Solar Industries India Limited — Cyborg Score 8/10
Strong
Industrial Explosives & Defense Manufacturing
Strategic Profile
Solar Industries expects 15% annual growth, with over 20% growth in 3-5 years driven by mining and defense, anticipating a 6-7% demand rise in mining products leading to 10-12% volume and 15% business growth in India. The defense sector, with a substantial order book of approximately ₹18,000 crores, is poised to be a key growth driver, supported by ongoing product development in advanced technologies.
Cyborg Score Rationale
The company reported record net revenue of Rs. 2548 crores, a 29% year-on-year increase, primarily driven by robust growth in the explosives and defense sectors, with international business revenue surging by 35%. The company has delivered good profit growth of 36.2% CAGR over last 5 years with a good 3-year ROE of 32.6%.
Top Insights
Record net revenue of Rs. 2548 crores in Q3 FY26, representing 29% YoY increase
Defense sector order book of approximately ₹18,000 crores providing multi-year revenue visibility
International business revenue surged 35% despite stagnant coal sector demand, demonstrating successful global diversification
Received export orders worth INR 830 Cr for Defence Products to be delivered over 4 years
Named Competitors
IPCL — Industrial chemicals and explosives manufacturer
Orica — Global mining explosives and blasting services
MAXAM — Global explosives and mining services provider
Recent Developments
(February 2026) Goldman Sachs maintains Buy rating on Solar Industries
(February 2026) Received export defense orders worth ₹8.3 billion with 4-year delivery schedule
(February 2026) ICRA reaffirmed A1 rating for ₹500 Cr commercial paper
(October 2025) Secured ₹17.5 billion order from Coal India for explosives supply
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