Solar Industries India Competitors: who it competes with and how it compares
Reviewed by the editorial team · Updated 5 Nov 2026 · Last verified 5 Nov 2026 · 1 min read
Quick answer
In India Solar competes with Premier Explosives and GOCL in explosives, and with Bharat Dynamics and Premier in defence 1013. It is far larger than its listed peers.
Founded1995, Nagpur, Maharashtra
StatusListed
Listed onNSE, BSE: SOLARINDS
Solar Industries' competitors
Solar is the largest listed Indian explosives maker. Analysts most often compare it with three domestic peers 1013.
Company
Overlap with Solar
Latest figures cited
Premier Explosives
Industrial explosives, detonators, propellants and missile components 13
FY25 revenue about ₹420 crore, 81% defence; order book about ₹750 crore 13
FY25 revenue about ₹7,540 crore; order book ₹17,000 crore 13
How Solar compares
On the figures in a June 2025 comparison, Solar's revenue was roughly 18 times Premier's and about nine times GOCL's, and its order book more than 20 times Premier's 13. That is our calculation from the article's numbers. Solar's defence order book of ₹15,200 crore at March 2025 alone was larger than its peers' total sales 13.
Customers as competitors
In domestic explosives, demand depends heavily on coal mining, and domestic growth was only about 2% in FY26 10. Diversifying away from Coal India has been a priority 8.
International
Abroad, the Omnia deal would make Solar a direct owner of BME, a mining explosives and initiation business with its own ammonium nitrate supply, strengthening its position in Africa and elsewhere 11. The company counts itself among the top five explosives makers globally 10.
Frequently asked questions
Premier Explosives and GOCL Corporation in India's explosives market, and Bharat Dynamics in defence.
It is the largest listed one by a wide margin, with revenue many times that of Premier Explosives or GOCL.
