Shells, rockets, propellants, explosives and fuzes - mixed, cast and stored in the ordnance shop and the earth-covered magazine.
Solar Industries IndiaDirect supplier · HighListed
Premier ExplosivesDirect supplier · HighListed
Munitions IndiaOperator · HighUnlisted
Bharat ForgeDirect supplier · MediumListed
Munitions India
Government-owned ammunition maker (former ordnance factories) - largest producer of shells, rockets and explosives
Strengths
India's largest ammunition producer
Shares the Pinaka rocket contract with Solar Industries
Risks
Unlisted DPSU
Capacity and quality issues inherited from the old ordnance factories
Background
One of seven DPSUs carved out of the Ordnance Factory Board in Oct 2021
100% government-owned
Compiled from public reporting — not exchange-listed.
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