Solar Industries

₹8832.2 123.8 | 1.4%

WEBSITE BSE:532725 NSE : SOLAR IND 10 May, 16:01

Market Cap ₹79922 Cr.

Stock P/E 99.0

P/B 25.9

Current Price ₹8832.2

Book Value ₹ 340.6

Face Value 2

52W High ₹9429.1

Dividend Yield 0.09%

52W Low ₹ 3457

Edit Ratio

Solar Industries Research see more...

A Beneficiary of Indian Government’s Infrastructure led development

Overview Inc. Year: 1995Industry: Chemicals

Solar Industries India Ltd is an explosives manufacturing agency. The Company manufactures, supplies and exports business explosives and starting up structures. It manufactures numerous explosives products, along with Slurry and emulsion base explosives, bulk explosives, detonators, pentaerythritol tetranitrate (PETN) and accessories. The Company's merchandise consist of Large Dia slurry Explosives, Small Dia Emulsion, Small Dia Slurry Explosives, Solar Detonators, Supreme Detonators, Supreme Electric Detonators, Economic Sod, Eco Det, Cord Relay, Cast Booster and Detonating Fuse. Its merchandise are used across mining and infrastructure sectors. It additionally offers high melting explosive (HMX) and HMX Compounded products to the defense zone. The Company has 25 manufacturing plant in 8 states of India and 3 in overseas places. The Company gives its merchandise to 42 international locations throughout the globe. The Company has manufacturing centers at Zambia, Nigeria and Turkey.

Solar Industries Share Price

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Peer Comparison

Solar Industries Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	788	1018	1317	1616	1567	1812	1929	1682	1347	1429
Other Income	11	7	1	9	4	7	11	8	8	11
Total Income	799	1025	1318	1624	1571	1819	1940	1690	1355	1440
Total Expenditure	656	840	1054	1333	1268	1462	1571	1359	1011	1073
Operating Profit	143	185	264	292	303	357	369	331	344	367
Interest	12	13	15	14	19	25	31	25	25	28
Depreciation	27	27	30	31	30	32	35	34	34	39
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	104	144	219	247	254	299	302	273	285	300
Provision for Tax	29	39	44	64	65	80	81	71	76	77
Profit After Tax	75	105	175	183	189	219	221	202	210	223
Adjustments	-1	-3	-7	-12	-12	-15	-15	-4	-10	-20
Profit After Adjustments	74	102	168	170	176	205	206	197	200	203
Adjusted Earnings Per Share	8.2	11.3	18.6	18.8	19.5	22.6	22.8	21.8	22.1	22.5

Solar Industries Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1122	1133	1352	1449	1580	1916	2462	2237	2516	3948	6923	6387
Other Income	14	11	8	15	13	23	15	41	21	32	32	38
Total Income	1136	1144	1360	1463	1593	1939	2476	2278	2537	3980	6954	6425
Total Expenditure	939	928	1098	1146	1256	1515	1960	1803	2001	3213	5634	5014
Operating Profit	197	216	262	318	337	424	517	475	536	767	1320	1411
Interest	18	20	18	20	27	33	50	55	45	50	90	109
Depreciation	17	22	31	33	39	51	59	85	94	109	128	142
Exceptional Income / Expenses	-10	-10	-10	0	0	0	-6	0	0	0	0	0
Profit Before Tax	152	164	203	264	271	340	402	336	397	607	1102	1160
Provision for Tax	26	35	46	87	77	106	125	57	109	152	290	305
Profit After Tax	126	130	156	178	195	234	277	279	288	455	811	856
Adjustments	-10	-11	-9	-14	-8	-13	-15	-11	-12	-14	-54	-49
Profit After Adjustments	116	118	147	164	187	221	262	267	276	441	757	806
Adjusted Earnings Per Share	12.9	13.1	16.3	18.1	20.6	24.4	28.9	29.6	30.5	48.8	83.7	89.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	75%	46%	29%	20%
Operating Profit CAGR	72%	41%	25%	21%
PAT CAGR	78%	43%	28%	20%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	138%	92%	53%	44%
ROE Average	36%	27%	25%	24%
ROCE Average	36%	27%	26%	23%

Solar Industries Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	573	662	776	805	929	1084	1238	1380	1579	1914	2610
Minority's Interest	41	38	47	48	40	47	48	52	63	101	140
Borrowings	67	152	156	135	148	196	152	253	433	436	473
Other Non-Current Liabilities	22	28	46	76	78	95	91	64	65	61	53
Total Current Liabilities	405	472	365	448	527	566	724	732	819	1118	1632
Total Liabilities	1108	1352	1389	1512	1722	1988	2253	2481	2959	3629	4909
Fixed Assets	372	491	585	703	777	923	1043	1209	1288	1493	1702
Other Non-Current Assets	166	192	194	160	213	246	248	289	446	473	706
Total Current Assets	569	666	610	649	732	817	962	984	1226	1661	2501
Total Assets	1108	1352	1389	1512	1722	1988	2253	2481	2959	3629	4909

Solar Industries Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	63	92	133	15	25	26	52	61	93	170	85
Cash Flow from Operating Activities	113	170	230	243	118	254	314	325	357	298	656
Cash Flow from Investing Activities	-155	-161	-149	-141	-170	-174	-202	-212	-251	-303	-519
Cash Flow from Financing Activities	72	31	-177	-92	53	-53	-52	-34	-26	-45	118
Net Cash Inflow / Outflow	29	41	-96	11	0	27	60	79	80	-51	256
Closing Cash & Cash Equivalent	92	133	37	25	26	52	61	93	170	85	245

Solar Industries Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	12.85	13.09	16.29	18.08	20.61	24.37	28.91	29.55	30.54	48.76	83.67
CEPS(Rs)	15.85	16.73	20.75	23.24	25.8	31.48	37.09	40.13	42.17	62.4	103.8
DPS(Rs)	2.2	2.4	3.4	4.5	5	6	7	6	6	7.5	8
Book NAV/Share(Rs)	63.22	72.66	85.67	89	102.61	119.76	136.83	152.5	174.52	211.52	288.44
Core EBITDA Margin(%)	15.08	16.77	17.36	19.23	18.93	20.42	20.08	19.07	20.18	18.43	18.62
EBIT Margin(%)	14.03	15.08	15.07	18.09	17.43	18.97	18.07	17.16	17.35	16.51	17.22
Pre Tax Margin(%)	12.52	13.43	13.85	16.79	15.86	17.3	16.08	14.75	15.57	15.24	15.91
PAT Margin (%)	10.4	10.58	10.69	11.28	11.38	11.9	11.07	12.24	11.3	11.43	11.72
Cash Profit Margin (%)	11.8	12.37	12.84	13.36	13.64	14.51	13.43	15.95	14.97	14.17	13.57
ROA(%)	12.6	10.53	11.4	12.24	12.04	12.59	13.05	11.77	10.59	13.83	19
ROE(%)	25.98	21.06	21.82	22.46	22.46	23.21	23.84	21.29	19.47	26.07	35.86
ROCE(%)	20.77	17.7	19.28	24.24	22.67	24.57	26.24	19.89	19.87	25.56	36.34
Receivable days	44.34	50.89	46.99	53.6	62.93	63.47	55.68	61.65	59.1	45.64	36.02
Inventory Days	39.76	43.09	39.64	37.65	36.36	38.44	37.61	49.18	55.21	53.1	47.9
Payable days	27.81	20.27	25.41	35.51	39.7	39.92	39.94	46.37	51.02	38.93	25.49
PER(x)	16.04	13.46	41.66	38.4	37.77	44.03	37.23	30.79	41.86	57.5	44.41
Price/Book(x)	3.26	2.42	7.92	7.8	7.59	8.96	7.87	5.97	7.32	13.25	12.88
Dividend Yield(%)	1.07	1.36	0.5	0.65	0.64	0.56	0.65	0.66	0.47	0.27	0.22
EV/Net Sales(x)	1.91	1.72	4.79	4.59	4.75	5.3	4.16	3.94	4.84	6.62	4.99
EV/Core EBITDA(x)	10.86	8.99	24.72	20.93	22.27	23.98	19.84	18.56	22.71	34.08	26.16
Net Sales Growth(%)	15.94	0.99	19.32	7.15	9.07	21.27	28.47	-9.11	12.44	56.92	75.36
EBIT Growth(%)	-3.96	8.21	19.5	29.12	4.81	24.8	21.31	-13.48	13.22	48.63	81.24
PAT Growth(%)	13.48	2.43	20.72	13.53	9.71	19.96	18.5	0.68	3.37	58.11	78.1
EPS Growth(%)	9.99	1.85	24.44	11.02	13.98	18.23	18.62	2.22	3.34	59.68	71.59
Debt/Equity(x)	0.65	0.74	0.48	0.49	0.54	0.48	0.49	0.51	0.5	0.45	0.45
Current Ratio(x)	1.4	1.41	1.67	1.45	1.39	1.44	1.33	1.34	1.5	1.49	1.53
Quick Ratio(x)	1.07	1.09	1.22	1.09	1.05	1.03	0.94	0.89	0.96	0.84	0.86
Interest Cover(x)	9.29	9.18	12.35	13.93	11.1	11.38	9.06	7.1	9.75	13.09	13.19
Total Debt/Mcap(x)	0.2	0.3	0.06	0.06	0.07	0.05	0.06	0.09	0.07	0.03	0.03

Solar Industries Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	73.15	73.15	73.15	73.15	73.15	73.15	73.15	73.15	73.15	73.15
FII	6.37	6.28	6.63	6.64	6.72	6.62	5.79	5.89	5.9	6.1
DII	15.43	15.16	14.73	14.6	14.46	14.32	15.02	15.24	15.06	14.52
Public	5.05	5.41	5.5	5.61	5.67	5.91	6.04	5.72	5.89	6.23
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	6.62	6.62	6.62	6.62	6.62	6.62	6.62	6.62	6.62	6.62
FII	0.58	0.57	0.6	0.6	0.61	0.6	0.52	0.53	0.53	0.55
DII	1.4	1.37	1.33	1.32	1.31	1.3	1.36	1.38	1.36	1.31
Public	0.46	0.49	0.5	0.51	0.51	0.53	0.55	0.52	0.53	0.56
Others	0	0	0	0	0	0	0	0	0	0
Total	9.05	9.05	9.05	9.05	9.05	9.05	9.05	9.05	9.05	9.05

Pros

Company has delivered good profit growth of 28% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 27%
Debtor days have improved from 38.93 to 25.49days.
Company is almost debt free.

Cons

Stock is trading at 25.9 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.