Archive · 26 Aug 2026
Pinaka Growth Opens Major Rocket Artillery Opportunity for Solar
Pinaka is an Indian rocket launcher system used by the Army.
It can fire many rockets quickly and then move away to avoid enemy attacks.
Different versions can hit targets at distances from about 40 to 75 kilometres.
Some versions are unguided, while another uses GPS to improve accuracy.
Solar Industries makes Pinaka rockets and has special rights to produce some versions.
The company has received a large share of recent ammunition orders.
It has also sent guided Pinaka rockets to Armenia.
Analysts think future Indian Army orders and exports could make Pinaka an important source of growth for Solar.
Newer versions could create even more business over many years.
Solar Industries is the only private company with technology-transfer rights to manufacture Pinaka Enhanced and ADM rockets.
Kotak Institutional Equities estimates Solar’s Pinaka revenue will exceed Rs 60 billion between 2026 and 2030.
Pinaka includes unguided, enhanced-range, guided and area-denial variants, with ranges reaching up to 75 kilometres.
Solar secured about Rs 61 billion, or 60 percent, of a February 2025 Ministry of Defence order for high-explosive ammunition and ADM.
Exports to Armenia and potential demand from Southeast Asia and Europe could add about Rs 10 billion annually during 2026-2030.
- Who
- Solar Industries India Ltd, the Indian Army, the Defence Research and Development Organisation, and other Indian defence manufacturers are involved.
- What
- The Pinaka rocket artillery programme is creating a projected growth opportunity of more than Rs 60 billion in revenue for Solar between 2026 and 2030.
- When
- The main revenue outlook covers 2026-2030, with longer-term opportunities extending through 2036.
- Where
- Pinaka is developed and manufactured in India, with exports shipped to Armenia and potential demand identified in Southeast Asia and Europe.
- Why
- Solar benefits from exclusive private-sector technology-transfer rights, domestic orders, possible future variants and growing export demand.
- Projected Pinaka revenue
- More than Rs 60 billion for Solar Industries between 2026 and 2030.
- Technology-transfer position
- Solar, through Economic Explosives, is the only private company reported to have manufacturing capability for Pinaka Mk1 Enhanced and ADM.
- February 2025 order
- The Ministry of Defence placed a Rs 102 billion order for high-explosive ammunition and ADM.
- Solar’s order share
- Solar secured 60 percent of the February 2025 order, valued at about Rs 61 billion.
- Pinaka range
- Reported ranges extend from 38-40 kilometres for Mk1 to 65-75 kilometres for guided Mk2.
- Export outlook
- Analysts estimate about Rs 10 billion a year in Pinaka export revenue for Solar during 2026-2030.
- Long-term Mk2 opportunity
- A 10-regiment Mk2 or Guided Pinaka requirement could involve about 20,000 rockets and roughly Rs 136 billion in total revenue opportunity.