Solar Industries India Limited and its subsidiary have received export orders worth INR 1076 Crores for the supply of defence products to international clients, scheduled for execution over a period of three years. Adding to the positive momentum, Goldman Sachs has maintained a Buy rating on the company with a target price of ₹19,590, citing the strong order win and a robust defence export pipeline.

Export Order Details

The company disclosed the receipt of these orders in a filing submitted to the exchanges on May 29, 2026. The contracts involve the supply of defence products specifically for international clients. The following table summarises the key terms of the orders:

The disclosure was made in compliance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The company confirmed that the promoter, promoter group, or group companies do not hold any interest in the entities awarding the orders, and the transactions do not fall under related party transactions.

Goldman Sachs View

Goldman Sachs has maintained its Buy rating on Solar Industries India, supported by a strong defence order book and healthy export visibility. The brokerage highlighted the company's defence order book exceeding ₹18,000 crore, of which 65% comprises exports. The firm also noted expected FY27 defence export inflows of ₹2,500 crore as a key growth driver.

The following table captures the key metrics highlighted by Goldman Sachs:

Goldman Sachs projects a strong FY27 growth outlook for Solar Industries, with defence revenues expected to rise 71% year-on-year and international revenues projected to grow 30% year-on-year, underscoring the company's expanding global defence footprint.

Solar Industries India Limited has submitted disclosures to the stock exchanges confirming that its promoters have not encumbered any shares during the financial year ended March 31, 2026. The declarations were filed in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosures cover the promoter group and persons acting in concert, providing transparency regarding the holding status of key shareholders.

The filing includes declarations from Kailash Chandra Nuwal, Founder and Promoter, who confirmed that neither he nor any member of his family, including Mrs. Indira Kailashchandra Nuwal and Mr. Rahul Nuwal, have encumbered any shares directly or indirectly. This confirmation extends to the KC Nuwal Group and persons acting in concert with them.

Manish Satyanarayan Nuwal, another Promoter of the company, declared that no shares have been encumbered directly or indirectly by him or his promoter group. His disclosure specifies that this status excludes shares already disclosed through System Driven Disclosure (SDD) during the financial year 2025-26.

Additionally, the Sohan Devi Nand Lal Nuwal Family Trust, a Promoter Trust of the company, stated that it has not encumbered any shares directly or indirectly. The declaration was submitted on behalf of the Trust by its authorised trustees, Kailash Chandra Nuwal and Indira Kailashchandra Nuwal.

The following table summarizes the disclosures received from the promoters:

The company submitted these disclosures to the National Stock Exchange of India Limited and BSE Limited on April 6, 2026. The filing was signed by Khushboo Pasari, Company Secretary & Compliance Officer, for Solar Industries India Limited.