Solar Industries India SOLARINDS
Defence Procurement (DAC approvals): Largest private explosives maker - Pinaka rockets, ammunition, loitering munitions and missile propellants
Mapped in 2 themes: Naval Shipbuilding & Defence Shipyards and Defence Procurement (DAC approvals).
Where Solar Industries India sits in the supply chain
Solar Industries India appears in 3 supply-chain layers across 2 themes: Naval Shipbuilding & Defence Shipyards and Defence Procurement (DAC approvals).
Naval Shipbuilding & Defence Shipyards › Combat Systems, Weapons, Explosives & Ammunition
Direct supplierIndia's largest private explosives maker, diversifying into warheads, detonators and propellant systems
Other companies in this layer
Defence Procurement (DAC approvals) › Drones & counter-drone
Emerging entrantLargest private explosives maker - Pinaka rockets, ammunition, loitering munitions and missile propellants
Other companies in this layer
Defence Procurement (DAC approvals) › Ammunition, rockets & explosives
Direct supplierLargest private explosives maker - Pinaka rockets, ammunition, loitering munitions and missile propellants
Other companies in this layer
Revenue and profit
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 6,070 | 7,540 | 9,838 |
| Net profit | 875 | 1,288 | 1,737 |
Latest-year revenue ₹9,838 Cr (FY26, company-wide). Wider screens show FY22 onwards.
Strengths · in Defence Procurement (DAC approvals)
- Defence revenue ~doubled to ₹2,634 Cr in FY26 (27% of sales); FY27 guide ~₹4,500 Cr
- Defence order book ~₹18,000 Cr of ₹21,350 Cr total (30 Jun 2026)
- Owns its explosives chain, from raw material to finished rocket
Risks · in Defence Procurement (DAC approvals)
- Pinaka is a large share of the defence book - single-programme risk
- Very rich valuation (see the figures)
- Explosives plants carry safety and licensing risk
Common questions
What does Solar Industries India do?
In Defence Procurement (DAC approvals): Largest private explosives maker - Pinaka rockets, ammunition, loitering munitions and missile propellants. NextResearch maps it in 2 supply chains: Defence Procurement (DAC approvals) and Naval Shipbuilding & Defence Shipyards.
Where does Solar Industries India sit in the supply chain?
Solar Industries India (NSE: SOLARINDS) is mapped in 3 supply-chain layers: Combat Systems, Weapons, Explosives & Ammunition (Naval Shipbuilding & Defence Shipyards); Drones & counter-drone (Defence Procurement (DAC approvals)); and Ammunition, rockets & explosives (Defence Procurement (DAC approvals)).
Who are Solar Industries India's peers?
In the Ammunition, rockets & explosives layer of Defence Procurement (DAC approvals): Premier Explosives, Munitions India (not NSE-listed) and Bharat Forge.
What is Solar Industries India's market cap and valuation?
As of 30 Oct 2026: market cap ₹1.70L Cr, P/E 85.4x, ROCE 38.1%, ROE 32.6%, dividend yield 0.06%.