# Solar Industries India (SOLARINDS) — Stock analysis

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

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹18,608
- Change: +0.48%
- As of: 2026-11-06
- 1D return: +0.48%
- 5D return: -1.02%
- 1M return: -6.35%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

SOLARINDS (₹18,608) presents a conflicting technical picture as of November 6, 2026. On the daily timeframe, the stock is in a weak downtrend, trading below its 20-day and 50-day moving averages and under a bearish Supertrend signal. This short-term weakness is corroborated by extreme upward volume anomalies on November 3 (+7.4% range, 4.46x volume ratio) and recent bearish candlestick formations like the Evening Star on November 5. However, the broader monthly trend remains strongly bullish (ADX 40.19), with price holding above all major monthly averages. The stock sits in the lower-middle of its 20-day range but near the upper-middle of its 252-day range, indicating a potential consolidation or pullback within a longer-term uptrend. Key resistance lies at ₹18,717 (0.59% above) and ₹18,902 (1.58% above), while immediate support is at ₹18,480 (0.69% below). A break below ₹18,480 could test further support at ₹18,117. Conversely, reclaiming levels above ₹18,902 would be required to confirm a resumption of the daily uptrend.

- Daily trend is weak and bearish (price below 20/50 EMA, Supertrend bearish; ADX 16.89), contrasting with a strong monthly bullish trend (ADX 40.19).
- Recent volatility includes an extreme volume spike on Nov 3 (+7.4% range) and bearish reversal patterns (Evening Star, Bearish Engulfing) through Nov 5.
- Price is positioned at +28.3% in the 20-day range and +63.0% in the 252-day range, suggesting short-term pressure within a long-term uptrend.
- Critical monitoring levels: Resistance at ₹18,717 and ₹18,902; Support at ₹18,480 and ₹18,117.

- Evening Star
- Bearish Engulfing Reversal
- Inside Bar

### News Context

Solar Industries India reported strong Q2 FY27 financial results, with net profit rising 80% to ₹650 crore and revenue increasing 69% to ₹3,519 crore. The growth was driven by domestic explosives, international explosives, and defense segments. Following the announcement, shares gained over 7%, raising market capitalization to ₹1.84 lakh crore. Management expressed confidence in exceeding FY27 revenue and EBITDA guidance, supported by a robust defense order book of ₹20,178 crore and expansion in international business. Global brokerages Goldman Sachs and Jefferies retained bullish stances with target prices of ₹26,550 and ₹26,260 respectively, citing strong earnings prospects despite risks such as ammonium nitrate price volatility and execution delays.

- Q2 FY27 Net Profit: ₹650 crore (up 80% YoY)
- Q2 FY27 Revenue: ₹3,519 crore (up 69% YoY)
- Defense Order Book: ₹20,178 crore
- Market Cap: ₹1.84 lakh crore post-Q2 results
- Goldman Sachs Target Price: ₹26,550 (Bullish stance retained)
- Jefferies Target Price: ₹26,260 (Bullish stance retained)

- [Solar Industries: Management sees FY27 guidance beat; Goldman Sachs, Jefferies retain bullish stance](https://www.businesstoday.in/markets/stocks/story/solar-industries-management-sees-fy27-guidance-beat-goldman-sachs-jefferies-retain-bullish-stance-565988-2026-11-05)
- [Solar Industries: Defence and exports drive strong growth](https://www.moneycontrol.com/news/business/moneycontrol-research/solar-industries-defence-and-exports-drive-strong-growth-14070927.html)
- [Q2 results impact: Solar Industries shares gain as profit rises 79%](https://www.moneycontrol.com/news/business/earnings/q2-results-impact-solar-industries-shares-gain-as-profit-rises-79-14067660.html)
- [Solar Industries Q2 earnings: Net profit rises 80%, revenue crosses Rs 3,500-crore mark](https://www.businesstoday.in/markets/stocks/story/solar-industries-q2-earnings-net-profit-rises-revenue-crosses-rs-3500-crore-mark-565387-2026-11-03)

### What Changed

As of 5 November 2026, Solar Industries India management signaled confidence in exceeding FY27 revenue and EBITDA guidance. This outlook is anchored by a robust defense order book valued at ₹20,178 crore and continued growth in international business operations. Concurrently, global brokerages Goldman Sachs and Jefferies maintained bullish stances on the stock, assigning target prices of ₹26,550 and ₹26,260 respectively. These valuations reflect expectations of strong earnings growth, although analysts highlighted specific risks including potential volatility in ammonium nitrate prices and possible execution delays.

In contrast to these forward-looking developments, no new corporate filings or technical chart changes were reported during this period. The company’s listing remains on the NSE. The divergence between management’s optimistic guidance and external risk factors necessitates monitoring of order execution timelines and raw material cost trends.

- Management expressed confidence in beating FY27 revenue and EBITDA guidance as of 5 November 2026.
- The defense order book stands at ₹20,178 crore, supporting the positive outlook alongside international business growth.
- Goldman Sachs and Jefferies retained bullish stances with target prices of ₹26,550 and ₹26,260 respectively.
- Key risks identified include ammonium nitrate price volatility and potential execution delays.

- [Solar Industries: Management sees FY27 guidance beat; Goldman Sachs, Jefferies retain bullish stance](https://www.businesstoday.in/markets/stocks/story/solar-industries-management-sees-fy27-guidance-beat-goldman-sachs-jefferies-retain-bullish-stance-565988-2026-11-05)

### Official Filings

Solar Industries India Limited reported robust financial performance for the half-year ended September 30, 2026, with consolidated revenue surging 70% year-on-year to ₹7,187 crore and Profit After Tax (PAT) nearly doubling to ₹1,316 crore. The company’s order book stands at ₹20,178 crore, underpinned by strong demand in Defence (₹17,568 crore) and Civil Explosives (₹2,610 crore). Management expressed confidence in surpassing full-year guidance for FY2026-27 based on momentum across Domestic Explosives, International Explosives, and Defence segments.

Strategically, the Board approved a significant expansion move: an acquisition of South Africa-based Omnia Holdings Limited for approximately USD 1.35 billion, pending regulatory approvals. This deal marks a major step in international growth. Additionally, the company partially redeemed Non-Convertible Debentures (NCDs) worth INR 5.83 crore and fully repaid Commercial Paper of INR 75.00 crore, indicating active management of short-term liabilities. Governance updates include the proposed change of statutory auditors from SRBC & Co. LLP to Price Waterhouse Chartered Accountants LLP, subject to shareholder approval at the 2027 AGM. The company also applied Ind AS 29 restatements for hyperinflationary subsidiaries in Turkey.

- Financial Performance: H1 FY27 consolidated revenue grew 70% YoY to ₹7,187 crore, with PAT reaching ₹1,316 crore; Q2 FY27 revenue was ₹3,519 crore (+69% YoY) and PAT was ₹650 crore.
- Order Book Strength: Total order book stands at ₹20,178 crore, split between Defence (₹17,568 crore) and CIL & SCCL (₹2,610 crore), supporting future revenue visibility.
- Major Acquisition: Board approved the acquisition of Omnia Holdings Limited (South Africa) for ~USD 1.35 billion via wholly owned subsidiaries, subject to regulatory approvals.
- Capital Structure & Governance: Fully repaid INR 75.00 crore Commercial Paper; partial NCD redemption of INR 5.83 crore; proposed auditor change to PwC (subject to 2027 AGM approval); Ind AS 29 application for Turkish subsidiaries.

- [Solar Industries India Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/SOLARINDS_04112026131205_Newspaper_Publication_Sd.pdf)
- [Solar Industries India Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2384_WebXMLFile_20261104_181157318.xml)
- [Solar Industries India Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SOLARINDS_04112026180735_AudioRecording.pdf)
- [Solar Industries India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026140845_OutcomeBM.pdf)
- [Outcome of the Board Meeting dated November 03, 2026. |SUBJECT: Integrated Filing- Financial](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026141540_OutcomeBM.pdf)
- [Solar Industries India Limited has informed the Exchange regarding a press release dated November 03, 2026, titled "Updates on Unaudited Financial Results (Standalone & Consolidated) of the Company for the quarter and half year ended on September 30, 2026.". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026142931_Press_Release_sdcs.pdf)
- [Solar Industries India Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026143648_Signed_IP.pdf)
- [SOLAR INDUSTRIES INDIA LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2384_WebXMLFile_20261103_160514275.xml)
- [Solar Industries India Limited has informed the Exchange regarding Change in Auditors of the company. |SUBJECT: Change in Auditors](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026161050_Reg_30_Appointment_of_Statutory_Auditor_Sd.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751838_03112026043634_WEB.xml)

### Fundamentals

Solar Industries India demonstrates robust top-line expansion, with TTM sales reaching ₹12,788 crore and a 53% compounded sales growth rate over the trailing twelve months. Net profit surged to ₹2,339 crore (TTM), supported by strong historical returns on equity of 32-33%. However, earnings quality faces headwinds as CFO/EBITDA conversion dropped sharply from 142% in FY2025 to 47% in FY2026, indicating significant working capital absorption. This is corroborated by a widening Cash Conversion Cycle rising to 152 days in Mar 2026, driven by inventory days increasing to 130 days and debtor days extending to 69 days.

The balance sheet reflects aggressive capacity building, with Fixed Assets growing from ₹2,729 crore (Mar 2025) to ₹4,443 crore (Sep 2026) and borrowings rising to ₹1,788 crore. While cash reserves strengthened to ₹509 crore as of Sep 2026, sequential quarterly performance shows deceleration: Q2 FY2026-27 revenue fell to ₹3,519 crore from ₹3,668 crore in Q1, with net profit declining sequentially to ₹650 crore. Promoter holding remains stable at 73.15%, while FIIs reduced their stake to 6.13%.

The critical checkpoint is whether the recent sequential slowdown in Q2 stabilizes and if the heavy investment cycle begins yielding improved cash conversion ratios in subsequent quarters.

- TTM sales grew 53% to ₹12,788 crore with net profit at ₹2,339 crore, but CFO/EBITDA conversion fell to 47% in FY2026 from 142% in FY2025.
- Working capital efficiency deteriorated, with Cash Conversion Cycle widening to 152 days in Mar 2026 due to higher inventory (130 days) and debtor days (69 days).
- Q2 FY2026-27 showed sequential deceleration: revenue decreased to ₹3,519 crore and net profit fell to ₹650 crore compared to Q1 figures.
- Borrowings increased to ₹1,788 crore as of Sep 2026 alongside rising fixed assets, signaling continued capex intensity.

### Bull Case

Solar Industries India presents a constructive case anchored by robust operational momentum and strong institutional conviction, despite near-term technical weakness. The company reported an 80% rise in Q2 net profit to ₹650 crore and revenue crossing the ₹3,500-crore mark at ₹3,519 crore, driven by domestic explosives, international explosives, and defence segments. Management expressed confidence in exceeding FY27 guidance, supported by a substantial defense order book of ₹20,178 crore. Global brokerages Goldman Sachs and Jefferies have retained bullish stances with target prices of ₹26,550 and ₹26,260 respectively, citing strong earnings growth prospects. Technically, while the daily trend is bearish with a current drawdown of -17.1%, the monthly and weekly trends remain bullish, suggesting longer-term structural strength persists even as short-term volatility impacts price action.

- Q2 financials showed an 80% increase in net profit (₹650 crore) and 69% revenue growth (₹3,519 crore), highlighting strong performance across key segments.
- Management anticipates beating FY27 revenue and EBITDA guidance, underpinned by a defense order book valued at ₹20,178 crore.
- Goldman Sachs and Jefferies maintain bullish outlooks with target prices of ₹26,550 and ₹26,260, reflecting confidence in long-term earnings potential.
- Monthly and weekly technical trends are bullish, contrasting with the bearish daily trend, indicating resilience in longer-term market structure.

- [Solar Industries: Management sees FY27 guidance beat; Goldman Sachs, Jefferies retain bullish stance](https://www.businesstoday.in/markets/stocks/story/solar-industries-management-sees-fy27-guidance-beat-goldman-sachs-jefferies-retain-bullish-stance-565988-2026-11-05)
- [Solar Industries: Defence and exports drive strong growth](https://www.moneycontrol.com/news/business/moneycontrol-research/solar-industries-defence-and-exports-drive-strong-growth-14070927.html)
- [Q2 results impact: Solar Industries shares gain as profit rises 79%](https://www.moneycontrol.com/news/business/earnings/q2-results-impact-solar-industries-shares-gain-as-profit-rises-79-14067660.html)
- [Solar Industries Q2 earnings: Net profit rises 80%, revenue crosses Rs 3,500-crore mark](https://www.businesstoday.in/markets/stocks/story/solar-industries-q2-earnings-net-profit-rises-revenue-crosses-rs-3500-crore-mark-565387-2026-11-03)
- [Solar Industries India Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/SOLARINDS_04112026131205_Newspaper_Publication_Sd.pdf)
- [Solar Industries India Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2384_WebXMLFile_20261104_181157318.xml)
- [Solar Industries India Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SOLARINDS_04112026180735_AudioRecording.pdf)
- [Solar Industries India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026140845_OutcomeBM.pdf)
- [Outcome of the Board Meeting dated November 03, 2026. |SUBJECT: Integrated Filing- Financial](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026141540_OutcomeBM.pdf)
- [Solar Industries India Limited has informed the Exchange regarding a press release dated November 03, 2026, titled "Updates on Unaudited Financial Results (Standalone & Consolidated) of the Company for the quarter and half year ended on September 30, 2026.". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026142931_Press_Release_sdcs.pdf)

### Bear Case

Solar Industries India faces near-term technical headwinds and operational risks that warrant caution. On the daily chart, the stock is in a bearish trend with the Supertrend indicating downward pressure and negative slopes across the 20-day and 50-day moving averages. The price has pulled back significantly from recent highs, recording a current drawdown of -17.1% against a maximum historical drawdown of -33.1%. Volatility remains elevated, with an annualized volatility of +34.8% and an Average True Range (ATR) of 3.86%, suggesting continued price instability. Operationally, while management targets growth, brokerages highlight specific risks including ammonium nitrate price volatility and potential execution delays in order fulfillment. These factors combine to create a environment where short-term momentum is weak and fundamental margins are exposed to input cost fluctuations.

- Daily technical trend is bearish: Supertrend direction is negative, with -DI (32.39) significantly exceeding +DI (21.59), and both 20-day and 50-day moving average slopes are declining.
- Significant price correction: The stock is currently down -17.1% from its peak, with a maximum drawdown of -33.1%, indicating substantial recent weakness despite long-term gains.
- High volatility: Annualized volatility stands at +34.8% with an ATR of 3.86%, reflecting heightened price sensitivity and trading risk.
- Operational risk factors: Global brokerages cite ammonium nitrate price volatility and execution delays as key risks to earnings growth and margin stability.

- [Solar Industries: Management sees FY27 guidance beat; Goldman Sachs, Jefferies retain bullish stance](https://www.businesstoday.in/markets/stocks/story/solar-industries-management-sees-fy27-guidance-beat-goldman-sachs-jefferies-retain-bullish-stance-565988-2026-11-05)
- [Solar Industries: Defence and exports drive strong growth](https://www.moneycontrol.com/news/business/moneycontrol-research/solar-industries-defence-and-exports-drive-strong-growth-14070927.html)
- [Q2 results impact: Solar Industries shares gain as profit rises 79%](https://www.moneycontrol.com/news/business/earnings/q2-results-impact-solar-industries-shares-gain-as-profit-rises-79-14067660.html)
- [Solar Industries Q2 earnings: Net profit rises 80%, revenue crosses Rs 3,500-crore mark](https://www.businesstoday.in/markets/stocks/story/solar-industries-q2-earnings-net-profit-rises-revenue-crosses-rs-3500-crore-mark-565387-2026-11-03)
- [Solar Industries India Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/SOLARINDS_04112026131205_Newspaper_Publication_Sd.pdf)
- [Solar Industries India Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2384_WebXMLFile_20261104_181157318.xml)
- [Solar Industries India Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SOLARINDS_04112026180735_AudioRecording.pdf)
- [Solar Industries India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026140845_OutcomeBM.pdf)
- [Outcome of the Board Meeting dated November 03, 2026. |SUBJECT: Integrated Filing- Financial](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026141540_OutcomeBM.pdf)
- [Solar Industries India Limited has informed the Exchange regarding a press release dated November 03, 2026, titled "Updates on Unaudited Financial Results (Standalone & Consolidated) of the Company for the quarter and half year ended on September 30, 2026.". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026142931_Press_Release_sdcs.pdf)

### FAQs

**What were Solar Industries' financial results for the quarter ended September 30, 2026?**

For Q2 FY27 (ended September 30, 2026), Solar Industries reported an 80% rise in net profit to ₹650 crore and a 69% increase in revenue to ₹3,519 crore. The Board approved these unaudited standalone and consolidated results on November 3, 2026.

**Is Solar Industries planning any major acquisitions?**

Yes. On November 3, 2026, the Board approved the acquisition of Omnia Holdings Limited (South Africa) by its wholly owned subsidiaries for approximately USD 1.35 billion. This transaction is subject to regulatory approvals.

**What is management's outlook for future growth?**

Management expressed confidence in exceeding FY27 revenue and EBITDA guidance. This outlook is driven by a robust defense order book of ₹20,178 crore and growth in international business, particularly in defense and export segments.

**How has the stock performed technically recently?**

As of November 6, 2026, the stock closed at ₹18,608 with a market capitalization of approximately ₹1.68 lakh crore. While the monthly trend remains bullish, the daily trend is bearish. The stock has gained +39.1% over the past year but is currently in a -17.1% drawdown from its peak.

- [Solar Industries: Management sees FY27 guidance beat; Goldman Sachs, Jefferies retain bullish stance](https://www.businesstoday.in/markets/stocks/story/solar-industries-management-sees-fy27-guidance-beat-goldman-sachs-jefferies-retain-bullish-stance-565988-2026-11-05)
- [Solar Industries: Defence and exports drive strong growth](https://www.moneycontrol.com/news/business/moneycontrol-research/solar-industries-defence-and-exports-drive-strong-growth-14070927.html)
- [Q2 results impact: Solar Industries shares gain as profit rises 79%](https://www.moneycontrol.com/news/business/earnings/q2-results-impact-solar-industries-shares-gain-as-profit-rises-79-14067660.html)
- [Solar Industries Q2 earnings: Net profit rises 80%, revenue crosses Rs 3,500-crore mark](https://www.businesstoday.in/markets/stocks/story/solar-industries-q2-earnings-net-profit-rises-revenue-crosses-rs-3500-crore-mark-565387-2026-11-03)
- [Solar Industries India Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/SOLARINDS_04112026131205_Newspaper_Publication_Sd.pdf)
- [Solar Industries India Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2384_WebXMLFile_20261104_181157318.xml)
- [Solar Industries India Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SOLARINDS_04112026180735_AudioRecording.pdf)
- [Solar Industries India Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026140845_OutcomeBM.pdf)
- [Outcome of the Board Meeting dated November 03, 2026. |SUBJECT: Integrated Filing- Financial](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026141540_OutcomeBM.pdf)
- [Solar Industries India Limited has informed the Exchange regarding a press release dated November 03, 2026, titled "Updates on Unaudited Financial Results (Standalone & Consolidated) of the Company for the quarter and half year ended on September 30, 2026.". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026142931_Press_Release_sdcs.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹18,901.67
- Risk regime: Price Risk Requires Attention

### Support levels
- 18480
- 18117
- 16717

### Resistance levels
- 18717.15625
- 19134.75
- 20382.125

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.48% |
| return_10 | +1.32% |
| return_1m | -7.29% |
| return_1y | +39.11% |
| return_20 | -6.35% |
| return_3m | +0.61% |
| return_5 | -1.02% |
| return_6m | +18.22% |
| return_since_start | +88.64% |
| return_ytd | +52.95% |

### 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 | +34.81% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Solar Industries India Limited FY2026-27 Q2: Revenue and profit rise sharply year on year

Consolidated revenue from operations rose 69% year on year to ₹3,519 crore in Q2 FY2026-27, while profit for the period increased 80% to ₹650 crore. Both eased from Q1 FY2026-27: revenue fell 4.1% and profit 2.5%.

## Revenue and expenses

Revenue was ₹3,519 crore, compared with ₹2,082 crore in Q2 FY2025-26 and ₹3,668 crore in Q1 FY2026-27. Expenses rose 64% year on year to ₹2,656 crore, but declined 4.2% sequentially from ₹2,774 crore. Profit before tax was ₹878 crore, up 79% year on year and down 2.8% from Q1.

## Profit, EPS and finance costs

Profit for the period reached ₹650 crore, compared with ₹362 crore in Q2 FY2025-26 and ₹666 crore in Q1 FY2026-27. Tax expense was ₹227 crore, down 7.2% sequentially from ₹245 crore. Basic EPS was ₹68.19, up from ₹38.12 a year earlier and below ₹72.11 in Q1.

Comprehensive income increased 20.8% sequentially to ₹835 crore from ₹691 crore in Q1 FY2026-27. Finance costs rose to ₹55 crore from ₹41 crore in Q1 and ₹31 crore in Q2 FY2025-26.

## Balance sheet expands

At 30 September 2026, total assets stood at ₹13,163 crore, compared with ₹9,017 crore at 30 September 2025 and ₹10,919 crore at 31 March 2026. Property, plant and equipment was ₹4,055 crore, up from ₹2,952 crore and ₹3,716 crore at those respective dates.

Inventories were ₹2,259 crore and trade receivables ₹2,340 crore at 30 September 2026, compared with ₹1,424 crore and ₹1,395 crore a year earlier. Equity increased to ₹7,986 crore from ₹5,331 crore at 30 September 2025 and ₹6,549 crore at 31 March 2026. Noncurrent borrowings were ₹1,013 crore, versus ₹281 crore and ₹820 crore at those dates; current borrowings were ₹692 crore at 30 September 2026.

## Key Takeaway

Solar Industries delivered strong year-on-year revenue and profit growth, although both moderated from Q1. The balance sheet also expanded, with higher assets and equity alongside increased borrowings; finance costs rose year on year and sequentially.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +73.15%
- FII holding: +6.39%
- DII holding: +13.36%
- Mutual fund holding: +12.25%
- Retail holding: +4.50%
- Promoter pledged: +0.00%

### Major reported shareholders

- Manish Satyanarayan Nuwal — +38.93%
- Sohan Devi Nand Lal Nuwal Family Trust — +29.23% (Trusts)
- Sbi Equity Hybrid Fund — +3.63%
- Satyanarayan Nandlalji Nuwal — +3.58%
- Kotak Flexicap Fund — +2.77%
- Seema Manish Nuwal — +1.37%
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Midcap Fund — +1.22%
- Rahul Nuwal — +0.03%

## Official filings

- 2026-11-06 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_06112026170935_ConcallTranscript.pdf)
- 2026-11-06 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2384_WebXMLFile_20261106_171328719.xml)
- 2026-11-04 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_04112026131205_Newspaper_Publication_Sd.pdf)
- 2026-11-04 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2384_WebXMLFile_20261104_181157318.xml)
- 2026-11-04 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_04112026180735_AudioRecording.pdf)
- 2026-11-03 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026140845_OutcomeBM.pdf)
- 2026-11-03 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026141540_OutcomeBM.pdf)
- 2026-11-03 — Press Release: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026142931_Press_Release_sdcs.pdf)
- 2026-11-03 — Earnings Presentation: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026143648_Signed_IP.pdf)
- 2026-11-03 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2384_WebXMLFile_20261103_160514275.xml)
- 2026-11-03 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_03112026161050_Reg_30_Appointment_of_Statutory_Auditor_Sd.pdf)
- 2026-11-03 — Financial Results Filing: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751838_03112026043634_WEB.xml)
- 2026-11-03 — Financial Results Filing: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751928_03112026053331_WEB.xml)
- 2026-10-28 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2384_WebXMLFile_20261028_143942169.xml)
- 2026-10-28 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_28102026144859_Intimation_Investor_Concall_Sd.pdf)
- 2026-10-28 — Board Meeting Notice: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_28102026165522_PriorIntimationBoardMeeting.pdf)
- 2026-10-27 — Board Meeting Notice: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2384_WebXMLFile_20261027_181835579.xml)
- 2026-10-27 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2384_WebXMLFile_20261027_181835579.xml)
- 2026-10-19 — Shareholding Disclosure: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1741853_19102026061408_WEB.xml)
- 2026-10-15 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_15102026185821_DisclosureSEL15Oct2026SD.pdf)
- 2026-10-15 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_2384_WebXMLFile_20261015_190056508.xml)
- 2026-10-09 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_09102026162117_Regulation74Sd.pdf)
- 2026-09-29 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SOLARINDS_29092026161438_Disclosure_-_Trading_Window_Closure_Signed.pdf)
- 2026-09-29 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2384_WebXMLFile_20260929_162342975.xml)
- 2026-09-29 — Generic Announcement: Solar Industries India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2384_WebXMLFile_20260929_162310108.xml)

## News and market events

- 2026-11-05 — BUSINESSTODAY: **Solar Industries: Management sees FY27 guidance beat; Goldman Sachs, Jefferies retain bullish stance** — Solar Industries India management expressed confidence in exceeding FY27 revenue and EBITDA guidance, driven by a robust defense order book of Rs 20,178 crore and growth in international business. Global brokerages Goldman Sachs and Jefferies retained bullish stances with target prices of Rs 26,550 and Rs 26,260 respectively, citing strong earnings growth prospects despite risks such as ammonium nitrate price volatility and execution delays. — [Source](https://www.businesstoday.in/markets/stocks/story/solar-industries-management-sees-fy27-guidance-beat-goldman-sachs-jefferies-retain-bullish-stance-565988-2026-11-05)
- 2026-11-05 — MONEYCONTROL: **Solar Industries: Defence and exports drive strong growth** — Solar Industries is experiencing strong growth driven by its defence and export segments, according to Moneycontrol Research. The report highlights these specific business areas as key contributors to the company's performance. — [Source](https://www.moneycontrol.com/news/business/moneycontrol-research/solar-industries-defence-and-exports-drive-strong-growth-14070927.html)
- 2026-11-03 — MONEYCONTROL: **Q2 results impact: Solar Industries shares gain as profit rises 79%** — Solar Industries shares gained following the release of its Q2 results, which reported a 79% rise in profit. The market movement reflects investor reaction to the company's improved financial performance for the quarter. — [Source](https://www.moneycontrol.com/news/business/earnings/q2-results-impact-solar-industries-shares-gain-as-profit-rises-79-14067660.html)
- 2026-11-03 — BUSINESSTODAY: **Solar Industries Q2 earnings: Net profit rises 80%, revenue crosses Rs 3,500-crore mark** — Solar Industries Ltd reported an 80% rise in Q2 net profit to Rs 650 crore and a 69% increase in revenue to Rs 3,519 crore, driven by strong performance in domestic explosives, international explosives, and defence segments. Following the earnings announcement, the company's shares gained over 7%, pushing its market capitalization to Rs 1.84 lakh crore. — [Source](https://www.businesstoday.in/markets/stocks/story/solar-industries-q2-earnings-net-profit-rises-revenue-crosses-rs-3500-crore-mark-565387-2026-11-03)
- 2026-10-27 — BUSINESS: **GRSE, BEL: Defence stocks zoom up to 9% on DAC nod to ₹2.12 trn proposals** — Twenty-one of the 22 Nifty India Defence constituents traded green in early trade today, driving the sectoral index 2.8 per cent higher to 8,908. — [Source](https://www.business-standard.com/markets/news/grse-bel-defence-stocks-zoom-up-to-9-on-dac-nod-to-2-12-trn-proposals-126102700288_1.html)
- 2026-10-27 — CNBC-TV18: **Markets may stabilise in coming months; Paytm, defence stocks among top picks: Marketsmith India** — Marketsmith India's Mayuresh Joshi expects Paytm to benefit from proposed MDR changes, saying they could improve revenue growth, margins and cash flows. He also sees Pine Labs gaining from the policy. What could MDR mean for India's payment companies? — [Source](https://www.cnbctv18.com/market/mayuresh-joshi-paytm-solar-industries-zen-technologies-market-analysts-crude-oil-prices-geopolitical-tensions-defence-stocks-alpha-article-20020008.htm)
- 2026-10-27 — BUSINESSTODAY: **Defence stocks: HAL, BEML likely beneficiaries of Rs 2.12 lakh crore DAC approvals; shares to buy** — Defence stocks such as Hindustan Aeronautics Ltd (HAL) and BEML Ltd are seen as major beneficiaries of the Defence Acquisition Council's (DAC) approval of capital procurement proposals worth Rs 2.12 lakh crore. — [Source](https://www.businesstoday.in/markets/stocks/story/defence-stocks-hal-beml-likely-beneficiaries-of-rs-2-12-lakh-crore-dac-approvals-shares-to-buy-563828-2026-10-27)
- 2026-10-22 — BUSINESSTODAY: **How India’s defence manufacturing ecosystem is undergoing a transformation** — In a world shaped by geopolitical volatility and technological disruption, India has significantly expanded defence spending to strengthen military preparedness and indigenous manufacturing. — [Source](https://www.businesstoday.in/magazine/deep-dive/story/how-indias-defence-manufacturing-ecosystem-is-undergoing-a-transformation-563071-2026-10-22)
- 2026-10-20 — BUSINESSTODAY: **Sona BLW, Solar Industries, Oracle, Aurobindo Pharma, CG Power: Midcap performers of 2026, price targets and more** — Sona BLW, Solar Industries, Oracle, Aurobindo Pharma, CG Power: Midcap performers of 2026, price targets — [Source](https://www.businesstoday.in/markets/stocks/story/sona-blw-solar-industries-oracle-aurobindo-pharma-cg-power-midcap-performers-of-2026-price-targets-and-more-562627-2026-10-20)
- 2026-10-08 — BUSINESSTODAY: **BEL, Mazagon, HAL, Cochin Shipyard, Solar: check Q2 previews, price targets for defence stocks** — defence stocks, defence stocks India, defence stocks Q2FY27, defence sector stocks, defence stocks 2026, Kotak defence stocks,, BEL share price, HAL share price, Solar Industries share price, Mazagon Dock share price, Cochin Shipyard share price, Aequs share price, INDO-MIM share price, defence Q2 results, defence stocks Q2 results, defence sector outlook, India defence capex, Kotak defence stocks target price, Kotak defence stocks Q2FY27 preview, BEL HAL Solar Industries Q2FY27, Kotak target price for HAL BEL Mazagon Dock, defence sector stocks to watch Q2FY27 — [Source](https://www.businesstoday.in/markets/stocks/story/bel-mazagon-hal-cochin-shipyard-solar-check-q2-previews-price-targets-for-defence-stocks-560373-2026-10-08)
- 2026-10-07 — BUSINESSTODAY: **HAL, BEL, BDL, Data Patterns, Azad, MIDHANI shares: Top 3 defence stock picks ahead of Q2 results** — HAL share price, BDL share price, BEL share price, Astra Microwave share price, Solar Industries share price, defence stocks, Azad share price, MIDHANI share price — [Source](https://www.businesstoday.in/markets/stocks/story/hal-bel-bdl-data-patterns-azad-midhani-shares-top-3-defence-stock-picks-ahead-of-q2-results-560118-2026-10-07)
- 2026-10-01 — Economic Times: **Solar Industries’ Omnia acquisition to reshape growth, debt outlook** — Solar Industries is performing well in the market despite broader weaknesses, primarily due to strong earnings. The planned acquisition of Omnia Holdings is expected to significantly increase revenue and profits in the long term. Management forecasts that combined revenues may substantially rise by FY28, enhancing overall financial performance. However, the acquisition could lower short-term profitability due to increased debt. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/solar-industries-omnia-bet-may-bring-some-pain-before-the-payoff/articleshow/134606016.cms)
- 2026-09-30 — CNBC-TV18: **FIIs offload nearly ₹25,500 crore in 3 days as market fails to hold recovery** — Despite the strong domestic institutional buying, the benchmark indices ended lower. The Sensex slipped 49 points to 72,480, while the Nifty fell 96 points to 22,620 on Wednesday, failing to hold its recovery and ending below the 22,700 mark. — [Source](https://www.cnbctv18.com/market/fiis-offload-nearly-%25e2%2582%25b925500-crore-in-3-days-as-market-fails-to-hold-recovery-20002318.htm)
- 2026-09-30 — CNBC-TV18: **Market Close Explained: Why Nifty ended lower despite gains in banking stocks** — The Nifty Bank was the relative outperformer, rising 373 points to 54,633, while the Nifty Midcap index gained 13 points to 59,332. — [Source](https://www.cnbctv18.com/market/market-close-explained-why-nifty-ended-lower-despite-gains-in-banking-stocks-20002098.htm)
- 2026-09-30 — BUSINESSTODAY: **Solar Industries shares gain 3% as company issues update on expansion** — Solar Industries stock rise, Solar Industries India Ltd, Solar Industries shares, Solar Industries , Solar Industries shares gain, Solar Industries price target — [Source](https://www.businesstoday.in/markets/stocks/story/solar-industries-shares-gain-as-company-issues-update-on-expansion-558776-2026-09-30)
- 2026-09-30 — Mint: **Solar Industries shares up over 6%! What's driving defence stock that has surged 60% in YTD | Check target price** — Solar Industries, with significant market share in industrial explosives, is anticipated to see substantial growth through its defense sector and new international ventures. PL Capital's projections indicate a revenue and PAT growth of 28% and 30% by FY29E, supported by a new subsidiary in Botswana. — [Source](https://www.livemint.com/market/stock-market-news/solar-industries-shares-up-over-6-whats-driving-defence-stock-that-has-surged-60-in-ytd-check-target-price-11790745066638.html)
- 2026-09-28 — CNBC-TV18: **Sensex closes over 1,000 points lower: 5 reasons behind today's market fall** — All four frontline indices closed nearly 2% lower, with the Nifty Bank emerging as the biggest underperformer. Rising crude continued to weigh on the market, with seven Nifty stocks closing at their 52-week lows. — [Source](https://www.cnbctv18.com/market/sensex-closes-over-1000-points-lower-5-reasons-behind-todays-market-fall-20000056.htm)
- 2026-09-25 — CNBC-TV18: **What Should You Buy? Analysts took fresh bets on these stocks this week; Check targets** — Brokerages stepped up coverage on several stocks this week, with fresh calls spanning retail broking, healthcare services, e-commerce and capital markets. From Macquarie’s Outperform on Groww to Emkay’s Buy on NSE and Nomura’s Reduce on Meesho, here are the key calls of the week and what is driving them. — [Source](https://www.cnbctv18.com/photos/market/stocks-to-buy-where-analysts-initiated-coverage-this-week-groww-sagility-meesho-nse-solar-tata-cap-share-price-19998429.htm)
- 2026-09-24 — BUSINESSTODAY: **Solar Industries stock gets 'Buy' call on defence push and global explosives growth** — Solar Industries share India Ltd, SOIL buy rating, Solar Industries share India target price, Solar Industries share price, India industrial explosives market, defence revenue growth, loitering munitions, missile systems, international explosives expansion, Coal India explosives, drone systems — [Source](https://www.businesstoday.in/markets/stocks/story/solar-industries-stock-gets-buy-call-on-defence-push-and-global-explosives-growth-557626-2026-09-24)
- 2026-09-24 — MONEYCONTROL: **Buy Solar Industries India; target of Rs 23,124: Prabhudas Lilladher** — Prabhudas Lilladher, Solar Industries India, buy, Recommendations — [Source](https://www.moneycontrol.com/news/business/stocks/buy-solar-industries-india-target-of-rs-23-124-prabhudas-lilladher-14037110.html)
- 2026-09-23 — BUSINESSTODAY: **Solar Industries: Revenue CAGR seen at 43% till FY30, can the stock hit Rs 23,000 mark?** — Solar Industries India Ltd, Solar Industries,  Solar Industries  price target, Solar Industries  to buy Omnia Holdings, Solar Industries Q1 earnings , Solar Industries earnings ,  Solar Industries defence order, FY26 guidance, Solar Industries net profit rise — [Source](https://www.businesstoday.in/markets/stocks/story/solar-industries-revenue-cagr-seen-at-43-till-fy30-can-the-stock-hit-rs-23000-mark-557264-2026-09-23)
- 2026-09-23 — BUSINESSTODAY: **Tata Steel, SOIL, IDFC First Bank, MMFSL: Share price targets hint at 20-24% upside** — Tata Steel share price, SOIL share price, IDFC First Bank share price, MMFSL share price, stocks to buy — [Source](https://www.businesstoday.in/markets/stocks/story/tata-steel-soil-idfc-first-bank-mmfsl-share-price-targets-hint-at-20-24-upside-557163-2026-09-23)
- 2026-09-22 — MONEYCONTROL: **Game of drones: India's $2 billion military order, 600+ firms and a defence market taking off** — Drones, drone news, India drones, India military drones — [Source](https://www.moneycontrol.com/news/india/game-of-drones-india-s-2-billion-military-order-600-firms-and-a-defence-market-taking-off-14035529.html)
- 2026-09-22 — MONEYCONTROL: **Solar Industries shares rise 3.5% as Motilal Oswal says 'Buy', sees up to 17% upside** — Solar Industries share price, Motilal Oswal — [Source](https://www.moneycontrol.com/news/business/markets/solar-industries-shares-rise-3-5-as-motilal-oswal-says-buy-sees-up-to-17-upside-14035479.html)
- 2026-09-22 — Economic Times: **Motilal Oswal initiates Buy on Solar Industries, sees 24% upside. 4 reasons why** — Motilal Oswal has initiated coverage on Solar Industries with a Buy rating and a target price of Rs 23,000, citing strong growth prospects across explosives and defence. The brokerage expects revenue and profit to grow at 43% and 34% CAGR, respectively, through FY30. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/motilal-oswal-initiates-buy-on-solar-industries-sees-24-upside-4-reasons-why/articleshow/134403261.cms)

## 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

## Related stocks

- [Bharat Electronics Limited (Engineering & Capital Goods)](https://faxioms.com/stocks/bel) — +0.23%
- [Cummins India Limited (Engineering & Capital Goods)](https://faxioms.com/stocks/cumminsind) — -0.25%
- [Polycab India Limited (Engineering & Capital Goods)](https://faxioms.com/stocks/polycab) — +0.28%
- [Action Construction Equipment Limited (Engineering & Capital Goods)](https://faxioms.com/stocks/ace) — +2.50%
- [Afcons Infrastructure Limited (Engineering & Capital Goods)](https://faxioms.com/stocks/afcons) — -1.80%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

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