Solar Industries India Limited (SOLARINDS) fair value: what the stock is really worth
We calculate from audited financials what Solar Industries India Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Stretched ValuationStrong overvaluation with only moderate quality.
!Fair value ₹2,793 · Strongly overvalued (−85%)
!Quality 54/100
!Expensive Growth(revenue 5y +31.4 %/yr)
✓Solidly profitable · 17.1% net margin (TTM)
!Low debt · negative free cash flow
·0.06% dividend yield
!Mixed vs. peers(6/13)
✓Wide moat81/100
!Evidence only low, so the estimate is less certain
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range ₹1,079 – ₹22,455 · fair‑value band ₹2,069 – ₹6,520 · the ₹18,555 price screens above the ₹2,793 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
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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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. 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 ₹18,555, while our model-based Fair Value estimate is ₹2,793, implying the stock looks roughly 564.0% 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 17 models we run sit above the ₹18,555 price.
Bear case: the Asset-Based group reads lowest at ₹464.77, and 17 of the 17 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹2,069 (bear) to ₹6,520 (bull), the price of ₹18,555 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 (≈ $17.5B) · P/E ratio 99.6 · P/S ratio 17.0 · EPS (TTM) ₹186.25 · Dividend yield 0.1% · Net margin 17.1% · Return on equity 31.3% · Return on assets (EBIT) 34.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 59% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −53% 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 (₹172.04 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 ₹6,520
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 2026 figures (about 6 months old). Earnings retained since then (₹87.78 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.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.
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%
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% vs 26%, 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%
⚠ Rate on operating basis: 2026 sits 101% above its own trend.
Compare Solar Industries India Limited with another stock
Price, fair value, quality and upside side by side.
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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 · 710 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside−87% · Bottom 25%
Profitability
Return on equity (TTM)31% · Top 25%
Return on assets15% · Top 25%
Net margin (TTM)17% · Top 25%
Operating margin (TTM)26% · Top 25%
Growth and dividend
Revenue growth41% · Top 25%
Dividend yield (TTM)0.1% · Bottom 25%
Balance sheet
Debt / equity0.13× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (TTM)99.6× · Priciest 25%
P/B26.29× · Priciest 25%
P/S (TTM)16.77× · Priciest 25%
EV/EBITDA63.0× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 21
PAST (return on equity)100· sector 23
HEALTH (low debt)93· sector 95
DIVIDEND (yield)1· sector 28
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 Sep 18, 2026, our model estimates a fair value of ₹2,793 versus a price of ₹18,555, about −85% upside (overvalued).
What is the fair value of SOLARINDS?
Our model-based fair value for Solar Industries India Limited is ₹2,793 (as of Sep 18, 2026), built from audited fundamentals. The current price: ₹18,555.
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 Sep 18, 2026) from 17 valuation models. Cautious scenario ₹2,069, optimistic scenario ₹6,520. 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% upside versus a price of ₹18,555 (overvalued). Cautious scenario ₹2,069, optimistic scenario ₹6,520. 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 ₹98.4B (latest available figure, as of Sep 18, 2026).
Does Solar Industries India Limited pay a dividend?
Solar Industries India Limited currently shows a dividend yield of about 0.06% relative to its recent price (as of Sep 18, 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 Sep 18, 2026), against a price of ₹18,555. 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 18, 2026, SOLARINDS trades above its calculated fair value: price ₹18,555, 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 (₹18,555); the fair value is what the company's own numbers justify (₹2,793). For Solar Industries India Limited the two are ₹15,762 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 Sep 18, 2026). Per share that is ₹18,555; 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 ₹6,520 per share (as of Sep 18, 2026, price ₹18,555). 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 99.6 (as of Sep 18, 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. Other multiples: P/B 26.3, P/S 16.8, EV/EBITDA 63.0.
How solid is the balance sheet of Solar Industries India Limited (SOLARINDS)?
Balance-sheet figures for Solar Industries India Limited (as of Sep 18, 2026): return on equity 31.3%, 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 ₹18,555, about 2% below its 52-week high of ₹18,874 and 59% above the low of ₹11,646 (as of Sep 18, 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, 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 18, 2026: price ₹18,555, calculated fair value ₹2,793 (−85%), Quality Score 54/100, 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 SOLARINDS 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 ₹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 16.1 % 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 Sep 18, 2026 was ₹18,555. Our model-based fair value is ₹2,793, about −85% upside (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 (₹6,520). The favourable scenario is already priced in. The model range is unusually wide (₹2,069 to ₹6,520). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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.
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 (≈ $17.5B). 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 17.0 (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 (SOLARINDS)?
Earnings per share at Solar Industries India Limited are ₹186.25 (price ÷ EPS = P/E 99.6). 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 5.9%). 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 17.1% (fiscal year 2026). 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 31.3% (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 26.2% (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 +40.9% 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 +70.0% 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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