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Anand Rathi Upgrades Solar Industries To 'Buy', Raises Target Price On Defence Boost, Sees 30% Upside
Anand Rathi upgrades Solar Industries from Hold to Buy and raises target price, implying ~30% upside.
21 Nov 2025, 07:00 AM IST 
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With major orders expected during FY27-28e, ramp-up of execution and capacity additions underway, Solar Industries' defence order backlog at FY28e-end is likely to increase from Rs 196.7 billion to Rs 259.6 billion.
(Photo Source: Company website)
Solar Industries' stock in last five years has seen sharp expansion in its P/E multiple (one-year-forward P/E multiple average at 47.7x). This multiple expansion was on the back of its long-term ability to generate cash-flows from operations (over FY10-FY25, it accumulated Rs 71.1 billion in operating cash flows), and continuously focussed on growing its TAM (with Rs 155 billion defence order book and a robust pipeline, Solar Industr...
