Defence multibagger stock alert: Shares of Solar Industries India Limited surged nearly 2% during Tuesday’s intraday trading session after Motilal Oswal initiated a ‘Buy’ rating for the defence stock. The Maharashtra-headquartered firm has strengthened its position not just in the domestic explosive market into an integrated defence manufacturer. As the company aims to climb up the ladder in the defense value chain, Motilal Oswal sees a 55% upside in the defence stock in bull case.
Solar Industries India Limited is a key defence player in the industrial explosives manufacturing space. It also produces and supplies high end military explosives, indigenous defence equipment like Pinaka and Akash rocket systems.
Solar Industries share price prediction
Faster execution of the defence order book and higher realisations, supported by high ammonium nitrate prices, are likely help the company outperform expectations, as per Motilal Oswal’s bull case scenario.
In its base case, the brokerage believes that new Pinaka variants, Bhargavastra, 155 mm ammunition and Project Kusha, can provide an upside to inflows and future execution estimates. The brokerage has taken 15% lower profitability and 10% lower multiple in its bear case considering risk from slower-than-expected execution of the defence order book and lower realisations.
Solar Industries is in process to acquire South Africa-based Omnia Holdings Limited. “After the completion of the Omnia acquisition, we expect industrial explosives/defense mix of 78%/22% by FY29. We expect SOIL to deliver a CAGR of 43%/34% in consolidated revenue/PAT over FY26-30,” stated the brokerage in its report.
The brokerage gave a ‘Buy’ rating for the stock with a target price of ₹23,000 per share, in base case. Motilal Oswal Financial Services has also released Solar Industries target price under its ‘Bear case’ scenario, as well as ‘Bull case’ scenario.
Solar Industries share price target
Solar Industries share price target was fixed at ₹17,400 per share in Motilal Oswal’s bear case. The brokerage gave a target price of ₹28,800 for the stock in its ‘bull case’.
The stock was trading 2.65% higher at ₹19,773 per share on BSE with a market capitalisation of Rs1,78,929.15 crore at 10:44 am on BSE on Tuesday. The stock touched its 52-week high of Rs22,630.05per share on October 15, 2025 and dipped to its 52-week low of Rs11,641.10per share on December 18, 2025. Its return on equity (ROE) stood at 49.07%. The stock’s share price value has surged52.67% in six months and around 328% in three years. The defence multibagger has delivered close to 899% return in five years.
