Solar Industries India share price movementSolar Industries India (SOIL) share price moved higher by 4 per cent to ₹19,370 on the National Stock Exchange (NSE) in Monday’s intra-day deals snapping its five-day losing streak.
In the past week, the stock price of the explosives company fell 17 per cent.
At 02:14 PM, SOIL quoted 3.9 per cent higher at ₹19,280, compared to a 0.50 per cent rise in the Nifty 50.
MOFSL initiates coverage on Solar IndustriesSOIL is a leader in the domestic explosive market and has established a strong presence in international markets for industrial explosives.
Analysts at MOFSL initiated coverage on SOIL with a 'BUY' rating and a target price of ₹23,000, based on a 50x P/E on December 2028E EPS.
Solar Industries India share price movement
Solar Industries India (SOIL) share price moved higher by 4 per cent to ₹19,370 on the National Stock Exchange (NSE) in Monday’s intra-day deals snapping its five-day losing streak.
In the past week, the stock price of the explosives company fell 17 per cent. It declined 18 per cent from its all-time high of ₹22,700 touched on September 15, 2026.
At 02:14 PM, SOIL quoted 3.9 per cent higher at ₹19,280, compared to a 0.50 per cent rise in the Nifty 50.
ALSO READ: Sensex jumps 690 pts intraday, Nifty tops 23,400: 4 factors behind mkt rise Meanwhile, thus far in the calendar year 2026, SOIL outperformed the market by soaring 59 per cent, against a 3.7 per cent rise in the Nifty Next 50 index.
MOFSL initiates coverage on Solar Industries
SOIL is a leader in the domestic explosive market and has established a strong presence in international markets for industrial explosives. Its recent acquisition of Omnia Holdings bolsters its position in South Africa and neighboring markets and provides strong support for the backward integration of ammonium nitrate, believe analysts at Motilal Oswal Financial Services (MOFSL).
The brokerage notes that SOIL has also transitioned from being a supplier of explosive materials to becoming an integrated defence manufacturer. The progression from high-melting explosives (HMX) to ammunition, rockets, and counter-drone systems reflects its deliberate strategy of moving up the defence value chain. Successful trials and commissioning of Nagastra, Rudrastra and Bhargavastra would further diversify the company’s revenue stream beyond Pinaka and HMX.
ALSO READ: Raymond share price jumps 9% on volume spike; stock gains 70% in a year After the completion of the Omnia acquisition, analysts at Motilal Oswal Financial Services (MOFSL) expect the industrial explosives/defence mix of 78 per cent/22 per cent by FY29. The brokerage firm expects SOIL to deliver a compound annual growth rate (CAGR) of 43 per cent/34 per cent in consolidated revenue/profit after tax (PAT) over FY26-30, with the industrial explosive segment’s growth settling at mid-teens after FY28 and the defense segment sustaining a higher growth rate. Analysts at MOFSL initiated coverage on SOIL with a 'BUY' rating and a target price of ₹23,000, based on a 50x P/E on December 2028E EPS.
ICICI Securities maintains BUY and target price of ₹23,500
SOIL signed a definitive agreement to acquire a 100 per cent stake in Omnia Holdings for ₹13,000 crore ($1.36 billion), giving it access to an established international mining explosives and blasting platform, adding to its already strong explosives business, says ICICI Securities. SOIL expects to fund the ₹13,000 crore cash buyout with debt and internal funding; it expects the combined entity to generate revenue of ₹33,000–34,000 crore in FY28 with earnings before interest, taxes, depreciation, and amortization (EBITDA) of ₹6,500 crore. Once executed, analysts at ICICI Securities expect debt to peak at ₹11,000–12,000 crore, implying the interest cost will largely nullify Omnia’s PAT in FY28.
