Shares of Solar Industries ticked up 2.3% to ₹18,980 after Motilal Oswal unveiled its coverage note on September 21.
Motilal Oswal set a baseline price target of ₹23,000, a 24% upside from today’s level, and a bullish ceiling of ₹28,800, translating into a 55% potential gain.
The brokerage highlighted Solar’s recent acquisition of Omnia Holdings, positioning it for a 78% industrial explosives revenue share and 22% defence output by FY2029. It projects a 43% CAGR in revenue and a 34% CAGR in PAT through FY2026‑2030, while Omnia itself is expected to lift revenue to ₹16,200 crore from ₹13,300 crore by FY2030.
Defence order book is expected to swell at 29% CAGR FY2026‑2030, buoyed by Piunaka regiments, rocket replenishment, and export wins on Bhargavastra and 155mm ammunition for NATO and Russian aircraft. Key risks include delayed order inflows, African market exposure, and currency swings that could dent margins.
With a 15% boost in profitability and a 10% lift in multiples, Motilal Oswal’s bull case paints Solar as a high‑margin player. Analysts now cover 20 stocks of the firm, 16 of them in buy, 3 hold, 1 sell. Market eyes the upcoming earnings release in October to confirm the trajectory.