Abhishek Sinha
By Niveshvani Business Desk | Updated: October 13, 2025, 1:59 PM IST
Shares of Solar Industries India Ltd, one of India’s leading defence and industrial explosives companies, have declined nearly 21% from their record high, despite maintaining strong fundamentals and a robust ₹17,000 crore order book.
The stock, which hit an all-time high of ₹17,805 on June 30, 2025, is currently trading around ₹14,000 on the BSE. Even after the recent correction, Solar Industries remains a multibagger, having delivered 162% returns in two years and an impressive 1,220% over five years.
🔹 Market Snapshot
- Current Price: ₹14,000
- Market Cap: ₹1.26 lakh crore
- 52-Week High: ₹17,805 (June 2025)
- Beta: 0.9 (low volatility)
- Turnover (BSE): ₹5.81 crore
- RSI: 49.5 — indicating neutral momentum
The stock currently trades below its 5-day, 20-day, 50-day, 100-day, and 150-day averages, but above its 10-day and 200-day moving averages, signaling a short-term consolidation phase.
🔹 Brokerages Maintain Positive Long-Term View
Phillip Capital has set a target price of ₹15,900, citing Solar Industries’ strong order book and stable margins.
“The defence sector’s shift from policy-driven to execution-led growth is visible. Solar Industries is well-positioned to capture upcoming opportunities, backed by a ₹17,000 crore order book, of which nearly 90% comes from defence contracts,” said Phillip Capital.
While maintaining a neutral stance in the short term, the brokerage expects the company’s long-term fundamentals to remain solid, supported by accelerating reforms in the defence space.
Goldman Sachs, on the other hand, has a more bullish outlook with a target price of ₹18,215.
“We expect Solar Industries to see rapid growth in its defence business, led by expanding capacity in ammunition and energetic materials, a robust export pipeline, and diversification into high-technology defence areas,” said the global brokerage.
Goldman Sachs further noted that Solar Industries enjoys industry-leading asset turns, strong cash conversion, and steady 25%+ earnings growth with RoE exceeding 25% over FY25–28.
“The company’s non-defence business acts as a natural hedge, cushioning earnings from order-related volatility,” it added.
🔹 About Solar Industries India
Solar Industries India Ltd is a Nagpur-based manufacturer specializing in industrial explosives and defence products. The company supplies to sectors like mining, infrastructure, and defence, and is actively expanding its footprint in ammunition and energetic material manufacturing for both domestic and global markets.
With a strong execution track record and robust balance sheet, Solar Industries continues to be a key player in India’s defence manufacturing and ‘Atmanirbhar Bharat’ ecosystem.
Disclaimer:
This article is for informational purposes only and does not constitute a buy or sell recommendation from Niveshvani.in. Investors should conduct their own research or consult a certified financial advisor before making investment decisions.
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