Satyanarayan Nuwal Companies
Satyanarayan Nuwal's wealth comes from Solar Industries India, which reported record sales of ₹9,838 crore in FY26 4. It makes mining explosives and Nagastra loitering munitions 3.
Satyanarayan Nuwal companies
Everything Satyanarayan Nuwal owns of note sits under Solar Industries India, the listed parent of the Solar Group 15.
| Company | What it does | Link |
|---|---|---|
| Solar Industries India | Bulk and packaged explosives, initiating systems, defence products 3 | Founder and chairman; about 3.9 crore shares per Forbes 1 |
| Economic Explosives | Defence subsidiary 5 | Wholly owned by Solar 5 |
| Solar Defence and Aerospace | Defence arm founded after the 2010 entry 3 | Group company 3 |
| Rajasthan Explosives and Chemicals | Explosives maker 5 | Acquired April 2023 5 |
| Problast (South Africa) | Mining blasting services 5 | Acquired 5 |
Solar Industries in numbers
For the year to March 2026, Solar reported sales of ₹9,838 crore, its highest ever, and net profit of ₹1,737 crore, up 35%, with an EBITDA margin of about 28% 4. Defence revenue in the fourth quarter alone was ₹1,008 crore, up 134% 4. The board proposed a dividend of ₹11 a share 4.
Products
Beyond mining explosives, the group makes HMX and its compositions, rockets, missiles, aerial bombs, grenades, countermeasure systems and loitering munitions 3. It was the first Indian company to design, develop and build weaponised Nagastra loitering munitions, now supplied to the Indian Army 3. Coal India once supplied more than 90% of explosives revenue; by 2025 that share was about 38% 5.
Expansion
Solar signed an agreement with the Maharashtra government for a defence and aerospace project in Nagpur with planned investment of ₹12,700 crore 5.