NSE: SOLARINDS | BSE: 532725

Expensive Performer

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12166.00 -86.00 (-0.70%)

31.73% Fall from 52W High

91,652 NSE+BSE Volume

NSE 01 Jan, 2026 3:31 PM (IST)

110,090.3

Market Cap

Market Leader

Beta 1Year

High Volatility

Order Win

Solar Industries bags a Rs 1,746 crore order from Coal India to supply bulk explosives See details

Solar Industries India Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for SOLARINDS, BSE:532725 Solar Industries India Ltd.

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Solar Industries India Ltd.

19 Nov 2025

12166.00

-0.70%

Defense entering a new growth phase; upgrade to Buy

Buy: Solar Industries India Ltd.

Anand Rathi

We initiated coverage on SIIL on 27-Oct, 2025 with a HOLD, as we believed valuations had priced in higher growth.

Number of FII/FPI investors increased from 487 to 499 in Sep 2025 qtr.

Solar Industries India Ltd.

12 Nov 2025

12166.00

-0.70%

Strong performance in difficult quarter; defence execution to pick up pace

Buy: Solar Industries India Ltd.

ICICI Securities Limited

Solar Industries India Limited (SOIL)’s Q2FY26 EBITDA of INR 5.5bn rose 24%/3% YoY/QoQ; though, slightly lower than consensus estimate of INR 5.7bn.

Solar Industries Ind.. has an average target of 17253.00 from 3 brokers.

Solar Industries India Ltd.

11 Nov 2025

12166.00

-0.70%

Solar Industries India

Buy: Solar Industries India Ltd.

Target

ICICI Direct

Well poised to see significant recovery in explosives & exports/overseas segment: With market leading share of ~25% in domestic industrial explosives market, we believe that company is well poised to grow steadily led by healthy demand prospects from segments like mining, housing and infrastructure. Though domestic explosives segment remained muted during the quarter, we expect recovery going ahead led by healthy demand from housing, infra and mining sectors. With an order backlog of 1600+ crore in explosives and stable raw material prices, we expect ~14%...

Solar Industries has lost -30.87% in the last 6 Months

Solar Industries India Ltd.

10 Aug 2025

12166.00

-0.70%

Continued capability build-up in defence to fetch higher-for-longer benefits

Buy: Solar Industries India Ltd.

Target

ICICI Securities Limited

Solar Industries (SOIL)’s operating performance was in line with consensus’ estimate. EBITDA, at INR 5.3bn, jumped 19% YoY driven by robust defence and exports, compensating for the subdued performance in mining and infra segments, which were impacted on account of monsoon arriving early.

Solar Industries has lost -30.87% in the last 6 Months

Solar Industries India Ltd.

22 May 2025

12166.00

-0.70%

Robust performance; stellar guidance

Buy: Solar Industries India Ltd.

Target

ICICI Securities Limited

Solar Industries’ (SOIL) Q4FY25 EPS was 5% and 13% ahead of our estimates and consensus, respectively. EBITDA rose 53% YoY to INR 5.4bn. Defence revenue rose 2.2x YoY to INR 4.3bn.

Solar Industries has lost -30.87% in the last 6 Months

Solar Industries India Ltd.

22 Apr 2025

12166.00

-0.70%

Primed for a giant leap

Buy: Solar Industries India Ltd.

Target

ICICI Securities Limited

In the current volatile markets, Solar Industries’ (SOIL) stock has outperformed its peers. Its traditional India business continues to be on a stable footing and the exports and overseas segment is also expanding.

Solar Industries has lost -30.87% in the last 6 Months

Solar Industries India Ltd.

24 Feb 2025

12166.00

-0.70%

The show has just begun

Buy: Solar Industries India Ltd.

ICICI Securities Limited

We recently hosted the management of Solar Industries (SOIL) for an interaction with investors. Defence and exports & overseas segments could shepherd growth over the next five years.

Number of FII/FPI investors increased from 487 to 499 in Sep 2025 qtr.

Solar Industries India Ltd.

07 Feb 2025

12166.00

-0.70%

Pinaka in the kitty

Buy: Solar Industries India Ltd.

Target

ICICI Securities Limited

The Ministry of Defence has inked a contract with Economic Explosive Limited (EEL)- 100% subsidiary of Solar Industries (SOIL) and Munitions India Limited (MIL) for procurement of Area Denial Munition (ADM) Type-1 (DPICM) and High Explosive Pre Fragmented (HEPF) Mk-1 (Enhanced) rockets, respectively, for Pinaka Multiple Launch Rocket System (MLRS) at a total cost of INR 101.4bn.

Solar Industries has lost -30.87% in the last 6 Months

Solar Industries India Ltd.

03 Dec 2024

12166.00

-0.70%

Not just Pinaka

Buy: Solar Industries India Ltd.

ICICI Securities Limited

Solar Industries’ (SOIL) stock has been running sideways due to the delay in the award of the Pinaka order. However, we believe, Street is underestimating the potential of continuous export order inflows (OI) in defence. With an OI of INR 45bn so far in CY24,for a 3–5-year duration, we believe these orders alone potentially form an annual revenue accretion of INR 11–13bn.

Solar Industries India Ltd. is trading below all available SMAs

Solar Industries India Ltd.

08 Aug 2024

12166.00

-0.70%

Robust Q1 show; defence segment gathers steam

Buy: Solar Industries India Ltd.

ICICI Securities Limited

Solar Industries (SOIL) has posted its highest-ever quarterly EBITDA, EBITDA margin and defence revenue in Q1FY25. EBITDA rose 39% YoY at INR 4.5bn despite a mere 1% YoY uptick in realisation.

Solar Industries has lost -30.87% in the last 6 Months

Is Solar Industries India Ltd. worth buying?

178 Votes:

Buy 79.21%

Sell 12.92%

Hold 7.87%

RESEARCH REPORTS

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Buy SEE REPORTS >

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