Solar Industries India Ltd

Solar Industries Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Solar Industries India Ltd

₹ 8,977 -0.07%
18 May - close price
solargroup.com BSE: 532725 NSE: SOLARINDS
About

Solar Industries is one of the largest domestic manufacturers of bulk and cartridge explosives, detonators, detonating cords and components which find applications in the mining, infrastructure and construction industries.
Company manufactures high-energy explosives, delivery systems, ammunition filling and pyros fuses for the defence sector.[1]

Key Points

Business segments
1. Industrial Explosives
The explosives manufactured by the company is used by a wide range of segments from the Mining Industry to the Housing and Real estate industry and with its presence spread across 51+ nations.
Market Share[1] Solar Industries is one of the world’s leading Explosives Manufacturers and commands around 24% in the explosives industry. Its manufacturing unit in Nagpur is the world's largest single-location cartridge plant

  1. Defence
    Solar Industries is also the first private player to establish a facility to manufacture RDX, HMX and TNT, which is used by the defence industry to produce propellants, warheads and Rockets. The company's defence portfolio also includes the manufacturing of warheads and grenades along with Rocket assembling.

3.Intiating Systems
An initiation system is a combination of explosive devices and component accessories designed to convey a signal and initiate an explosive charge. It's product portfolio includes Electronic Detonator, Non-Electric Detonator, Electric Detonator, Plain Detonator, Cord Relay, Cast Boosters, Detonating Cords,
Aluminium Elemented Detonator.[2]

Website BSE NSE
  • Market Cap ₹ 81,245 Cr.
  • Current Price ₹ 8,977
  • High / Low ₹ 9,449 / 3,453
  • Stock P/E 97.2
  • Book Value ₹ 365
  • Dividend Yield 0.09 %
  • ROCE 29.9 %
  • ROE 28.3 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 25.9% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.2%

Cons

  • Stock is trading at 24.6 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.

Peer comparison

Sector: Aerospace & Defence Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
791 825 788 1,018 1,317 1,616 1,567 1,812 1,929 1,682 1,347 1,429 1,611
627 651 656 840 1,054 1,333 1,268 1,462 1,571 1,359 1,012 1,074 1,257
Operating Profit 165 175 132 178 263 283 299 350 357 323 335 355 354
OPM % 21% 21% 17% 17% 20% 18% 19% 19% 19% 19% 25% 25% 22%
2 1 11 7 1 9 4 7 11 8 8 11 20
Interest 10 10 12 13 15 14 19 25 31 25 25 28 32
Depreciation 23 25 27 27 30 31 30 32 35 34 34 39 37
Profit before tax 134 140 104 144 219 247 254 299 302 272 285 299 305
Tax % 29% 28% 28% 27% 20% 26% 26% 27% 27% 26% 27% 26% 21%
95 101 75 105 175 183 189 219 221 202 209 222 243
EPS in Rs 10.06 10.78 8.15 11.28 18.55 18.81 19.49 22.61 22.78 21.82 22.12 22.47 25.98
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,053 1,073 1,276 1,449 1,580 1,916 2,462 2,237 2,516 3,948 6,923 6,070
870 868 1,022 1,144 1,256 1,505 1,960 1,803 2,001 3,199 5,634 4,700
Operating Profit 183 205 254 304 324 412 502 434 515 748 1,289 1,369
OPM % 17% 19% 20% 21% 20% 21% 20% 19% 20% 19% 19% 23%
4 1 -2 13 13 12 9 41 21 19 32 45
Interest 18 20 18 20 27 33 50 55 45 50 90 109
Depreciation 17 22 31 33 39 51 59 85 94 109 128 143
Profit before tax 152 164 203 264 271 340 402 336 397 607 1,102 1,161
Tax % 17% 21% 23% 33% 28% 31% 31% 17% 27% 25% 26% 25%
126 130 156 178 195 234 277 279 288 455 811 875
EPS in Rs 12.85 13.09 16.29 18.08 20.61 24.37 28.91 29.55 30.54 48.77 83.68 92.38
Dividend Payout % 17% 0% 21% 25% 24% 25% 24% 20% 20% 15% 10% 9%
Compounded Sales Growth
10 Years: 19%
5 Years: 20%
3 Years: 34%
TTM: -12%
Compounded Profit Growth
10 Years: 21%
5 Years: 26%
3 Years: 45%
TTM: 11%
Stock Price CAGR
10 Years: 41%
5 Years: 52%
3 Years: 93%
1 Year: 136%
Return on Equity
10 Years: 25%
5 Years: 26%
3 Years: 29%
Last Year: 28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 18 18 18 18 18 18 18 18 18 18 18 18
Reserves 555 643 758 787 910 1,066 1,220 1,362 1,561 1,896 2,592 3,288
372 484 371 398 501 518 603 708 808 888 1,195 1,138
163 207 243 309 292 387 411 393 572 827 1,104 1,294
Total Liabilities 1,108 1,352 1,389 1,512 1,722 1,988 2,253 2,481 2,959 3,629 4,909 5,737
372 491 585 703 777 923 1,043 1,209 1,288 1,493 1,702 2,030
CWIP 61 81 61 30 91 107 178 165 293 230 282 487
Investments 49 25 37 40 53 17 33 2 1 18 99 370
626 755 706 739 801 940 1,000 1,105 1,378 1,888 2,826 2,850
Total Assets 1,108 1,352 1,389 1,512 1,722 1,988 2,253 2,481 2,959 3,629 4,909 5,737

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
113 170 230 243 118 254 314 325 357 298 656 1,406
-155 -161 -149 -141 -170 -174 -254 -260 -253 -338 -614 -726
72 31 -177 -92 53 -53 -52 -34 -26 -45 118 -370
Net Cash Flow 29 41 -96 11 0 27 9 32 77 -85 160 309

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 54 63 55 68 74 69 59 60 66 50 44 51
Inventory Days 81 94 83 67 73 80 74 99 119 113 92 97
Days Payable 14 24 31 45 36 49 43 46 78 73 41 63
Cash Conversion Cycle 121 134 106 90 111 100 90 113 108 90 95 84
Working Capital Days 107 114 100 86 87 76 64 80 61 81 68 84
ROCE % 21% 18% 19% 23% 22% 24% 26% 19% 19% 25% 35%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15%
5.53% 5.81% 6.37% 6.28% 6.63% 6.64% 6.72% 6.63% 5.79% 5.89% 5.90% 6.10%
16.66% 16.19% 15.43% 15.16% 14.73% 14.60% 14.45% 14.32% 15.01% 15.24% 15.05% 14.52%
4.67% 4.85% 5.05% 5.41% 5.50% 5.61% 5.67% 5.91% 6.04% 5.71% 5.88% 6.22%
No. of Shareholders 17,49725,07033,49628,75931,87239,40449,24751,94351,19950,10357,92664,377

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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