Solar Industries India Ltd

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

Solar Industries India Ltd

₹ 8,785 -0.19%
26 Apr 3:03 p.m.
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 ₹ 79,496 Cr.
  • Current Price ₹ 8,785
  • High / Low ₹ 9,449 / 3,453
  • Stock P/E 138
  • Book Value ₹ 218
  • Dividend Yield 0.09 %
  • ROCE 33.7 %
  • ROE 28.3 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 27.2% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 23.6%

Cons

  • Stock is trading at 40.3 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

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
389 546 533 435 644 916 988 862 1,059 1,253 983 830 902
332 446 437 383 560 773 882 733 903 1,016 790 631 710
Operating Profit 57 100 96 52 84 144 106 129 155 238 193 199 192
OPM % 15% 18% 18% 12% 13% 16% 11% 15% 15% 19% 20% 24% 21%
9 5 10 5 7 15 18 13 22 3 14 14 18
Interest 2 1 1 2 3 3 3 4 9 12 8 6 8
Depreciation 10 10 10 12 12 15 14 14 14 15 15 16 16
Profit before tax 55 94 94 43 76 140 108 124 154 215 184 191 186
Tax % 26% 26% 26% 26% 25% 27% 26% 26% 25% 26% 25% 26% 26%
40 70 70 32 57 102 80 92 116 158 137 141 138
EPS in Rs 4.47 7.72 7.76 3.54 6.30 11.31 8.83 10.16 12.77 17.47 15.19 15.60 15.29
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
682 832 856 950 1,016 1,137 1,273 1,663 1,512 1,584 2,528 4,162 3,969
599 733 733 794 832 920 1,046 1,350 1,248 1,312 2,153 3,533 3,147
Operating Profit 82 99 123 155 184 217 228 313 263 272 375 629 822
OPM % 12% 12% 14% 16% 18% 19% 18% 19% 17% 17% 15% 15% 21%
25 8 7 10 14 13 18 15 35 26 36 56 48
Interest 20 11 14 7 8 14 14 12 12 7 9 28 33
Depreciation 8 10 13 18 18 19 26 29 34 38 49 57 62
Profit before tax 79 85 103 140 173 197 205 287 252 253 353 600 775
Tax % 23% 11% 18% 23% 37% 33% 35% 33% 15% 25% 26% 26%
61 76 84 108 109 133 134 191 213 189 262 445 575
EPS in Rs 7.03 8.38 9.26 11.92 12.03 14.65 14.84 21.16 23.58 20.89 28.90 49.22 63.55
Dividend Payout % 28% 26% 26% 29% 37% 34% 40% 33% 25% 29% 26% 16%
Compounded Sales Growth
10 Years: 17%
5 Years: 27%
3 Years: 40%
TTM: 4%
Compounded Profit Growth
10 Years: 18%
5 Years: 27%
3 Years: 28%
TTM: 48%
Stock Price CAGR
10 Years: 44%
5 Years: 52%
3 Years: 93%
1 Year: 133%
Return on Equity
10 Years: 22%
5 Years: 23%
3 Years: 23%
Last Year: 28%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 17 18 18 18 18 18 18 18 18 18 18 18 18
Reserves 252 378 438 506 530 641 741 867 1,003 1,139 1,347 1,749 1,955
235 232 254 155 176 246 152 171 129 127 156 424 267
125 82 112 114 176 145 190 236 234 317 488 577 479
Total Liabilities 629 709 821 793 900 1,050 1,101 1,292 1,384 1,600 2,009 2,769 2,719
179 233 275 288 351 403 420 470 545 558 706 779 786
CWIP 19 17 8 20 12 16 35 74 32 130 41 78 113
Investments 68 81 69 59 66 102 66 92 130 129 146 226 207
362 378 469 426 470 528 581 656 677 784 1,116 1,685 1,613
Total Assets 629 709 821 793 900 1,050 1,101 1,292 1,384 1,600 2,009 2,769 2,719

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-30 -4 82 150 174 70 213 210 195 148 294 133
-46 -52 -39 -53 -109 -100 -78 -129 -10 -99 -280 -271
59 46 -13 -118 -65 36 -139 -65 -142 -66 -36 173
Net Cash Flow -17 -9 30 -21 0 6 -4 16 43 -18 -22 35

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 50 46 60 44 48 57 45 41 50 68 43 47
Inventory Days 58 43 48 27 36 38 40 32 38 51 56 56
Days Payable 51 11 25 23 41 18 26 29 40 67 69 48
Cash Conversion Cycle 57 78 83 49 43 77 59 43 47 52 30 55
Working Capital Days 60 83 91 75 70 77 58 43 59 63 47 63
ROCE % 23% 19% 19% 23% 26% 26% 24% 31% 24% 21% 26% 34%

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.

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

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