Solar Industries India Ltd

solargroup.com BSE: 532725 NSE : SOLARINDS
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Solar Industries India is primarily involved in manufacturing of complete range of industrial explosives and explosive initiated devices. It manufactures various types of packaged emulsion explosives, bulk explosives and explosive initiating systems.

Website BSE NSE
  • Market Cap ₹ 10,637 Cr.
  • Current Price ₹ 1,175
  • High / Low ₹ 1,350 / 772
  • Stock P/E 62.4
  • Book Value ₹ 116
  • Dividend Yield 0.51 %
  • ROCE 23.9 %
  • ROE 22.4 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 32.99%

Cons

  • Stock is trading at 10.17 times its book value
  • The company has delivered a poor sales growth of 9.74% over past five years.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
313 393 388 357 436 482 403 329 385 392 301 348
260 324 312 296 363 383 324 270 319 334 252 283
Operating Profit 53 69 77 62 73 98 80 60 66 58 49 66
OPM % 17% 18% 20% 17% 17% 20% 20% 18% 17% 15% 16% 19%
Other Income 4 5 8 8 4 -1 7 9 8 12 8 4
Interest 4 4 3 3 4 2 2 4 4 2 2 2
Depreciation 7 7 7 7 7 8 8 9 9 9 9 9
Profit before tax 47 64 75 59 66 88 76 56 61 59 46 59
Tax % 35% 35% 35% 35% 30% 34% 34% -28% 23% 24% 23% 26%
Net Profit 30 42 49 38 46 58 50 72 47 44 35 44
EPS in Rs 3.37 4.60 5.39 4.25 5.11 6.42 5.52 7.95 5.20 4.92 3.89 4.82
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
389 437 490 682 832 856 950 1,016 1,137 1,273 1,663 1,512 1,426
352 394 421 599 733 733 794 832 920 1,046 1,350 1,248 1,187
Operating Profit 37 43 69 82 99 123 155 184 217 228 313 263 239
OPM % 9% 10% 14% 12% 12% 14% 16% 18% 19% 18% 19% 17% 17%
Other Income 29 25 25 25 8 7 10 14 13 18 15 35 32
Interest 23 12 12 20 11 14 7 8 14 14 12 12 10
Depreciation 5 6 7 8 10 13 18 18 19 26 29 34 36
Profit before tax 37 49 76 79 85 103 140 173 197 205 287 252 225
Tax % 33% 36% 34% 23% 11% 18% 23% 37% 33% 35% 33% 15%
Net Profit 25 31 50 61 76 84 108 109 133 134 191 213 170
EPS in Rs 8.38 9.26 11.92 12.03 14.65 14.84 21.16 23.58 18.83
Dividend Payout % 31% 39% 28% 28% 26% 26% 29% 37% 34% 40% 33% 25%
Compounded Sales Growth
10 Years:13%
5 Years:10%
3 Years:10%
TTM:-14%
Compounded Profit Growth
10 Years:21%
5 Years:13%
3 Years:18%
TTM:-26%
Stock Price CAGR
10 Years:26%
5 Years:13%
3 Years:1%
1 Year:-0%
Return on Equity
10 Years:22%
5 Years:22%
3 Years:22%
Last Year:22%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
17 17 17 17 18 18 18 18 18 18 18 18 18
Reserves 158 175 210 252 378 438 506 530 641 741 867 1,003 1,028
Borrowings 79 103 137 235 232 254 155 176 246 152 171 129 165
147 157 120 125 82 112 114 176 145 190 236 234 259
Total Liabilities 402 452 485 629 709 821 793 900 1,050 1,101 1,292 1,384 1,471
88 88 120 179 233 275 288 351 403 420 470 545 544
CWIP 3 16 18 19 17 8 20 12 16 35 74 32 43
Investments 25 36 69 68 81 69 59 66 102 66 92 130 130
287 312 277 362 378 469 426 470 528 581 656 677 754
Total Assets 402 452 485 629 709 821 793 900 1,050 1,101 1,292 1,384 1,471

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
85 38 30 -30 -4 82 150 174 70 213 210 195
-21 -31 -73 -46 -52 -39 -53 -109 -100 -78 -129 -11
-66 -2 10 59 46 -13 -118 -65 36 -139 -65 -141
Net Cash Flow -1 5 -32 -17 -9 30 -21 0 6 -4 16 43

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 25% 22% 26% 23% 19% 19% 23% 26% 26% 24% 31% 24%
Debtor Days 83 64 57 50 46 60 44 48 57 45 41 50
Inventory Turnover 14.46 12.37 10.69 9.35 8.15 8.06 10.89 12.31 10.41 9.95 11.92 10.14

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15 73.15
1.52 1.33 1.33 1.40 1.39 1.76 3.61 3.59 3.99 4.41 4.83 5.35
20.05 20.19 20.18 20.15 20.27 20.26 18.61 18.58 18.23 17.68 17.30 16.65
5.28 5.34 5.34 5.30 5.20 4.83 4.63 4.69 4.64 4.76 4.72 4.85

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