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Explosives & defence Historical case study · data as of 08 Jul 2026 · published 11 Oct 2026 (95 days later)

Solar Industries — 100-point case study

How Solar Industries looked on 50 technical and 50 fundamental measures on 08 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: SOLARINDS · BSE: 532725
Close on 08 Jul 2026	₹17,971.00
Market cap then	₹1,62,620 crore
Valuation	P/E 93.6× · P/B 25.91×
Momentum	RSI (14) 51 · 1-year return +8.8%
Next 3 months	+11.3% vs Nifty 50 -5.7% (to 09 Oct 2026)

Scorecard

Technical — 50 points

20 bullish · 23 neutral · 1 caution · 5 bearish — the picture leaned positive.

Fundamental — 50 points

14 bullish · 28 neutral · 4 caution · 3 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Yahoo Finance closing prices for 11–13 Aug 2026 differ slightly from other public sources; they were left as published by Yahoo.

Technical analysis — 50 points

Calculated by code from daily prices up to 08 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.39%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.39% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +35.1%	Bullish	The 100-session trend line was up (+0.41%/day) and the stock was +35.1% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +8.8%	Neutral	Compared with a year earlier the price was +8.8%. Little net progress over twelve months. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 17,734.70 / 30W 14,885.27	Bullish	On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 18,874.00→18,972.00; lows 16,832.00→17,274.00	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	19.3	Neutral	ADX at 19.3 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 18.9 / –DI 23.8	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	17,922.25 (+0.3%)	Bullish	Close of 17,971.00 was 0.3% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	17,467.60 (+2.9%)	Bullish	Close of 17,971.00 was 2.9% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	14,514.61 (+23.8%)	Bullish	Close of 17,971.00 was 23.8% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 18,246.93 / 21E 18,059.00	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 18 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last golden cross 27 Apr 2026	Bullish	The 50-day average was 20.3% above the 200-day. The most recent signal was a golden cross on 27 Apr 2026. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+9.9% in 20 sessions	Bullish	The 50-day average rose 9.9% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	17,922 / 17,468 / 15,652 / 14,515	Bullish	The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	18,417.77 (-2.4%)	Bearish	Anchored to the start of July, the volume-weighted average price was 18,417.77; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	50.6	Neutral	RSI at 50.6 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bearish divergence	Caution	Comparing the last 20 sessions with the 20 before: bearish divergence: price made a higher high but RSI made a lower high. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 253.51 / signal 284.05	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	33.31 → -30.55	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	253.51	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 62.6 / %D 73.0	Bearish	Slow stochastic at 62.6 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-59.0	Neutral	%R of -59.0 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	13	Neutral	CCI at 13 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-1.4%	Neutral	Price changed -1.4% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.52 (bands 16,790.68–19,053.82)	Neutral	%B of 0.52 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 12.6% (41st pct of 6M)	Neutral	Band width was at the 41st percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹592.51 (3.3% of price)	Neutral	A typical day's range was about ₹592.51, or 3.3% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	30.5% vs 1Y 31.9%	Neutral	Annualised 30-day volatility was 30.5%, close to the one-year level of 31.9%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	16,871.48–19,284.43	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.97	Neutral	A beta of 0.97 means the stock tended to move roughly in line with the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.59× / 5-day 0.78×	Neutral	The final session traded 0.59× its 20-day average volume and the last five sessions averaged 0.78× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.40	Bullish	Average volume on up days was 1.40× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price fell — volume diverged from price. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.04	Neutral	CMF at +0.04 indicated roughly balanced money flow. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	70.7	Bullish	MFI, a volume-weighted RSI, was 70.7. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹271 cr/day	Neutral	About ₹271 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	17,835.00 / 17,274.00 / 16,832.00	Neutral	Nearest support (prior swing lows) sat at 17,835.00, 0.8% below the close, then 17,274.00, 16,832.00. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	18,770.80	Neutral	Nearest resistance (prior swing highs) sat at 18,770.80, 4.5% above the close. How to read: Information only.
40	Monthly pivot points (for next month)	P 18,189.00 \| R1 18,754.00 \| S1 17,406.00	Neutral	Classic pivots from July's high/low/close gave a pivot of 18,189.00; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 17,327 \| 38.2% 16,309 \| 50.0% 15,486 \| 61.8% 14,663	Neutral	Measuring the 6-month rise from 12,000.00 to 18,972.00, the close was nearest the 23.6% retracement at 17,326.61. How to read: Information only.
42	52-week high / low	H 18,972.00 / L 11,646.00	Neutral	The close was 5.3% below the 52-week high and 54.3% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 08 Apr at 13,450.00	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 08 Apr 2026, left an open level at 13,450.00 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	rising channel	Bullish	Rule-based pattern scan: rising channel — successive higher highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 16,832.00–18,972.00	Neutral	The close was inside the prior 20-day range of 16,832.00–18,972.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Inside bar	Neutral	On 08 Jul the candle opened 18,201.00, ranged 17,802.00–18,312.00 and closed 17,971.00: Inside bar — range contraction. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 15,437.00–17,666.00; Tenkan 18,123.00 / Kijun 17,902.00	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -4.1% / 3M +31.1%	Bullish	The stock outperformed the Nifty 50 by 31.1 points over three months and underperformed by 4.1 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +57.3%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 57.3 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	20 bullish · 5 bearish · 23 neutral · 1 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 17,835.00, resistance 18,770.80. This is a description of the chart on 08 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 08 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 08 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	93.6×	Neutral	At ₹17,971.00 the market valued the company at about ₹1,62,620 crore, or 93.6× the ₹1,737 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	25.91×	Neutral	Market cap was 25.91× the Mar 2026 book value (equity + reserves) of ₹6,277 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	16.53×	Neutral	The company was valued at 16.53× its trailing-12-month sales of ₹9,837 crore. How to read: Information only.
4	EV / EBITDA (approx.)	62.6×	Neutral	Enterprise value (market cap + ₹1,524 cr borrowings; cash not netted) was 62.6× trailing operating profit of ₹2,621 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.1%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.1 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	3.24	Bearish	P/E of 93.6 divided by 3-year profit growth of 28.9% a year gives a PEG of 3.24. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹1,62,620 cr	Neutral	At about ₹1.63 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹1,730.88 vs ₹17,971.00	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹1,730.88; the price was 938% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+30.5%	Bullish	Revenue for FY26 was ₹9,838 crore, +30.5% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+40.9%	Bullish	The Jan–Mar 2026 quarter brought ₹3,053 crore of revenue, +40.9% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+34.9%	Bullish	FY26 net profit was ₹1,737 crore, +34.9% on FY25's ₹1,288 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+60.7%	Bullish	Quarterly profit was ₹556 crore versus ₹346 crore a year earlier (+60.7%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	12.5%	Caution	Revenue compounded at 12.5% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	28.9%	Caution	Net profit compounded at 28.9% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	31.4%	Caution	Over five years (FY21–FY26) revenue compounded at 31.4% a year. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+38.7%	Bullish	Reported EPS went from ₹133.65 to ₹185.38 (+38.7%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	28%	Neutral	Operating profit (EBITDA) was 28% of sales in FY26 versus 27% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	25% → 26% → 28% → 27%	Bullish	Quarterly margins moved from 25% to 27% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	17.7%	Neutral	₹17.7 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	32.5%	Bullish	FY26 profit was 32.5% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	38%	Bullish	Return on capital employed (debt + equity) was 38% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	16.18%	Neutral	Net profit was 16.18% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	27%	Neutral	The company paid about 27% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	1%	Neutral	Non-operating 'other income' of ₹33 crore made up 1% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.24	Bullish	Borrowings of ₹1,524 crore were 0.24× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.56×	Bullish	Debt equalled 0.56 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	18.6×	Bullish	Earnings before interest and tax covered interest cost 18.6 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+42.2%	Bullish	Shareholders' equity grew +42.2% from ₹4,413 crore to ₹6,277 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹731 cr (18% of fixed assets)	Neutral	Projects under construction (CWIP) were 18% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	74 days	Neutral	Working capital tied up equalled 74 days of sales (FY25: 37). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	152 days	Neutral	It took 152 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	69 (FY25 60)	Neutral	Customers took 69 days on average to pay, versus 60 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹621 cr	Neutral	The business generated ₹621 crore of operating cash in FY26 versus ₹2,468 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹-1,072 cr	Bearish	After capital spending, free cash flow was ₹-1,072 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.36×	Caution	Operating cash flow was 0.36× reported profit — cash lagged profits; worth watching. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	-0.7%	Neutral	FY26 free cash flow was -0.7% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹1,252 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹1,252 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹1,693 cr	Neutral	Implied capital expenditure was about ₹1,693 crore, 17.2% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	6%	Neutral	The company paid out about 6% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	9% / 7% / 6%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹18 cr → ₹18 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	73.15% (+0.00 pts YoY)	Neutral	Promoters owned 73.15% at Mar 2026 versus 73.15% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	6.59% (+0.77 pts YoY)	Neutral	FIIs held 6.59% at Mar 2026, up from 5.82% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	12.89% (-1.21 pts YoY)	Bearish	Mutual funds, insurers and other DIIs held 12.89%, down from 14.10%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	1.2 lakh (+21.5% YoY)	Neutral	The shareholder count moved from 1.0 lakh to 1.2 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	5/8	Neutral	Passed: positive profit, positive operating cash flow, operating margin improved, ROA improved, no meaningful dilution (<3%). Failed: CFO > net profit, leverage fell, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	4 strength(s) · 2 weakness(es)	Neutral	Strengths: Company is expected to give good quarter; Company has delivered good profit growth of 44.6% CAGR over last 5 years; Company has a good return on equity (ROE) track record: 3 Years ROE 32.2%; Company's median sales growth is 22.8% of last 10 years. Weaknesses: Stock is trading at 28.8 times its book value; Working capital days have increased from 49.9 days to 74.4 days. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	14 bullish · 3 bearish · 28 neutral · 4 caution	Bullish	On the numbers published by 08 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 93.6×, P/B 25.91×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 08 Apr 2026 – 08 Jul 2026 that an investor could have known on the snapshot date.

15 May 2026 Solar Industries Q4 FY26 net profit rises 69.95% to Rs 547.63 crore; board recommends Rs 11 final dividend — For the quarter ended March 2026, sales rose 40.90% YoY to Rs 3,052.75 crore and net profit rose 69.95% to Rs 547.63 crore (Screener consolidated net profit Rs 556 crore). The board on 15 May 2026 recommended a final dividend of Rs 11 per share (550%). source
15 May 2026 Solar Industries raises FY27 revenue target to Rs 14,000 crore — Management guided FY27 revenue of Rs 14,000 crore and defence revenue of Rs 4,500 crore (vs Rs 3,000 crore FY26 target), citing an order book above Rs 21,000 crore and a Rs 2,050 crore capex plan. source
19 May 2026 Solar Industries shares touch all-time high of Rs 18,349 — The stock reached an all-time high of Rs 18,349 on 19 May 2026, having gained about 17.65% over the previous five sessions following the Q4 results. source
29 May 2026 Solar Industries wins Rs 1,076 crore defence export orders — The company disclosed export orders worth Rs 1,076 crore from international entities for defence products, to be executed over three years; it stated these were not related-party transactions. source

What happened next (08 Jul 2026 → 09 Oct 2026)

Price went from ₹17,971.00 to ₹20,000.00 by 09 Oct 2026 (+11.3%) while the Nifty 50 moved -5.7% — outperforming by 17.0 points.
Highest ₹22,700.00 on 15 Sep 2026; lowest ₹17,028.00 on 09 Jul 2026.
S1 17,835.00: broken on a closing basis on 09 Jul 2026.
S2 17,274.00: held on a closing basis.
R1 18,770.80: cleared on a closing basis on 20 Jul 2026.
200-day SMA: price was above it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 13 Aug 2026): revenue ₹3,668 crore (+70.3% YoY), net profit ₹666 crore (+88.7% YoY), operating margin 28% vs 25% a year earlier (Screener consolidated figures).

Later news

13 Jul 2026 Kotak Institutional Equities issues sell call on Solar Industries with Rs 10,300 target — Kotak cited valuation of about 55x estimated FY28 earnings while projecting a 28% PAT CAGR over FY26-FY30; it flagged mining/infrastructure cyclicality, defence procurement lumpiness and execution risks. source
15 Jul 2026 Solar Industries fixes 28 July 2026 record date for Rs 11 dividend; AGM on 11 August — The FY26 annual report set 28 July 2026 as the record date for the Rs 11 final dividend and 11 August 2026 for the 31st AGM; it reported FY26 consolidated revenue of Rs 9,837.74 crore and PAT of Rs 1,737 crore. source
13 Aug 2026 Solar Industries Q1 FY27: revenue up 70% to Rs 3,668 crore, PAT up 89% to Rs 666 crore — Q1 FY27 net revenue was Rs 3,668 crore vs Rs 2,154 crore, EBITDA Rs 1,024 crore vs Rs 564 crore and PAT Rs 666 crore vs Rs 353 crore. The stock hit an intraday record of Rs 20,400; order book stood at Rs 21,350 crore and the FY27 Rs 14,000 crore revenue target was retained. source
15 Sep 2026 Solar Industries agrees to acquire South Africa's Omnia Holdings for Rs 12,951 crore; shares fall about 14% — Agreement signed 14 September 2026 to acquire 100% of JSE-listed Omnia Holdings in cash at ZAR 134.5 per share (about US$1.355 billion), completion expected early-to-mid 2027 subject to approvals. Shares fell 13.6% on 15 September. source
30 Sep 2026 Solar Industries incorporates step-down subsidiary in Botswana — Wholly owned subsidiary Solar Overseas Mauritius incorporated Solar Explochem Proprietary Limited in Botswana on 29 September 2026 for business expansion, with subscription cost of US$325,000; shares rose about 3% on 30 September. source

Educational summary. On 08 Jul 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved +11.3% against -5.7% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Solar Industries today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 11 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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