Solar Industries India Ltd

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

Solar Industries India Ltd

₹ 13,949 3.38%
21 May 12:26 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

Product Segments
1) Industrial Explosives (86% in FY24 vs 91% in FY22): The company manufactures bulk explosives, packaged explosives, and initiating systems, finding applications in the mining, infrastructure, construction, Defence, and Space Sector. [1]

Website BSE NSE
  • Market Cap ₹ 1,26,226 Cr.
  • Current Price ₹ 13,949
  • High / Low ₹ 14,340 / 7,888
  • Stock P/E 104
  • Book Value ₹ 485
  • Dividend Yield 0.06 %
  • ROCE 36.8 %
  • ROE 31.4 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 35.2% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.1%

Cons

  • Stock is trading at 28.1 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

Part of BSE 500 BSE 200 Nifty 500 BSE MidCap Nifty Midcap 100

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
1,317 1,616 1,567 1,812 1,929 1,682 1,347 1,429 1,611 1,685 1,716 1,973 2,167
1,054 1,333 1,268 1,462 1,571 1,359 1,012 1,074 1,257 1,235 1,271 1,447 1,629
Operating Profit 263 283 299 350 357 323 335 355 354 449 445 527 537
OPM % 20% 18% 19% 19% 19% 19% 25% 25% 22% 27% 26% 27% 25%
1 9 4 7 11 8 8 11 20 26 36 10 7
Interest 15 14 19 25 31 25 25 28 32 27 30 31 29
Depreciation 30 31 30 32 35 34 34 39 37 40 44 47 50
Profit before tax 219 247 254 299 302 272 285 299 305 408 407 459 464
Tax % 20% 26% 26% 27% 27% 26% 27% 26% 21% 26% 25% 26% 25%
175 183 189 219 221 202 209 222 243 301 304 338 346
EPS in Rs 18.55 18.81 19.49 22.61 22.78 21.82 22.12 22.47 25.98 31.66 31.59 34.80 35.61
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
1,073 1,276 1,449 1,580 1,916 2,462 2,237 2,516 3,948 6,918 6,070 7,540
868 1,022 1,144 1,256 1,505 1,960 1,803 2,001 3,199 5,582 4,588 5,580
Operating Profit 205 254 304 324 412 502 434 515 748 1,336 1,482 1,960
OPM % 19% 20% 21% 20% 21% 20% 19% 20% 19% 19% 24% 26%
1 -2 13 13 12 9 41 21 19 -16 -68 76
Interest 20 18 20 27 33 50 55 45 50 90 109 116
Depreciation 22 31 33 39 51 59 85 94 109 128 143 182
Profit before tax 164 203 264 271 340 402 336 397 607 1,102 1,161 1,739
Tax % 21% 23% 33% 28% 31% 31% 17% 27% 25% 26% 25% 26%
130 156 178 195 234 277 279 288 455 811 875 1,288
EPS in Rs 13.09 16.29 18.08 20.61 24.37 28.91 29.55 30.54 48.77 83.68 92.38 133.65
Dividend Payout % 0% 21% 25% 24% 25% 24% 20% 20% 15% 10% 9% 7%
Compounded Sales Growth
10 Years: 19%
5 Years: 28%
3 Years: 24%
TTM: 24%
Compounded Profit Growth
10 Years: 23%
5 Years: 35%
3 Years: 40%
TTM: 32%
Stock Price CAGR
10 Years: 35%
5 Years: 72%
3 Years: 69%
1 Year: 43%
Return on Equity
10 Years: 27%
5 Years: 30%
3 Years: 32%
Last Year: 31%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 18 18 18 18 18 18 18 18 18 18 18 18
Reserves 643 758 787 910 1,066 1,220 1,362 1,561 1,896 2,592 3,288 4,368
484 371 398 501 518 603 708 808 888 1,195 1,138 975
207 243 309 292 387 411 393 572 827 1,104 1,134 2,900
Total Liabilities 1,352 1,389 1,512 1,722 1,988 2,253 2,481 2,959 3,629 4,909 5,577 8,261
491 585 703 777 923 1,043 1,209 1,288 1,493 1,702 2,028 2,696
CWIP 81 61 30 91 107 178 165 293 230 282 490 703
Investments 25 37 40 53 17 33 2 1 18 99 370 676
755 706 739 801 940 1,000 1,105 1,378 1,888 2,826 2,690 4,186
Total Assets 1,352 1,389 1,512 1,722 1,988 2,253 2,481 2,959 3,629 4,909 5,577 8,261

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
170 230 243 118 254 314 325 357 298 656 1,406 2,468
-161 -149 -141 -170 -174 -254 -260 -253 -338 -614 -1,021 -1,593
31 -177 -92 53 -53 -52 -34 -26 -45 118 -370 -476
Net Cash Flow 41 -96 11 0 27 9 32 77 -85 160 15 398

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 63 55 68 74 69 59 60 66 50 44 51 60
Inventory Days 94 83 67 73 80 74 99 119 113 92 97 97
Days Payable 24 31 45 36 49 43 46 78 73 41 63 46
Cash Conversion Cycle 134 106 90 111 100 90 113 108 90 95 84 111
Working Capital Days 114 100 86 87 76 64 80 61 81 68 71 89
ROCE % 18% 19% 23% 22% 24% 26% 19% 19% 25% 36% 32% 37%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15% 73.15%
6.63% 6.64% 6.72% 6.63% 5.79% 5.89% 5.90% 6.10% 7.56% 7.53% 7.23% 5.82%
14.73% 14.60% 14.45% 14.32% 15.01% 15.24% 15.05% 14.52% 12.74% 12.68% 12.78% 14.10%
5.50% 5.61% 5.67% 5.91% 6.04% 5.71% 5.88% 6.22% 6.54% 6.64% 6.82% 6.92%
No. of Shareholders 31,87239,40449,24751,94351,19950,10357,92664,37772,85378,40283,95995,380

* 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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Documents

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