Discover the dynamic realm of Solar Industries, a global leader in the production of bulk explosives, packaged explosives, and initiating systems crucial for mining, infrastructure, and construction sectors worldwide. In a strategic move in 2010, the company extended its reach into the defense sector, delving into the manufacturing of propellants for missiles and rockets, as well as warheads and warhead explosives.
In this article, we will comprehensively explore Solar Industries, shedding light on its influential role and diverse contributions across industries.
About Solar Industries India
Solar Industries emerges as a global powerhouse with diversified business segments driving its success. The Industrial Explosives division, constituting 76% of FY22 revenue, caters to diverse industries across 51+ nations, securing the company’s status as a leading explosives manufacturer with a substantial 24% market share.
In the Defence sector (9% of FY22 revenue), Solar Industries pioneers private manufacturing of RDX, HMX, and TNT, crucial for propellants and warheads. The Initiating Systems segment (15% of FY22 revenue) boasts a comprehensive product portfolio. With 34 manufacturing plants across 9 states and 6 facilities overseas, Solar Industries holds a capacity of over 4,50,000 MT of explosives. The company’s strategic partnerships with ISRO and Skyroot, coupled with a robust order book of Rs. 3389 Crs, position it for continued growth.
Notably, as of January 6th, 2024, the company’s market cap stands at ₹60,660 Cr., with a current price of ₹6,704.
Below are the trading platforms that you can use to purchase SOLARINDS shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| January 2024 | 7,240.32 | 6,295.93 |
| February 2024 | 7,388.08 | 6,424.42 |
| March 2024 | 7,538.86 | 6,555.53 |
| April 2024 | 7,319.28 | 6,364.59 |
| May 2024 | 7,211.11 | 6,270.53 |
| June 2024 | 7,470.71 | 6,496.27 |
| July 2024 | 7,396.01 | 6,431.31 |
| August 2024 | 7,691.85 | 6,688.56 |
| September 2024 | 7,999.52 | 6,956.11 |
| October 2024 | 7,842.67 | 6,819.71 |
| November 2024 | 8,077.95 | 7,024.30 |
| December 2024 | 8,279.90 | 7,199.91 |
As of January 5th, 2024, Solar Industries’ current share price stands at ₹6,704, with a notable high/low range of ₹8,499 and ₹3,453, respectively. The stock’s price-to-earnings (P/E) ratio is 75.0. Looking ahead to 2024, analysts project a dynamic trajectory for Solar Industries’ share price.
The forecasted range indicates an optimistic outlook, with the share price anticipated to reach a maximum of ₹8,279.90 and a minimum of ₹6,295.93 by December 2024. These projections suggest a potential upward trend, reflecting positive sentiments toward the company’s performance in the coming year.
| When | Maximum Price | Minimum Price |
| January 2025 | 8,445.49 | 6,496.53 |
| February 2025 | 8,662.05 | 6,663.11 |
| March 2025 | 8,999.86 | 6,922.97 |
| April 2025 | 8,823.40 | 6,787.23 |
| May 2025 | 8,566.40 | 6,589.54 |
| June 2025 | 8,951.89 | 6,886.07 |
| July 2025 | 8,776.37 | 6,751.05 |
| August 2025 | 9,047.80 | 6,959.85 |
| September 2025 | 9,364.47 | 7,203.44 |
| October 2025 | 9,607.95 | 7,390.73 |
| November 2025 | 9,848.15 | 7,575.50 |
| December 2025 | 10,094.35 | 7,764.89 |
Against the backdrop of Solar Industries’ strategic financial decisions and a promising outlook, the share price forecast for 2025 appears buoyant. Starting the year with a range of ₹6,496.53 to ₹8,445.49 in January, the anticipated trajectory showcases consistent growth throughout the year.
By December 2025, analysts project Solar Industries’ share price to peak at ₹10,094.35 and reach a minimum of ₹7,764.89. This optimistic projection aligns with the company’s initiatives, including an increase in borrowing limits from ₹1,500 Crs to ₹3,000 Crs in FY22, aimed at supporting its capital expenditure plans. Investors may find these forecasts instrumental in shaping their strategic investment decisions
| When | Maximum Price | Minimum Price |
| January 2026 | 10,397.18 | 7,997.83 |
| February 2026 | 10,663.78 | 8,202.90 |
| March 2026 | 11,079.66 | 8,522.82 |
| April 2026 | 10,862.42 | 8,355.70 |
| May 2026 | 10,546.03 | 8,112.33 |
| June 2026 | 11,020.61 | 8,477.39 |
| July 2026 | 10,804.52 | 8,311.17 |
| August 2026 | 11,138.68 | 8,568.21 |
| September 2026 | 11,528.53 | 8,868.10 |
| October 2026 | 11,828.27 | 9,098.67 |
| November 2026 | 12,123.98 | 9,326.14 |
| December 2026 | 12,427.08 | 9,559.29 |
The future looks promising for Solar Industries as share price projections for 2026 indicate a robust performance. Commencing the year with a range of ₹7,997.83 to ₹10,397.18 in January, the upward trend persists throughout the months. By December 2026, analysts anticipate Solar Industries’ share price to reach a maximum of ₹12,427.08 and a minimum of ₹9,559.29. This optimistic trajectory aligns with the company’s strategic initiatives and solidifies its standing as a key player in the market.
Notably, Solar Industries achieved a significant milestone, with the Indian Army successfully test-firing 6 Pinaka Rockets manufactured by the company—the first instance of an Indian private organization’s rocket being utilized by the military.
| When | Maximum Price | Minimum Price |
| January 2027 | 12,675.62 | 9,750.48 |
| February 2027 | 13,000.63 | 10,000.49 |
| March 2027 | 13,507.66 | 10,390.51 |
| April 2027 | 13,242.80 | 10,186.77 |
| May 2027 | 12,857.09 | 9,890.07 |
| June 2027 | 13,435.66 | 10,335.12 |
| July 2027 | 13,172.22 | 10,132.47 |
| August 2027 | 13,579.60 | 10,445.85 |
| September 2027 | 14,054.89 | 10,811.45 |
| October 2027 | 14,420.32 | 11,092.55 |
| November 2027 | 14,780.83 | 11,369.87 |
| December 2027 | 15,150.35 | 11,654.11 |
Solar Industries continues to exhibit a promising trajectory as share price projections for 2027 reflect substantial growth. Kicking off the year with a range of ₹9,750.48 to ₹12,675.62 in January, the upward trend persists consistently throughout the year. By December 2027, analysts anticipate Solar Industries’ share price to reach a maximum of ₹15,150.35 and a minimum of ₹11,654.11. This positive outlook aligns with the company’s strategic initiatives and robust market presence.
Additionally, the majority of raw materials being internally manufactured, as highlighted in the backward integration strategy, positions Solar Industries for sustainable growth, enhancing its competitive edge in the market. Investors may find these projections indicative of the company’s continued success.
| When | Maximum Price | Minimum Price |
| January 2028 | 15,453.35 | 11,887.19 |
| February 2028 | 15,849.59 | 12,191.99 |
| March 2028 | 16,467.73 | 12,667.48 |
| April 2028 | 16,144.83 | 12,419.10 |
| May 2028 | 15,674.59 | 12,057.38 |
| June 2028 | 16,379.95 | 12,599.96 |
| July 2028 | 16,058.77 | 12,352.90 |
| August 2028 | 16,555.44 | 12,734.95 |
| September 2028 | 17,134.88 | 13,180.67 |
| October 2028 | 17,580.38 | 13,523.37 |
| November 2028 | 18,019.89 | 13,861.46 |
| December 2028 | 18,470.39 | 14,207.99 |
- January 2028: ₹11,887.19 (Minimum)
- December 2028: ₹18,470.39 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2029 | 18,839.80 | 14,492.15 |
| February 2029 | 19,322.87 | 14,863.75 |
| March 2029 | 20,076.46 | 15,443.43 |
| April 2029 | 19,682.81 | 15,140.62 |
| May 2029 | 19,109.52 | 14,699.63 |
| June 2029 | 19,969.45 | 15,361.11 |
| July 2029 | 19,577.89 | 15,059.92 |
| August 2029 | 20,183.39 | 15,525.69 |
| September 2029 | 20,889.81 | 16,069.09 |
| October 2029 | 21,432.95 | 16,486.88 |
| November 2029 | 21,968.77 | 16,899.05 |
| December 2029 | 22,517.99 | 17,321.53 |
- January 2029: ₹14,492.15 (Minimum)
- December 2029: ₹22,517.99 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2030 | 22,968.35 | 17,667.96 |
| February 2030 | 23,557.28 | 18,120.99 |
| March 2030 | 24,476.02 | 18,827.70 |
| April 2030 | 23,996.09 | 18,458.53 |
| May 2030 | 23,297.18 | 17,920.91 |
| June 2030 | 24,345.55 | 18,727.35 |
| July 2030 | 23,868.19 | 18,360.14 |
| August 2030 | 24,606.38 | 18,927.98 |
| September 2030 | 25,467.60 | 19,590.46 |
| October 2030 | 26,129.76 | 20,099.81 |
| November 2030 | 26,783.00 | 20,602.31 |
| December 2030 | 27,452.58 | 21,117.37 |
- January 2030: ₹17,667.96 (Minimum)
- December 2030: ₹27,452.58 (Maximum)
Solar Industries India Financial Condition: Last 5 Years
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Sales (Rs. Cr.) | 2,462 | 2,237 | 2,516 | 3,948 | 6,923 |
| Expenses (Rs. Cr.) | 1,960 | 1,803 | 2,001 | 3,199 | 5,634 |
| Operating Profit (Rs. Cr.) | 502 | 434 | 515 | 748 | 1,289 |
| OPM % | 20% | 19% | 20% | 19% | 19% |
| Other Income (Rs. Cr.) | 9 | 41 | 21 | 19 | 32 |
| Interest (Rs. Cr.) | 50 | 55 | 45 | 50 | 90 |
| Depreciation (Rs. Cr.) | 59 | 85 | 94 | 109 | 128 |
| Profit Before Tax (Rs. Cr.) | 402 | 336 | 397 | 607 | 1,102 |
| Tax % | 31% | 17% | 27% | 25% | 26% |
| Net Profit (Rs. Cr.) | 277 | 279 | 288 | 455 | 811 |
| EPS (Rs.) | 28.91 | 29.55 | 30.54 | 48.77 | 83.68 |
| Dividend Payout % | 24% | 20% | 20% | 15% | 10% |
- Over the last five years, Solar Industries India has showcased robust financial performance, witnessing significant growth in sales, operating profit, and net profit.
- Sales have consistently increased from Rs. 2,462 Cr. in 2019 to Rs. 6,923 Cr. in 2023, reflecting a compounded growth rate of 29%.
- The compounded profit growth stands impressively at 28%, highlighting sustained profitability.
- The stock price has exhibited a remarkable Compound Annual Growth Rate (CAGR) of 45% over the past five years, indicative of strong investor confidence.
- Solar Industries’ prudent financial management is underscored by an increasing Return on Equity, reaching 33% in the last year.
FAQs
What is Solar Industries’ current market capitalization?
As of January 6th, 2024, Solar Industries’ market cap stands at ₹60,660 Cr.
The current share price of Solar Industries is ₹6,704 as of January 6th, 2024.
The projected share price for Solar Industries in December 2025 ranges from ₹10,094.35 to ₹7,764.89.
Analysts anticipate the share price of Solar Industries to reach a maximum of ₹27,452.58 and a minimum of ₹17,667.96 by December 2030.
What is Solar Industries’ current Price-to-Earnings (P/E) ratio?
The current P/E ratio for Solar Industries’ stock is 75.0.
How has Solar Industries’ sales growth performed in the last five years?
Solar Industries has witnessed impressive sales growth, with a compounded rate of 29% from 2019 to 2023.
What is the company’s dividend payout percentage for the most recent fiscal year?
In the last fiscal year, Solar Industries maintained a dividend payout of 10%.
How has Solar Industries’ stock price performed in the last three years?
Solar Industries’ stock has shown a notable Compound Annual Growth Rate (CAGR) of 81% over the last three years.
What is Solar Industries’ target for annual capital expenditure (Capex) in the current fiscal year (FY23)?
The company aims to incur a Capex of 500 Crs in FY23, aligning with its goal of expanding its defense product portfolio and international presence.
What is the company’s historical performance in terms of Return on Equity (ROE)?
Solar Industries has shown a consistent increase in ROE, reaching 33% in the last fiscal year, reflecting strong financial performance.
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Conclusion: Solar Industries’ Explosive Trajectory and Financial Resilience
In conclusion, Solar Industries stands as a formidable global player in the explosive manufacturing industry, diversifying its business segments across industrial explosives, defense manufacturing, and initiating systems. With a robust market share of 24% and a significant presence in over 51 nations, the company exhibits strength in its Industrial Explosives division, contributing 76% to FY22 revenue. The strategic foray into defense manufacturing, along with partnerships with ISRO and Skyroot, positions Solar Industries for continued growth, supported by a substantial order book of Rs. 3389 Crs.
Financially, the company demonstrates impressive performance with a 28.1% CAGR in profit over the last five years, showcasing sustainable profitability. The stock’s remarkable Compound Annual Growth Rate (CAGR) of 45% reflects strong investor confidence. With a current market cap of ₹60,660 Cr. and a P/E ratio of 75.0, Solar Industries anticipates a positive trajectory, evident in the optimistic share price targets for 2024 to 2030.
Notably, the company’s focus on defense expansion and international presence aligns with a targeted Capex of 500 Crs in FY23. Furthermore, the consistent increase in Return on Equity (ROE), reaching 33% in the last fiscal year, highlights the company’s sound financial management. As the company is poised to deliver a good quarter, the stock’s trading at 21.2 times its book value reflects investor confidence in its prospects.
Overall, Solar Industries emerges as a compelling investment opportunity with a strong foundation for sustained growth.
What did we learn?
- 1 About Solar Industries India
- 2 How to Purchase Solar Industries India Shares?
- 3 Solar Industries India Share Price Target 2024 To 2030
- 4 Solar Industries India Financial Condition: Last 5 Years
- 5 FAQs
- 5.1 What is Solar Industries’ current market capitalization?
- 5.2 What is the current share price of Solar Industries?
- 5.3 What is the share price target for Solar Industries in 2025?
- 5.4 What is the expected share price of Solar Industries in 2030?
- 5.5 What is Solar Industries’ current Price-to-Earnings (P/E) ratio?
- 5.6 How has Solar Industries’ sales growth performed in the last five years?
- 5.7 What is the company’s dividend payout percentage for the most recent fiscal year?
- 5.8 How has Solar Industries’ stock price performed in the last three years?
- 5.9 What is Solar Industries’ target for annual capital expenditure (Capex) in the current fiscal year (FY23)?
- 5.10 What is the company’s historical performance in terms of Return on Equity (ROE)?
- 6 Conclusion: Solar Industries’ Explosive Trajectory and Financial Resilience
