Solar Industries share price today

Solar Industries India Ltd's share price was ₹19,654.00 at the close on 3 November 2026. It has been rising for 30 weeks. That is 12.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹11,911 and ₹22,308, and at that close it sat 74% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Solar Industries India Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 14 weeks in a row.

Over the last 11 years the share price moved +3,004% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: profit up on a year earlier for 11 quarters in a row (every quarter we can compare), revenue up on a year earlier for 9 quarters in a row and foreign funds (FIIs) cut their stake for 4 quarters in a row.

1. Profit up on a year earlier for 11 quarters in a row (every quarter we can compare)

   In the June 2026 quarter profit was ₹666 crore, +88.7% on a year earlier.

2. Revenue up on a year earlier for 9 quarters in a row

   In the June 2026 quarter revenue was ₹3,668 crore, +70.3% on a year earlier.

3. Foreign funds (FIIs) cut their stake for 4 quarters in a row

   From 7.1% to 6.1% of the company by the September 2026 quarter.

For April to June 2026 (the quarter ended 30 June 2026), Solar Industries reported revenue of ₹3,668 crore, up 70.3% from ₹2,154 crore a year earlier, and a profit of ₹666 crore, up 88.7% from ₹353 crore.

Solar Industries results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Solar Industries' management discussed these results on a call held on 15 September 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Solar Industries closed at ₹19,654.00 on 3 November 2026, up 41.6% from ₹13,878.00 a year earlier (31 October 2025) and up 745.6% over five years. Its highest weekly close since March 2016 was ₹22,307.50 on 11 September 2026.

Solar Industries share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

564 weekly closes from 11 March 2016 to 3 November 2026.

3 Nov 2026: Solar Industries closed at ₹19,654.00, up 7.3% on the week and up 1.5% on the month. 15 Sep 2026: Solar Industries held its results call for April to June 2026. Management guided: Solar revenue around ₹14,000 crore in FY27 and approximately ₹16,500 crore in FY28, based on 17%-20% growth.

Earlier

• 28 Jul 2026: ex-date for a dividend of ₹11 a share.
• Results for April to June 2026: Revenue up 70.3% and profit up 88.7% on a year earlier.
• Our read, 17 May 2026: Defense doubling every year revalues a commodity explosives company into a high-tech munitions platform, but management has missed three consecutive guidance goals.

Our read of the business

Latest quarter: Defense doubling drives record performance, three guidance misses acknowledged quietly.

Our read after the latest results, written 17 May 2026.

Solar Industries paid ₹11 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.06% at the ₹19,654.00 close on 3 November 2026. The last was a dividend of ₹11 a share, ex-date 28 July 2026.

Solar Industries dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Solar Industries India Ltd paid out 6% of its profit as dividends in FY26, and it paid a dividend in 12 of its last 13 reported years.

From the NSE corporate-actions record, read 4 November 2026.

On the call for April to June 2026, held on 15 September 2026, Solar Industries' management guided: Solar revenue around ₹14,000 crore in FY27 and approximately ₹16,500 crore in FY28, based on 17%-20% growth.

Manish Nuwal, MD & CEO, on the call for April to June 2026

What management guided

• Omnia FY28 revenue at least ₹15,000 crore.
• Combined Solar-Omnia FY28 revenue ₹31,000-32,000 crore.
• Combined FY28 operating profit ₹6,800-7,000 crore and operating margin 22%-23%.
• FY28 debt estimated at ₹10,000-11,000 crore, with debt below 2 times operating profit.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 15 September 2026.

What is changing at Solar Industries, from the latest results and calls: defense order book conversion (₹18,000 cr → ₹4,500 cr fy27 goal), international explosives expansion (africa-centric, 32% fy26 growth) and defense product mix margin expansion (defense + international now 73% of revenue).

• Defense Order Book Conversion (₹18,000 Cr → ₹4,500 Cr FY27 goal). Defense revenue nearly doubled in FY26 to ₹2,634 Cr; FY27 goal ₹4,500 Cr backed by ₹18,000 Cr order book, the largest single Pinaka series order flowing now. ⚠ estimate
• International Explosives Expansion (Africa-centric, 32% FY26 growth). International revenue ~₹3,800 Cr in FY26 (+32% on a year earlier); West Africa (Sierra Leone launch FY27), Kazakhstan commissioned, Australia opening, 30% FY27 goal mostly commodity-price tailwind. ⚠ estimate
• Defense Product Mix Margin Expansion (defense + international now 73% of revenue). FY26 operating margin 27.95% vs 26.9% prior; management confident 27-28% sustainable as defense (higher-margin) scales to 32%+ of revenue in FY27. ⚠ estimate
• New Defense Product Pipeline (Bhargavastra, 155mm, Medium-Caliber). 155mm complete round supply within 3-4 months; Bhargavastra trials by CY26 end; medium-caliber commissioned, these products carry higher margins than core explosives. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 17 May 2026.

Defense order book ₹18,000 Cr (domestic ₹6,500-7,000 Cr + international ₹11,000+ Cr); total consolidated ₹21,000 Cr.

• January to March 2026 key quote: 'Backed by a strong order book of rupees 21,300 crores and robust opportunities across all verticals, we are aiming for to achieve a revenue of 14,000 crores in FY27 while maintaining current margins.'. ✓ fact
• October to December 2025 key quote: 'Our defense business shows splendid growth of 72% hitting revenue of ₹702 crore this quarter, with record-breaking defense order book of ₹18,000 crore taking total consolidated orders to ₹21,000+ crores'. ✓ fact

Our read after the latest results, written 17 May 2026.

Bhargavastra delayed 9 months, 155mm delayed 2 quarters, FY26 defense revenue 12% short, three consecutive misses; FY27 ₹4,500 Cr goal requires 70% growth.

The main risks

• Defense Execution Slippage, Systematic Pattern of Missed Timelines: Bhargavastra delayed 9 months, 155mm delayed 2 quarters, FY26 defense revenue 12% short, three consecutive misses; FY27 ₹4,500 Cr goal requires 70% growth. ✓ fact
• Commodity Cost Squeeze (Ammonium Nitrate + Raw Materials at 29% on a year earlier Increase): Raw materials +29% on a year earlier to ₹1,522 Cr in January to March 2026; contractual pass-through recovers 60-70% but 30-40% absorbed, sustained commodity surge compresses margins. ✓ fact
• Working Capital Deterioration, FY26 Outflow ₹1,600 Cr: FY26 working capital outflow ₹1,600 Cr vs ₹800 Cr release prior year, deliberate Q4 inventory hedge but normalization not guaranteed. ✓ fact
• Domestic Mining Segment Structural Weakening: CIL contribution fell from 13% to 9% of revenue; domestic mining flatlined FY26; demand recovery contingent on coal + infrastructure cycle. ✓ fact

Our read after the latest results, written 17 May 2026.

When Solar Industries reports July to September 2026, these are the 3 checks that show whether the story is still on course. First: Regulatory and shareholder approval progress for Omnia - check movement toward transaction completion.

Solar Industries is on 2 of our India lists: Momentum stocks and Defence stocks.

Solar Industries India Ltd earned ₹666 Cr of net profit in the Jun 2026 quarter, +88.7% on the same quarter a year earlier. That is the 11th quarter in a row of profit growth. Full-year FY26 profit was ₹1,737 Cr. Over 10 years profit has grown 25.6% a year on average. That is 18.2% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹353 Cr.

For the full year, FY26 profit was ₹1,737 Cr (+34.9% on the year before).

Why profit moved: revenue changed +70.3% on a year earlier and the margin moved +3.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +51.6% and revenue +40.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Solar Industries India Ltd reported ₹3,668 Cr of revenue in the Jun 2026 quarter, +70.3% on the same quarter a year earlier. That is the 9th quarter in a row with growth on the year before. Over 10 years it has grown 21.1% a year on average. The last full year, FY26, came in at ₹9,838 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The primary thesis engine. Defense went from 18% to 27% of consolidated revenue in a single year. Q4 alone saw ₹1,008 Cr (134% YoY) as Pinaka deliveries accelerated. The ₹18,000 Cr defense order book (₹6,500-7,000 Cr domestic + ₹11,000+ Cr international) provides 3-4 years of delivery visibility. FY27 goal of ₹4,500 Cr implies 70% growth from FY26 base, credible if Pinaka supply remains consistent and 155mm comes online. Medium-caliber ammunition (23mm, 30mm, 40mm) and loitering munitions provide the long tail.

The last four reported quarters add to ₹11,351 Cr.

FY26 revenue was ₹9,838 Cr, +30.5% on the year before.

Recent pace: the last four quarters grew +40.4% on average, against 21.1% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +41.7%, against +36.7% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +52.9%, against +45.0% a year (accelerating).

Solar Industries India Ltd's operating margin was 28.0% in the Jun 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 19.0% and 28.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The margin story rests on three pillars: (1) contractual rise-and-fall provisions recovering 60-70% of commodity cost increases; (2) defense and international mix shift (combined 73% in FY26, up from ~55% FY24); (3) operating leverage from new capacity. Employee costs +41% and depreciation +42% in FY26 were fully absorbed.

Why the margin moved: operating margin changed +2.9 percentage points on the year while gross margin changed +0.2 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

Over the last 3 years, 115% of Solar Industries India Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹621 Cr of operating cash against ₹1,737 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹1,552 Cr of spending on assets, free cash was −₹931 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 115% of profit came in as cash: the cash cycle got 44 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 5.8× depreciation over three years. The next section checks what that spending is building.

Solar Industries India Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 152 days in FY26, up from 108 days in FY21. It spent ₹3,329 Cr on assets over the last 3 years. Customers take 69 days to pay, and stock sits for 130 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹9,838 Cr, each day of that cycle ties up about ₹27.0 Cr, so roughly ₹4,097 Cr is tied up in the business at any time.

FY26: customers took 69 days to pay and stock sat for 130 days, about 4.3 months of sales sitting as stock, for a full cycle of 152 days, longer than FY21's 108.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 130 days. Customers pay about 69 days after that. Suppliers are paid at 47 days. Together that makes the 152-day cycle.

Spending on assets: ₹3,329 Cr over the last 3 years, against ₹576 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹731 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Solar Industries India Ltd's P/E is 89.3×, near the high end of its own history: higher than 80% of past readings. Its usual P/E (the middle reading) is 49.0×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why this happened. The optionality layer. 155mm fills the gap between current Pinaka ramp and the next leg, company already supplying raw material and intermediates for qualification, first complete rounds within 3-4 months of Q4 FY26. Bhargavastra counter-drone (rare globally) in final trials by CY26, the 9-month delay from March 2026 original goal is a credibility flag but not a thesis killer. Medium-caliber (23mm, 30mm, 40mm) commissioned and supplying for testing with higher margins than explosives core.