Solar Industries Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹1,69,225 Cr
- Book Value
- ₹693.6
- Stock P/E
- 97.0
- Dividend Yield
- 0.06%
- ROE
- 32.6%
- ROCE
- 38.1%
- PEG Ratio
- 2.17
- EV/EBITDA
- 59.8
Fundamentals from Screener.in, as of 5 Aug 2026. Live price via Yahoo Finance.
Solar Industries share price today
Solar Industries (NSE: SOLARINDS) built a near-monopoly in something unglamorous — industrial explosives for mining and infrastructure — and is now converting that chemistry-and-licensing moat into India’s defence build-out: ammunition, warheads, propellants, and loitering munitions (drones). Profit has compounded at a scorching 44.6% a year for five years, with ROCE at 38%.
The market has priced the transformation like a certainty: 97× earnings. This article shows what that multiple demands, because at these prices the difference between a great company and a great investment is the widest in our universe.
From mining blasts to munitions
The base business is the moat: manufacturing licences for explosives are scarce, safety records take decades, and distribution to thousands of mines is not replicated by a startup. That earns steady, oligopoly economics. The re-rating comes from defence: multi-year ammunition contracts, the Pinaka rocket programme, and drone-delivered munitions — a segment where Solar moved earlier than any listed Indian private player.
Watch-items: defence order inflows converting to revenue on schedule, the 2.3% promoter pledge (small but non-zero), and raw-material cycles (ammonium nitrate) in the base business.
The numbers
From our research universe snapshot (5 Aug 2026):
| Metric | Value |
|---|---|
| Market cap | ₹1,69,225 Cr |
| P/E (TTM) | 97.0 |
| EV/EBITDA | 59.8 |
| Operating margin | 27.6% |
| ROE / ROCE | 32.6% / 38.1% |
| Debt to equity | 0.24 |
| Sales CAGR (5y) | 31.4% |
| Profit CAGR (5y) | 44.6% |
| Promoter holding | 73.2% (2.3% pledged) |
| EPS (TTM) | ₹192.8 |
Solar Industries share price target 2026 to 2030
EPS base ₹192.8 (TTM). Bear: defence orders slip and the multiple halves to 50× on 18% growth — note this “bear” still assumes strong growth; that is how demanding the price is. Base: 28% growth, multiple settles at 65×. Bull: ammunition and drones scale into exports — 35% growth holding 85×.
| Year | Bear (50×, +18%) | Base (65×, +28%) | Bull (85×, +35%) |
|---|---|---|---|
| 2026 | ₹11,375 | ₹16,040 | ₹22,125 |
| 2027 | ₹13,420 | ₹20,530 | ₹29,865 |
| 2028 | ₹15,835 | ₹26,280 | ₹40,320 |
| 2029 | ₹18,685 | ₹33,640 | ₹54,430 |
| 2030 | ₹22,050 | ₹43,060 | ₹73,480 |
From ₹18,700, the base case is ≈ +130% over four and a half years — but look at the bear: 18% annual profit growth delivers roughly +18% total, because the multiple gives back five years of growth. That asymmetry is the whole story at 97×. Our stance: exceptional business, entry price does all the work — accumulate only on the defence-sector drawdowns that visit this stock regularly.
Reasons to own Solar Industries (at the right price)
- Licence-and-safety moat in base explosives — quasi-oligopoly economics fund the defence pivot.
- 44.6% five-year profit CAGR — among the fastest compounders of its size in India.
- Defence backlog spans ammunition, Pinaka rockets and drone munitions — early-mover position.
- 38% ROCE with modest leverage (D/E 0.24).
- Export optionality: global ammunition restocking is a decade-long cycle.
The risks: a 97× multiple prices flawless execution; defence revenue is contract-lumpy; and the pledge, though small, deserves monitoring.
Should you buy at the current price?
The live buy range below is for members — the drawdown zone where this compounding is worth paying for.
FAQ
What is the Solar Industries share price target for 2030? Base case ≈ ₹43,060 (65× on 28% compounded growth), bear ≈ ₹22,050, bull ≈ ₹73,480. Arithmetic above.
Why is Solar Industries valued at 97× earnings? The market is pricing the defence transformation — ammunition and drone munitions growing atop a monopoly-grade explosives base — as a near-certainty. The growth is real; the multiple leaves no room for delay.
What does Solar Industries make for defence? Ammunition across calibres, warheads and propellants, Pinaka rocket motors, and loitering munitions — one of the broadest private-sector portfolios in Indian defence.
When are Solar Industries’ next results? Track the exact date on our results calendar.
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.