Explosives industry

Q1FY271 earlier

5 companies · ₹1.9 L cr · 2 with AI deep dives · Q1FY27 report

Supply disruption drives record margins; managements warn gains are transient, China constrains recovery.

Turning upmargin troughed at 21.3% and has risen for 6 quarters to 26.0%, on positive revenue growth
Revenue YoY
+62.0%
EBITDA margin
26.0%
+300bps YoY
Price, 1 year
+52.6%
100% of names up
P/E vs own 5y
+118.5%
65.5x now

Exhibit 1The quarter in numbers

constant panel of 4 companies above ₹500 cr
aggregate revenue (₹ cr)EBITDA margin (right axis)
Revenue
Jun 26
3,958 cr
Mar 26
3,287 cr
QoQ
+20.4%
Jun 25
2,443 cr
YoY
+62.0%
Peak
3,958 cr
vs peak
0.0%
EBITDA margin
Jun 26
26.0%
Mar 26
25.2%
QoQ
+80bps
Jun 25
23.0%
YoY
+300bps
Peak
26.1%
vs peak
-10bps

Breadth: 75% of 4 companies grew revenue year on year (was 75% a quarter earlier) and 50% expanded margin (was 50%).

Exhibit 2What it costs

45.76x - 93.38x across the panel today

The median name trades at 65.5x, +118.5% against this industry's own 5-year median of 29.9x, and -25.9% against its own peak of 88.3x.

Exhibit 3Structure

₹1.9 L cr

Solar Industries India Ltd is 96% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.

large 1small 3micro 15 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 65.45x, 5y ROCE above its median of 15.28%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

See plans →

Exhibit 5Coverage (5 of 5)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Solar Industries India Ltd
Mcap
₹2.0 L cr
P/E
101.7x
EV/EBITDA
73.9x
ROCE
29.5%
Margin
28.0%
Rev YoY
+70.3%
Unlock
Premier Explosives Ltd
Mcap
₹3,586 cr
P/E
107.1x
EV/EBITDA
47.9x
ROCE
15.0%
Margin
15.6%
Rev YoY
-27.8%
Unlock
GOCL Corporation Ltd
Mcap
₹2,197 cr
P/E
6.3x
EV/EBITDA
5.5x
ROCE
11.2%
Margin
90.8%
Rev YoY
+26.5%
Unlock
Keltech Energies Ltd
Mcap
₹1,180 cr
P/E
42.2x
EV/EBITDA
24.7x
ROCE
21.1%
Margin
9.0%
Rev YoY
+28.2%
Unlock
Beezaasan Explotech Ltd
Mcap
₹850 cr
P/E
62.8x
EV/EBITDA
39.7x
ROCE
11.1%
Margin
10.5%
Rev YoY
-2.2%
Unlock

Exhibit 6What managements said

from Chemicals & Petrochemicals earnings calls · as of 2026-06-30
mixedMiddle East/West Asia conflict: the dominant operating variable across the sector14 managements

Fourteen managements cited the West Asia conflict as a material driver this quarter. The disruption operates through three simultaneous channels: feedstock availability (Gulf…

  • SPLPETRO (Q1FY27): “It is not one plant, one source but it is a full region from where the material is not…”
headwind10 managementsmixed4 managementsheadwind5 managementstailwind5 managementsmixed4 managementsheadwind7 managementsmixed2 managements
7 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

Create a free account →

AppendixThe other 0 companies

1-0
sort: mcap · composite · name