SOLAR INDUSTRIES (I) Ltd (SOLARINDS) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-0.28%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 6.4%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 32.6%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹18,307.02

200-Day DMA ● Overlay

₹16,979.05

14-Day RSI ● Overlay

51 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹1.76 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

88.2x

Price / EPS

Book Value (₹) Assets

₹694.0

P/B: 28.0x

ROE (%) Quality

32.6%

Net Profit / Equity

ROCE (%) Efficiency

38.1%

EBIT / Capital

Dividend Yield Yield

0.06%

Face Value: ₹10

Debt / Equity Solvency

0.24x

Manageable

EPS (TTM) Per Share

₹219.95

Trailing 12M

OPM (%) Spread

27.0%

EBITDA Margin

Free Cash Flow Cash

-₹1,072 Cr

CFO - Capex

About SOLAR INDUSTRIES (I) Ltd

SOLAR INDUSTRIES (I) Ltd (SOLARINDS) is an Indian publicly traded enterprise listed on the National Stock Exchange (NSE).

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 19.4% × Turnover: 0.85x × Leverage: 1.24x = ROE: 32.6%

✓ Company Strengths (Pros)

• Company has maintained a healthy low debt-to-equity ratio of 0.24.
• Company has a stellar track record of return on equity (ROE of 32.6%).

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 28.0x its book value.
• Commanding an elevated valuation multiple with P/E at 88.2x.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹11,351 Cr

Latest PAT

₹2,050 Cr

EPS (TTM)

₹219.95

OPM %

27.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹1,682 Cr	₹1,347 Cr	₹1,429 Cr	₹1,611 Cr	₹1,685 Cr	₹1,716 Cr	₹1,973 Cr	₹2,167 Cr	₹2,154 Cr	₹2,082 Cr	₹2,548 Cr	₹3,053 Cr	₹3,668 Cr
Operating Profit (EBITDA)	₹323.00 Cr	₹335.00 Cr	₹355.00 Cr	₹354.00 Cr	₹449.00 Cr	₹445.00 Cr	₹527.00 Cr	₹537.00 Cr	₹535.00 Cr	₹552.00 Cr	₹708.00 Cr	₹826.00 Cr	₹1,015 Cr
OPM %	19.0%	25.0%	25.0%	22.0%	27.0%	26.0%	27.0%	25.0%	25.0%	26.0%	28.0%	27.0%	28.0%
Interest Expense	₹25.00 Cr	₹25.00 Cr	₹28.00 Cr	₹32.00 Cr	₹27.00 Cr	₹30.00 Cr	₹31.00 Cr	₹29.00 Cr	₹27.00 Cr	₹31.00 Cr	₹34.00 Cr	₹41.00 Cr	₹41.00 Cr
Depreciation	₹34.00 Cr	₹34.00 Cr	₹39.00 Cr	₹37.00 Cr	₹40.00 Cr	₹44.00 Cr	₹47.00 Cr	₹50.00 Cr	₹56.00 Cr	₹61.00 Cr	₹63.00 Cr	₹71.00 Cr	₹80.00 Cr
Profit before Tax (PBT)	₹272.00 Cr	₹285.00 Cr	₹299.00 Cr	₹305.00 Cr	₹408.00 Cr	₹407.00 Cr	₹459.00 Cr	₹464.00 Cr	₹481.00 Cr	₹490.00 Cr	₹636.00 Cr	₹759.00 Cr	₹911.00 Cr
Net Profit (PAT)	₹202.00 Cr	₹209.00 Cr	₹222.00 Cr	₹243.00 Cr	₹301.00 Cr	₹304.00 Cr	₹338.00 Cr	₹346.00 Cr	₹353.00 Cr	₹361.00 Cr	₹467.00 Cr	₹556.00 Cr	₹666.00 Cr
EPS in ₹	₹21.82	₹22.12	₹22.47	₹25.98	₹31.66	₹31.59	₹34.80	₹35.61	₹37.43	₹38.12	₹49.31	₹60.52	₹72.11

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹1,276 Cr	₹1,449 Cr	₹1,580 Cr	₹1,916 Cr	₹2,462 Cr	₹2,237 Cr	₹2,516 Cr	₹3,948 Cr	₹6,918 Cr	₹6,070 Cr	₹7,540 Cr	₹9,838 Cr	₹11,351 Cr
Expenses	₹1,022 Cr	₹1,144 Cr	₹1,256 Cr	₹1,505 Cr	₹1,960 Cr	₹1,803 Cr	₹2,001 Cr	₹3,199 Cr	₹5,582 Cr	₹4,588 Cr	₹5,514 Cr	₹7,120 Cr	₹8,250 Cr
Operating Profit	₹254.00 Cr	₹304.00 Cr	₹324.00 Cr	₹412.00 Cr	₹502.00 Cr	₹434.00 Cr	₹515.00 Cr	₹748.00 Cr	₹1,336 Cr	₹1,482 Cr	₹2,026 Cr	₹2,717 Cr	₹3,101 Cr
OPM %	20%	21%	20%	21%	20%	19%	20%	19%	19%	24%	27%	28%	27%
Interest	₹18.00 Cr	₹20.00 Cr	₹27.00 Cr	₹33.00 Cr	₹50.00 Cr	₹55.00 Cr	₹45.00 Cr	₹50.00 Cr	₹90.00 Cr	₹109.00 Cr	₹116.00 Cr	₹134.00 Cr	₹148.00 Cr
Depreciation	₹31.00 Cr	₹33.00 Cr	₹39.00 Cr	₹51.00 Cr	₹59.00 Cr	₹85.00 Cr	₹94.00 Cr	₹109.00 Cr	₹128.00 Cr	₹143.00 Cr	₹182.00 Cr	₹251.00 Cr	₹275.00 Cr
Profit before Tax	₹203.00 Cr	₹264.00 Cr	₹271.00 Cr	₹340.00 Cr	₹402.00 Cr	₹336.00 Cr	₹397.00 Cr	₹607.00 Cr	₹1,102 Cr	₹1,161 Cr	₹1,739 Cr	₹2,365 Cr	₹2,796 Cr
Net Profit	₹156.00 Cr	₹178.00 Cr	₹195.00 Cr	₹234.00 Cr	₹277.00 Cr	₹279.00 Cr	₹288.00 Cr	₹455.00 Cr	₹811.00 Cr	₹875.00 Cr	₹1,288 Cr	₹1,737 Cr	₹2,050 Cr
EPS in Rs	16.29	18.08	20.61	24.37	28.91	29.55	30.54	48.77	83.68	92.38	133.65	185.38	220.06

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹18.00 Cr	₹18.00 Cr	₹18.00 Cr	₹18.00 Cr	₹18.00 Cr	₹18.00 Cr	₹18.00 Cr	₹18.00 Cr	₹18.00 Cr	₹18.00 Cr	₹18.00 Cr	₹18.00 Cr
Reserves & Surplus	₹758.00 Cr	₹787.00 Cr	₹910.00 Cr	₹1,066 Cr	₹1,220 Cr	₹1,362 Cr	₹1,561 Cr	₹1,896 Cr	₹2,592 Cr	₹3,288 Cr	₹4,395 Cr	₹6,259 Cr
Borrowings (Debt)	₹371.00 Cr	₹398.00 Cr	₹501.00 Cr	₹518.00 Cr	₹603.00 Cr	₹708.00 Cr	₹808.00 Cr	₹888.00 Cr	₹1,195 Cr	₹1,138 Cr	₹975.00 Cr	₹1,524 Cr
Total Liabilities	₹1,389 Cr	₹1,512 Cr	₹1,722 Cr	₹1,988 Cr	₹2,253 Cr	₹2,481 Cr	₹2,959 Cr	₹3,629 Cr	₹4,909 Cr	₹5,577 Cr	₹8,142 Cr	₹10,733 Cr
Fixed Assets	₹585.00 Cr	₹703.00 Cr	₹777.00 Cr	₹923.00 Cr	₹1,043 Cr	₹1,209 Cr	₹1,288 Cr	₹1,493 Cr	₹1,702 Cr	₹2,028 Cr	₹2,729 Cr	₹4,006 Cr
Total Assets	₹1,389 Cr	₹1,512 Cr	₹1,722 Cr	₹1,988 Cr	₹2,253 Cr	₹2,481 Cr	₹2,959 Cr	₹3,629 Cr	₹4,909 Cr	₹5,577 Cr	₹8,142 Cr	₹10,733 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹230.00 Cr	₹243.00 Cr	₹118.00 Cr	₹254.00 Cr	₹314.00 Cr	₹325.00 Cr	₹357.00 Cr	₹298.00 Cr	₹656.00 Cr	₹1,406 Cr	₹2,468 Cr	₹621.00 Cr
Cash from Investing (CFI)	-₹149.00 Cr	-₹141.00 Cr	-₹170.00 Cr	-₹174.00 Cr	-₹254.00 Cr	-₹260.00 Cr	-₹253.00 Cr	-₹338.00 Cr	-₹614.00 Cr	-₹1,022 Cr	-₹1,660 Cr	-₹951.00 Cr
Cash from Financing (CFF)	-₹177.00 Cr	-₹92.00 Cr	₹53.00 Cr	-₹53.00 Cr	-₹52.00 Cr	-₹34.00 Cr	-₹26.00 Cr	-₹45.00 Cr	₹118.00 Cr	-₹370.00 Cr	-₹476.00 Cr	₹209.00 Cr
Free Cash Flow (FCF)	₹118.00 Cr	₹103.00 Cr	-₹56.00 Cr	₹31.00 Cr	₹64.00 Cr	₹87.00 Cr	₹96.00 Cr	₹17.00 Cr	₹183.00 Cr	₹858.00 Cr	₹1,466 Cr	-₹1,072 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	55	68	74	69	59	60	66	50	44	51	60	69
Inventory Days	83	67	73	80	74	99	119	113	92	97	95	130
Cash Conversion Cycle (Days)	106	90	111	100	90	113	108	90	95	111	110	152
ROCE %	19%	23%	22%	24%	26%	19%	19%	25%	36%	32%	38%	38%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹3,359.24 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹18,971.00

DCF Fair Value

₹3,359.24

Graham Number

₹1,853.25

Margin of Safety

-85.9%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹3,359.24

Premium / Overvalued (Margin: -85.9%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹3,269	₹3,239	₹3,210	₹3,181
10%	₹3,330	₹3,299	₹3,270	₹3,240
12%	₹3,390	₹3,359	₹3,329	₹3,299
14%	₹3,451	₹3,419	₹3,388	₹3,358

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹3,359	Fairly Valued
Benjamin Graham Number	₹1,853	Market Priced
Historical Sector P/E	₹4,839	Premium
EV / EBITDA Multiplier	₹19,920	In-Line
Free Cash Flow Yield Model	₹18,592	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 9/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

9 / 9 Pass

Altman Z-Score

5.81 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.24x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Managing working capital

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 27.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

73.15%

FIIs (Foreign)

6.39%

DIIs (Domestic)

13.36%

Government

0.15%

Public / Retail

7.10%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%
+ FIIs (Foreign Portfolio)	5.89%	5.90%	6.10%	7.56%	7.53%	7.23%	5.82%	6.79%	7.11%	6.74%	6.59%	6.39%
+ DIIs (Mutual Funds / Insurance)	15.24%	15.05%	14.52%	12.74%	12.68%	12.78%	14.10%	13.59%	12.90%	12.91%	12.89%	13.36%
+ Public (Retail & HNIs)	5.71%	5.88%	6.22%	6.54%	6.64%	6.82%	6.92%	6.47%	6.84%	7.20%	7.35%	7.10%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Power & Utilities.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

SOLARINDS Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

SOLARINDS Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

SOLARINDS Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹24,282.88

Accelerated market share capture in Power & Utilities, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹21,247.52

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 88x P/E.

🐻 Bear Case (15%) -12.0%

₹16,694.48

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Power & Utilities)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 19:20 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ SOLAR INDUSTRIES (I) Ltd (SOLARINDS)	Target Stock	₹18,971.00	-0.28%	88.2x	32.6%	38.1%	0.24	₹1.76 Lakh Cr
HITACHI ENERGY INDIA Ltd (POWERINDIA)	Power & Utilities Operations	₹29,100.00	+3.37%	118.0x	21.9%	29.4%	0.02	₹1.41 Lakh Cr
Tata Power Company Ltd (TATAPOWER)	Renewables, EV Charging & Transmission	₹360.00	+0.00%	28.6x	10.2%	10.5%	1.93	₹1.12 Lakh Cr
JSW ENERGY Ltd (JSWENERGY)	Power & Utilities Operations	₹519.50	-0.70%	44.3x	7.5%	8.2%	2.50	₹88,924 Cr
NTPC GREEN ENERGY Ltd (NTPCGREEN)	Power & Utilities Operations	₹83.60	+1.35%	125.0x	2.8%	3.6%	1.67	₹75,896 Cr
NHPC Ltd (NHPC)	Hydroelectric & Renewable Power	₹77.90	-3.10%	19.0x	9.3%	5.8%	1.26	₹72,073 Cr
TORRENT POWER Ltd (TORNTPOWER)	Power & Utilities Operations	₹1,239.80	+0.31%	27.0x	12.5%	13.7%	0.73	₹62,630 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	19:20:47 IST	✓ Live Sync
Financial Statements (10Y)	SOLAR INDUSTRIES (I) Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

SOLAR INDUSTRIES (I) Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About SOLAR INDUSTRIES (I) Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Power & Utilities)

Metric Explainer

Stock DNA Methodology

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