Solar Industries, a mid-cap defence stock from Maharashtra, India, has gained 333% in two years with record earnings and aims for ₹10,000 crore revenue in FY26 amid strong defence order book growth.
India’s mid-cap defence stock Solar Industries, headquartered in Nagpur, Maharashtra, has witnessed an extraordinary rise of 333% in its share price over the past two years. The company, known for manufacturing industrial explosives and explosive accessories, has demonstrated strong financial performance backed by a robust order book and strategic initiatives aligned with India’s Atmanirbhar Bharat mission.
As of May 2025, Solar Industries’ stock price surged from ₹3,740 to ₹16,200 per share, marking a market capitalization increase to ₹1,46,448 crore. The stock closed in the green in 17 of the last 24 months, with notable monthly gains of 29% in March and 23% in May 2025. This surge reflects growing investor confidence amid heightened geopolitical tensions and renewed interest in the defence sector on Dalal Street.
In FY25, Solar Industries reported record quarterly revenue of ₹2,167 crore and annual revenue of ₹7,540 crore. The company posted its highest-ever quarterly EBITDA of ₹546 crore and PAT of ₹371 crore, showing year-on-year growth rates of 47% and 42%, respectively. Annual EBITDA and PAT also surged by 44% and 47%, reaching ₹2,031 crore and ₹1,288 crore.
Solar Industries has secured an order book exceeding ₹15,000 crore, including significant contracts worth ₹6,084 crore for Pinaka rockets and ₹8,500 crore in international defence deals. The company is targeting 15-20% growth in its explosives segment for FY26, aiming for defence revenue to exceed ₹3,000 crore, which would account for over 30% of its total projected ₹10,000 crore revenue.
Further strengthening its commitment to India’s defence sector, Solar Industries signed a ₹12,700 crore memorandum of understanding with the Maharashtra government to invest in defence and aerospace over the next decade, supporting the Atmanirbhar Bharat initiative.