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Solar Industries India Limited is an integrated global explosives company primarily engaged in manufacturing industrial explosives and explosive initiating devices. The company produces packaged emulsion explosives, bulk explosives, and explosive initiating systems for industrial use. It has also expanded into manufacturing ammunition for military applications. Solar Industries operates the world's largest packaged explosives manufacturing facility in Nagpur, India, and has 34 manufacturing facilities across India. Globally, the company has a presence in over 65 countries with manufacturing facilities in 5 countries. Solar Industries serves major mining and infrastructure companies worldwide. The company has diversified its product range to include high energy materials, composite propellants, ammunition, warheads, fuses, and other defense-related products. It has also established subsidiaries and joint ventures in various countries to expand its international operations.
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Company insights, generated from the most recent coverage.
Management guided for ₹14,000 Cr revenue in FY27, supported by a ₹21,300 Cr order book providing multi-year visibility.
Stock broke out above 52-week high of ₹20,672, rallying 4.39% to ₹21,505 on strong momentum and earnings beat.
Secured a ₹1,076 Cr export order for defence products in May 2026, enhancing global footprint and revenue visibility.
The Quarter story
The two most recent quarterly results, compared side-by-side.
Solar Industries India delivers strong revenue and profit growth driven by defence and explosives demand, while rising operational costs and foreign investor pullback warrant monitoring.
Consolidated revenue grows from ₹2,154 Cr to ₹3,668 Cr from Q1 FY26 to Q1 FY27, driving strong top-line momentum.
Other expenses climb from ₹341 Cr to ₹540 Cr from Q1 FY26 to Q1 FY27, signaling rising operational overheads.
Defence revenue climbs from ₹418 Cr to ₹933 Cr from Q1 FY26 to Q1 FY27, confirming sustained military demand.
FII & FPI stake falls from 6.79% to 6.42% from Q1 FY26 to Q1 FY27, indicating a cautious foreign investor stance.
EBITDA expands from ₹564 Cr to ₹1,024 Cr from Q1 FY26 to Q1 FY27, reflecting robust operational leverage.
Insurance company holding drops from 0.97% to 0.53% from Q1 FY26 to Q1 FY27, showing reduced institutional participation.
Profit after tax rises from ₹353 Cr to ₹666 Cr from Q1 FY26 to Q1 FY27, demonstrating consistent bottom-line growth.
Order book increases from ₹16,800 Cr to ₹21,300 Cr from Q1 FY26 to Q4 FY26, securing strong future revenue visibility.