Solar Industries India Ltd

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

Solar Industries India Ltd

₹ 10,729 3.09%
30 Aug - 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 ₹ 97,087 Cr.
  • Current Price ₹ 10,729
  • High / Low ₹ 13,300 / 4,378
  • Stock P/E 149
  • Book Value ₹ 259
  • Dividend Yield 0.08 %
  • ROCE 34.1 %
  • ROE 28.9 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 25.0% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.6%
  • Company has been maintaining a healthy dividend payout of 18.4%

Cons

  • Stock is trading at 41.4 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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024
533 435 644 916 988 862 1,059 1,253 983 830 902 1,002 1,045
437 383 560 773 882 733 903 1,016 790 631 710 751 786
Operating Profit 96 52 84 144 106 129 155 238 193 199 192 250 258
OPM % 18% 12% 13% 16% 11% 15% 15% 19% 20% 24% 21% 25% 25%
10 5 7 15 18 13 22 3 14 14 18 13 26
Interest 1 2 3 3 3 4 9 12 8 6 8 8 6
Depreciation 10 12 12 15 14 14 14 15 15 16 16 16 17
Profit before tax 94 43 76 140 108 124 154 215 184 191 186 239 261
Tax % 26% 26% 25% 27% 26% 26% 25% 26% 25% 26% 26% 25% 26%
70 32 57 102 80 92 116 158 137 141 138 179 194
EPS in Rs 7.76 3.54 6.30 11.31 8.83 10.16 12.77 17.47 15.19 15.60 15.29 19.82 21.46
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
832 856 950 1,016 1,137 1,273 1,663 1,512 1,584 2,528 4,160 3,718 3,779
733 733 794 832 920 1,046 1,350 1,248 1,312 2,153 3,529 2,882 2,879
Operating Profit 99 123 155 184 217 228 313 263 272 375 631 836 899
OPM % 12% 14% 16% 18% 19% 18% 19% 17% 17% 15% 15% 22% 24%
8 7 10 14 13 18 15 35 26 36 54 57 70
Interest 11 14 7 8 14 14 12 12 7 9 28 30 28
Depreciation 10 13 18 18 19 26 29 34 38 49 57 63 65
Profit before tax 85 103 140 173 197 205 287 252 253 353 600 800 877
Tax % 11% 18% 23% 37% 33% 35% 33% 15% 25% 26% 26% 25%
76 84 108 109 133 134 191 213 189 262 445 596 653
EPS in Rs 8.38 9.26 11.92 12.03 14.65 14.84 21.16 23.58 20.89 28.90 49.22 65.90 72.17
Dividend Payout % 26% 26% 29% 37% 34% 40% 33% 25% 29% 26% 16% 13%
Compounded Sales Growth
10 Years: 16%
5 Years: 17%
3 Years: 33%
TTM: -9%
Compounded Profit Growth
10 Years: 21%
5 Years: 25%
3 Years: 47%
TTM: 30%
Stock Price CAGR
10 Years: 38%
5 Years: 58%
3 Years: 83%
1 Year: 126%
Return on Equity
10 Years: 24%
5 Years: 25%
3 Years: 27%
Last Year: 29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 378 438 506 530 641 741 867 1,003 1,139 1,347 1,749 2,328
232 254 155 176 246 152 171 129 127 156 424 318
82 112 114 176 145 190 236 234 317 488 577 571
Total Liabilities 709 821 793 900 1,050 1,101 1,292 1,384 1,600 2,009 2,769 3,235
233 275 288 351 403 420 470 545 558 706 779 811
CWIP 17 8 20 12 16 35 74 32 130 41 78 219
Investments 81 69 59 66 102 66 92 130 129 146 226 667
378 469 426 470 528 581 656 677 784 1,116 1,685 1,538
Total Assets 709 821 793 900 1,050 1,101 1,292 1,384 1,600 2,009 2,769 3,235

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-4 82 150 174 70 213 210 195 148 294 133 770
-52 -39 -53 -109 -100 -78 -129 -10 -99 -280 -271 -548
46 -13 -118 -65 36 -139 -65 -142 -66 -36 173 -216
Net Cash Flow -9 30 -21 0 6 -4 16 43 -18 -22 35 5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 46 60 44 48 57 45 41 50 68 43 47 59
Inventory Days 43 48 27 36 38 40 32 38 51 56 56 42
Days Payable 11 25 23 41 18 26 29 40 67 69 48 53
Cash Conversion Cycle 78 83 49 43 77 59 43 47 52 30 55 48
Working Capital Days 83 91 75 70 77 58 43 59 63 47 64 67
ROCE % 19% 19% 23% 26% 26% 24% 31% 24% 21% 26% 34% 34%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 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%
5.81% 6.37% 6.28% 6.63% 6.64% 6.72% 6.63% 5.79% 5.89% 5.90% 6.10% 7.56%
16.19% 15.43% 15.16% 14.73% 14.60% 14.45% 14.32% 15.01% 15.24% 15.05% 14.52% 12.74%
4.85% 5.05% 5.41% 5.50% 5.61% 5.67% 5.91% 6.04% 5.71% 5.88% 6.22% 6.54%
No. of Shareholders 25,07033,49628,75931,87239,40449,24751,94351,19950,10357,92664,37772,853

* 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.

Click on the line-items to see the names of individual entities.

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