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About Solar Industries India

History

Solar Industries India Limited is a renowned manufacturer of industrial explosives and explosive-initiating devices. The company produces various explosives, including packaged emulsion, bulk explosives, and explosive initiating systems. Solar Industries India Limited has the world's largest packaged explosives manufacturing facility in Nagpur, India, and operates 34 manufacturing facilities across India. Additionally, it has a global presence in over 65 countries, with manufacturing facilities in five countries. Founded in February 1995 as Solar Explosives Limited by promoters Satyanarayan Nuwal, Nandlal Nuwal, and Kailashchandra Nuwal, the company quickly established a trade network and entered the institutional market. It began manufacturing Slurry Explosives in 1996 and Detonating Cords in 1998. Subsequently, it expanded into manufacturing Detonators, non-explosive intermediaries, and Bulk Explosives through various subsidiary companies. In September 2005, Solar Industries India Limited acquired all shares from the promoters of Economic Explosives Ltd, Solar Capitals Ltd, and Solar Component Ltd, making these companies its wholly-owned subsidiaries. The company continued its expansion, commissioning bulk explosives plants to meet the requirements of major clients like Mahanadi Coal Fields Ltd and Central Coal Fields Ltd. On April 3, 2006, the company was listed on BSE and NSE with its IPO of ₹83.60 crore. In 2008-09, Solar Capital Ltd and Solar Industries Ltd merged with the company, leading to a name change to Solar Industries India Ltd. The company also ventured into a joint venture with the Chhattisgarh Mineral Development Corporation for coal blocks in Chhattisgarh. Solar Industries further expanded its global footprint by incorporating overseas subsidiaries in Mozambique, Mauritius, and the Netherlands. However, it later transferred its shares to Somu Steels & Power Ltd and ceased its subsidiary status. The company entered the defence segment in 2010 and expanded its manufacturing units to Zambia, Nigeria, and Turkey in 2012. The company underwent a share sub-division in 2016 and secured substantial orders from clients like Singareni Collieries Company Limited. It continued to expand its overseas subsidiaries and associate companies. In 2022-23, Solar Industries introduced new products for underground coal mines and defence applications, solidifying its position as a leader in the explosives industry. It also expanded its presence by incorporating a step-down subsidiary company in Ivory Coast.

Business Segments 

Solar Industries Limited operates in two main business segments:
  1. Industrial Explosives: This segment includes the manufacturing and distributing of a wide range of industrial explosives and explosive initiating systems. The products in this segment encompass packaged emulsion explosives, bulk explosives, and various explosive-initiating devices. Solar Industries is a prominent player in the industrial explosives market, serving clients in industries such as mining, infrastructure development, and construction.
  2. Defence Products: The Defence Products segment produces high-energy materials for defence and military applications. These materials include HMX, RDX, TNT, and their compounds. Additionally, the segment encompasses the manufacturing of composite propellants, ammunition (including 30 mm ammunition), multi-mode hand grenades, mines, warheads, artillery fuses, ASW (Anti-Submarine Warfare) fuses, pyrotechnics (pyros), and igniters. Solar Industries is involved in supplying critical defence components to meet the requirements of the defence sector.
Subsidiaries of Solar Industries Limited The Company has 7 wholly owned subsidiaries, 20 step-down subsidiaries and 1 Associate Company as of March 31, 2023. These include:
  1. Economic Explosives Limited: This is a wholly-owned subsidiary of Solar Industries Limited. It is involved in the manufacturing of industrial explosives and explosive-initiating devices. The company has also started manufacturing strap-on booster motors for PSLV rockets.
  2. Emul Tek Private Limited: This is a subsidiary of Solar Industries Limited, acquired in 2015. The company is involved in the manufacturing of packaged emulsion explosives, bulk explosives, and explosive initiating systems.
  3. Solar Defence Limited: This is a subsidiary of Solar Industries Limited, involved in the manufacturing of high energy materials such as HMX, RDX, TNT, and their compounds, composite propellants, 30 mm ammunition, multi-mode hand grenades, mines, warheads, artillery fuses, ASW fuses, pyros, and igniters, among others.

Key Personnel 

Mr. Manish Satyanarayan Nuwal, Managing Director and CEO  Mr. Manish Satyanarayan Nuwal is the CEO of Solar Industries Limited. With a background in Chartered Accountancy, he has been a driving force behind the company's global success in the explosives and ammunition industry. Over two decades, he has expanded the company's reach to 50+ countries and established manufacturing in 7 countries. His commitment to ethical business practices has been pivotal in the company's achievements.

Corporate Actions 

Face Value Split 
  • Solar Industries India Limited underwent a stock split from ₹10 to ₹2 per share with a record date of July 14, 2016.
Management Outlook 
  • Solar Industries Limited's management anticipates continued dominance in coal demand as a primary source for India's expanding electricity needs. Despite increasing investments in renewable energy capacity, coal is expected to play a crucial role in meeting the country's energy requirements due to urbanisation and economic growth.
  • The management is optimistic about government schemes like "Make in India" and "Atmanirbhar Bharat," which aim to reduce import dependency and boost domestic demand for the defence industry. Favourable policies and support for MSMEs in the defence export sector are expected to create growth opportunities.

Parent Organisation
Indian Private
Managing Director
Satyanarayan Nuwal
Founded
1995
NSE Symbol
SOLARINDS

Peer Comparision

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Community Discussion

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10th July 2024
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Solar Industries India Ltd FAQs

Solar Industries India Ltd (SOLARINDS) share price as of July 22, 2024, on NSE is Rs 10911.4 (NSE) and Rs 10911.4 (BSE) on BSE.
Yes, You can buy Solar Industries India Ltd (SOLARINDS) shares by opening a Demat account with Angel One.
Solar Industries India Ltd (SOLARINDS) share can be bought through the following modes:
1. Direct investment: You can buy Solar Industries India Ltd (SOLARINDS) shares by opening a Demat account with Angel One.
2. Indirect investment: The indirect method involves investing through ETFs and Mutual Funds that offer exposure to Solar Industries India Ltd (SOLARINDS) shares.
Solar Industries is a manufacturer of bulk explosives, packaged explosives, and initiating systems widely utilised in various industries including mining, infrastructure, and construction.
Manish Satyanarayan Nuwal, Kailash Chandra Nuwal, and Satyanarayan Nandlalji Nuwal are the major promoters of Solar Industries India.
Economic Explosives Limited, Emul Tek Private Limited, and Solar Defence Limited are the major subsidiaries that come under Solar Industries India.
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