{"id":346046,"date":"2026-11-13T10:18:19","date_gmt":"2026-11-13T04:48:19","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=346046"},"modified":"2026-11-13T10:18:19","modified_gmt":"2026-11-13T04:48:19","slug":"decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/","title":{"rendered":"3 Decorative Laminates Maker, Utility Vehicles Maker and Explosives and Defence Products Maker Stocks With a Strong Future Roadmap: Stylam Industries, Force Motors and Solar Industries India"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E84;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Stylam Industries, Force Motors and Solar Industries India: ROE of 18.6% to 26.7% and FY22 to FY26 revenue CAGR of 14.2% to 29.2%. Prices as of 12 Nov 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E84;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The three laminate, utility vehicle and explosives stocks to watch are Stylam Industries, Force Motors and Solar Industries India. Their return on equity ranges from 18.6% to 26.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 14.2% to 29.2%. Solar Industries India has the highest return on equity at 26.7%, while Force Motors has the fastest revenue growth at 29.2% a year. Prices are based on the 12 November 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Laminate, utility vehicle and explosives stocks offer a focused view of a sector where demand keeps widening. Stylam Industries, Force Motors and Solar Industries India cover a decorative laminates maker, a utility vehicles maker and an explosives and defence products maker.<\/p>\n<p>This list covers three laminate, utility vehicle and explosives stocks with complete current figures: Stylam Industries, Force Motors and Solar Industries India. Every figure comes from the latest reported financials and the 12 November 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#What_Are_Laminate_Utility_Vehicle_and_Explosives_Stocks\" title=\"What Are Laminate, Utility Vehicle and Explosives Stocks?\">What Are Laminate, Utility Vehicle and Explosives Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#Laminate_Utility_Vehicle_and_Explosives_Stocks_at_a_Glance\" title=\"Laminate, Utility Vehicle and Explosives Stocks at a Glance\">Laminate, Utility Vehicle and Explosives Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#Why_Do_Laminate_Utility_Vehicle_and_Explosives_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Laminate, Utility Vehicle and Explosives Stocks Have a Strong Roadmap in India?\">Why Do Laminate, Utility Vehicle and Explosives Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#Why_Stylam_Industries_Features_Among_These_Laminate_Utility_Vehicle_and_Explosives_Stocks\" title=\"Why Stylam Industries Features Among These Laminate, Utility Vehicle and Explosives Stocks\">Why Stylam Industries Features Among These Laminate, Utility Vehicle and Explosives Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#Why_Force_Motors_Features_Among_These_Laminate_Utility_Vehicle_and_Explosives_Stocks\" title=\"Why Force Motors Features Among These Laminate, Utility Vehicle and Explosives Stocks\">Why Force Motors Features Among These Laminate, Utility Vehicle and Explosives Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#Why_Solar_Industries_India_Features_Among_These_Laminate_Utility_Vehicle_and_Explosives_Stocks\" title=\"Why Solar Industries India Features Among These Laminate, Utility Vehicle and Explosives Stocks\">Why Solar Industries India Features Among These Laminate, Utility Vehicle and Explosives Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#Stylam_Industries_vs_Force_Motors_vs_Solar_Industries_India_on_Key_Financials\" title=\"Stylam Industries vs Force Motors vs Solar Industries India on Key Financials\">Stylam Industries vs Force Motors vs Solar Industries India on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#Key_Risks_to_Check_Before_Investing_in_Laminate_Utility_Vehicle_and_Explosives_Stocks\" title=\"Key Risks to Check Before Investing in Laminate, Utility Vehicle and Explosives Stocks\">Key Risks to Check Before Investing in Laminate, Utility Vehicle and Explosives Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#Final_Thoughts_on_Laminate_Utility_Vehicle_and_Explosives_Stocks\" title=\"Final Thoughts on Laminate, Utility Vehicle and Explosives Stocks\">Final Thoughts on Laminate, Utility Vehicle and Explosives Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#What_are_laminate_utility_vehicle_and_explosives_stocks\" title=\"What are laminate, utility vehicle and explosives stocks?\">What are laminate, utility vehicle and explosives stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#Which_laminate_utility_vehicle_and_explosives_stocks_are_covered_in_this_list\" title=\"Which laminate, utility vehicle and explosives stocks are covered in this list?\">Which laminate, utility vehicle and explosives stocks are covered in this list?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#Why_do_laminate_utility_vehicle_and_explosives_stocks_have_a_strong_future_roadmap_in_India\" title=\"Why do laminate, utility vehicle and explosives stocks have a strong future roadmap in India?\">Why do laminate, utility vehicle and explosives stocks have a strong future roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#How_has_Stylam_Industries_performed_financially\" title=\"How has Stylam Industries performed financially?\">How has Stylam Industries performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#How_has_Force_Motors_performed_financially\" title=\"How has Force Motors performed financially?\">How has Force Motors performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#How_has_Solar_Industries_India_performed_financially\" title=\"How has Solar Industries India performed financially?\">How has Solar Industries India performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#What_risks_should_investors_check_before_buying_laminate_utility_vehicle_and_explosives_stocks\" title=\"What risks should investors check before buying laminate, utility vehicle and explosives stocks?\">What risks should investors check before buying laminate, utility vehicle and explosives stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/decorative-laminates-maker-utility-vehicles-maker-and-explosives-and-defence-products-maker-stocks-roadmap-uplands-list\/#Is_this_list_of_laminate_utility_vehicle_and_explosives_stocks_investment_advice\" title=\"Is this list of laminate, utility vehicle and explosives stocks investment advice?\">Is this list of laminate, utility vehicle and explosives stocks investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Laminate_Utility_Vehicle_and_Explosives_Stocks\"><\/span><strong>What Are Laminate, Utility Vehicle and Explosives Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Laminate, utility vehicle and explosives stocks are listed companies that make decorative laminates and surface products, build utility vehicles, vans and engines, and make explosives for mining and infrastructure and products for defence. Their earnings depend on interior spending, vehicle demand and mining and defence orders.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Laminate_Utility_Vehicle_and_Explosives_Stocks_at_a_Glance\"><\/span><strong>Laminate, Utility Vehicle and Explosives Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE (%)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">D\/E<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/stylamind\/stylam-industries-ltd-share-price-today\">Stylam Industries<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,282.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,599<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">33.0<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">36.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.6<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.04<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/forcemot\/force-motors-ltd-share-price-today\">Force Motors<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19,836<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">23,296<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.6<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">24.1<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.2<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.00<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/solarinds\/solar-industries-india-ltd-share-price-today\">Solar Industries India<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">19,276<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">178,992<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">87.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">48.1<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.7<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.24<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>On valuation, Stylam Industries and Force Motors trade at a P\/E below the industry P\/E, while Solar Industries India trades above it, which reflects the growth the market already expects. Readers comparing laminate, utility vehicle and explosives stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Laminate_Utility_Vehicle_and_Explosives_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Laminate, Utility Vehicle and Explosives Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Laminate, utility vehicle and explosives stocks have a strong roadmap in India because strong demand for home and office interiors, steady demand for utility vehicles and growing mining and defence activity keep widening the market for these companies.<\/p>\n<ul>\n<li><strong>Laminates.<\/strong> New homes and offices need quality surfaces.<\/li>\n<li><strong>Utility vehicles.<\/strong> Fleets and families need versatile vehicles.<\/li>\n<li><strong>Explosives.<\/strong> Mines and projects need controlled blasting.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Stylam_Industries_Features_Among_These_Laminate_Utility_Vehicle_and_Explosives_Stocks\"><\/span><strong>Why Stylam Industries Features Among These Laminate, Utility Vehicle and Explosives Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the laminate, utility vehicle and explosives stocks on this list, Stylam Industries makes decorative laminates and compact laminates used in furniture, interiors and construction, and exports to many countries.<\/p>\n<p>The company has a return on equity of 18.6%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 5,599 crore. The stock trades at a P\/E of 33.0, below the industry P\/E of 36.3.<\/p>\n<p>Revenue rose from Rs 667 crore in FY22 to Rs 1,136 crore in FY26, a compound annual growth rate of 14.2%. Net profit grew from Rs 61.1 crore in FY22 to Rs 150 crore in FY26, which works out to a compound annual growth rate of 25.1%. In the June 2026 quarter, revenue grew 15.5% year on year to Rs 328 crore, while net profit rose 70.4% to Rs 48.2 crore.<\/p>\n<p><strong>Roadmap:<\/strong> The company is among the largest laminate makers in India and is adding capacity and products for both domestic and export markets. Strong export sales and a growing interior market support its growth plans.<\/p>\n<p><strong>What to watch:<\/strong> Monitor export growth and the ramp-up of new capacity.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Force_Motors_Features_Among_These_Laminate_Utility_Vehicle_and_Explosives_Stocks\"><\/span><strong>Why Force Motors Features Among These Laminate, Utility Vehicle and Explosives Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the surface decor, van maker and mining blast shares on this list, Force Motors, based in Pune, makes light commercial vehicles such as the Traveller and Gurkha, and supplies engines and axles to global carmakers.<\/p>\n<p>Revenue rose from Rs 3,292 crore in FY22 to Rs 9,168 crore in FY26, a compound annual growth rate of 29.2%. Net profit grew from Rs 801 crore in FY25 to Rs 1,212 crore in FY26, a rise of 51.3%.<\/p>\n<p>In the June 2026 quarter, revenue grew 6.7% year on year to Rs 2,478 crore, while net profit rose 22.8% to Rs 217 crore. The company has a return on equity of 25.2%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 23,296 crore. The stock trades at a P\/E of 18.6, below the industry P\/E of 24.1.<\/p>\n<p><strong>Roadmap:<\/strong> Its traveller and ambulance range, defence vehicle supply and contract manufacturing for international partners give it several growth routes. It has no debt on its books, which leaves room for investment in new models.<\/p>\n<p><strong>What to watch:<\/strong> Track order flow from state transport and defence customers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Solar_Industries_India_Features_Among_These_Laminate_Utility_Vehicle_and_Explosives_Stocks\"><\/span><strong>Why Solar Industries India Features Among These Laminate, Utility Vehicle and Explosives Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies on this list, Solar Industries India is the country&#8217;s largest maker of commercial explosives and also produces defence products such as ammunition, rockets, propellants and warheads for domestic and export customers.<\/p>\n<p>Revenue rose from Rs 3,967 crore in FY22 to Rs 9,966 crore in FY26, a compound annual growth rate of 25.9%. Net profit grew from Rs 455 crore in FY22 to Rs 1,737 crore in FY26, which works out to a compound annual growth rate of 39.7%.<\/p>\n<p>The company has a return on equity of 26.7%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 178,992 crore. The stock trades at a P\/E of 87.3, above the industry P\/E of 48.1.<\/p>\n<p><strong>Roadmap:<\/strong> The company serves mining and infrastructure customers with bulk and packaged explosives and has grown its defence business with large export orders. Capacity additions in defence manufacturing and a global presence widen its reach.<\/p>\n<p><strong>What to watch:<\/strong> Monitor the defence order book and the pace of new capacity in ammunition and rocket systems.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stylam_Industries_vs_Force_Motors_vs_Solar_Industries_India_on_Key_Financials\"><\/span><strong>Stylam Industries vs Force Motors vs Solar Industries India on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three laminate, utility vehicle and explosives stocks side by side on revenue, profit and margin, using reported figures.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY22 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Revenue CAGR (FY22-FY26)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Profit (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Stylam Industries<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">667<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,136<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">150<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">13.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Force Motors<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,292<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9,168<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">29.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,212<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">13.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Solar Industries India<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,967<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9,966<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.9%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,737<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">17.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Solar Industries India posts the highest return on equity in this group at 26.7%. Solar Industries India has the largest FY26 revenue at Rs 9,966 crore, and Force Motors shows the fastest revenue growth with a 29.2% compound annual rate. A useful habit with laminate, utility vehicle and explosives stocks is to check each new quarterly result against the capacity plans the company described earlier.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Check_Before_Investing_in_Laminate_Utility_Vehicle_and_Explosives_Stocks\"><\/span><strong>Key Risks to Check Before Investing in Laminate, Utility Vehicle and Explosives Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Every theme carries risks that deserve a check before any decision. For these laminate, utility vehicle and explosives stocks, the main points are: Long-term surface decor, van maker and mining blast shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.<\/p>\n<ul>\n<li><strong>Housing cycles.<\/strong> Real estate and building demand can vary with rates and sentiment.<\/li>\n<li><strong>Production cycles.<\/strong> Vehicle output can vary with demand.<\/li>\n<li><strong>Order timing.<\/strong> Defence and space orders can shift between periods.<\/li>\n<\/ul>\n<p>Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Use the Univest Stock Screener<\/a><\/strong> to filter laminate, utility vehicle and explosives stocks by market capitalisation, P\/E, ROE and growth, and build your own shortlist.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thoughts_on_Laminate_Utility_Vehicle_and_Explosives_Stocks\"><\/span><strong>Final Thoughts on Laminate, Utility Vehicle and Explosives Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Laminate, utility vehicle and explosives stocks reward patient research into demand, execution and financial strength. Stylam Industries, Force Motors and Solar Industries India each have a clear plan to grow. Based on the 12 November 2026 close, Stylam Industries trades at Rs 3,282.7, Force Motors at Rs 19,836 and Solar Industries India at Rs 19,276. Valuation matters as much as growth, so compare each company&#8217;s P\/E with its industry P\/E before adding any of these laminate, utility vehicle and explosives stocks to a watchlist.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track laminate, utility vehicle and explosives stocks, set price alerts and get research-backed stock ideas.<\/em><\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"What_are_laminate_utility_vehicle_and_explosives_stocks\"><\/span><strong>What are laminate, utility vehicle and explosives stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Laminate, utility vehicle and explosives stocks are listed companies that make decorative laminates and surface products, build utility vehicles, vans and engines, and make explosives for mining and infrastructure and products for defence. Their earnings depend on interior spending, vehicle demand and mining and defence orders. This list looks at three of them, Stylam Industries, Force Motors and Solar Industries India, using reported FY22 to FY26 financials and the 12 November 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_laminate_utility_vehicle_and_explosives_stocks_are_covered_in_this_list\"><\/span><strong>Which laminate, utility vehicle and explosives stocks are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> This list covers Stylam Industries, Force Motors and Solar Industries India. Based on the 12 November 2026 close, Stylam Industries traded at Rs 3,282.7, Force Motors at Rs 19,836 and Solar Industries India at Rs 19,276. Their return on equity ranges from 18.6% to 26.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 14.2% to 29.2%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_laminate_utility_vehicle_and_explosives_stocks_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do laminate, utility vehicle and explosives stocks have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Laminate, utility vehicle and explosives stocks have a strong roadmap in India because strong demand for home and office interiors, steady demand for utility vehicles and growing mining and defence activity keep widening the market for these companies. The main drivers are as follows. Laminates. New homes and offices need quality surfaces. Utility vehicles. Fleets and families need versatile vehicles. Explosives. Mines and projects need controlled blasting. Together these factors give the companies on this list a visible path for growth over the coming years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Stylam_Industries_performed_financially\"><\/span><strong>How has Stylam Industries performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 667 crore in FY22 to Rs 1,136 crore in FY26, a compound annual growth rate of 14.2%. Net profit grew from Rs 61.1 crore in FY22 to Rs 150 crore in FY26, which works out to a compound annual growth rate of 25.1%. In the June 2026 quarter, revenue grew 15.5% year on year to Rs 328 crore, while net profit rose 70.4% to Rs 48.2 crore. The company has a return on equity of 18.6%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 5,599 crore. The stock trades at a P\/E of 33.0, below the industry P\/E of 36.3. Looking ahead, the company is among the largest laminate makers in India and is adding capacity and products for both domestic and export markets. Strong export sales and a growing interior market support its growth plans.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Force_Motors_performed_financially\"><\/span><strong>How has Force Motors performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 3,292 crore in FY22 to Rs 9,168 crore in FY26, a compound annual growth rate of 29.2%. Net profit grew from Rs 801 crore in FY25 to Rs 1,212 crore in FY26, a rise of 51.3%. In the June 2026 quarter, revenue grew 6.7% year on year to Rs 2,478 crore, while net profit rose 22.8% to Rs 217 crore. The company has a return on equity of 25.2%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 23,296 crore. The stock trades at a P\/E of 18.6, below the industry P\/E of 24.1. Looking ahead, its traveller and ambulance range, defence vehicle supply and contract manufacturing for international partners give it several growth routes. It has no debt on its books, which leaves room for investment in new models.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Solar_Industries_India_performed_financially\"><\/span><strong>How has Solar Industries India performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 3,967 crore in FY22 to Rs 9,966 crore in FY26, a compound annual growth rate of 25.9%. Net profit grew from Rs 455 crore in FY22 to Rs 1,737 crore in FY26, which works out to a compound annual growth rate of 39.7%. The company has a return on equity of 26.7%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 178,992 crore. The stock trades at a P\/E of 87.3, above the industry P\/E of 48.1. Looking ahead, the company serves mining and infrastructure customers with bulk and packaged explosives and has grown its defence business with large export orders. Capacity additions in defence manufacturing and a global presence widen its reach.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_should_investors_check_before_buying_laminate_utility_vehicle_and_explosives_stocks\"><\/span><strong>What risks should investors check before buying laminate, utility vehicle and explosives stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Investors should check a few risks before buying laminate, utility vehicle and explosives stocks. Housing cycles. Real estate and building demand can vary with rates and sentiment. Production cycles. Vehicle output can vary with demand. Order timing. Defence and space orders can shift between periods. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_list_of_laminate_utility_vehicle_and_explosives_stocks_investment_advice\"><\/span><strong>Is this list of laminate, utility vehicle and explosives stocks investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. This article is educational and uses publicly available data as of the 12 November 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What are laminate, utility vehicle and explosives stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Laminate, utility vehicle and explosives stocks are listed companies that make decorative laminates and surface products, build utility vehicles, vans and engines, and make explosives for mining and infrastructure and products for defence. Their earnings depend on interior spending, vehicle demand and mining and defence orders. 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Their return on equity ranges from 18.6% to 26.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 14.2% to 29.2%.\"}},{\"@type\":\"Question\",\"name\":\"Why do laminate, utility vehicle and explosives stocks have a strong future roadmap in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Laminate, utility vehicle and explosives stocks have a strong roadmap in India because strong demand for home and office interiors, steady demand for utility vehicles and growing mining and defence activity keep widening the market for these companies. The main drivers are as follows. Laminates. New homes and offices need quality surfaces. Utility vehicles. Fleets and families need versatile vehicles. Explosives. Mines and projects need controlled blasting. Together these factors give the companies on this list a visible path for growth over the coming years.\"}},{\"@type\":\"Question\",\"name\":\"How has Stylam Industries performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 667 crore in FY22 to Rs 1,136 crore in FY26, a compound annual growth rate of 14.2%. Net profit grew from Rs 61.1 crore in FY22 to Rs 150 crore in FY26, which works out to a compound annual growth rate of 25.1%. In the June 2026 quarter, revenue grew 15.5% year on year to Rs 328 crore, while net profit rose 70.4% to Rs 48.2 crore. The company has a return on equity of 18.6%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 5,599 crore. The stock trades at a P\/E of 33.0, below the industry P\/E of 36.3. Looking ahead, the company is among the largest laminate makers in India and is adding capacity and products for both domestic and export markets. Strong export sales and a growing interior market support its growth plans.\"}},{\"@type\":\"Question\",\"name\":\"How has Force Motors performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 3,292 crore in FY22 to Rs 9,168 crore in FY26, a compound annual growth rate of 29.2%. Net profit grew from Rs 801 crore in FY25 to Rs 1,212 crore in FY26, a rise of 51.3%. In the June 2026 quarter, revenue grew 6.7% year on year to Rs 2,478 crore, while net profit rose 22.8% to Rs 217 crore. The company has a return on equity of 25.2%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 23,296 crore. The stock trades at a P\/E of 18.6, below the industry P\/E of 24.1. Looking ahead, its traveller and ambulance range, defence vehicle supply and contract manufacturing for international partners give it several growth routes. It has no debt on its books, which leaves room for investment in new models.\"}},{\"@type\":\"Question\",\"name\":\"How has Solar Industries India performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 3,967 crore in FY22 to Rs 9,966 crore in FY26, a compound annual growth rate of 25.9%. Net profit grew from Rs 455 crore in FY22 to Rs 1,737 crore in FY26, which works out to a compound annual growth rate of 39.7%. The company has a return on equity of 26.7%, a debt to equity ratio of 0.24 and a market capitalisation of Rs 178,992 crore. The stock trades at a P\/E of 87.3, above the industry P\/E of 48.1. Looking ahead, the company serves mining and infrastructure customers with bulk and packaged explosives and has grown its defence business with large export orders. Capacity additions in defence manufacturing and a global presence widen its reach.\"}},{\"@type\":\"Question\",\"name\":\"What risks should investors check before buying laminate, utility vehicle and explosives stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Investors should check a few risks before buying laminate, utility vehicle and explosives stocks. Housing cycles. Real estate and building demand can vary with rates and sentiment. Production cycles. Vehicle output can vary with demand. Order timing. Defence and space orders can shift between periods. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.\"}},{\"@type\":\"Question\",\"name\":\"Is this list of laminate, utility vehicle and explosives stocks investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. This article is educational and uses publicly available data as of the 12 November 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Laminate, Utility Vehicle and Explosives Stocks with a strong future roadmap: Stylam Industries, Force Motors and Solar Industries India. Compare price, valuation, return on equity and revenue growth as of 12 November 2026.<\/p>\n","protected":false},"author":28,"featured_media":346045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[3803,23294,8969,19125,14062,9491,23292,23295,23291,23293],"class_list":["post-346046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-best-stocks","tag-decorative-laminates","tag-force-motors","tag-laminate","tag-solar-industries-india","tag-stylam-industries","tag-surface-decor","tag-tempo-maker-and-defence-explosives-stocks","tag-utility-vehicle-and-explosives-stocks","tag-van-maker-and-mining-blast-shares"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["346045"],"rank_math_title":["Laminate, Utility Vehicle and Explosives Stocks"],"rank_math_description":["Compare 3 laminate, utility vehicle and explosives stocks with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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