Shares of Solar Industries Ltd hit a new record high despite a broader market decline, following confirmation that its Nagastra drones were actively deployed in Operation Sindoor—a precision airstrike that left Pakistan stunned. The mission involved advanced loitering munitions such as Nagastra drones and Warmate systems, showcasing India’s growing technological prowess in modern warfare.
The Nagastra drones, developed jointly by Nagpur-based Solar Industries and Bengaluru-based ZMotion, are a product of Solar’s defence manufacturing subsidiary, Economic Explosives Limited (EEL). The first batch of 480 Nagastra-1 drones, boasting over 75% indigenous components, was delivered to the Indian Army in June 2023.
Built for precision and portability, the Nagastra-1 features a 1 kg high-explosive fragmentation warhead—designed specifically to neutralize soft targets. Equipped with day and night surveillance cameras, a ground control station, pneumatic launcher, and parachute recovery, it is capable of both offensive action and safe retrieval if no target is identified. Weighing just 30 kg, the drone system can be easily carried in two rucksacks, allowing rapid deployment in the field.
The market responded swiftly to the news, with Solar Industries’ stock gaining 1.5% to touch Rs 13,934.90 on the BSE. Around 2,672 shares were traded, resulting in a turnover of Rs 3.66 crore. The stock currently has a beta of 1.1, indicating higher-than-average volatility over the past year.
From a technical perspective, the Relative Strength Index (RSI) of Solar Industries stands at 70.1, placing it in the overbought zone. The stock is trading above its 5-day to 200-day moving averages, reflecting strong bullish momentum. Long-term investors have reaped substantial rewards, with the stock delivering 267% returns in two years and a staggering 1453% over five years. Notably, it had touched a 52-week low of Rs 7,889.95 on June 4, 2024, making the current surge even more remarkable.
Solar Industries, traditionally a supplier of industrial explosives for mining and infrastructure, has been strategically expanding into the defence sector. The successful deployment of Nagastra drones in live operations marks a significant milestone for the company and signals a new era for Indian-made defence technology.
