Solar Industries India Ltd

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

Solar Industries India Ltd

₹ 8,455 -0.65%
19 Apr 9:09 a.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 ₹ 76,507 Cr.
  • Current Price ₹ 8,455
  • High / Low ₹ 9,449 / 3,453
  • Stock P/E 94.8
  • Book Value ₹ 316
  • Dividend Yield 0.09 %
  • ROCE 34.7 %
  • ROE 33.4 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 28.1% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.8%

Cons

  • Stock is trading at 26.9 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

Consolidated Figures in Rs. Crores / View Standalone

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
646 791 825 788 1,018 1,317 1,616 1,567 1,812 1,929 1,682 1,347 1,429
514 627 651 656 840 1,054 1,333 1,268 1,462 1,571 1,359 1,012 1,074
Operating Profit 132 165 175 132 178 263 283 299 350 357 323 335 355
OPM % 20% 21% 21% 17% 17% 20% 18% 19% 19% 19% 19% 25% 25%
13 2 1 11 7 1 9 4 7 11 8 8 11
Interest 11 10 10 12 13 15 14 19 25 31 25 25 28
Depreciation 24 23 25 27 27 30 31 30 32 35 34 34 39
Profit before tax 110 134 140 104 144 219 247 254 299 302 272 285 299
Tax % 26% 29% 28% 28% 27% 20% 26% 26% 27% 27% 26% 27% 26%
81 95 101 75 105 175 183 189 219 221 202 209 222
EPS in Rs 8.62 10.06 10.78 8.15 11.28 18.55 18.81 19.49 22.61 22.78 21.82 22.12 22.47
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
910 1,053 1,073 1,276 1,449 1,580 1,916 2,462 2,237 2,516 3,948 6,923 6,387
739 870 868 1,022 1,144 1,256 1,505 1,960 1,803 2,001 3,199 5,634 5,017
Operating Profit 171 183 205 254 304 324 412 502 434 515 748 1,289 1,371
OPM % 19% 17% 19% 20% 21% 20% 21% 20% 19% 20% 19% 19% 21%
19 4 1 -2 13 13 12 9 41 21 19 32 38
Interest 24 18 20 18 20 27 33 50 55 45 50 90 109
Depreciation 13 17 22 31 33 39 51 59 85 94 109 128 142
Profit before tax 154 152 164 203 264 271 340 402 336 397 607 1,102 1,158
Tax % 28% 17% 21% 23% 33% 28% 31% 31% 17% 27% 25% 26%
101 126 130 156 178 195 234 277 279 288 455 811 853
EPS in Rs 11.69 12.85 13.09 16.29 18.08 20.61 24.37 28.91 29.55 30.54 48.77 83.68 89.19
Dividend Payout % 17% 17% 0% 21% 25% 24% 25% 24% 20% 20% 15% 10%
Compounded Sales Growth
10 Years: 21%
5 Years: 29%
3 Years: 46%
TTM: 1%
Compounded Profit Growth
10 Years: 20%
5 Years: 28%
3 Years: 41%
TTM: 12%
Stock Price CAGR
10 Years: 45%
5 Years: 51%
3 Years: 90%
1 Year: 126%
Return on Equity
10 Years: 24%
5 Years: 25%
3 Years: 27%
Last Year: 33%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 387 555 643 758 787 910 1,066 1,220 1,362 1,561 1,896 2,592 2,841
296 372 484 371 398 501 518 603 708 808 888 1,195 1,057
198 163 207 243 309 292 387 411 393 572 827 1,104 1,239
Total Liabilities 899 1,108 1,352 1,389 1,512 1,722 1,988 2,253 2,481 2,959 3,629 4,909 5,154
288 372 491 585 703 777 923 1,043 1,209 1,288 1,493 1,702 1,782
CWIP 50 61 81 61 30 91 107 178 165 293 230 282 307
Investments 11 49 25 37 40 53 17 33 2 1 18 99 78
550 626 755 706 739 801 940 1,000 1,105 1,378 1,888 2,826 2,987
Total Assets 899 1,108 1,352 1,389 1,512 1,722 1,988 2,253 2,481 2,959 3,629 4,909 5,154

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
48 113 170 230 243 118 254 314 325 357 298 656
-141 -155 -161 -149 -141 -170 -174 -254 -260 -253 -338 -614
92 72 31 -177 -92 53 -53 -52 -34 -26 -45 118
Net Cash Flow -1 29 41 -96 11 0 27 9 32 77 -85 160

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 56 54 63 55 68 74 69 59 60 66 50 44
Inventory Days 88 81 94 83 67 73 80 74 99 119 113 92
Days Payable 48 14 24 31 45 36 49 43 46 78 73 41
Cash Conversion Cycle 96 121 134 106 90 111 100 90 113 108 90 95
Working Capital Days 89 107 114 100 86 87 76 64 80 61 81 68
ROCE % 29% 21% 18% 19% 23% 22% 24% 26% 19% 19% 25% 35%

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.

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