Solar Industries India Ltd
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]
- 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
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
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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 | |
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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% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Aug
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
8 Aug - Transcription of Conference Call with reference to the Unaudited Financial Results for the quarter ended on June 30, 2024 with the management of the Company.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
7 Aug - Audio recording of earning conference call of Un-audited Financial Results of the Company for the quarter ended on June 30, 2024
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Announcement under Regulation 30 (LODR)-Newspaper Publication
7 Aug - Submission of Newspaper clippings for the Un-audited Financial Results for the quarter ended on June 30, 2024.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
6 Aug - Updates on unaudited Financial results (Standalone & Consolidated) for the quarter ended June 30, 2024
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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Aug 2024Transcript PPT
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May 2024Transcript PPT REC
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT REC
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Aug 2023Transcript PPT REC
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May 2023Transcript PPT REC
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Jan 2023Transcript PPT
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Nov 2022Transcript PPT
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Jul 2022Transcript PPT
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May 2022Transcript PPT
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Feb 2022Transcript PPT
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Nov 2021Transcript PPT
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Aug 2021Transcript PPT
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Jun 2021Transcript PPT
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Feb 2021Transcript PPT
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Nov 2020Transcript PPT
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Sep 2020Transcript PPT
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Jul 2020TranscriptNotesPPT
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Feb 2020Transcript PPT
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Feb 2020TranscriptNotesPPT
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Feb 2020TranscriptNotesPPT
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Nov 2019TranscriptNotesPPT
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Jul 2019TranscriptNotesPPT
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May 2019TranscriptNotesPPT
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Jan 2019TranscriptNotesPPT
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Oct 2018TranscriptNotesPPT
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Aug 2018Transcript PPT
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Jul 2018TranscriptNotesPPT
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May 2018TranscriptNotesPPT
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Feb 2018TranscriptNotesPPT
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Nov 2017TranscriptNotesPPT
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Feb 2017TranscriptNotesPPT
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Sep 2016TranscriptNotesPPT
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
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]