Solar Industries India share price
NSE: SOLARINDSBSE: 532725Chemicals & PetrochemicalsLarge Cap
Solar Industries India Limited · Formerly Solar Explosives · Face value ₹2 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Apr 2006
Last close ₹19,240.00down ₹30.00 (0.16%)BSE ₹19,200.00
Share price at the NSE close on 28 Oct 2026. Previous close ₹19,270.00.
28 Oct: open ₹19,100.00, high ₹19,440.00, low ₹19,041.00
52-week range of traded prices to 28 Oct 2026
₹11,646.00Low, 18 Dec 2025₹22,700.00High, 15 Sep 2026
- Next results date: the board meets on 3 Nov 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹1,74,103 Cr73rd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 87.43
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 27.74
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.06%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 37.3%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 35.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.22
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 1,13,77645.6% delivered
About Solar Industries India
Solar Industries India Limited makes industrial explosives, initiating systems (the detonators and related devices that set off a blast) and defence products.1 Headquartered in Nagpur, it serves customers in mining, infrastructure, construction, defence and space, in India and in other countries.21
Its explosives business makes bulk explosives (supplied loose rather than in cartridges), packaged explosives and initiating systems for Coal India, other institutional buyers, housing and infrastructure builders, and export markets.34 Its defence products include high-energy materials (military explosives such as HMX, RDX and TNT), propellants for the Akash, Pinaka and BrahMos programmes, rocket integration, ammunition, drones and propellants for space use.5 The group has more than 40 manufacturing facilities, makes products in 11 countries and serves customers in more than 90.2 At the end of March 2026 it had 8 wholly owned subsidiaries, 28 step-down subsidiaries (held through other subsidiaries) and 3 associate companies.6
The company was founded in Nagpur in 1995 and began producing packaged explosives, bulk explosives and detonators between 1996 and 2000.17 Between 2006 and 2011 it set up plants in Zambia and Nigeria and entered defence.7 In 2024 it bought ProBlast, a South African open-cast mining, drilling and blasting services company.8
Its promoters held 73.15% of the shares at the end of June 2026.9 Founder Satyanarayan Nuwal is chairman, and Manish Nuwal is managing director and CEO.1011
Solar Industries India key points
Results
- In the year to Mar 2026, consolidated revenue was a record ₹9,838 crore, up 30%, while EBITDA (earnings before interest, tax, depreciation and amortisation) rose 35% to ₹2,750 crore and profit after tax rose 35% to ₹1,737 crore.12
- Solar Industries sales, EBITDA and profit after tax, quarter to Jun 2026 against a year earlier (₹ crore)13
Item quarter to Jun 2026 quarter to Jun 2025 Sales 3,668 2,154 EBITDA 1,024 564 Profit after tax 666 353
Revenue mix
- Revenue by business, quarter to Jun 2026 against a year earlier (₹ crore)14
Item quarter to Jun 2026 quarter to Jun 2025 Domestic explosives 1,361 898 International explosives 1,364 826 Defence 933 418 - In the year to Mar 2026, defence revenue rose 94% to ₹2,634 crore and international revenue grew 32%.1516
- On a standalone basis, exports made up 47.65% of the parent company's turnover in the year to Mar 2026.4
Plants and capacity
- The parent company runs 26 plants in India. A greenfield plant (built on a new site) at Dhule and the acquired Rajasthan Explosives add domestic capacity, and new facilities in Zimbabwe and Kazakhstan and an expansion in Nigeria add capacity abroad.417
- Solar Industries' annual report lists upcoming RDX17
Defence products
- Subsidiary Solar Defence and Aerospace Limited became the first private-sector company in India to dispatch Pinaka Enhanced Mk-I rockets to the Indian Army.21
- In the year to Mar 2026 the company exported its first batch of guided Pinaka rockets, to Armenia, and the Indian Army ordered 450 Nagastra-1R loitering munitions (drones that dive onto a target).2223
- Initial micro missile trials of its Bhargavastra counter-drone system, which launches 64 micro-rockets to engage 64 drones at once, were successful. The company has begun making 155 mm shells, which are going through qualification.23720
Expansion and capital spending
- On 15 Oct 2026, subsidiary Solar Explochem Limited agreed to buy 100% of Sivasakthi Industrial Explosives Private Limited, an explosives maker with no turnover in the year to Mar 2026, for ₹115.02 crore.242526
- At Nagpur, the company has opened a medium calibre ammunition plant and has acquired 223 acres in the MIHAN special economic zone, where it has broken ground on a plant for drones (UAVs), robotics platforms and defence technologies.2722
- Solar Industries' annual report gives capital spending28
What the company expects
- The company said on 15 Sep 2026 that it projects revenue of around ₹14,000 crore in the year to Mar 2027, with an EBITDA margin of around 28% to 29%.29
- The company said on 15 Sep 2026 that, with Omnia, group revenue could exceed ₹30,000 crore in the year to Mar 2028 and EBITDA reach ₹6,800 crore to ₹7,000 crore including expected synergy benefits, with debt staying below 2 times EBITDA.3031
Recent events
- On 22 Sep 2026, CRISIL placed its AA+ rating on the company's bank loans and debentures on watch with developing implications, meaning it could move either way, after the Omnia announcement.3233
- On 14 Sep 2026, step-down subsidiary Solar SA Investments agreed to buy South Africa's Omnia Holdings, a mining and agriculture group, for about $1.355 billion (₹12,951 crore), subject to approvals. Omnia's revenue was about $1.41 billion (₹13,307 crore) in the year to Mar 2026.834
- On 29 May 2026, the company and a subsidiary received export orders for defence products worth ₹1,076 crore, to be delivered over 3 years.35
- On 31 Dec 2025, Coal India placed an additional ₹1,746 crore order for bulk explosives, to be delivered over 2 years, taking its total orders to ₹2,229 crore.36
Last updated
All 36 sources, each with its page
- 1. Annual report, 20 Jul 2026, page 55
- 2. Exchange filing, 14 Sep 2026, page 4
- 3. Annual report, 20 Jul 2026, page 183
- 4. Annual report, 20 Jul 2026, page 127
- 5. Annual report, 20 Jul 2026, page 55
- 6. Annual report, 20 Jul 2026, page 58
- 7. Annual report, 20 Jul 2026, page 8
- 8. Exchange filing, 14 Sep 2026, page 2
- 9. Investor presentation, 13 Aug 2026, page 7
- 10. Annual report, 20 Jul 2026, page 4
- 11. Annual report, 20 Jul 2026, page 48
- 12. Annual report, 20 Jul 2026, page 12
- 13. Investor presentation, 13 Aug 2026, page 3
- 14. Investor presentation, 13 Aug 2026, page 5
- 15. Annual report, 20 Jul 2026, page 12
- 16. Annual report, 20 Jul 2026, page 13
- 17. Annual report, 20 Jul 2026, page 25
- 18. Investor presentation, 13 Aug 2026, page 6
- 19. Annual report, 20 Jul 2026, page 12
- 20. Annual report, 20 Jul 2026, page 55
- 21. Annual report, 20 Jul 2026, page 3
- 22. Annual report, 20 Jul 2026, page 6
- 23. Annual report, 20 Jul 2026, page 27
- 24. Exchange filing, 15 Oct 2026, page 1
- 25. Exchange filing, 15 Oct 2026, page 2
- 26. Exchange filing, 15 Oct 2026, page 3
- 27. Annual report, 20 Jul 2026, page 45
- 28. Annual report, 20 Jul 2026, page 16
- 29. Earnings call, 15 Sep 2026, page 6
- 30. Earnings call, 15 Sep 2026, page 6
- 31. Earnings call, 15 Sep 2026, page 9
- 32. Exchange filing, 22 Sep 2026, page 1
- 33. Exchange filing, 22 Sep 2026, page 2
- 34. Exchange filing, 14 Sep 2026, page 2
- 35. Exchange filing, 29 May 2026, page 1
- 36. Exchange filing, 31 Dec 2025, page 1
Results
Consolidated; ₹ crore.Solar Industries India quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +41.7%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- –
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹3,668 Crup 20.16%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹666 Crup 19.84%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 18.2%
Revenue by quarter
Peak revenue ₹3,668 Cr, quarter to Jun 2026; lowest ₹1,716 Cr, quarter to Sep 2024
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,716 | 1,973 | 2,167 | 2,154 | 2,082 | 2,548 | 3,053 | 3,668 |
| Net profit | 304 | 338 | 346 | 353 | 362 | 467 | 556 | 666 |
| Net margin | 17.7% | 17.1% | 16.0% | 16.4% | 17.4% | 18.3% | 18.2% | 18.2% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹9,838 Crup 30.47%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹1,737 Crup 34.84%
- Net margin
- 17.7%
Revenue by year
Net profit by year, a loss in red
The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,711what Revenue, Mar 2017, includes. This period's revenue includes excise duty of ₹131 crore, a tax on the goods the company makes that it collects and pays to the government. | 1,951 | 2,462 | 2,237 | 2,516 | 3,948 | 6,923 | 6,070 | 7,540 | 9,838 |
| Net profit | 195 | 234 | 277 | 279 | 288 | 455 | 811 | 875 | 1,288 | 1,737 |
| Net margin | 11.4% | 12.0% | 11.2% | 12.5% | 11.5% | 11.5% | 11.7% | 14.4% | 17.1% | 17.7% |
Consolidated. Years to March. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
In the year to Mar 2026 the company reports one business segment, Manufacturing of Explosives and Inititaing System, which carries all its revenue.
Valuation
Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2018: days before it are of the company before the change.Solar Industries India PE ratio and valuation
Price to earnings
At or below today's level on 83% of 2,291 trading days over the last 10 years.
LowestHighest
Its median52.44Industry median21.74
Price to book
At or below today's level on 85% of 1,981 trading days since Oct 2018.
LowestHighest
Its median15.12Industry median1.75
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 4% of 2,402 trading days over the last 10 years.
LowestHighest
Its median0.26%Industry median0.64%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +7.5% | +38.7% | −22.6% | 0.1% |
| 3 years | +47.2% | +30.4% | +12.9% | 0.1% |
| 5 years | +56.7% | +43.4% | +9.2% | 0.2% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.
Mutual fund holdings
309 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 138 of the 188 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 5 more funds filed their first portfolio on record, holding it.All 309 funds holding Solar Industries India
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 7
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 5
- AddedAdded. Funds that held more shares than at the end of the month before.
- 89
- CutCut. Funds that held fewer shares than at the end of the month before.
- 99
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 104
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 8
| Fund | |||
|---|---|---|---|
 SBI Aggressive Hybrid FundSBI Mutual Fund | 17,75,495 | 4.06% | ₹3,497.7 Cr |
| SBI Focused FundSBI Mutual Fund | 11,00,000 | 4.32% | ₹2,167.0 Cr |
 Kotak Flexi Cap FundKotak Mahindra Mutual Fund | 10,00,000 | 3.71% | ₹1,970.0 Cr |
| Kotak Mid Cap FundKotak Mahindra Mutual Fund | 8,13,415 | 2.41% | ₹1,602.4 Cr |
 HDFC Defence FundHDFC Mutual Fund | 6,00,000 | 10.28% | ₹1,182.0 Cr |
 Motilal Oswal Nifty India Defence Index FundMotilal Oswal Mutual Fund | 3,28,470 | 11.91% | ₹647.1 Cr |
 Axis Midcap FundAxis Mutual Fund | 3,15,883 | 1.86% | ₹622.3 Cr |
| Motilal Oswal Large and Midcap FundMotilal Oswal Mutual Fund | 2,44,100 | 2.42% | ₹480.9 Cr |
 Canara Robeco Large and Mid Cap FundCanara Robeco Mutual Fund | 2,41,215 | 1.93% | ₹475.2 Cr |
 Edelweiss Mid Cap FundEdelweiss Mutual Fund | 2,03,930 | 2.09% | ₹401.7 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 29 Oct 2025.Solar Industries India insider trading
No promoter, director, key manager or employee bought or sold on the market.
- Promoters and promoter group: no market trade · 3 pledge filings of unclear kind · 6 off-market moves
- Others: no market trade · 6 pledge filings of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Solar Industries India competitors and peers
Chemicals & Petrochemicals, 271 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Solar Industries India in market cap.Chemical companies
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Pidilite IndustriesPIDILITIND | 1,41,536 | 52.73 | 12.62 | +16.8% | +20.6% | 25.9% | 29.6% | 0.83% |
 SRFSRF | 69,660 | 30.52 | 4.55 | +19.7% | +41.1% | 16.0% | 15.1% | 0.43% |
 Linde IndiaLINDEINDIA | 48,821 | 89.36 | 11.44 | +10.4% | +21.9% | 13.5% | 15.7% | 0.21% |
 Gujarat FluorochemicalsFLUOROCHEM | 46,874 | 76.22 | 5.96 | +9.5% | −1.1% | 8.1% | 9.8% | 0.07% |
 Navin Fluorine InternationalNAVINFLUOR | 43,617 | 55.23 | 10.97 | +42.4% | +122.7% | 23.9% | 20.7% | 0.18% |
 Himadri Speciality ChemicalHSCL | 26,770 | 31.32 | 5.21 | +25.3% | +30.3% | 18.6% | 15.9% | 0.15% |
 Aether IndustriesAETHER | 21,082 | – | 8.58 | +33.8% | – | – | 10.7% | 0.00% |
 Deepak NitriteDEEPAKNTR | 20,301 | 25.92 | 3.48 | +7.1% | +29.2% | 14.0% | 14.8% | 0.50% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Solar Industries India dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹11.00 a share, year to Mar 2026.
| Ex-date | Type | Per share |
|---|---|---|
| 28 Jul 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹11.00 |
| 8 Jul 2025 | Final | ₹10.00 |
| 4 Jul 2024 | Final | ₹8.50 |
| 9 Jun 2023 | Final | ₹8.00 |
| 27 May 2022 | Final | ₹7.50 |
| 18 Aug 2021 | Final | ₹6.00 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Solar Industries India announcements
Oct 2026
28 Oct · Analysts
27 Oct · Board meeting
15 Oct · Business
Sep 2026
29 Sep · Business
23 Sep · Rating
22 Sep · Rating
Solar Industries India share price by year
Each calendar year to 2025.Solar Industries India share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 12,252.00 | +25.2% | 17,598.00 | 8,609.20 |
| 2024 | 9,783.30 | +45.4% | 12,362.15 | 6,341.90 |
| 2023 | 6,727.50 | +53.4% | 7,390.50 | 3,543.85 |
| 2022 | 4,384.55 | +81.1% | 4,384.55 | 2,208.70 |
| 2021 | 2,421.55 | +121.4% | 2,861.40 | 1,093.10 |
| 2020 | 1,093.95 | +3.2% | 1,294.45 | 850.80 |
| 2019 | 1,060.35 | −2.6% | 1,262.55 | 937.80 |
| 2018 | 1,088.50 | −7.8% | 1,281.00 | 945.10 |
| 2017 | 1,180.15 | +74.9% | 1,189.15 | 680.60 |
| 2016 | 674.90 | −4.2% | 736.75 | 594.20 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | 18,749.00 | 19,270.00 | 18,683.00 | 19,270.00 | 18,957.45 | 1,19,288 | 35.1% |
| 26 Oct 2026 | 18,401.00 | 18,770.00 | 18,117.00 | 18,683.00 | 18,542.51 | 1,41,613 | 32.6% |
| 23 Oct 2026 | 19,020.00 | 19,043.00 | 18,127.00 | 18,365.00 | 18,381.50 | 1,30,056 | 37.2% |
| 22 Oct 2026 | 19,102.00 | 19,130.00 | 18,569.00 | 19,010.00 | 18,880.97 | 1,36,648 | 29.2% |
| 21 Oct 2026 | 19,803.00 | 19,847.00 | 19,009.00 | 19,259.00 | 19,305.50 | 1,52,199 | 49.1% |
| 19 Oct 2026 | 20,048.00 | 20,086.00 | 19,700.00 | 19,803.00 | 19,869.19 | 91,543 | 44.3% |
| 16 Oct 2026 | 19,959.00 | 20,241.00 | 19,881.00 | 20,011.00 | 20,047.74 | 96,051 | 44.9% |
| 15 Oct 2026 | 20,100.00 | 20,265.00 | 19,866.00 | 19,866.00 | 20,032.90 | 1,32,606 | 47.6% |
| 14 Oct 2026 | 20,120.00 | 20,349.00 | 20,020.00 | 20,170.00 | 20,173.43 | 1,16,122 | 41.0% |
Prices in ₹ per share as traded, not adjusted.
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 13 Jul 2016 | Split | 0.2000 | Each share became 5. |
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.
Company details
- NSE symbol
- SOLARINDS
- BSE code
- 532725
- ISIN
- INE343H01029
- Industry
- Chemicals & Petrochemicals
- Former symbols
- SOLAREX
- Website
- www.solargroup.com
- CIN
- L74999MH1995PLC085878
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1995
- Registered office
- Solar, House, 14, Kachimet, Amravati Road, Nagpur 400023, Maharashtra
- Share registrar
- MUFG Intime India Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments
In Nifty Next 50, Nifty 100, Nifty 200, BSE 200, Nifty 500, BSE 500