Solar Industries India Ltd stands as the country's largest manufacturer of industrial explosives and explosive accessories, commanding a significant position in both domestic and international markets. The company is one of the largest domestic manufacturers of bulk and cartridge explosives, detonators, detonating cords, and components which find applications in the mining, infrastructure, and construction industries. The Solar Group, comprising "Solar Industries India Ltd." and its wholly-owned subsidiary Economic Explosives Limited, is the largest manufacturer and exporter of industrial explosives and initiating systems in the country, based in Nagpur. Established in 1995, the company has experienced significant growth and has emerged as a leading player in the explosives industry in India.
The company operates through diverse business segments, primarily focusing on explosives manufacturing for mining, quarrying, and construction applications. Solar Industries India Ltd. operates through various business segments, including:
* Explosives: The company manufactures and supplies a wide range of industrial explosives for various applications such as mining, quarrying, and construction.
* Initiating Systems: Solar Industries India Ltd. offers a comprehensive range of initiating systems, including detonators, detonating cords, and boosters.
Solar Industries has established extensive manufacturing capabilities across multiple locations. The company has 34 manufacturing plants in India and six manufacturing plants abroad, with a capacity to produce over 450 thousand metric tonnes (MT). Apart from a strong domestic presence, it sells its products in over 51 nations. The company boasts the world's largest cartridge manufacturing facility at a single location and has manufacturing facilities in 5 countries and a presence in 51 countries.
The company's technological excellence is evident in its unique position as India's first domestic supplier in the private sector of HMX & HMX compounded products to the defence sector. This demonstrates its advanced manufacturing capabilities and ability to meet stringent defence requirements.
Solar Industries has strategically diversified into the defence sector, establishing itself as a key player in India's defence manufacturing ecosystem. The company manufactures high-energy explosives, delivery systems, ammunition filling, and pyros fuses for the defence sector. With extensive experience, expertise, and potential founded on years of experience in the Industrial Explosives segment, the company has entered into Defence and set up one of the world's most integrated facilities for Ammunition.
The company's defence product portfolio includes advanced ammunition systems. Solar Group structures its business activity into manufacturers of a complete range of industrial explosives (bulk and cartridge), detonators and detonating fuse and cast boosters; ammunition (HMX, RDX etc.) for the defence and security sector; production of key primary products in military activity (i.e., composite propellants (Pinaka, Akash, Brahmos etc.), rockets & warheads for missiles, filling of ammunition & fuzes and high energy material).
Solar Industries has demonstrated robust financial performance with a consistent growth trajectory. For the full year, net profit rose 44.68% to ₹1,209.44 Crore in the year ended March 2025, as against ₹835.93 Crore during the previous year ended March 2024. Sales rose 24.23% to ₹7,540.26 Crore in the year ended March 2025, as against ₹6,069.52 Crore during the previous year ended March 2024.
The company's quarterly performance for Q4 FY25 was equally impressive. Solar Industries India Ltd's net profit jumped 37.09% since the last year same period to ₹322.23 Crore, with sales rising 34.51% to ₹2,166.55 Crore in the quarter ended March 2025, as against ₹1,610.71 Crore during the previous quarter ended March 2024.
* Market Capitalization: ₹1,52,222.37 Crore as of July 3, 2025.
* Revenue FY25: ₹7,540.26 Crore.
* Net Profit FY25: ₹1,209.44 Crore.
* Q4 FY25 Revenue: ₹2,166.55 Crore.
* Q4 FY25 Net Profit: ₹322.23 Crore.
* 52-Week High: ₹17,820.
* 52-Week Low: ₹8,482.50.
* P/E Ratio: 125.86.
* P/B Ratio: 33.46.
* Promoter Holding: 73.2%.
Solar Industries has secured significant contracts that strengthen its position in the defence sector. Solar Defence & Aerospace (formerly known as Economic Explosives), a wholly-owned subsidiary of Solar Industries India, signed a contract on June 22, 2025, for the supply of Defence Products with the Ministry of Defence, Government of India. The contract is valued at ₹158 Crore to be delivered within a period of one year.
The company has also received substantial orders from the Indian Army. The company received an order for 450 Nagastra-1R loitering munitions from the Indian Army, contributing to a significant rise in net profit and stock performance.
Solar Industries maintains a dominant position in the Indian explosives market. The company is a leading manufacturer of bulk explosives in the world and has a market share of 24% in the explosives industry. This market leadership is supported by its comprehensive product portfolio and strong customer relationships across multiple sectors.
The company's product segments are well-diversified, with Industrial Explosives accounting for 86% in FY24 vs 91% in FY22, where the company manufactures bulk explosives, packaged explosives, and initiating systems, finding applications in the mining, infrastructure, construction, Defence, and Space Sector.
Solar Industries is well-positioned to capitalize on India's infrastructure development and defence modernization initiatives. The company posted a 24% revenue increase to ₹75.4 billion in FY25, driven by a 162% rise in defence revenue. The company expects 30% growth in the current fiscal year and has plans for a ₹127 billion defence project in Nagpur.
The company's strategic focus on defence sector expansion aligns with India's push for self-reliance in defence manufacturing. The defence industry in India is experiencing significant and progressive change. Opportunities abound both for India Inc. in meeting Government of India's defence requirements, and for the Government in achieving its aspiration of autonomy in defence supply through the development of a home market defence industry.
Solar Industries continues to strengthen its position through technological innovation and strategic partnerships, making it a key player in India's industrial explosives and defence manufacturing landscape. The company's strong financial performance, diverse product portfolio, and expanding global presence position it well for sustained growth in the coming years.
