Key Metrics of Solar Industries India
About Solar Industries India
Sectors
Company details
- Website
- solargroup.com
- Registered office
- Solar House 14 Kachimet Amravati Road, Nagpur, In-mh, 440023
- Listed
- NSE: SOLARINDS · ₹18,520.00
Operational Areas of Solar Industries India
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 23 Sep 2026 | ICRA | Other | — | A1+ | — | ₹500 Cr | View |
| 04 Sep 2026 | ICRA | Reaffirmed | — | A1+ | — | ₹500 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Strong market position in commercial explosives and defence products
The Solar Group has been manufacturing explosives for over 25 years with SIIL being the flagship company of the Solar Group.
+ Strong operational profile with healthy backward integration
SIIL has a diversified operational profile with presence across the mining, housing & infrastructure and defence sectors.
+ Healthy financial risk profile
SIIL’s revenue growth has been healthy, with a CAGR of 31% during the FY2021 to FY2026 period.
Credit challenges
− Vulnerability of profits to raw material price and forex fluctuations
The key raw material required by SIIL to manufacture explosives is ammonium nitrate (AN), the prices of which are volatile.
− Exposure to regulatory risks
SIIL operates in an intensely regulated explosive and defence manufacturing industry with high entry barriers both in term of technology and operational prerequisites.
− Environment and social risks Environmental risk
The industry is exposed to the risk of tightening regulatory norms for production, water management, waste and hazardous material management, given the safety and environmental health-related concerns associated with explosives.
Could lead to a downgrade
The rating may be downgraded if there is a sustained material decline in revenues or profitability, or if the company undertakes a materially large debt-funded capex impacting the credit profile of the company. Any adverse regulatory measure(s) that weaken(s) the credit profile could also put pressure on the rating.
Agency-reported financials (ICRA, 04 Sep 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Operating income | ₹7,541 Cr | ₹9,838 Cr | ₹3,668 Cr |
| PAT | ₹1,282 Cr | ₹1,736 Cr | ₹658 Cr |
| OPBDITA/OI | 26.6% | 26.7% | 27.7% |
| PAT/OI | 17.0% | 17.7% | 17.9% |
| Total outside liabilities/tangible net worth (times) | 0.80× | 0.60× | — |
| Total debt/OPBDITA (times) | 0.50× | 0.60× | — |
| Interest coverage (times) | 17.20× | 19.60× | — |
| Revenue growth (YoY) | — | 30.5% | — |
| EBITDA (margin × income) | ₹2,006 Cr | ₹2,627 Cr | ₹1,016 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹1,003 Cr | ₹1,576 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹117 Cr | ₹134 Cr | — |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Commercial paper outstanding | Commercial paper | ₹500 Cr | ₹500 Cr | 0.0% | A1+ | Other | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 34% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 34% chance the next rating action is stable or better
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate The Group’s liquidity position shall remain adequate, going forward, supported by net cash accruals of Rs.1,900 crore, cash and cash equivalent of ~Rs. 584 crore as on March 31, 2026, and a healthy cushion in the working capital facilities.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Solar Industries India
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Graphite India Limited | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bhel.com | — | India | |
| Defence & Shipbuilding PSUs · Public Sector (PSU) & Government | hal-india.co.in | 1940 | Bangalore, Karnataka, India | |
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bel-india.in | — | India | |
| Shyam Metalics And Energy Limited | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
 India Glycols |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | indiaglycols.com | — | Udham Singh Nagar, India |
| CMR Green Technologies Limited | Indian IT Services · IT Services & Software | — | — | Faridabad, Haryana, India |
 Kirloskar Oil Engines Limited |
Oil Refining & Marketing · Oil, Gas & Energy | kirloskaroilengines.com | — | Pune, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Industrial explosives and defence products
Filings
No filings on record yet.