In the past three months, the stock has gained 29.14% while the benchmark Sensex has added 9.66% during the same period.

Meanwhile, CRISIL has reaffirmed its 'CRISIL AA+/Stable/CRISIL A1+' ratings on the bank facilities and commercial paper of Solar Industries India.

CRISIL said the ratings continue to reflect the Solar group's robust market position in the domestic, export & overseasmarkets in the explosives and detonators industry, strong operating efficiency, and strong financial risk profile. These strengths are partially offset by susceptibility to regulatory risks and to volatility in foreign exchange (forex) rates.

The Solar group is one of the largest domestic manufacturer and supplier of bulk and cartridge explosives, detonators, detonating cords, and components. It has manufacturing facilities in 25 locations in India, and plants in Nigeria, Zambia, South Africa, and Turkey.

The company's consolidated net profit rose 25.91% to Rs 78.04 crore on a 14.67% increase in net sales to Rs 645.85 crore in Q3 FY21 over Q3 FY20.