Rs 988 to Rs 13,800: This multibagger defence stock has more upside on Q2 earnings, order wins
The brokerage has retained its buy call as Defence and Overseas remain key high-growth and margin-accretive drivers.
- Nov 19, 2025,
- Updated Nov 19, 2025 11:28 AM IST
Shares of Solar Industries India have delivered multibagger returns of 1300% in five years. Solar Industries shares, which closed at Rs 988 on November 18, 2020 were trading at Rs 13,800 in the current trading session.
The defence sector stock hit a record high of Rs 17,805 on June 30, 2025 this year. The stock delivered multibagger returns of 249% and 2,000% in three and ten years, respectively. In terms of technicals, the relative strength index (RSI) of Solar Industries India stands at 47.4, signaling the stock is trading neither in the overbought nor in the oversold zone.
Solar Industries India shares are trading lower than the 5 day, 20 day, 30 day, 50 day, 100 day, 150 day but higher than the 10 day and 200 day moving averages.
According to brokerage Goldman Sachs, another defence export order lifts international order book of the firm to Rs 10,000 crore.
The latest order is first major international win of the firm since February 25.
On Tuesday, Solar Industries said it has secured export orders worth Rs 1,400 crore for defence products, further strengthening its global defence pipeline.
The order flow ensures order book accretion in Q3 FY26 despite stronger execution, said the brokerage adding that the defence & international segments remain key earnings drivers of the firm's growth.
The brokerage has maintained price target at Rs 18,215.
On the other hand, Nuvama has raised its price target to Rs 18,000 against the earlier Rs 17,500.
"Defence order backlog of Rs 15,500 crore provides visibility for two–three years while anticipated Pinaka orders (estimated Rs 40–60 bn) would fortify prospects beyond FY27–28E.
The brokerage has retained its buy call as Defence and Overseas remain key high-growth and margin-accretive drivers.
"Adopting a more conservative stance on OB/ revenue, we are cutting FY27E/28E EPS by 7%/10%. This along with a rollover to Mar-28E EPS at 60x—from 70x, given need for fresh orders for visibility post-FY27-28E," said Nuvama.
The multibagger stock was trading on a flat note toay at Rs 13, 768 against the previous close of Rs 13,772. Market cap of the explosives firm stood at Rs 1.24 lakh crore. Total 6951 shares of the firm changed hands amounting to a turnover of Rs 9.65 crore.
The stock had a beta of 0.9 in the last one year, indicating low volatility during the period.
Meanwhile, ICICI Securities has a price target of Rs 17,200 on the stock.
The brokerage expects a revenue CAGR of 27% over FY25–28E and EBITDA margin of almost 27% in FY28E, a 100bps improvement over FY25 due to improved contribution from defence.
Solar Industries is an India-based manufacturer of industrial explosives for the mining and infrastructure sector. The company offers industrial explosives and defence products.
Shares of Solar Industries India have delivered multibagger returns of 1300% in five years. Solar Industries shares, which closed at Rs 988 on November 18, 2020 were trading at Rs 13,800 in the current trading session.
The defence sector stock hit a record high of Rs 17,805 on June 30, 2025 this year. The stock delivered multibagger returns of 249% and 2,000% in three and ten years, respectively. In terms of technicals, the relative strength index (RSI) of Solar Industries India stands at 47.4, signaling the stock is trading neither in the overbought nor in the oversold zone.
Solar Industries India shares are trading lower than the 5 day, 20 day, 30 day, 50 day, 100 day, 150 day but higher than the 10 day and 200 day moving averages.
According to brokerage Goldman Sachs, another defence export order lifts international order book of the firm to Rs 10,000 crore.
The latest order is first major international win of the firm since February 25.
On Tuesday, Solar Industries said it has secured export orders worth Rs 1,400 crore for defence products, further strengthening its global defence pipeline.
The order flow ensures order book accretion in Q3 FY26 despite stronger execution, said the brokerage adding that the defence & international segments remain key earnings drivers of the firm's growth.
The brokerage has maintained price target at Rs 18,215.
On the other hand, Nuvama has raised its price target to Rs 18,000 against the earlier Rs 17,500.
"Defence order backlog of Rs 15,500 crore provides visibility for two–three years while anticipated Pinaka orders (estimated Rs 40–60 bn) would fortify prospects beyond FY27–28E.
The brokerage has retained its buy call as Defence and Overseas remain key high-growth and margin-accretive drivers.
"Adopting a more conservative stance on OB/ revenue, we are cutting FY27E/28E EPS by 7%/10%. This along with a rollover to Mar-28E EPS at 60x—from 70x, given need for fresh orders for visibility post-FY27-28E," said Nuvama.
The multibagger stock was trading on a flat note toay at Rs 13, 768 against the previous close of Rs 13,772. Market cap of the explosives firm stood at Rs 1.24 lakh crore. Total 6951 shares of the firm changed hands amounting to a turnover of Rs 9.65 crore.
The stock had a beta of 0.9 in the last one year, indicating low volatility during the period.
Meanwhile, ICICI Securities has a price target of Rs 17,200 on the stock.
The brokerage expects a revenue CAGR of 27% over FY25–28E and EBITDA margin of almost 27% in FY28E, a 100bps improvement over FY25 due to improved contribution from defence.
Solar Industries is an India-based manufacturer of industrial explosives for the mining and infrastructure sector. The company offers industrial explosives and defence products.