Solar Ind soars 5%, stock up 79% from Mar low; market cap nears ₹2 trillion

Solar Industries Share: In the past month, Solar Industries India outperformed the market by surging 16 per cent, compared to a 2.4 per cent decline in the BSE Sensex.

Solar Industries share price movement

 

Solar Industries India share price hit an all-time high of ₹21,595.70, soaring 5 per cent on the BSE in Thursday’s intra-day deals owing to a healthy business outlook. The stock price of the Explosives Company surpassed its previous high of ₹20,760.15 touched on August 28, 2026.

 

In the past month, Solar Industries India outperformed the market by surging 16 per cent, compared to a 2.4 per cent decline in the BSE Sensex. It zoomed 79 per cent from its March 2026 low of ₹12,036 on the BSE.

 

Solar Industries’ market capitalisation hit ₹1.95 trillion in intra-day deals, inching towards ₹2 trillion after a sharp run-up in the company's stock price.

 

 

At 11:05 AM, the stock quoted 4.9 per cent higher at ₹21,545.75, against a 0.20 per cent gain in the BSE Sensex. The average trading volume at the counter more-than-doubled, with a combined 300,000 equity shares changing hands on the NSE and BSE.

 

Solar Industries – Overview

 

Solar Industries is one of the largest domestic manufacturers of cartridge explosives, detonators, detonating cords and components that find applications in the mining, infrastructure, and construction industries. Product range includes packaged explosives, initiating systems, UAS drones, ammunitions, military explosives, rocket integration, bombs etc.

 

In the April to June 2026 quarter (Q1FY27), around 37 per cent of revenue was from international business, 37 per cent from defence, 26 per cent from industrial explosives (bulk and cartridge) and others. 

 

Solar Industries – Q1 results

 

During Q1FY27, Solar Industries reported its highest-ever quarterly revenue, earnings before interest, taxes, depreciation, and amortization (EBITDA), profit before tax (PBT) and profit after tax (PAT).

 

The company recorded 70 per cent year-on-year (YoY) revenue growth, led by strong growth across all segments (domestic explosives, international operations and defence). During the quarter, the domestic explosives segment grew 52 per cent YoY while international business grew 65 per cent YoY, benefiting from strong demand, capacity expansion, healthy volume growth, and an increase in realisations.  The company recorded EBITDA at ₹1,024 crore and PAT at ₹666 crore, registering growth of 82 per cent and 89 per cent YoY, respectively.

 

Defence segment continues to witness robust growth (123 per cent YoY in Q1), led by strong execution in its key contracts. Management guides defence segment revenue to reach ~₹4,500 crore in FY27 (+70 per cent YoY). 

 

The defence order book remained robust at >₹18,000 crore, led by Pinaka ammunition, guided munitions, 155mm ammunition, loitering munitions and counter-drone systems, providing strong multi-year visibility. The management said they remain confident of securing sizeable new orders in the coming quarters and supporting the long-term growth trajectory of the defence business.

 

Further, the company is also expanding into newer areas such as UAVs, robotics, missiles and long-range munitions, while continued capacity additions and ₹450 crore capex already deployed in Q1FY27 support further scale-up. The FY27 revenue guidance of ₹14,000 crore implies 42 per cent growth. 

 

ICICI Securities view on Solar Industries

 

Beyond defence, Solar is benefiting from a favourable tailwind in global explosives & high-energy materials industry, with shortages of these key materials supporting higher realisations across both domestic and international markets. 

 

Analysts at ICICI Securities in the Q1 result update said they understand that key raw-material prices increased by 30–40 per cent in the recent period, allowing revenue growth to be driven by both volume expansion and higher value per tonne. 

 

With the overall order book at ₹21,350 crore (~1.9x trailing twelve month revenue), international expansion and domestic explosives recovery, Solar has multiple growth engines beyond defence, supporting sustained revenue growth and healthy 27–28 per cent EBITDA margins. 

 

The brokerage firm increased its earnings estimates for FY27-28E to factor in strong execution across all segments. Analysts estimate revenue & profit after tax to grow at 30 per cent & 32 per cent compound annual growth rate (CAGR) respectively over FY26-28E. ICICI Securities maintains a 'BUY' on Solar Industries with target price of ₹23,200 (based on 70x P/E on FY28E EPS). 

 Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers' discretion is advised.