Solar Industries India Ltd is one of the top explosives and defence manufacturing companies in India. It primarily manufactures explosives, detonators, detonating cords, propellants, ammunition filling systems and defence products. The firm has significant involvement in sectors such as mining, infrastructure, construction, defence and space technology. Solar Industries has evolved from making explosives to providing defence and industrial solutions over the years. The mining in India, infrastructure works and modernization of defence are all on the upswing. As a result, the demand for explosives and ammunition systems is continuously rising. The opportunities are good for Solar Industries. This article will provide complete information about Solar Industries Share Price.
Solar Industries India Ltd Company Overview
Solar Industries India Ltd was organised to produce industrial explosives used for mining and infrastructure projects. At first, the company was primarily involved with the manufacturing of packaged explosives and detonators.
These evolved into the technology of advanced explosives, bulk explosives, and initiating systems over the years. The company went on to diversify into the defence manufacturing business, a new growth market for the company.
Solar Industries now has manufacturing plants in India as well as a number of foreign countries. The company provide services to the mining industry, the cement industry, infrastructure development, and defence industry. The company is also giving a big thrust to indigenous defence manufacturing through the “Make in India” initiative.
| Information | Value |
| Company Name | Solar Industries India Ltd |
| Sector | Chemicals & Defence |
| Market Cap | ₹1,63,892 Cr |
| Current Price (As of 20 May 2026) | ₹18,301 |
| Face Value | ₹2 |
| Book Value | ₹694 |
| Dividend Yield | 0.06% |
| P/E Ratio | 97.7 |
| ROCE | 36.8% |
| ROE | 31.5% |
Business Operations
Solar Industries has a multi-business model with solid industrial explosives and defence manufacturing. The industrial explosives segment is the largest contributor of the revenue. The company produces bulk, packaged, slurry explosives, detonators, detonating cords and electronic detonators.
These products are mainly used in:
- Coal mining
- Metal mining
- Cement industries
- Infrastructure projects
The defence segment is growing rapidly. The company manufactures:
Ammunition filling systems
- Rockets
- Warheads
- Pyro fuses
- Propellants
- Military explosives
Such diversification helps in lowering business risks and provides for future growth opportunities. The company also pours resources into research and development, an effort to enhance product quality and technology capabilities.
Solar Industries India Global Presence
Solar Industries India Limited has, kind of, expanded its operations quite a bit and set up a sturdy manufacturing base abroad alongside its facilities in India too. The company is active in several countries and sells its products to several international markets. Demand is excellent for its industrial explosives sector in many African, Asian and other developing economy mining districts.
The defence business can also generate future export opportunities as India boosts its defence exports world-wide.
| Market | Presence |
| Domestic Market | Strong Pan-India Presence |
| International Operations | Multiple Countries |
| Key Industries | Mining, Infrastructure, Defence |
| Future Potential | Global Defence Exports |
Solar Industries India Ltd Financial Performance
The company has been performing well in terms of its finances for the past few years. Revenue increased from ₹1,276 crore in FY2015 to ₹9,838 crore in FY2026. During this period the net profit rose from ₹156 crore to ₹1,737 crore. Its operating margin saw a significant improvement as a result of the increase in defence contribution and improved operational efficiencies. The company has a high ROCE and ROE, which indicates that the company is making the best use of its capital.
| Indicator | Value |
| Revenue (FY2026) | ₹9,838 Cr |
| Net Profit (FY2026) | ₹1,737 Cr |
| Operating Profit | ₹2,622 Cr |
| Operating Margin | 27% |
| EPS | ₹185.38 |
Solar Industries India Share Price Target (2026-2030)
The company is in a good growth stage due to rising defence orders, mining demand and infrastructure growth.
Defence manufacturing could be an important source of sustained expansion. The shares are currently overvalued, however, and could experience some volatility in the near term.
| Year | Minimum Target (₹) | Maximum Target (₹) |
| 2026 | 19,000 | 21,000 |
| 2027 | 22,000 | 25,000 |
| 2028 | 26,000 | 30,000 |
| 2029 | 31,000 | 36,000 |
| 2030 | 38,000 | 45,000 |
Solar Industries India Share Price History
Solar Industries is one of the most promising stocks when it comes to wealth creation in India over the past decade.
The company delivered:
- 39% stock CAGR over 10 years
- 71% stock CAGR over 5 years
- The 3 year average 68% CAGR is calculated.
This increase was primarily due to increases in profits, defence contracts and continued business growth.
| Period | Insight |
| 10-Year CAGR | 39% |
| 5-Year CAGR | 71% |
| 3-Year CAGR | 68% |
| Growth Trend | Very Strong |
Solar Industries India Share Price on NSE
The stock is actively listed and traded in NSE. Investors keep an eye on the quarterly results and also on defence orders, export growth and margin expansion.
| Detail | Value |
| Exchange | NSE |
| Current Price (As of 20 May 2026) | ₹18,301 |
| 52W High | ₹18,320 |
| 52W Low | ₹17,925 |
| P/E Ratio | 94.45 |
Solar Industries India Share Price IPO Details
Solar Industries India Ltd entered the stock market to support future expansion and strengthen its manufacturing capabilities.
The company later expanded aggressively into defence manufacturing and international markets.
| IPO Detail | Value |
| Face Value | ₹2 |
| Sector | Explosives & Defence |
| Business Focus | Industrial & Defence Explosives |
| Expansion Objective | Capacity & Defence Growth |
Solar Industries India Ltd Share Price News Highlights
The company has been attracting good investor interest due to its quantum jump in defence business. The growing defence order book is one of the highlights. The company is producing high-tech ammunition systems for the Indian Armed Forces and defence products. The company’s quarterly results were also very good with strong margin growth and rising profits. According to Groww, the company’s expanding defence segment and improving financial performance have remained key factors supporting positive investor sentiment. To further strengthen corporate governance, Reena Jha Tripathi was recently appointed as an additional independent director by Solar Industries. The company’s investor presentations and earnings calls remain focused on the defence manufacturing’s bright future.
Solar Industries India Ltd Q2 Results
The company has posted impressive quarter-over-quarter growth, posting impressive increases in revenue, operating profit and net profit. Defence contribution increased and operating efficiency improved, enhancing margins.
| Quarter | Revenue (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) |
| Jun 2025 | 2,154 | 353 | 37.43 |
| Sep 2025 | 2,082 | 361 | 38.12 |
| Dec 2025 | 2,548 | 467 | 49.31 |
| Mar 2026 | 3,053 | 556 | 60.52 |
Solar Industries India Share Price IPO Details
Solar Industries India Ltd got listed on the stock exchanges to facilitate the future growth of the company and enhance the manufacturing capacity of the company.
The company later scale up its defence manufacturing business and its export business to other countries.
| Metric | Value |
| Total Assets | ₹10,918 Cr |
| Equity Capital | ₹18 Cr |
| Reserves | ₹6,259 Cr |
| Borrowings | ₹1,524 Cr |
Solar Industries India Ltd Cash Flow Analysis
The company’s operating cash was good in recent years. This is healthy business operations, and efficient profit conversion.
But this causes the investing cash flow to be negative due to the company’s enterprising approach towards defence manufacturing and expansion of capacity.
| Type | Amount (₹ Cr) |
| Operating Cash Flow | ₹621 |
| Investing Cash Flow | -₹1,164 |
| Financing Cash Flow | ₹209 |
| Net Cash Flow | -₹334 |
| Free Cash Flow | -₹1,072 |
Solar Industries India Ltd Shareholding Pattern
The company’s shareholding is very stable. For years, promoters have held more than 73% of the company, indicating that the promoters are very confident about the business. There are also considerable institutional holdings.
| Category | Holding |
| Promoters | 73.15% |
| FIIs | 6.59% |
| DIIs | 12.89% |
| Public | 7.35% |
Solar Industries India Ltd Peer Comparison
Solar Industries is much bigger than and more profitable than its peers. It has higher ROCE and growth as compared to most of the players in the explosives industry.
| Company | Price | Market Cap | P/E | ROCE |
| Solar Industries | ₹18,301 | ₹1,63,892 Cr | 97.7 | 36.8% |
| Premier Explosives | ₹524 | ₹2,815 Cr | 60.0 | 16.8% |
| GOCL Corporation | ₹296 | ₹1,474 Cr | 5.9 | 7.0% |
| Keltech Energies | ₹4,643 | ₹464 Cr | 17.1 | 25.8% |
Conclusion
Solar Industries India Ltd is one of the key companies in the explosives and defence industry in India. The company’s business model is strong with good positions in industrial explosives, mining solutions and defence systems. It is a high-quality growth company, with consistent revenue growth, rising margins, a high ROE and defence expansion. The company is expected to continue growing for many years, as it is backed by infrastructure development, growth in the mining industry and modernization of India’s defence. The stock is valued at premiums but the long-term growth prospects are extremely favorable to long-term investors.
FAQs
Solar Industries India Limited manufactures a rather wide variety of things, you know, industrial explosives, detonators, defence ammunition systems, rockets, propellants, and also military grade explosive solutions.
The current share price is around ₹18,301 as of 20 May 2026.
The company does pay a small dividend. The yield for this issue is approximately 0.06%.
The company offers good growth prospects due to the increasing opportunities in the defence segment, expansion in infrastructure, and its robust financials.
The key growth drivers are defence manufacturing, mining demand, infrastructure projects and export opportunities.
