This Multibagger Explosives Stock Rises 965% in 5 Years: Defence Orders Power a 10x Run

This multibagger explosives stock has turned Rs 1 lakh into roughly Rs 10.65 lakh in five years. One maker of industrial explosives, ammunition and rockets delivered a 5-year return of 964.85%, ranking seventh in a screen of 101 large-cap and mid-cap NSE shares as of 10 September 2026.

The company is Solar Industries India Ltd (NSE: SOLARINDS), the Nagpur-based group that started with bulk explosives for coal mines and now supplies Pinaka rockets, loitering munitions and propellants to the armed forces. The share traded at approximately Rs 22,420 on 10 September 2026, up about 0.3% on the day, with a market value of around Rs 2,01,838 crore.

Click Here – Get Free Investment Predictions

How Much Has This Multibagger Explosives Stock Returned?

The short answer is 964.85% in five years. A share that traded near Rs 2,100 in September 2021 now sits above Rs 22,400, a gain of more than ten times, which places this multibagger explosives stock seventh out of 101 screened names on a 5-year basis.

The shorter windows are strong too. This multibagger explosives stock is up 361.65% over three years, 80.27% over six months and 19.1% in the last month alone. The 1-year return of 69.49% is lower in rank, at 21st, because the multibagger explosives stock spent the first quarter of 2026 in a sharp correction before recovering.

Period	Return	Rank (out of 101)
1 Month	19.10%	5
6 Months	80.27%	10
1 Year	69.49%	21
3 Years	361.65%	11
5 Years	964.85%	7

The rank column shows the pattern. This multibagger explosives stock has been a steady compounder over long periods, and its recent 1-month and 6-month ranks show momentum has returned after the March 2026 low of about Rs 12,036.

There was no stock split or bonus issue in the five-year window. The face value has stayed at Rs 2 per share, so the 964.85% figure for this multibagger explosives stock reflects genuine price appreciation.

Why Did the Solar Industries Share Price Rise So Much?

Four forces drove this multibagger explosives stock over five years: a fast-growing defence business, large government and export orders, steady margin expansion and a sharp earnings jump in the latest quarter. The early years were about explosives volumes and a defence bet, while the last 18 months were about defence orders turning into revenue.

Early Leg: Mining Demand and Global Expansion

Between FY22 and FY23, revenue at the multibagger explosives stock jumped from about Rs 3,967 crore to Rs 6,954 crore as coal production and infrastructure work in India lifted demand for bulk explosives. The international arm, spread across Africa, Turkey, Southeast Asia and Australia, added volume and price gains during a period of global supply shortages.

That phase put the multibagger explosives stock on investors' radar, but margins were still around 19%. The larger re-rating needed a higher-margin business, and that came from defence.

The Defence Pivot and Nagastra Loitering Munitions

Through its subsidiary Economic Explosives, the group built capacity in high-energy materials, rockets and drones. In December 2024 it announced defence export orders worth approximately Rs 2,039 crore to be executed over four years, and said it had delivered 480 units of Nagastra-1, described as the first loitering munition designed and developed entirely in India, to the Indian Army.

These milestones mattered for the multibagger explosives stock because they showed that a private company could win and deliver complex defence products, not just commercial explosives. The market started valuing this multibagger explosives stock as a defence manufacturer rather than a mining supplier.

The Rs 6,084 Crore Pinaka Order

In February 2025, Economic Explosives signed a contract worth approximately Rs 6,084 crore with the Ministry of Defence for Area Denial Munition Type-1 and High Explosive Pre Fragmented Mk-1 rockets for the Pinaka multiple launcher rocket system. It was the largest contract in the history of this multibagger explosives stock, with execution spread over 8 to 15 years.

Further orders followed, including one worth about Rs 1,746 crore announced on 31 December 2025. By the June 2026 quarter, the total order book stood at approximately Rs 21,350 crore, of which about Rs 18,000 crore came from defence.

Record Q1 FY27 Results and the Rs 2 Lakh Crore Milestone

The most recent trigger for the multibagger explosives stock was the June 2026 quarter. Revenue rose about 68% year on year to Rs 3,677 crore and net profit climbed about 89% to Rs 666 crore, well ahead of market estimates. Defence revenue grew 123%, international revenue 65% and domestic explosives 52%.

Management also guided for FY27 revenue of approximately Rs 14,000 crore, around 42% growth. After the results, the Solar Industries share price rallied to fresh highs, and on 7 September 2026 its market value crossed Rs 2 lakh crore for the first time. The intraday 52-week high now stands at Rs 22,625.

Check the Univest Screener for Live Fundamentals of High-Return Stocks

Financial Performance of This Multibagger Explosives Stock

The earnings record explains most of the 10x move. Consolidated revenue grew from Rs 3,967 crore in FY22 to Rs 9,966 crore in FY26, a compound growth rate of roughly 26% a year. Net profit rose faster, from Rs 455 crore to Rs 1,737 crore, a compound rate of around 40%.

Margins did the heavy lifting. The operating margin climbed from about 19.4% in FY22 to nearly 28% in FY26 as higher-value defence products made up a larger share of sales. For a multibagger explosives stock, that shift in mix is the single biggest reason the market now pays a higher multiple.

Quarter	Revenue (Rs Cr)	EBITDA (Rs Cr)	Net Profit (Rs Cr)	Operating Margin
Jun 2025	2,184	564	353	26.19%
Sep 2025	2,111	582	361	27.90%
Dec 2025	2,573	733	467	28.77%
Mar 2026	3,097	870	556	28.56%
Jun 2026	3,677	1,024	666	28.15%

The quarterly trend for this multibagger explosives stock is clean. Revenue and profit have risen in each of the last three quarters, and the June 2026 quarter was the best in the company's history on both counts. Diluted EPS for the quarter was Rs 72.11 against Rs 37.43 a year earlier.

One weak spot for the multibagger explosives stock is cash flow. Operating cash flow fell to about Rs 621 crore in FY26 from Rs 2,468 crore in FY25, largely because working capital rose as defence orders were executed. Capital spending also increased to around Rs 1,739 crore, and the company plans about Rs 2,050 crore of capex in FY27 at Dhule, Dholpur and Odisha.

The balance sheet remains comfortable. Debt to equity has fallen from 0.49 in FY22 to about 0.24, while book value per share has more than tripled to around Rs 694.

Shareholding Pattern: Who Owns This Multibagger Explosives Stock?

Promoters of this multibagger explosives stock, led by the Nuwal family, hold a steady 73.15% stake, with no change over the last five quarters. That leaves a small free float, which can make price moves sharper in both directions.

Quarter	Promoters	FIIs	DIIs	Public
Jun 2025	73.15%	6.79%	13.59%	6.48%
Sep 2025	73.15%	7.11%	12.89%	6.85%
Dec 2025	73.15%	6.74%	12.91%	7.21%
Mar 2026	73.15%	6.60%	12.90%	7.35%
Jun 2026	73.15%	6.40%	13.36%	7.10%

Domestic institutions raised their holding to 13.36% in the June 2026 quarter from 12.90% in March, with large hybrid, flexicap and midcap funds among the top holders. Foreign investors trimmed their stake slightly to 6.40%, so the recent rally in the multibagger explosives stock has been led more by domestic money than by overseas buyers.

Within the promoter group, holdings were reorganised in early 2026, with part of the stake moving into a family trust. The overall promoter percentage did not change.

Is This Multibagger Explosives Stock Overvalued Now?

On trailing numbers, yes, the valuation is rich. This multibagger explosives stock trades at a PE of approximately 98 against an industry PE of about 52, and at around 32 times book value. Return on equity is healthy at about 26.7%, but the price already assumes strong growth for several years.

On forward estimates the picture is less stretched. Analysts expect revenue and profit to grow around 30% and 32% a year between FY26 and FY28, and after the Q1 results the stock was quoted at roughly 70 times FY27 and 53 times FY28 estimated earnings. Any slip in order execution would make these multiples hard to defend.

Key Risks for This Multibagger Explosives Stock

Valuation is the first risk for any multibagger explosives stock. With a PE near 98, even a modest earnings miss could trigger a steep fall, as the 2026 correction showed when the share dropped to about Rs 12,036 in March before recovering.

Order concentration is the second risk for this multibagger explosives stock. A large part of the defence order book comes from the Ministry of Defence, so the timing of new contracts and payments depends on government budgets and procurement cycles. Long-dated contracts like the Pinaka order stretch over many years.

Working capital is the third risk facing the multibagger explosives stock. The drop in operating cash flow in FY26 shows how defence execution can tie up cash, and heavy capex adds to that pressure.

Other risks include volatile raw material prices such as ammonium nitrate, geopolitical and currency exposure in overseas plants, export licensing rules for defence goods and safety risks inherent in explosives manufacturing. A low free float can also amplify swings in the Solar Industries share price.

Download the Univest iOS App or Univest Android App to track the Solar Industries share price live

Solar Industries Share: Analyst View

Most brokerages remain positive on the growth of this multibagger explosives stock after the June 2026 quarter, citing the Rs 21,350 crore order book, rising defence share and the Rs 14,000 crore FY27 revenue guidance. Several raised their FY27 and FY28 earnings estimates after the results.

For this multibagger explosives stock, the debate is about price, not quality. Bullish analysts argue that defence and exports can keep margins near 27% to 28%, while at least one domestic brokerage holds a sell view on valuation grounds even after raising its estimates.

Solar Industries Share Price Target

After the Q1 results in August 2026, a domestic brokerage set a Solar Industries share price target of Rs 23,435 with a buy rating, and another domestic brokerage set a target of Rs 23,200, valuing the stock at 70 times FY28 estimated earnings. A foreign brokerage kept an overweight rating with a target of Rs 20,270.

On the cautious side, one domestic brokerage has a sell rating and a Solar Industries share price target of Rs 11,200. Against a current Solar Industries share price of about Rs 22,420, the highest target implies only about 4.5% upside, and the stock is already trading above some estimates.

For short-term traders, the 52-week high of Rs 22,625 is the nearest resistance, while the 52-week low of Rs 11,646 shows how wide the range has been. Any Solar Industries share price target should be read as an estimate, not a promise.

Conclusion

This multibagger explosives stock earned its 964.85% five-year return the hard way, through rising earnings rather than hype. Revenue grew about 2.5 times and profit nearly 3.8 times between FY22 and FY26, while the business shifted from mining explosives towards defence rockets, munitions and exports.

The Solar Industries share price now reflects a lot of that success. Investors watching this multibagger explosives stock should track order inflows, quarterly defence revenue against the Rs 14,000 crore guidance and cash flow, since those will decide whether the current valuation holds.

Frequently Asked Questions

Which multibagger explosives stock rose 965% in 5 years?

Ans. Solar Industries India Ltd (NSE: SOLARINDS) is the multibagger explosives stock that gained approximately 964.85% over five years as of 10 September 2026. It ranked seventh among 101 large-cap and mid-cap NSE stocks screened on a 5-year basis.

Why did the Solar Industries share price rise so much?

Ans. The rise came from a shift into defence products, large orders such as the Rs 6,084 crore Pinaka rocket contract, and margins that improved from about 19% to 28%. Net profit grew from Rs 455 crore in FY22 to Rs 1,737 crore in FY26.

What were Solar Industries Q1 FY27 results?

Ans. Revenue at the multibagger explosives stock rose about 68% year on year to Rs 3,677 crore and net profit rose about 89% to Rs 666 crore in the June 2026 quarter. Defence revenue grew 123% and the order book reached approximately Rs 21,350 crore.

Is this multibagger explosives stock overvalued?

Ans. On trailing earnings it trades at a PE near 98 against an industry PE of about 52, which is expensive. The valuation depends on the company delivering around 30% annual growth, so execution delays are a real risk.

What is the 52-week high and low of Solar Industries?

Ans. The 52-week high is Rs 22,625 and the 52-week low is Rs 11,646 on NSE. The multibagger explosives stock traded near Rs 22,420 on 10 September 2026.

What is the Solar Industries share price target?

Ans. After the Q1 FY27 results, domestic brokerage targets ranged from Rs 11,200 with a sell rating to Rs 23,435 with a buy rating. A foreign brokerage has a target of Rs 20,270, and targets are estimates, not guarantees.

Did Solar Industries issue a bonus or split its shares in the last 5 years?

Ans. No, there was no stock split or bonus issue in the five-year period, and the face value remains Rs 2. The 964.85% return of this multibagger explosives stock reflects actual price appreciation.

Should I invest in a multibagger explosives stock after a 10x rally?

Ans. Much of the good news is already in the price, so fresh investors face valuation and volatility risk. Staggered investing, tracking quarterly order execution and consulting a SEBI-registered advisor are sensible steps.