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India
As of 18 Sept 2026, 03:30 pm
Following the proposed acquisition of Omnia Holdings Limited, Jefferies anticipates that Solar Industries' defence segment revenue contribution may decrease to between 22% and 25% by FY30. This shift is expected to result in agriculture and explosives becoming larger contributors to revenue. While Jefferies foresees potential near-term dilution in earnings per share (EPS) and increased leverage, they maintain a Buy rating, citing expectations of over 30% earnings growth and a return on equity (ROE) exceeding 25%.
On September 17, 2026, Solar Industries India Limited confirmed it fulfilled its payment obligation for a ₹75 Crore Commercial Paper that was issued on June 19, 2026, to Kotak Mahindra Bank Limited. The company stated that the full redemption amount was paid on the maturity date of September 17, 2026.
Recent analyst commentary includes a 'Buy' recommendation with a target price of ₹23,500 from ICICI Securities. Elara Securities has also issued an 'Accumulate' recommendation.
As of September 17, 2026, Solar Industries has shown varied returns across different periods. Its year-to-date (YTD) return is 55%, and its return over the last 6 months is 34%. The return over the past year stands at 27%. However, its returns over the last 1 month and 3 months are -6% and 8% respectively. Longer-term returns show a -9% return over 10 years and -16% over 5 years, while the return since inception is 91%.
As of the daily timeframe on September 17, 2026, the technical indicators suggest a bearish trend, with the Supertrend at ₹21,254.82. Key resistance levels are identified at ₹18,946.67 (pivot), ₹19,134.75, ₹19,413.33, and ₹19,926.67. Support levels are noted at ₹18,433.33, ₹17,966.67, ₹17,453.33, and ₹16,717.00. The closing price on this date was ₹18,815.0.
As of 18 Sept 2026, 03:30 pm
Showing 3 of 5 candles
Recent drawdown or price variability is high enough to warrant closer monitoring.
Primary driver: Price remains materially below a previous peak
Trading activity was substantially higher than usual and the price closed lower.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
Trading activity was substantially higher than usual and the price closed lower.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
The session opened materially below the previous close, indicating a sharp repricing at the open.
The price gap may increase short-term downside uncertainty and warrants review of the underlying context.
The session opened materially below the previous close, indicating a sharp repricing at the open.
The price gap may increase short-term downside uncertainty and warrants review of the underlying context.
Latest complete financial results for Q4 FY2026 and comparative quarterly trends.
| Metric | Q4 FY2025-26(Latest) | Q3 FY2025-26 | Q2 FY2025-26 | Q1 FY2025-26 | Q4 FY2024-25 |
|---|---|---|---|---|---|
| Revenue From Operations | PEAK₹3,052.75 crore | ₹2,548.32 crore | ₹2,082.22 crore | ₹2,154.45 crore | ₹2,166.55 crore |
| Profit Loss For Period From Continuing Operations | PEAK₹554.75 crore | ₹466.67 crore | ₹361.69 crore | ₹352.62 crore | ₹348.69 crore |
| Profit Loss For Period | PEAK₹556.03 crore | ₹466.54 crore | ₹361.69 crore | ₹352.62 crore | ₹346.11 crore |
| Current Tax | PEAK₹203.65 crore | ₹164.01 crore | ₹122.38 crore | ₹121.32 crore | ₹100.25 crore |
| Deferred Tax | -₹65 lakh | ₹5.36 crore | ₹5.45 crore | ₹6.82 crore | PEAK₹18.01 crore |
| Tax Expense | PEAK₹203 crore | ₹169.37 crore | ₹127.83 crore | ₹128.14 crore | ₹118.26 crore |
Solar Industries India Ltd. reported a large jump in revenue and an even larger increase in profit for the January–March 2026 quarter. Revenue from operations rose nearly 41% year on year, while net profit climbed about 60%, expanding both pre‑tax and net profit margins. A positive swing in other comprehensive income lifted total comprehensive income far above net profit.
Exchange disclosures and regulatory announcements for Solar Industries India.
Solar Industries India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
Solar Industries India Limited uploaded the transcript of its earnings call, which concluded on September 15, 2026, at 11:16 AM, to its website on September 17, 2026, at 3:00 PM. The company had previously intimated the call to the exchange on September 14, 2026. The transcript is accessible via www.solargroup.com.
Solar Industries India Limited certified on September 17, 2026, that it fulfilled its payment obligation for a Rs. 75 Crore Commercial Paper issued on June 19, 2026, to Kotak Mahindra Bank Limited. The company confirmed the full redemption amount was paid on the maturity date of September 17, 2026, as required under SEBI Listing Regulations.
On September 15, 2026, Solar Industries India Limited made the audio recording of a conference call regarding the proposed acquisition of Omnia Holdings Limited by Solar SA Investments Proprietary Limited available on its website. The call, hosted by ICICI Securities Limited on the same date at 10:30 a.m. IST, involved discussions with the company's management about the transaction. The filing serves to inform the National Stock Exchange of India and BSE Limited that the recording is accessible via the provided URL for their records.
Solar Industries India Limited has informed the Exchange regarding a press release dated September 14, 2026, titled "Press release on proposed acquisition of Omnia Holdings Limited by Solar SA Investments Proprietary Limited". |SUBJECT: Press Release
Solar Industries India Limited has informed the Exchange about Acquisition |SUBJECT: Acquisition
Solar Industries India Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
On September 4, 2026, ICRA Limited reaffirmed the [ICRA]A1+ rating for Solar Industries India Limited's commercial paper program. The rating action reflects the company's strong market position in commercial explosives and defense sectors, supported by a consolidated order book exceeding Rs. 21,000 crore as of March 31, 2026, and healthy financial metrics including an operating profit margin of approximately 26% in FY2026. While the credit profile remains robust with low leverage, the rating notes vulnerabilities to raw material price fluctuations, foreign exchange volatility, regulatory changes, and ongoing legal proceedings regarding the executive directorship.
Recent market and company developments associated with Solar Industries India.
ICICI Securities, Solar Industries, buy, Recommendations
The FMCG maker will use the open-market route for the proposed repurchase, its first such buyback since 2023.
Elara Securities
The Nifty India Defence index slipped 0.16% to 9,129.40 on Wednesday, extending its losing streak to a fifth consecutive session.
Solar Industries Omnia acquisition could reduce the defence segments revenue contribution to 22-25% by FY30, Jefferies said, while agriculture and explosives gain a larger share. The brokerage expects near-term EPS dilution and higher leverage but retained its Buy rating, citing potential earnings growth of over 30% and ROE above 25%.
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Solar Industries shares have plunged over 17% in two sessions following the Rs 12,951 crore acquisition of South Africas Omnia Holdings. Despite the sharp correction, Jefferies and Nuvama retain Buy ratings, citing the companys earnings growth potential, strong cash flows and strategic benefits from the acquisition and global expansion.
Deven Choksey, MD, DRChoksey Finserv, said banks will benefit too, but payment aggregators could see a sharper earnings boost as infrastructure costs begin translating into profits. He also shares his views on IT, largecaps and Solar Industries. What else is he bullish on?
Comprehensive Section Breakdown for Solar Industries India
Strategic Vision: Manufactures industrial explosives and explosive initiating devices.
• Technical expertise in explosive materials
• Integrated approach to serving diverse client base
Revenue from operations reached ₹3,052.75 crore in Q4 FY2026, up 19.8% from ₹2,548.32 crore in the preceding quarter (Q3 FY2026) and up 40.9% from ₹2,166.55 crore in the same quarter last year. Other income added another ₹44.47 crore in the quarter.
Profit before tax stood at ₹757.75 crore, a 19.1% sequential increase and a 62.3% year‑over‑year increase. Profit from continuing operations was ₹554.75 crore, rising 18.9% sequentially and 59.1% from a year ago. Total profit (including all operations) was ₹556.03 crore, up 19.2% from the prior quarter and 60.7% year on year. The total profit figure exceeded continuing‑operations profit by ₹1.28 crore – a negligible contribution from other operations.
On every profit measure, the percentage increase comfortably outpaced revenue growth.
Because profit grew faster than the top line, margins widened meaningfully.
This improvement indicates that total expenses rose more slowly than revenue, raising the share of each revenue rupee that becomes profit.
Finance costs for the quarter increased to ₹41.27 crore, up 43.4% year on year and 20.0% sequentially. Other expenses climbed to ₹452.65 crore, a 57.3% rise from the year‑ago quarter and a 17.6% rise from Q3 FY2026.
Employee benefit expense was ₹252.59 crore, and depreciation was ₹71.42 crore for the quarter.
The effective tax rate edged higher. Total tax expense of ₹203 crore represented 26.8% of pre‑tax profit, compared with 25.3% in the prior‑year quarter. The higher tax rate trimmed some of the margin gain but did not prevent net profit from growing faster than revenue.
Total comprehensive income for the quarter was ₹682.13 crore, far exceeding net profit of ₹556.03 crore. The difference – a positive other comprehensive income (OCI) of ₹126.1 crore – marked a sharp swing from the prior‑year quarter, when comprehensive income of ₹318.39 crore was below net profit of ₹346.11 crore, implying a negative OCI of ₹27.7 crore.
The swing from a loss to a large gain in OCI pushed total comprehensive income 114.2% higher year on year, well above net profit’s 60.7% growth.
Solar Industries’ January–March 2026 quarter delivered a 41% revenue increase and an even larger 60% rise in net profit. Pre‑tax and net margins expanded materially, as costs did not keep pace with revenue growth. A higher effective tax rate and rising finance and other expenses partially offset the margin benefit, but profitability improved strongly nonetheless. A positive swing in other comprehensive income further boosted total comprehensive income well beyond net profit. The quarter stands out as a period of fast revenue gains and widening profitability.
Category: Manufacturing
This segment includes bulk and packaged explosives, as well as a variety of initiating systems such as electronic, electric, non-electric, and plain detonators.
Category: Manufacturing
Solar Industries supplies advanced defense solutions including unmanned aerial systems, drones, ammunition, high-energy materials, bombs, warheads, rockets, missiles, and specialized initiating systems.
Core Thesis: The company provides an integrated ecosystem of solutions for industrial and defense applications.
• Integrated Solutions: The business model encompasses both industrial and defense applications, leveraging technical expertise in explosive materials to provide a range of solutions. • Diverse Product Portfolio: Offers a comprehensive range of industrial explosives and advanced defense products catering to critical sectors.