tax rate +0.3 %, residual (interest, one-offs) +4.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Solar Industries India Limited
How large is the market capitalisation of Solar Industries India Limited (SOLARINDS)?
The market capitalisation of Solar Industries India Limited is ₹1.7T (≈ $17.7B). 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/S ratio of Solar Industries India Limited (SOLARINDS)?
The price-to-sales ratio of Solar Industries India Limited is 14.8 (last twelve months). 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 (SOLARINDS)?
Earnings per share at Solar Industries India Limited are ₹220.06 (price ÷ EPS = P/E 84.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Solar Industries India Limited (SOLARINDS)?
The dividend yield of Solar Industries India Limited is 0.1% (payout 5.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Solar Industries India Limited (SOLARINDS)?
The net margin of Solar Industries India Limited is 17.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Solar Industries India Limited (SOLARINDS)?
The return on equity (ROE) of Solar Industries India Limited is 31.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Solar Industries India Limited (SOLARINDS)?
On an EBIT basis the return on assets of Solar Industries India Limited is 34.2% (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.
What is the operating margin of Solar Industries India Limited (SOLARINDS)?
The operating margin of Solar Industries India Limited is 25.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Solar Industries India Limited (SOLARINDS)?
Revenue at Solar Industries India Limited is growing +70.3% versus a year earlier (3y avg +12.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Solar Industries India Limited (SOLARINDS)?
Earnings per share at Solar Industries India Limited are growing +92.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Solar Industries India Limited (SOLARINDS) generate?
The free cash flow of Solar Industries India Limited is −₹12.4B (fiscal year 2026). 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 (SOLARINDS) carry?
The net debt of Solar Industries India Limited is ₹9.4B (fiscal year 2026). 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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Thin data
Nov 4, 2026