Solar Industries shares gain 3% as company issues update on expansion 

Solar Industries share price: Solar Industries Ltd shares rose 3% on Wednesday after the defence firm said its arm has incorporated "Solar Explochem Proprietary Limited", a subsidiary in the Republic of Botswana, on September 29, 2026. Shares of Solar Industries India rose 2.85% to Rs 19,820 in the current session. Market cap of the firm rose to Rs 1.76 lakh crore.

"This is to inform that Solar Overseas Mauritius Limited a Wholly Owned Subsidiary Company, of the Company, has incorporated “Solar Explochem Proprietary Limited“ a Subsidiary in Republic of Botswana, on September 29, 2026," the firm said

The objective of the acquisition is expansion of business operations.

Solar Overseas Mauritius Limited is the holding company of Solar Explochem Proprietary Limited. Solar Explochem Proprietary Limited is a step-down subsidiary of the Company.

The cost of subscription/price at which the shares are subscribed is $325,000. The percentage of shareholding/control by the listed entity and /or number of shares allotted

Meanwhile, PL Capital has initiated coverage on Solar Industries India Ltd (SOIL) with a ‘Buy’ rating and a target price of Rs 23,124. The valuation is based on a price-to-earnings multiple of 62x Sep’28E, with an implied EV/EBITDA of 34x Sep’28E. The stock is currently trading at 58.7x and 48.2x P/E on FY28 and FY29 estimates, respectively.

Solar Industries is an India-based manufacturer of industrial explosives for the mining and infrastructure sector. The company offers industrial explosives and defence products.