Why Solar Industries India is seeing explosive growth

Satyanarayan Nuwal has accomplished many things in his long career, among them creating India’s largest maker of explosives (by revenue) and the first private supplier of explosives for warheads. He has also hit another milestone, as the 73 percent stake that he and his family hold in Solar Industries India, the company he founded in 1983, rose to be worth $1 billion.

Solar Industries’ shares have been a strong performer on the Bombay Stock Exchange for the last five years, up fivefold to a recent price around ₹1,000. The company now sports a market capitalisation of $1.4 billion. The company also featured in Forbes Asia’s list of 200 Best Under A Billion companies in 2019 and previously in 2010. Solar sells its products in 51 countries and has four overseas factories in Nigeria, South Africa, Turkey and Zambia. Two more are expected to come online in Australia and Ghana. Over the past year, Solar’s shares have risen by 9 percent on the back of a 28 percent increase in revenue to ₹25 billion ($354 million) in the year ending in March, and a 19 percent rise in net profit to ₹2.6 billion.


A native of a village in Rajasthan, Nuwal dropped out of school after class 10. He set up his first business to make ink in 1970 at the age of 18. It failed and he spent the next several years trying his hand at different ventures, including a leasing business and a transport company. All failed. In the late 1970s he moved to Maharashtra to work with a relative, sleeping in a railway station because he couldn’t afford an apartment. 

He finally got a break a few months later when he got a licence to trade explosives, and a warehouse to store them, paying a monthly fee of ₹1,000 to the licence holder. He spent the next several years supplying explosives to state-owned coal mines and as a consignment agent for chemical company ICI. Yet things were rough, money was tight, and Nuwal’s son Manish recalls his mother mortgaging her jewellery to raise funds to survive.

By the mid-1990s, competition had picked up as several companies had come in as consignment agents. With margins getting squeezed, Nuwal decided it was time to go beyond trading and start manufacturing explosives. In 1996, he started modestly, first as an explosives trading business and a year later set up a small plant to manufacture explosives, selling them to clients in mining, construction and infrastructure. His single biggest client over the years has been India’s state-controlled Coal India.

By 2006, Nuwal was ready to IPO, and used the money for expansion, building 13 plants in India. In 2010, Solar was the first private company to get a licence from the Indian government to make explosives for warheads for India’s defence forces. “The government had never thought that the private sector in India could produce ammunition,” says Nuwal. “But I was very confident.”

In the past year, Solar has received orders to make propellants for the Akash missile, a medium-range surface-to-air missile, and the Pinaka, a multiple rocket launcher, used by the country’s defence forces, as well as for pyrotechnics, which help initiate the explosion, and igniters, which provide the spark for the ammunition. It has also received a trial order for propellants for the BrahMos cruise missile, a medium-range missile that can be fired from submarines, ships, aircraft or land.

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 Its current order book totals ₹4 billion. In the latest financial year, defence-related sales accounted for about ₹1.7 billion, a four-fold increase from the previous year. Although still only about 7 percent of total revenues, the defence business is Solar’s fastest-growing segment.

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