# SOLARINDS (SOLARINDS) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/solarinds

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹18,830
- Change: +0.08%
- As of: 2026-09-18
- 1D return: -1.38%
- 5D return: -17.05%
- 1M return: -6.10%
- Latest complete quarter: fy26_q4

## Faxioms Analysis

_As of 2026-09-18_

### Technical Outlook

As of September 17, 2026, SOLARINDS is trading below its short-term moving averages, indicating a bearish technical stance on the daily timeframe. This contrasts with the weekly and monthly timeframes, which show bullish trends with prices above key moving averages and the Supertrend indicator. The daily chart shows the price at ₹18815.0 is below the 20-day Exponential Moving Average (EMA) of ₹20446.06 and the 50-day EMA of ₹19662.63, alongside a bearish Supertrend reading of ₹21254.82. On the weekly chart, the price is above the 20-day EMA (₹18621.18) and the 50-day EMA (₹16479.46), with a bullish Supertrend at ₹18187.34. The monthly view also indicates strength, with the price above the 20-day EMA (₹15219.63) and a bullish Supertrend at ₹12781.17. Recent anomalies include a high-participation, no-clear-direction weekly event on September 17, 2026, and a significant volume move with price decline on September 15, 2026. The stock is currently exhibiting a Bearish Engulfing Reversal and an Outside Bar pattern on the weekly chart, and an Inside Bar on the daily chart. The nearest resistance is identified at ₹18946.67 (pivot level), approximately 0.7% above the current price, while the nearest support is at ₹18433.33 (low), about 2.03% below. The stock's risk profile includes an annualized volatility of 35% and a current drawdown of -16%.

- Daily trend is bearish, with price below short-term EMAs and Supertrend.
- Weekly and monthly trends remain bullish, with price above key EMAs and Supertrend.
- Nearest resistance level is ₹18946.67; nearest support level is ₹18433.33.
- Watch for a break below the ₹18433.33 support level to confirm weakening of the longer-term bullish trend.
- Monitor for a sustained move above the ₹18946.67 resistance level to signal potential for further upside.

- Bearish Engulfing Reversal
- Outside Bar
- Inside Bar
- Evening Star
- Doji

### News Context

Brokerage firms provided updated views on Solar Industries following a report from Jefferies on September 16, 2026. Jefferies suggested that the company's defense segment revenue contribution could decrease to 22-25% by fiscal year 2030, following the Omnia acquisition, with agriculture and explosives expected to gain a larger share. Despite anticipating near-term earnings per share dilution and increased leverage, Jefferies maintained a "Buy" rating, citing potential earnings growth exceeding 30% and a return on equity above 25%. Subsequently, on September 18, 2026, ICICI Securities issued a "Buy" recommendation with a target price of ₹23,500. Elara Securities also issued a "Accumulate" rating on September 17, 2026. These analyst views follow a period where defense stocks, including Solar Industries, experienced a slide for five consecutive sessions, with the Nifty India Defence index closing at 9,129.40 on September 16, 2026.

- Jefferies reported on September 16, 2026, that Solar Industries' defense revenue share may fall to 22-25% by FY30 post-Omnia deal, while agriculture and explosives gain share.
- Jefferies retained a "Buy" rating on Solar Industries on September 16, 2026, expecting over 30% earnings growth and ROE above 25%, despite near-term EPS dilution and higher leverage.
- ICICI Securities issued a "Buy" recommendation for Solar Industries with a target price of ₹23,500 on September 18, 2026.
- Elara Securities issued an "Accumulate" rating for Solar Industries on September 17, 2026.
- The Nifty India Defence index declined for a fifth straight session, closing at 9,129.40 on September 16, 2026.

- Buy Solar Industries; target of Rs 23,500: ICICI Securities
- Emami approves ₹282-crore share buyback at maximum price of ₹475
- Broker’s call: Solar Industries (Accumulate)
- Defence stocks slide for fifth straight session
- Solar Industries’ defence share may fall to 22-25% by FY30 after Omnia deal: Jefferies

### What Changed

Solar Industries India Limited has recently provided updates regarding its investor communications and financial obligations. On September 17, 2026, the company filed transcripts from an analysts/institutional investor meet and earnings call that concluded on September 15, 2026. Separately, on the same date, Solar Industries India Limited certified the fulfillment of its payment obligation for a ₹75 Crore Commercial Paper issued on June 19, 2026, to Kotak Mahindra Bank Limited, confirming the full redemption amount was paid on its maturity date. In terms of market sentiment, recent news includes an "Accumulate" recommendation from Elara Securities and a "Buy" recommendation with a target of ₹23,500 from ICICI Securities. The company's stock price was ₹18,815.0 on September 17, 2026, a slight decrease from its previous price of ₹18,900.0.

- On September 17, 2026, Solar Industries India Limited uploaded transcripts from its earnings call held on September 15, 2026.
- The company certified on September 17, 2026, that it fulfilled its payment obligation for a ₹75 Crore Commercial Paper issued on June 19, 2026.
- ICICI Securities issued a "Buy" recommendation with a target of ₹23,500.
- Elara Securities provided an "Accumulate" recommendation for Solar Industries.
- The stock price on September 17, 2026, was ₹18,815.0, down from ₹18,900.0 previously.

- Buy Solar Industries; target of Rs 23,500: ICICI Securities
- Emami approves ₹282-crore share buyback at maximum price of ₹475
- Broker’s call: Solar Industries (Accumulate)
- Solar Industries India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- SOLAR INDUSTRIES INDIA LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL
- Solar Industries India Limited has informed the Exchange about Certificate confirming fulfilment of payment obligation with respect to Commercial Paper issued dated June 19, 2026, by Solar Industries India Limited. |SUBJECT: General Updates

### Official Filings

Solar Industries India Limited has provided updates regarding its financial obligations and a significant proposed acquisition. On September 17, 2026, the company confirmed the full redemption of a ₹75 Crore Commercial Paper issued on June 19, 2026, to Kotak Mahindra Bank Limited, fulfilling its payment obligation on the maturity date. This action demonstrates the company's ability to meet its short-term debt commitments.

Separately, the company has been actively disclosing information related to the proposed acquisition of Omnia Holdings Limited by its subsidiary, Solar SA Investments Proprietary Limited. A press release on this matter was issued on September 14, 2026. Following this, an audio recording of a conference call discussing the transaction, hosted by ICICI Securities Limited on September 15, 2026, was made available on the company's website. The company also informed the exchange about the schedule of an analyst/investor meet concerning this acquisition.

In credit rating news, on September 4, 2026, ICRA Limited reaffirmed the [ICRA]A1+ rating for Solar Industries India Limited's commercial paper program. This rating is supported by the company's strong market position, a consolidated order book exceeding ₹21,000 crore as of March 31, 2026, and healthy financial metrics including a reported operating profit margin of approximately 26% in FY2026. However, the rating also notes potential vulnerabilities such as raw material price fluctuations, foreign exchange volatility, regulatory changes, and ongoing legal proceedings.

- On September 17, 2026, Solar Industries India Limited confirmed the full payment and redemption of a ₹75 Crore Commercial Paper.
- The company is proceeding with the proposed acquisition of Omnia Holdings Limited by its subsidiary, Solar SA Investments Proprietary Limited, with related disclosures and investor call recordings made available on September 14 and 15, 2026.
- On September 4, 2026, ICRA Limited reaffirmed the [ICRA]A1+ rating for the company's commercial paper program.
- The reaffirmation of the credit rating on September 4, 2026, was supported by an order book exceeding ₹21,000 crore as of March 31, 2026, and an approximate 26% operating profit margin in FY2026.
- The credit rating also noted potential risks including raw material price fluctuations, foreign exchange volatility, regulatory changes, and ongoing legal proceedings.

- Solar Industries India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- SOLAR INDUSTRIES INDIA LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL
- Solar Industries India Limited has informed the Exchange about Certificate confirming fulfilment of payment obligation with respect to Commercial Paper issued dated June 19, 2026, by Solar Industries India Limited. |SUBJECT: General Updates
- Solar Industries India Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- 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
- Solar Industries India Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating
- The Exchange has sought clarification from Solar Industries India Limited with respect to recent news item captioned Solar Industries likely to acquire big global firm in South Africa, reports CNBC-Awaaz; shares rise 4.5%. The response from the Company is attached. |SUBJECT: News Verification
- Solar Industries India Limited has informed the Exchange about Copy of Newspaper Publication for the Unaudited Financial Results for the quarter ended on June 30, 2026 |SUBJECT: Copy of Newspaper Publication

### Fundamentals

Solar Industries India, listed on the NSE, demonstrated a consistent upward trend in its top-line and bottom-line performance across the reported quarters of FY2025-26. Revenue from operations grew sequentially from ₹2,082.22 crore in Q2 FY2025-26 to ₹3,052.75 crore in Q4 FY2025-26. This revenue growth was accompanied by an increase in profitability, with Profit Loss For Period From Continuing Operations rising from ₹361.69 crore in Q2 FY2025-26 to ₹554.75 crore in Q4 FY2025-26. The overall Profit Loss For Period also followed this positive trajectory, increasing from ₹361.69 crore to ₹556.03 crore over the same periods. The company's tax expense, comprising current and deferred tax, showed a corresponding increase with higher profits, reaching ₹203 crore in Q4 FY2025-26. The reported figures indicate that the company's operating performance strengthened through the fiscal year.

- Revenue from operations increased sequentially from ₹2,082.22 crore in Q2 FY2025-26 to ₹3,052.75 crore in Q4 FY2025-26.
- Profit Loss For Period From Continuing Operations grew from ₹361.69 crore in Q2 FY2025-26 to ₹554.75 crore in Q4 FY2025-26.
- Profit Loss For Period showed a similar increase, rising from ₹361.69 crore in Q2 FY2025-26 to ₹556.03 crore in Q4 FY2025-26.
- Tax Expense for the period increased from ₹127.83 crore in Q2 FY2025-26 to ₹203 crore in Q4 FY2025-26.

### Bull Case

Solar Industries India's stock has demonstrated positive performance over several periods, with a notable return of 55% year-to-date and 27% over the past year. Technical indicators show a bullish trend on a monthly and weekly timeframe, with the Supertrend indicator suggesting an upward movement. The stock is trading above its 200-day Simple Moving Average (SMA) of ₹15,896.24, indicating a longer-term positive trend. Several external analysts have issued positive recommendations, with one brokerage maintaining a 'Buy' rating and another suggesting an 'Accumulate' stance.

- The stock has delivered a year-to-date return of 55% and a 1-year return of 27%.
- Monthly and weekly technical trends are indicated as bullish, with the Supertrend pointing upwards.
- The current stock price is above the 200-day SMA of ₹15,896.24.
- External analyst reports include a 'Buy' recommendation from ICICI Securities and an 'Accumulate' rating from Elara Securities.

- Buy Solar Industries; target of Rs 23,500: ICICI Securities
- Emami approves ₹282-crore share buyback at maximum price of ₹475
- Broker’s call: Solar Industries (Accumulate)
- Defence stocks slide for fifth straight session
- Solar Industries’ defence share may fall to 22-25% by FY30 after Omnia deal: Jefferies

### Bear Case

The company's technical indicators suggest a weakening trend. The daily trend analysis shows the closing price of ₹18,815.0 is below the 20-day Exponential Moving Average (EMA) of ₹20,446.06, with a negative EMA slope of -212.7 over 5 periods. The Supertrend indicator is also in a bearish direction at ₹21,254.82. While the monthly trend remains bullish, the daily chart indicates potential near-term headwinds. Additionally, a recent analysis by Jefferies suggests that the Omnia acquisition could lead to a reduced revenue contribution from the defence segment to 22-25% by FY30, with potential near-term earnings per share dilution and increased leverage, although the brokerage maintained a Buy rating.

- Daily technical indicators show a bearish trend, with the closing price below the 20-day EMA and a negative EMA slope.
- The Supertrend indicator on the daily chart is signalling a bearish direction.
- Jefferies anticipates a potential reduction in the defence segment's revenue contribution to 22-25% by FY30 following the Omnia acquisition.
- The Omnia acquisition may result in near-term EPS dilution and higher leverage, according to Jefferies.

- Buy Solar Industries; target of Rs 23,500: ICICI Securities
- Emami approves ₹282-crore share buyback at maximum price of ₹475
- Broker’s call: Solar Industries (Accumulate)
- Defence stocks slide for fifth straight session
- Solar Industries’ defence share may fall to 22-25% by FY30 after Omnia deal: Jefferies

### FAQs

**What is the company's outlook regarding its business segments following the Omnia acquisition?**

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%.

**What recent corporate actions has Solar Industries India Limited undertaken regarding its financial obligations?**

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.

**What are the recent analyst recommendations for Solar Industries?**

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.

**How has Solar Industries performed over different time periods?**

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%.

**What is the current technical trend and key price levels for Solar Industries?**

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.

- Buy Solar Industries; target of Rs 23,500: ICICI Securities
- Emami approves ₹282-crore share buyback at maximum price of ₹475
- Broker’s call: Solar Industries (Accumulate)
- Defence stocks slide for fifth straight session
- Solar Industries’ defence share may fall to 22-25% by FY30 after Omnia deal: Jefferies
- Solar Industries India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- SOLAR INDUSTRIES INDIA LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL
- Solar Industries India Limited has informed the Exchange about Certificate confirming fulfilment of payment obligation with respect to Commercial Paper issued dated June 19, 2026, by Solar Industries India Limited. |SUBJECT: General Updates
- Solar Industries India Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- 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
## Technical analytics

- As of: 2026-09-18
- Daily trend: Weak Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹18,826.67
- Risk regime: Price Risk Requires Attention

### Support levels
- 16717
- 16025
- 13112.828125

### Resistance levels
- 18784.3125
- 19134.75
- 20547

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -1.38% |
| return_10 | -13.70% |
| return_1m | -8.51% |
| return_1y | +26.94% |
| return_20 | -6.10% |
| return_3m | +4.45% |
| return_5 | -17.05% |
| return_6m | +35.45% |
| return_since_start | +88.10% |
| return_ytd | +52.52% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -33.11% |
| annualized_volatility | +34.65% |

## Quarterly financials

- Latest complete quarter: fy26_q4

# Revenue Grows 41%, Profit Up 60% as Margins Widen

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.

## Revenue and Profit Growth

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.

## Margin Improvement

Because profit grew faster than the top line, margins widened meaningfully.

- **Pre‑tax profit margin** rose to 24.8% of revenue from operations, compared with 21.6% in Q4 FY2025.
- **Net profit margin** (from continuing operations) improved to 18.2%, up from 16.1% a year earlier.

This improvement indicates that total expenses rose more slowly than revenue, raising the share of each revenue rupee that becomes profit.

## Expenses and Tax

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.

## Other Comprehensive Income Swing

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.

## Key Takeaway

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.

### Ratios

## Official filings

- 2026-09-17 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_17092026155214_Transcript_Conference_Call_Signed.pdf)
- 2026-09-17 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2384_WebXMLFile_20260917_155510949.xml)
- 2026-09-17 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_17092026160657_Redemption_of_CP_Signed.pdf)
- 2026-09-15 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_15092026163610_CL_Audio_Recording_Acquisition_of_Omnia_Sd.pdf)
- 2026-09-14 — Press Release: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_14092026122254_signed_pressrelease.pdf)
- 2026-09-14 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_14092026123119_Solarandomniadeal.pdf)
- 2026-09-14 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_14092026173100_signed_concall1710.pdf)
- 2026-09-04 — Credit Rating Update: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_04092026154526_credit_rating_SD.pdf)
- 2026-09-03 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_03092026143546_Clarification_NSE.pdf)
- 2026-08-15 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_15082026104717_signednewspaper1.pdf)
- 2026-08-13 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_13082026142549_SIIL_JUNE1_signed_sdd.pdf)
- 2026-08-13 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_13082026145208_Merged_IPsd.pdf)
- 2026-08-13 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_13082026143116_SIIL_JUNE1_signed_sdd.pdf)
- 2026-08-13 — Press Release: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_13082026144305_Press_Release_Q1_sd.pdf)
- 2026-08-12 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_12082026172146_Scrutiniser_Report_AGM_SIIL.pdf)
- 2026-08-11 — Management Change: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_11082026140901_Signed_Merged_Proceedings.pdf)
- 2026-08-06 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2384_WebXMLFile_20260806_172036168.xml)
- 2026-07-21 — Generic Announcement: Vimta Labs Limited's Board of Directors approved the unaudited financial results for the quarter ended June 30, 2026, on July 20, 2026. These results, along with a limited review report, were published on July 21, 2026, in Business Standard and Loksatta newspapers. — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_21072026131012_Notice_Publication__AGM_2026sd.pdf)
- 2026-07-21 — Generic Announcement: Solar Industries India Limited will hold its 31st Annual General Meeting on August 11, 2026, via video conferencing. The company has issued letters to shareholders without registered email addresses, providing a weblink to access the Integrated Annual Report for the financial year 2025-26. This action complies with SEBI regulations regarding disclosure requirements. — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_21072026123720_Letter_to_Shareholders_36_1__b_sd.pdf)
- 2026-07-20 — Generic Announcement: Solar Industries India Limited has submitted its Business Responsibility and Sustainability Report for FY 2025-26, along with an Independent Reasonable Assurance Report from Moore Singhi Advisors LLP. The report covers key performance indicators across nine ESG attributes and is available on the company's website. The assurance engagement for the BRSR Core KPIs/Metrics was conducted for the period April 1, 2025, to March 31, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_20072026213350_BRSR_Signeddd.pdf)
- 2026-07-20 — Generic Announcement: Solar Industries India Limited has announced the Integrated Annual Report for the financial year 2025-26, including the Notice for the 31st Annual General Meeting (AGM) scheduled for August 11, 2026. The company has set July 28, 2026, as the Record Date for determining entitlement to the final dividend for the financial year ended March 31, 2026, with dividend payments expected on August 20, 2026, subject to member approval. The report also highlights significant achievements, including the first dispatch of Pinaka Enhanced Mk-I rockets to the Indian Army and record consolidated revenue of ₹9,838 crore for FY25-26. — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_20072026212105_Integrated_AR_SIIL_2025-26_sd.pdf)
- 2026-07-15 — Generic Announcement: Sundaram Trustee Company Limited, as Trustee to Sundaram Mutual Fund, has declared an Income Distribution cum Capital Withdrawal (IDCW) for its schemes. The Sundaram Aggressive Hybrid Fund will have an IDCW of ₹0.210 per unit for the Regular plan and ₹0.330 for the Direct plan, with a record date of July 17, 2026. The Sundaram Balanced Advantage Fund will have an IDCW of ₹0.115 per unit for the Regular plan and ₹0.140 for the Direct plan, also with a record date of July 17, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_15072026115854_Intimation_AGM_Info_sd.pdf)
- 2026-07-09 — Generic Announcement: Solar Industries India Limited, through its wholly owned subsidiary Solar Overseas Mauritius Limited, incorporated a new wholly owned subsidiary named Solar SA Investments (Pty) Ltd in South Africa on July 7, 2026. The new entity is an investment holding company and was established through an initial cash subscription of ZAR 12,000, representing 100% shareholding. — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_09072026191637_Regulation_30_sd.pdf)
- 2026-07-09 — Generic Announcement: Solar Industries India Limited has submitted a confirmation certificate for the quarter ended June 30, 2026, as required by Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, received from MUFG Intime India Private Limited (the company's RTA), confirms that securities received for dematerialization were processed and listed on the stock exchanges. MUFG Intime India Private Limited also confirmed that security certificates were mutilated, cancelled, and the depositories were substituted in the register of members within the prescribed timelines. — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_09072026162243_Merged_74_5__sd.pdf)
- 2026-06-30 — Generic Announcement: Solar Industries India Limited will close its trading window for designated persons and their immediate relatives from July 1, 2026, until 48 hours after the declaration of unaudited financial results for the quarter ended June 30, 2026. This closure is in accordance with SEBI regulations and the company's internal code of conduct. — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_30062026115907_Signed_Trading_window_closure_SIIL.pdf)

## News and market events

- 2026-09-18 — MONEYCONTROL: **Buy Solar Industries; target of Rs 23,500: ICICI Securities** — ICICI Securities, Solar Industries, buy, Recommendations — [Source](https://www.moneycontrol.com/news/business/stocks/buy-solar-industries-target-of-rs-23-500-icici-securities-2-14032741.html)
- 2026-09-17 — The Hindu: **Emami approves ₹282-crore share buyback at maximum price of ₹475** — The FMCG maker will use the open-market route for the proposed repurchase, its first such buyback since 2023. — [Source](https://www.thehindubusinessline.com/markets/emami-approves-282-crore-share-buyback-at-maximum-price-of-475/article71477316.ece)
- 2026-09-17 — The Hindu: **Broker’s call: Solar Industries (Accumulate)** — Elara Securities — [Source](https://www.thehindubusinessline.com/markets/brokers-call-solar-industries-accumulate/article71477074.ece)
- 2026-09-16 — BUSINESS: **Defence stocks slide for fifth straight session** — The Nifty India Defence index slipped 0.16% to 9,129.40 on Wednesday, extending its losing streak to a fifth consecutive session. — [Source](https://www.business-standard.com/markets/capital-market-news/defence-stocks-slide-for-fifth-straight-session-126091600510_1.html)
- 2026-09-16 — Economic Times: **Solar Industries’ defence share may fall to 22-25% by FY30 after Omnia deal: Jefferies** — 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%. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/solar-industries-defence-share-may-fall-to-22-25-by-fy30-after-omnia-deal-jefferies/articleshow/134280191.cms)
- 2026-09-16 — BUSINESSTODAY: **Solar Industries stock plunges 17% in two days; here's what DAM Capital says** — Solar Industries stock falls, Solar Industries India Ltd, Solar Industries ,  Solar Industries  to buy Omnia Holdings, Solar Industries shares fall, Solar Industries earnings ,  Solar Industries defence order, FY26 guidance, Solar Industries net profit rise — [Source](https://www.businesstoday.in/markets/stocks/story/solar-industries-stock-plunges-in-two-days-heres-what-dam-capital-says-555832-2026-09-16)
- 2026-09-16 — Economic Times: **Solar Industries shares plunge 17% in 2 days. Why Jefferies, Nuvama still see up to 46% upside** — 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. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/solar-industries-shares-plunge-17-in-2-days-why-jefferies-nuvama-still-see-up-to-46-upside/articleshow/134279133.cms)
- 2026-09-16 — CNBC-TV18: **Payment aggregators stand to gain most from MDR move; AvenuesAI on watchlist: Deven Choksey** — 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? — [Source](https://www.cnbctv18.com/market/payment-aggregators-to-gain-mdr-move-avenusai-watchlist-deven-choksey-indian-equities-pine-labs-paytm-solar-industries-it-services-companies-market-analysts-alpha-article-19991542.htm)
- 2026-09-16 — CNBC-TV18: **Solar Industries shares down nearly 20% in two sessions even as DAM Capital remains positive** — DAM Capital said that the acquisition announced by Solar Industries is transformational, but agriculture and chemicals segment remains a key earnings monitorable. — [Source](https://www.cnbctv18.com/market/solar-industries-share-price-extends-losses-dam-capital-omnia-acquisition-value-timeline-debt-concerns-buy-sell-19991560.htm)
- 2026-09-16 — MONEYCONTROL: **Defence stocks extend selloff to fifth day; Nifty India Defence down nearly 10% in five sessions** — defence stocks fall, hindustan aeronautics share price today, bharat dynamics stock update, bharat electronics stock today — [Source](https://www.moneycontrol.com/news/business/markets/defence-stocks-extend-selloff-to-fifth-day-nifty-india-defence-down-nearly-10-in-five-sessions-14030893.html)
- 2026-09-16 — MONEYCONTROL: **Solar Industries: Omnia deal triggers correction; strong growth outlook intact** — MCPro, Moneycontrol Research, Stock Recommendation, Solar Industries, Acquistion, Defence — [Source](https://www.moneycontrol.com/news/business/moneycontrol-research/solar-industries-omnia-deal-triggers-correction-strong-growth-outlook-intact-14030808.html)
- 2026-09-15 — CNBC-TV18: **Top 10@10: Nifty hits 5-month low, Tata Sons listing, UPI fees and more** — Top 10@10 — CNBC-TV18’s daily newsletter featuring the top 10 stories on markets, corporate updates, economic insights, and financial highlights — delivered at 10 pm — [Source](https://www.cnbctv18.com/business/top-1010-nifty-hits-5-month-low-tata-sons-listing-upi-fees-and-more-19991347.htm)
- 2026-09-15 — CNBC-TV18: **Foreign investors step up selling as Nifty hits five-month low** — Foreign institutional investors stepped up selling of Indian equities on Tuesday, while domestic investors absorbed much of the selling, as the benchmark Nifty fell to a five-month low. — [Source](https://www.cnbctv18.com/market/foreign-investors-step-up-selling-as-nifty-hits-five-month-low-19991296.htm)
- 2026-09-15 — The Hindu: **Crude shock, bond jitters send Sensex, Nifty into a rout** — The BSE Sensex dropped 777.94 points to close at 74,003.82, while the NSE Nifty 50 fell 279.50 points to settle at 23,118.60, its lowest since April 6, 2026 — [Source](https://www.thehindubusinessline.com/markets/crude-shock-bond-jitters-send-sensex-nifty-into-a-rout/article71468059.ece)
- 2026-09-15 — The Hindu: **Solar Industries acquires South Africa’s Omnia Holdings for $1.36 billion** — The acquisition triggers a sharp market reaction, with Solar Industries shares closing at ₹19,250 on September 15 on the NSE, down 13.64% from the previous close of ₹22,290 — [Source](https://www.thehindubusinessline.com/companies/solar-industries-acquires-south-africas-omnia-holdings-for-136-billion/article71467990.ece)
- 2026-09-15 — MONEYCONTROL: **Taking Stock: Nifty hits five-month low below 23,200; Sensex tanks 778 points** — Stock Market Today,Taking Stock,Sensex,Nifty,Market Today,Sensex Today, Nifty Today,Stock Market Today,India Stock Market Today,Share Market Today — [Source](https://www.moneycontrol.com/news/business/markets/taking-stock-nifty-hits-five-month-low-below-23-200-sensex-tanks-778-points-14030217.html)
- 2026-09-15 — BUSINESS: **PNC Infratech Ltd leads losers in 'A' group** — Solar Industries India Ltd, Inox India Ltd, TD Power Systems Ltd and Welspun Corp Ltd are among the other losers in the BSE's 'A' group today, 15 September 2026. — [Source](https://www.business-standard.com/markets/capital-market-news/pnc-infratech-ltd-leads-losers-in-a-group-126091500730_1.html)
- 2026-09-15 — CNBC-TV18: **Market falls for 3rd straight day, Nifty at lowest levels in 5 months: 5 reasons behind the fall** — Financials, defence and capital goods stocks led the sell-off, while the broader market saw a sharp fall, with the Midcap index down 1,319 points, or over 2%, at 60,878. — [Source](https://www.cnbctv18.com/market/market-falls-for-3rd-straight-day-nifty-at-lowest-levels-in-5-months-5-reasons-behind-the-fall-19991028.htm)
- 2026-09-15 — Economic Times: **Solar's $1.3 bn bet is a turn for India's defence-industrial complex** — The piece argues that Solar Industries ₹12,951-crore acquisition of South Africas Omnia Holdings could mark a new phase for Indias defence industry, as Indian companies increasingly move beyond domestic production into overseas acquisitions, manufacturing and technology partnerships. — [Source](https://economictimes.indiatimes.com/news/defence/tata-omnia-holdings-solars-1-3-bn-bet-is-a-turn-for-indias-defence-industrial-complex/articleshow/134256504.cms)
- 2026-09-15 — CNBC-TV18: **A $200 million fund manager explains his bet on HDFC Bank, Coforge, and PVR Inox** — The Nifty 50 is off to a weak start after five straight weekly losses, making some stocks too cheap to ignore. — [Source](https://www.cnbctv18.com/market/stocks/hdfc-bank-ashika-institutional-equities-ceo-rahul-arora-sbi-karur-vysya-bank-coforge-pvr-inox-solar-fund-managers-crude-oil-prices-19990687.htm)
- 2026-09-15 — Economic Times: **Solar Industries shares crash 9% after acquisition of South Africa’s Omnia Holdings for Rs 12,951 crore** — Solar Industries shares fell sharply on Tuesday after the company announced the Rs 12,951 crore acquisition of South Africas Omnia Holdings in an all-cash deal. The transaction, subject to regulatory and shareholder approvals, is expected to strengthen Solars global explosives and blasting business while expanding its presence across Africa and other international markets. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/solar-industries-shares-crash-9-after-acquisition-of-south-africas-omnia-holdings-for-rs-12951-crore/articleshow/134254076.cms)
- 2026-09-15 — Mint: **Solar Industries, Bharat Electronics, and CG Power shares fall up to 10% today: What’s driving the sell-off?** — Indian equities faced hurdles on Tuesday amid concerns over crude oil prices and global bond yields. Solar Industries saw volatility due to its acquisition announcement, and Bharat Electronics' stock fell despite defense deals boosting potential growth. — [Source](https://www.livemint.com/market/stock-market-news/solar-industries-bharat-electronics-and-cg-power-shares-fall-up-to-10-today-what-s-driving-the-selloff-11789452059197.html)
- 2026-09-15 — MONEYCONTROL: **Solar Industries falls 9% as company to acquire South Africa's Omnia Holdings for nearly Rs 13,000 cr** — Solar Industries — [Source](https://www.moneycontrol.com/news/business/markets/solar-industries-falls-9-as-company-to-acquire-south-africa-s-omnia-holdings-for-nearly-rs-13-000-cr-14030019.html)
- 2026-09-15 — CNBC-TV18: **11:11 |  HDFC Bank CNBC-TV18 Exclusive; Tata Sons, US treasuries, Emmys and more** — Hello and Welcome to CNBC-TV18's Morning Newsletter Today, we take a look at HDFC Bank's exclusive to CNBC-TV18 amid its hunt for its next CEO-MD, Tata Sons moves closer to listing, pushing the group stocks higher, the 78th Emmys, 6 new IPO allotments, US 10-year treasuries and more. — [Source](https://www.cnbctv18.com/business/1111-hdfc-bank-cnbc-tv18-exclusive-tata-sons-us-treasuries-emmys-and-more-19990524.htm)
- 2026-09-15 — MONEYCONTROL: **Price Action: HDFC Bank up 3% as board submits two CEO candidates to RBI; Solar Industries sheds 8%** — Buzzing Stocks — [Source](https://www.moneycontrol.com/news/business/markets/price-action-hdfc-bank-up-3-as-board-submits-two-ceo-candidates-to-rbi-solar-industries-sheds-8-14029861.html)

## Business profile

**Strategic vision:** Manufactures industrial explosives and explosive initiating devices.

### Business segments
- **Industrial Explosives:** This segment includes bulk and packaged explosives, as well as a variety of initiating systems such as electronic, electric, non-electric, and plain detonators.
- **Defense Products:** Solar Industries supplies advanced defense solutions including unmanned aerial systems, drones, ammunition, high-energy materials, bombs, warheads, rockets, missiles, and specialized initiating systems.

### Competitive strengths
- Technical expertise in explosive materials
- Integrated approach to serving diverse client base

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## Freshness and sources

- Data as of: 2026-09-18
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/solarinds
Markdown representation: https://faxioms.com/stocks/solarinds?render=md