Multibagger defence stock is up 78% from 52 week low, analysts on key levels to watch

Shares of Solar Industries India Ltd have risen 78% from their 52-week low in over five months. The defence sector stock, which slipped to a low of Rs 8479.30 on February 28 this year closed at Rs 15,104 in the previous session. The defence stock has delivered multibagger returns of 48.75% and 262.91% in one and two years, respectively. 

The stock hit a record high of Rs 17,805 on June 30, 2025 this year.

Meanwhile, the stock ended on a flat note at Rs 15,104 on Thursday against the previous close of Rs 15,037.70 on BSE. 

Market cap of the firm stood at Rs 1.36 lakh crore. Total 2278 shares of the firm changed hands amounting to a turnover of Rs 3.43 crore on BSE. The stock had a beta of 0.9 in the last one year, indicating low volatility during the period.  

In terms of technicals, the relative strength index (RSI) of Solar Industries India stands at 51.1, signaling the stock is trading neither in the overbought nor in the oversold zone.

Solar Industries India shares trade higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.        
Analysts are mostly bullish on the prospects of the stock.

Drumil Vithlani, Technical Research Analyst  at Bonanza Portfolio said, “Solar Industries has staged a mild recovery from recent lows near Rs 14,400, but the broader trend remains under pressure as the stock trades close to its short-term EMA placed at Rs 14,910. On the daily chart, RSI has rebounded to 50.97, suggesting momentum is improving, while ADX at 38.56 reflects the presence of a strong trend.

For now, traders holding existing positions may continue to hold with a stop loss at Rs 14,400 on a closing basis. A sustained move above Rs 15,100 could trigger further upside towards Rs 15,500 and Rs 15,900. On the downside, a break below Rs 14,400 may lead to a deeper correction towards Rs 14,000.”

Jigar S Patel from Anand Rathi said, “Solar Industries  stock support will be Rs 14,700 and resistance at Rs 15,250. A decisive move above the Rs 15,250 level may trigger a further upside of Rs 16,000. The expected trading range will be between Rs 14,000 and Rs 16,000 for the short-term.”

A R Ramachandran, SEBI registered Independent analyst says, “Solar Industries stock price is slightly bullish on the daily charts with strong support at Rs 14680. A daily close above the resistance of Rs 15,250 could  lead to a target of Rs 16570 in the near term.”

Solar Industries is an India-based manufacturer of industrial explosives for the mining and infrastructure sector. The company offers industrial explosives and defence products.