New Delhi, March 27 -- The stock of commercial explosives maker Solar Industries India Ltd is back in focus amid the ongoing West Asia conflict, which is expected to tighten global ammunition supplies and push up defence spending.

The company's defence business has scaled rapidly, with revenue growing at a CAGR (compound annual growth rate) of 82% between FY21 and FY25, according to an Elara Securities report dated 24 March. Its share of total sales rose from just 5% in FY21 to 18% in FY25.







"We see this segment driving the next phase of superior growth," the report said, citing India's Rs.2.2 trillion defence capex (FY27 BE), rising geopolitical tensions and a global uptick in military spending. Elara expects the segment's contrib...