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Premier Explosives Ltd

PREMEXPLN

NSE

₹692.85+0.21%19 Oct 2026

Reports

Industrial Explosives

Premier Explosives Ltd

PREMEXPLN

NSE

₹692.85

+0.21%

19 Oct 2026

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Industrial Explosives

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Premier Explosives began as a mining-supplies company in 1980, but its real story starts in 2003 when it became one of the first private Indian firms to make solid propellants for missiles - a move that turned it into a critical partner for the country’s defence and space programmes. Today it is a manufacturer of high-energy materials - the stuff that powers missiles, separates rocket stages, detonates warheads, and breaks rock in mines - with a recurring approach of qualifying as a sole or first-mover supplier on strategically sensitive products, then riding long government qualification cycles as a moat.

Business segments

Two engines, one order book - a defence-and-space powerhouse that supplies propellants, warheads and countermeasures to India’s missile and rocket programmes, and a commercial explosives business that sells detonators and bulk explosives to mines and construction sites.

1. Defence & Space: the propellant and countermeasures backbone of India’s missile programmes

The company is the sole Indian supplier of solid propellants for several frontline missiles and the only qualified domestic maker of chaff and flare countermeasures - once qualified, these products are rarely re-tendered, creating a multi-decade revenue stream.

Sole-source propellants - PEL provides 100% of the solid propellant requirements for the MRSAM (Army), LRSAM (Navy) and Astra (Air Force) missile programmes, supplying directly to DRDO and Bharat Dynamics. For the Akash surface-to-air missile, it has delivered over 2,500 booster grains and 450 sustainer grains, and for the Agni ballistic missile it supplies pyrogen igniters for every stage.
The only domestic countermeasures maker - PEL is the sole qualified Indian company for chaffs and flares, the decoys that protect aircraft from incoming missiles, and it has backward-integrated many of the components in-house. No other domestic firm is qualified to compete.
From igniters to fully assembled rockets - the product range spans pyrogen igniters, case-bonded propellants, gas generators, and rocket motors from 40 mm to 2,000 mm in diameter, plus warheads, mines, and ammunition including the Nipun Mine. The company has also started exporting fully assembled rocket motors, with a single export order worth about ₹350 crore secured in April 2026.
Runs the government’s own plants - under the GOCO (Government-Owned Company-Operated) model, PEL operates and maintains solid propellant facilities at ISRO’s Sriharikota launch centre and at DRDO’s Advanced Systems Laboratory in Jagdalpur, relationships that have run for 17 years or more.
Space is a customer too - PEL makes the PSOM-XL strap-on motors for ISRO’s PSLV rocket and was the first private enterprise to be qualified for complete insulation lining and propellant processing of those motors for a live launch.

2. Commercial Explosives: detonators and bulk explosives for mines and construction

A competitive, tender-driven business selling to coal and cement companies - lower margin than defence, but it keeps the company’s explosives manufacturing base running at scale.

Safer detonators, invented in-house - PEL was the first company in the world to manufacture NHN-based detonators on a commercial scale, a greener and less shock-sensitive alternative to traditional ASA detonators. It produced about 10 million detonators and over 8,500 tonnes of bulk explosives in FY25.
Sells to India’s biggest miners - domestic customers include Coal India, Singareni Collieries, Neyveli Lignite, and cement manufacturers, with exports to countries such as Israel, Greece, Turkey, Thailand and Indonesia. Contracts with Coal India include price escalation clauses, so raw-material cost swings are partly passed through.
Selective bidding in a crowded field - with more than 40 players in the market, the company bids only when margins are acceptable and has previously walked away from tenders when raw-material prices spiked. The business faces intensive competition and carries lower margins than the defence segment.
Four bulk-explosives plants near the customer - manufacturing sites at Singrauli, Chandrapur, Godavarikhani and Manuguru sit close to mining basins, while detonators and packaged explosives are made at the Peddakandukur unit in Telangana.

Group structure and partners

PEL operates as the parent with a clean structure - one dormant subsidiary, one defunct wire business, and a new joint venture with a defence manufacturer to expand capacity.

A 100% subsidiary, PELNEXT Defence Systems, was incorporated in 2016 as a special-purpose vehicle for defence explosives and incurred a net loss of Rs. 0.91 lakh during 2024-25.
An 80% subsidiary, Premier Wire Products, made galvanised iron wire for detonator manufacturers but closed its factory and dismissed all employees during FY22 after demand collapsed.
In March 2025, PEL formed a joint venture, Global Premier Limited, with Global Munition Limited (a NIBE Group subsidiary), with PEL holding 49% and Global Munition holding 51% and nominating three of five board directors; the JV will manufacture defence and aerospace products.
An earlier joint venture with Bharat Forge’s Kalyani Strategic Systems was struck off in November 2023 after failing to become operational.
PEL has signed strategic MoUs with Hindustan Aeronautics Limited for bomb and missile explosives, and with Astra Microwave Products for joint development and sale of multiple products.

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Mkt Cap

Market Capitalization

₹3,723Cr

Close Price

₹692.55

Industry

Industrial Explosives

Price To Earnings

110.99

Price To Sales

10.68

Revenue

₹349Cr

Rev Gr TTM

Revenue Growth TTM

-26.85%

PAT Gr TTM

PAT Growth TTM

-8.76%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	78	45	87	83	95	166	74	142	76	81	89	103
Growth YoY Revenue Growth YoY%	29.3	19.5	65.9	33.8	20.6	272.4	-14.6	71.5	-20.1	-50.9	20.4	-27.9
Expenses ExpensesCr	57	40	72	67	78	150	65	121	69	70	90	97
Operating Profit Operating ProfitCr	22	5	15	16	17	15	10	21	7	12	0	6
OPM OPM%	27.9	10.9	17.4	18.7	17.6	9.3	12.9	14.7	8.6	14.3	-0.4	5.7
Other Income Other IncomeCr	0	3	1	1	1	0	1	2	22	0	13	2
Interest Expense Interest ExpenseCr	3	2	2	3	3	4	1	1	1	1	1	1
Depreciation DepreciationCr	3	3	3	3	3	3	3	3	3	3	3	3
PBT PBTCr	16	2	11	11	12	9	6	19	25	8	9	4
Tax TaxCr	5	1	4	3	4	0	2	3	7	2	2	1
PAT PATCr	12	2	7	7	8	9	4	15	18	6	7	3
Growth YoY PAT Growth YoY%	348.5	168.8	179.0	-11.3	-27.7	436.6	-44.7	109.5	111.2	-34.0	75.5	-80.0
NPM NPM%	14.9	3.9	7.8	8.8	8.9	5.6	5.1	10.8	23.6	7.5	7.4	3.0
EPS EPS₹	0.4	0.3	1.3	1.4	1.6	1.7	0.7	2.9	3.3	1.1	1.2	0.6

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	78	45	87	83	95	166	74	142	76	81	89	103
Growth YoY Revenue Growth YoY%	29.3	19.5	65.9	33.8	20.6	272.4	-14.6	71.5	-20.1	-50.9	20.4	-27.9
Expenses ExpensesCr	57	40	72	67	78	150	65	121	69	70	90	97
Operating Profit Operating ProfitCr	22	5	15	16	17	15	10	21	7	12	0	6
OPM OPM%	27.9	10.9	17.4	18.7	17.6	9.3	12.9	14.7	8.6	14.3	-0.4	5.7
Other Income Other IncomeCr	0	3	1	1	1	0	1	2	22	0	13	2
Interest Expense Interest ExpenseCr	3	2	2	3	3	4	1	1	1	1	1	1
Depreciation DepreciationCr	3	3	3	3	3	3	3	3	3	3	3	3
PBT PBTCr	16	2	11	11	12	9	6	19	25	8	9	4
Tax TaxCr	5	1	4	3	4	0	2	3	7	2	2	1
PAT PATCr	12	2	7	7	8	9	4	15	18	6	7	3
Growth YoY PAT Growth YoY%	348.5	168.8	179.0	-11.3	-27.7	436.6	-44.7	109.5	111.2	-34.0	75.5	-80.0
NPM NPM%	14.9	3.9	7.8	8.8	8.9	5.6	5.1	10.8	23.6	7.5	7.4	3.0
EPS EPS₹	0.4	0.3	1.3	1.4	1.6	1.7	0.7	2.9	3.3	1.1	1.2	0.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	185	238	275	253	165	154	199	202	272	417	388	349
Growth Revenue Growth%		28.5	15.5	-7.8	-35.0	-6.6	29.6	1.5	34.5	53.6	-7.0	-26.9
Expenses ExpensesCr	167	208	255	230	170	147	178	176	213	359	350	325
Operating Profit Operating ProfitCr	18	30	20	23	-5	6	21	26	58	58	39	24
OPM OPM%	9.5	12.4	7.1	9.2	-3.3	4.1	10.5	12.8	21.5	13.9	9.9	6.8
Other Income Other IncomeCr	-2	1	2	3	1	-8	3	2	4	2	37	37
Interest Expense Interest ExpenseCr	4	4	5	6	6	7	7	9	11	11	3	3
Depreciation DepreciationCr	3	4	4	4	5	6	10	10	12	11	12	12
PBT PBTCr	8	22	13	16	-15	-15	7	9	41	38	60	46
Tax TaxCr	3	7	5	5	-5	-4	2	2	12	9	15	12
PAT PATCr	6	15	8	11	-10	-11	5	7	28	29	46	34
Growth PAT Growth%		170.5	-47.3	40.6	-189.0	-9.3	147.7	33.4	308.0	1.1	59.5	-8.8
NPM NPM%	3.0	6.4	2.9	4.5	-6.1	-7.1	2.6	3.5	10.5	6.9	11.8	9.6
EPS EPS₹	1.3	3.6	1.5	2.1	-1.9	-2.0	1.0	1.3	5.3	5.3	8.5	6.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	185	238	275	253	165	154	199	202	272	417	388	349
Growth Revenue Growth%		28.5	15.5	-7.8	-35.0	-6.6	29.6	1.5	34.5	53.6	-7.0	-26.9
Expenses ExpensesCr	167	208	255	230	170	147	178	176	213	359	350	325
Operating Profit Operating ProfitCr	18	30	20	23	-5	6	21	26	58	58	39	24
OPM OPM%	9.5	12.4	7.1	9.2	-3.3	4.1	10.5	12.8	21.5	13.9	9.9	6.8
Other Income Other IncomeCr	-2	1	2	3	1	-8	3	2	4	2	37	37
Interest Expense Interest ExpenseCr	4	4	5	6	6	7	7	9	11	11	3	3
Depreciation DepreciationCr	3	4	4	4	5	6	10	10	12	11	12	12
PBT PBTCr	8	22	13	16	-15	-15	7	9	41	38	60	46
Tax TaxCr	3	7	5	5	-5	-4	2	2	12	9	15	12
PAT PATCr	6	15	8	11	-10	-11	5	7	28	29	46	34
Growth PAT Growth%		170.5	-47.3	40.6	-189.0	-9.3	147.7	33.4	308.0	1.1	59.5	-8.8
NPM NPM%	3.0	6.4	2.9	4.5	-6.1	-7.1	2.6	3.5	10.5	6.9	11.8	9.6
EPS EPS₹	1.3	3.6	1.5	2.1	-1.9	-2.0	1.0	1.3	5.3	5.3	8.5	6.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	11	11	11	11	11	11	11	11	11
Reserves ReservesCr	57	116	187	199	186	174	179	184	209	235	278
Current Liabilities Current LiabilitiesCr	57	69	84	63	92	88	114	142	184	249	157
Non Current Liabilities Non Current LiabilitiesCr	7	25	25	24	17	21	17	18	36	32	36
Total Liabilities Total LiabilitiesCr	130	220	309	299	307	294	322	356	442	528	483
Current Assets Current AssetsCr	77	105	181	136	119	101	127	159	235	319	258
Non Current Assets Non Current AssetsCr	52	114	128	163	188	193	195	197	207	209	225
Total Assets Total AssetsCr	130	220	309	299	307	294	322	356	442	528	483

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	11	11	11	11	11	11	11	11	11
Reserves ReservesCr	57	116	187	199	186	174	179	184	209	235	278
Current Liabilities Current LiabilitiesCr	57	69	84	63	92	88	114	142	184	249	157
Non Current Liabilities Non Current LiabilitiesCr	7	25	25	24	17	21	17	18	36	32	36
Total Liabilities Total LiabilitiesCr	130	220	309	299	307	294	322	356	442	528	483
Current Assets Current AssetsCr	77	105	181	136	119	101	127	159	235	319	258
Non Current Assets Non Current AssetsCr	52	114	128	163	188	193	195	197	207	209	225
Total Assets Total AssetsCr	130	220	309	299	307	294	322	356	442	528	483

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	10	-7	-24	50	-6	10	-2	21	79	118	-1
Investing Cash Flow Investing Cash FlowCr	-4	-9	-46	-26	-14	-4	-11	-16	-25	-11	-27
Financing Cash Flow Financing Cash FlowCr	-3	14	71	-24	20	-7	13	-6	-34	-34	-14
Net Cash Flow Net Cash FlowCr	3	-3	1	0	-1	-1	0	0	20	73	-42
Free Cash Flow Free Cash FlowCr	11	-15	-39	12	-36	-3	-15	7	56	105	-29
CFO To PAT CFO To PAT%	181.7	-44.4	-298.3	445.7	63.9	-90.8	-41.3	303.2	277.8	412.3	-2.8
CFO To EBITDA CFO To EBITDA%	58.2	-22.8	-121.9	216.1	117.3	157.4	-10.3	81.5	135.0	204.4	-3.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	10	-7	-24	50	-6	10	-2	21	79	118	-1
Investing Cash Flow Investing Cash FlowCr	-4	-9	-46	-26	-14	-4	-11	-16	-25	-11	-27
Financing Cash Flow Financing Cash FlowCr	-3	14	71	-24	20	-7	13	-6	-34	-34	-14
Net Cash Flow Net Cash FlowCr	3	-3	1	0	-1	-1	0	0	20	73	-42
Free Cash Flow Free Cash FlowCr	11	-15	-39	12	-36	-3	-15	7	56	105	-29
CFO To PAT CFO To PAT%	181.7	-44.4	-298.3	445.7	63.9	-90.8	-41.3	303.2	277.8	412.3	-2.8
CFO To EBITDA CFO To EBITDA%	58.2	-22.8	-121.9	216.1	117.3	157.4	-10.3	81.5	135.0	204.4	-3.3

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	337	310	356	263	67	169	334	434	1,632	1,810	2,049	3,723
Price To Earnings Price To Earnings	63.7	19.7	43.7	23.2			62.9	62.8	57.6	12.6	8.9	111.0
Price To Sales Price To Sales	1.8	1.3	1.3	1.0	0.4	1.1	1.7	2.1	6.0	4.3	5.3	10.7
Price To Book Price To Book	5.2	2.5	1.8	1.3	0.3	0.9	1.8	2.2	7.4	1.5	1.4	12.9
EV To EBITDA EV To EBITDA	20.1	11.6	18.4	11.1	-19.5	34.9	19.4	19.7	28.5	30.2	52.3	156.1
Profitability Ratios Profitability Ratios
GPM GPM%	41.3	40.1	33.6	35.5	40.3	46.6	44.8	49.3	52.9	37.6	37.3	37.3
OPM OPM%	9.5	12.4	7.1	9.2	-3.3	4.1	10.5	12.8	21.5	13.9	9.9	6.8
NPM NPM%	3.0	6.4	2.9	4.5	-6.1	-7.1	2.6	3.5	10.5	6.9	11.8	9.6
ROCE ROCE%	13.7	16.4	7.4	9.1	-3.7	-3.3	5.3	6.6	18.1	17.0	19.9	19.9
ROE ROE%	8.6	12.2	4.1	5.4	-5.1	-5.9	2.8	3.6	12.9	11.7	15.8	15.8
ROA ROA%	4.3	6.9	2.6	3.8	-3.3	-3.7	1.6	2.0	6.4	5.4	9.5	9.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	337	310	356	263	67	169	334	434	1,632	1,810	2,049	3,723
Price To Earnings Price To Earnings	63.7	19.7	43.7	23.2			62.9	62.8	57.6	12.6	8.9	111.0
Price To Sales Price To Sales	1.8	1.3	1.3	1.0	0.4	1.1	1.7	2.1	6.0	4.3	5.3	10.7
Price To Book Price To Book	5.2	2.5	1.8	1.3	0.3	0.9	1.8	2.2	7.4	1.5	1.4	12.9
EV To EBITDA EV To EBITDA	20.1	11.6	18.4	11.1	-19.5	34.9	19.4	19.7	28.5	30.2	52.3	156.1
Profitability Ratios Profitability Ratios
GPM GPM%	41.3	40.1	33.6	35.5	40.3	46.6	44.8	49.3	52.9	37.6	37.3	37.3
OPM OPM%	9.5	12.4	7.1	9.2	-3.3	4.1	10.5	12.8	21.5	13.9	9.9	6.8
NPM NPM%	3.0	6.4	2.9	4.5	-6.1	-7.1	2.6	3.5	10.5	6.9	11.8	9.6
ROCE ROCE%	13.7	16.4	7.4	9.1	-3.7	-3.3	5.3	6.6	18.1	17.0	19.9	19.9
ROE ROE%	8.6	12.2	4.1	5.4	-5.1	-5.9	2.8	3.6	12.9	11.7	15.8	15.8
ROA ROA%	4.3	6.9	2.6	3.8	-3.3	-3.7	1.6	2.0	6.4	5.4	9.5	9.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SOLARINDS	PREMEXPLN	KELENRG	BEEZAASAN	IGLFXPL-B
Market CapitalizationMkt CapCr	1,79,197	3,723	1,284	1,114	3
Close PriceClose₹	19,803.00	692.55	12,840.00	735.05	3.27
IndustryIndustry	Industrial Explosives	Industrial Explosives	Industrial Explosives	Industrial Explosives	Industrial Explosives
Price To EarningsPE	89.99	110.99	45.00	71.92
Price To SalesPS	15.79	10.68	2.25	5.26	0.02
RevenueRevenueCr	11,351	349	572	212	195
Revenue Growth TTMRev Gr TTM%	41.7%	-26.9%	13.6%	-1.6%	-23.2%
PAT Growth TTMPAT Gr TTM%	53.0%	-8.8%	8.1%	-3.4%	-189.3%

	SOLARINDS	PREMEXPLN	KELENRG	BEEZAASAN	IGLFXPL-B
Market CapitalizationMkt CapCr	1,79,197	3,723	1,284	1,114	3
Close PriceClose₹	19,803.00	692.55	12,840.00	735.05	3.27
IndustryIndustry	Industrial Explosives	Industrial Explosives	Industrial Explosives	Industrial Explosives	Industrial Explosives
Price To EarningsPE	89.99	110.99	45.00	71.92
Price To SalesPS	15.79	10.68	2.25	5.26	0.02
RevenueRevenueCr	11,351	349	572	212	195
Revenue Growth TTMRev Gr TTM%	41.7%	-26.9%	13.6%	-1.6%	-23.2%
PAT Growth TTMPAT Gr TTM%	53.0%	-8.8%	8.1%	-3.4%	-189.3%

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Jun 26