Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Makes the explosives and propellants, fills and assembles shells, rockets and bombs, and supplies energetic materials to missile makers. Munitions India (the former ordnance factories) is the largest producer; private makers now win large contracts too.
Why it matters
Ammunition is used up, so it is the most repeatable order in defence, and wars in Europe and the Middle East have created export demand. Solar Industries shares the Pinaka rocket contract (₹10,140 Cr in total) with Munitions India and guides defence revenue up ~70% to ~₹4,500 Cr in FY27.
Where the value pool sits
Large and steady, with strong margins for integrated makers who produce their own explosives. Solar's defence order book was ~₹18,000 Cr of its ₹21,350 Cr total (30 Jun 2026).
Key drivers
War-reserve rebuilding after Operation Sindoor
Exports of 155 mm shells and rockets
Private-sector entry and indigenised fuzes
Potential bottlenecks
Nitrocellulose, TNT and other inputs in tight global supply