Solar Industries India Ltd(SOLARINDS)

NSE: SOLARINDSBSE: 532725

₹ 18,320-3.79%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1.66 L crWebsite: www.solargroup.comUpdated: 24 Oct 2026

About

Solar Industries India Limited makes industrial and defence explosives, initiating systems and ammunition for mining, infrastructure, construction, defence and space customers. The company describes itself as India's largest commercial and defence explosives manufacturer and among the world's leading ones. FY26 revenue was Rs 9837.74 Cr. As of Q1 FY27 it manufactured in 11 countries and distributed to about 90, and it has agreed to acquire JSE-listed Omnia Holdings.^[1][2][3][4]

Business segments

Domestic Explosives contributed ₹1,361 cr in Q1 FY27. It serves coal, mining and infrastructure customers in India.^[4]
International Explosives contributed ₹1,364 cr (37% of sales) in Q1 FY27, up 65% YoY from ₹826 cr in Q1 FY26.^[4]
Defence contributed ₹933 cr (26% of sales) in Q1 FY27, up 123% YoY from ₹418 cr in Q1 FY26.^[4]
Defence was 27% of revenue (₹2,634 cr) in FY26, up from 18% (₹1,355 cr) in FY25. Defence revenue was ₹517 crore in FY24.^[3][1]

Products and portfolio

Industrial explosives cover bulk explosives, packaged explosives and initiating systems, including electronic detonators, detonating cord and cast boosters.^[1][4]
Defence products include Pinaka rockets, 155 mm artillery shells, 23 mm and 30 mm ammunition (currently supplied to the Navy) and the Bhargavastra counter-drone system.^[3]
As of FY25, Solar was the first private company in India to test-fire Pinaka rockets designed and manufactured fully in-house.^[1]
In FY25 Solar introduced India's first permissible electronic detonators and low-density bulk explosives for coal mining.^[1]
The company is developing MALE/HALE UAVs as a further defence product line.^[5]

Operations and manufacturing

As of Q1 FY27, Solar manufactures in 11 countries and distributes to about 90 countries.^[4]
New domestic facilities at Dhule, Maharashtra and Dholpur, Rajasthan are operating and serve the mining and infrastructure sectors.^[5]
As of Q4 FY26, a facility in North India had been acquired and a large expansion in West India was nearly complete. Further expansions are planned in Orissa, Telangana and Andhra Pradesh.^[3]
The Kazakhstan plant has started operations. Per Q4 FY26 guidance, the Australia manufacturing facility will start soon.^[3]
Emulsifiers, detonator shells, PETN, TNT and RDX are made in-house, and ammonium nitrate is sourced from several global suppliers (FY25).^[1]
Solar works with DRDO, CIMFR and CMPDIL, holds CE accreditation for exported products and runs a NABL-accredited laboratory (FY25).^[1]
The total workforce was 11,245 in FY25.^[1]

Key operating numbers

The order book stood at ₹21,350 cr as of Q1 FY27: about ₹18,000 cr defence and about ₹3,000 cr non-defence.^[4]
In FY25 the defence order book was more than ₹15,000 crore, and nearly 40% of it was export orders.^[1]
6,00,000 MT of explosives were supplied in FY25.^[1]
Material consumed as a share of net sales was 48.71% in Q3 FY26, down from 53.5% in Q3 FY25.^[5]

Customers and distribution

Customer segments are CIL, Non-CIL & Institutional, Housing & Infrastructure, Exports & Overseas, and Defence (FY25).^[1]
Key domestic customers include Coal India Limited (CIL), Singareni Collieries and private coal mines. CIL's share of revenue fell to 9% in FY26 from 13% in FY25.^[3]
In FY25 one customer made up over 10% of group revenue, at ₹956.76 cr.^[1]
The international business (₹3,815 cr in FY26, up 32% YoY) serves gold, copper and industrial metals miners in Africa, South-East Asia and Turkey.^[3]
FY25 revenue from outside India was ₹3,851.78 cr, up from ₹2,719.63 cr in FY24. India revenue was ₹3,508.28 cr vs ₹3,189.39 cr.^[1]

Expansion and capex

Solar SA Investments signed definitive agreements to buy 100% of JSE-listed Omnia Holdings for $1.35 billion. The deal is fully debt-funded with no equity dilution and needs regulatory and shareholder approval.^[4]
After the Omnia deal, manufacturing would grow from 11 to 25+ countries and distribution from about 90 to 110+ countries, adding BME's operations in Africa, the Americas and Australia.^[4]
A ₹12,000 cr defence capex programme is under way and expected to speed up (as of Q1 FY27).^[4]
Standalone capex is planned at ₹2,050 cr for FY27, compared with ₹1,556 cr deployed in FY26.^[3]
Sierra Leone operations are planned to start in FY27. A new step-down subsidiary, Solar Explochem Proprietary Limited, was set up in Botswana with a 65% stake and USD 325,000 of initial capital.^[3]

Recent developments

In FY25 Solar won a ₹6,084 crore Ministry of Defence order for Pinaka Enhanced Range rockets and Area Denial Munitions, the largest contract in the group's history.^[1]
Export contracts worth about ₹8,500 crore were won from international markets in FY25.^[1]
The Prime Minister inaugurated the Loitering Munition Testing Range at subsidiary Solar Defence and Aerospace Limited (FY25).^[1]
Field trials of the Bhargavastra counter-drone system are guided to finish by the end of calendar 2026.^[3]
Qualification supply of 155 mm complete rounds was guided to start around Q2 FY27.^[3]
Army orders for 23 mm and 30 mm ammunition are expected in FY27, adding to the current naval-only supply.^[5]
After the Omnia acquisition, Africa mining revenue is expected to rise from about $300 million to $900 million - $1 billion.^[4]

Market Cap

₹1,65,778 Cr

High / Low

₹22,630 / 11,641

Stock P/E

89.9

Price / Book

28.5

Book Value

₹694

EPS

₹185.4

No. of Shares

9.05 Cr

ROCE

34.4%

ROE

31.5%

OPM

25.1%

Debt / Equity

0.23

Sales

₹9,838 Cr

Net Profit

₹1,737 Cr

Promoter holding

73.2%

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