The security guard, Shankar Wayphalkar (41), received burn injuries in the incident that took place around 1 pm on Tuesday in Bhosari industrial area area here in Maharashtra.
A fire control room official said at least 26 rescue and fire-fighting vehicles were sent to the spot after a fire-explosion call was received around 11 am.
It said up to 50 structures were destroyed and conditions remained "challenging" on Monday, with 11 helicopters and nine fire crews attempting to contain the flames.