Solar Industries India

What Solar Industries India does

Solar Industries India Limited (NSE: SOLARINDS), founded in 1995 in Nagpur, is a publicly listed Indian manufacturer operating two integrated business segments: industrial explosives and defence products. The industrial explosives segment produces packaged and bulk explosives plus initiating systems for mining, construction, quarries, seismic exploration, tunnelling, and hydro projects, serving more than 200 customers across 82+ countries from 40 manufacturing facilities in 11 nations. This legacy segment generates the bulk of revenue (roughly 73% of FY26 consolidated revenue of Rs 9,838 crore) with mature, long-cycle relationships including Coal India Limited.

The defence segment manufactures missile propulsion systems, warheads, propellants, loitering munitions, and rocket systems for the Indian Armed Forces and foreign governments. Core products include indigenous BrahMos boosters (scaled to 60/month, 150 annual capacity), the Nagastra loitering munition family (30km, 50km, 100km, with research into 500-700km variants), Pinaka rocket components (Rs 6,084 crore contract), solid rocket motors for DRDO's Project Kusha, Akashteer air defence components, and the Bhargavastra counter-drone system. The defence business contributed Rs 2,634 crore in FY26 (94% YoY growth) and is guided to exceed Rs 4,500 crore in FY27. Defence revenue is secured through Ministry of Defence procurement contracts and bilateral export agreements (Philippines, Vietnam, Indonesia, Armenia).

The company is founder-controlled by Satyanarayan Nuwal (Chairman) and led by his son Manish Nuwal as Managing Director and CEO. It holds Green Channel Certification from the MoD for ammunition manufacturing and is the first private-sector Indian firm with an integrated defence products facility. FY27 planned capex of Rs 2,050 crore — including the Rs 12,800 crore Robotics and UAV facility at MIHAN SEZ Nagpur — signals continued offensive scaling, while EBITDA margins of 27.1% (Q4 FY26) and ROE of 29% (FY25) reflect durable capital efficiency. The business model combines negotiated government procurement (defence) and direct enterprise sales (industrial explosives), with revenue visibility extending 7-10 years on the Rs 21,300 crore order book.

Name

Solar Industries India

Legal name

Solar Industries India Limited

Website

https://solargroup.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Solar Industries India manufactures industrial explosives for global mining customers and defence products — including BrahMos missile boosters, Nagastra loitering munitions, and Pinaka rocket components — for the Indian Armed Forces and select export governments across 82+ countries.

Ownership category

akta.pro rank

Product category

Defence and Industrial Explosives Manufacturing

NAICS

Guided Missile and Space Vehicle Propulsion Unit and Propulsion Unit Parts Manufacturing (336415), Guided Missile and Space Vehicle Manufacturing (336414), Other Guided Missile and Space Vehicle Parts and Auxiliary Equipment Manufacturing (336419), Explosives Manufacturing (32592), Explosives Manufacturing (325920), Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511)

SIC

Guided Missiles & Space Vehicles & Parts (3760), Ordnance & Accessories, (No Vehicles/Guided Missiles) (3480), Search, Detection, Navagation, Guidance, Aeronautical Sys (3812)

akta.pro primary industry

Military-Grade Explosives & Energetic Materials (IMAEALAE)

akta.pro secondary industries

Commercial Explosives (Mining & Quarrying) (IMAEALAA), Explosives, Energetics & Pyrotechnics (Military-Grade) (IMABAHAK), Artillery, Mortar & Tank Munitions (IMABAHAH), Bombs, Depth Charges & Aerial Delivered Ordnance (IMABAHAI), Ordnance Components & Subassemblies (Casings, Liners, Guidance Sections) (IMABAHAL)

Keywords

• Industrial explosives manufacturing
• Defence propulsion systems
• Loitering munition drones
• Mining blasting solutions
• Missile booster components

Headquarters

HQ city

Nagpur

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Defence Products: Manufacture and supply of defence products including missile boosters, warheads, propellants, loitering munitions (Nagastra drones), Pinaka rockets, artillery shells, and ammunition to Indian Armed Forces and export customers. Revenue grew 134% YoY to Rs 1,000 crore in Q4 FY26, with FY26 defence revenue reaching Rs 2,634 crore (94% growth).
2. Industrial Explosives: Production and supply of industrial explosives for mining, construction, quarries, seismic exploration, tunnelling, and hydro projects across domestic and international markets in 82+ countries.
3. Commercial Paper Issuance: Periodic issuance of commercial papers for near-term liquidity and working capital requirements, such as the Rs 75 crore CP issued in June 2026 at 6.93% interest rate.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Solar Industries India manufactures and supplies industrial explosives (packaged and bulk emulsion explosives plus initiating systems) for mining, quarrying, construction, tunnelling, and seismic exploration, alongside a growing defence portfolio spanning indigenous BrahMos missile boosters, the Nagastra loitering munitions family, Pinaka rocket system components, solid rocket motors for Project Kusha, and the Bhargavastra counter-drone system. The company sells directly to the Indian Ministry of Defence, foreign governments through bilateral export agreements, and industrial mining customers across 82+ countries from 40 manufacturing facilities.

Product overview

Solar Industries India operates as a diversified defence and industrial explosives manufacturer offering an integrated portfolio of products across two main segments: (1) Industrial explosives for mining and construction applications serving 200+ customers globally, and (2) Defence products including Nagastra loitering munitions family (30km to 700km range), BrahMos missile indigenous boosters, Pinaka rocket system components, Project Kusha air defence components, Bhargavastra counter-drone systems, and Akashteer air defence components. The company has transformed from an explosives manufacturer into a vertically integrated defence manufacturer with focus on high-entry barrier segments such as propellants, warheads, and unmanned aerial vehicles.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Explosives Packaged explosives, bulk emulsion explosives, and initiating systems supplied to mining companies, quarry operators, construction contractors, seismic exploration firms, tunnelling projects, and hydro projects across 82+ countries. The company's legacy business and largest revenue segment, produced at 40 manufacturing facilities in 11 nations including India, Turkey, Zambia, South Africa, Australia, Ghana, and Tanzania.
• Nagastra Loitering Munitions Family Layered family of weaponised unmanned aerial vehicles (loitering munitions) including Nagastra-1 (30 km range), Nagastra-2 (50 km range), Nagastra-3 (100 km range, in development), and preliminary research into 500-700 km deep-strike variants. Designed for precision strikes and counter-drone operations; Nagastra drones were deployed in Operation Sindoor in May 2025 marking first weaponised drone use by India.
• BrahMos Missile Boosters Indigenously manufactured boosters for the BrahMos supersonic cruise missile, produced at Solar Industries' Nagpur facility under a technology transfer agreement with Russia signed in 2018. Production scaled from 1 booster per month to approximately 60 boosters per month, with annual capacity of 150 units and the 100th indigenous booster rolled out in June 2026. Supplied to BrahMos Aerospace joint venture.
• Pinaka Rocket System Components Propellants and components for Pinaka multiple rocket launcher systems including extended-range and guided variants (155mm NATO-standard artillery shells). Co-produced with Larsen & Toubro as system integrator. Solar holds Rs 6,084 crore contract for Pinaka Enhanced Range rockets, and Armenia became the first export customer for guided variants in early 2026.
• Bhargavastra Counter-Drone System Loitering munition-based counter-drone system developed by Solar Industries for protection against drone threats and swarms. Positioned as an indigenous solution for the growing counter-UAS requirement across Indian Armed Forces and friendly foreign governments.
• Akashteer Air Defence System Components Components supplied for the Akashteer air defence system, part of India's broader air defence ecosystem that is gaining export attention from Gulf nations and other partner countries.

Quantifiable outcome

• Defence revenue grew 134% YoY to Rs 1,000 crore in Q4 FY26
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• BrahMos AerospacecoreStrategic or Co-development Partner · 1 January 2018Joint venture between India's DRDO and Russia's NPO Mashinostroyenia for BrahMos supersonic cruise missile. Solar Industries manufactures indigenous boosters at its Nagpur facility, scaling from 1 to 60 boosters per month. Technology transfer from Russia in 2018 enabled domestic production, marking major milestone with 100th indigenous booster rollout in June 2026.
• DRDO (Defence Research and Development Organisation)coreStrategic or Co-development PartnerSolar Industries is contributing solid rocket motors, advanced propellants, and booster manufacturing for M2 interceptor missiles in DRDO's Project Kusha long-range air defence system targeting multi-layered defence against airborne threats up to 400km.
• Larsen & Toubro (L&T)coreStrategic or Co-development PartnerCo-production partner for Pinaka Long Range Guided Rocket system alongside Solar Industries. L&T serves as system integrator while Solar Industries supplies rocket motors and components. Armenia became first export customer for guided variants in early 2026.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• AECI Limited: South African explosives and specialty chemicals group with significant African mining explosives presence and growing defence segment. Comparable for both geographic exposure (Africa) and dual industrial/defence model.
• Bharat Dynamics Limited (BDL): Indian state-owned manufacturer of guided missiles, torpedoes, and other defence systems including Akash and indigenous cruise missile subsystems. Direct peer in Indian defence propulsion and guided weapons manufacturing.
• Premier Explosives Limited: Indian listed manufacturer of industrial explosives and defence energetics including solid propellants, warheads, and pyrotechnics. Most direct comparable in India given the dual industrial + defence explosives business model.
• Orica Limited: Global leader in commercial explosives and blasting systems for mining, quarrying, and infrastructure. Most direct global comparable for Solar's industrial explosives business across 82+ countries.
• MAXAM: Spanish-headquartered global manufacturer of civil explosives, initiation systems, and defence energetics. Comparable across both industrial explosives and defence energetic materials, with a comparable geographic footprint.
• Dyno Nobel: Major global industrial explosives and commercial blasting solutions provider (now part of Incitec Pivot). Directly comparable business model for Solar's mining and infrastructure explosives franchise.

Broad incumbents

• BAE Systems plc: Global defence prime with significant munitions, energetics, and guided weapons businesses. Broad incumbent setting the upper bound for scale and global export positioning that Solar's defence segment is scaling toward.
• Larsen & Toubro (L&T): Indian engineering and defence prime contractor, system integrator for Pinaka rocket system and a co-production partner with Solar. Broad incumbent in Indian defence, with overlapping but much larger scope across shipbuilding, aerospace, and missiles.
• Rheinmetall AG: German defence and automotive group with major ammunition, propellant charges, and weapons systems businesses. Broad incumbent comparable for defence energetics, artillery munitions, and air defence system components.

Emerging players

• Hanwha Aerospace: Korean defence company with growing artillery ammunition, K9 howitzer, and precision strike munitions businesses. Comparable trajectory as a non-traditional defence player scaling energetics and munitions exports.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/solar_ind_group
• LinkedInlinkedin.com/company/solar-industries-india-ltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solar Industries India