Solar Industries India Ltd

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.

Pros:
Company has been maintaining a healthy dividend payout of 24.36%
Cons:
Stock is trading at 8.00 times its book value

Peer Comparison Sector: Chemicals // Industry: Chemicals

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
313 422 442 467 408 466 575 615 521 653 673 620
248 345 350 365 321 361 457 486 414 532 537 495
Operating Profit 66 77 92 102 87 104 118 128 107 121 136 125
OPM % 21% 18% 21% 22% 21% 22% 21% 21% 21% 19% 20% 20%
Other Income 4 5 4 2 3 3 4 8 4 3 3 6
Interest 7 7 6 6 8 11 8 12 13 15 11 12
Depreciation 10 9 10 13 13 14 12 14 15 15 15 20
Profit before tax 52 65 80 86 70 83 101 110 83 95 113 99
Tax % 25% 24% 30% 30% 31% 30% 33% 34% 34% 23% 34% 25%
Net Profit 39 48 55 55 46 54 66 70 52 69 72 71
EPS in Rs 4.08 5.26 5.96 6.62 5.33 5.98 7.28 8.06 5.74 7.57 7.91 7.86
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
258 450 508 626 910 1,053 1,073 1,276 1,449 1,580 1,916 2,462 2,467
198 380 422 505 739 870 868 1,022 1,144 1,256 1,505 1,961 1,977
Operating Profit 59 70 86 121 171 183 205 254 304 324 412 500 490
OPM % 23% 16% 17% 19% 19% 17% 19% 20% 21% 20% 21% 20% 20%
Other Income 12 26 26 27 19 4 1 -2 13 13 12 10 15
Interest 11 23 13 13 24 18 20 18 20 27 33 50 50
Depreciation 6 6 8 8 13 17 22 31 33 39 51 59 64
Profit before tax 55 66 91 128 154 152 164 203 264 271 340 402 391
Tax % 34% 33% 35% 35% 28% 17% 21% 23% 33% 28% 31% 31%
Net Profit 36 44 59 76 101 116 118 147 164 187 221 262 263
EPS in Rs 4.07 4.94 6.53 8.46 11.52 12.85 13.09 15.92 16.80 20.21 24.37 28.91 29.08
Dividend Payout % 14% 18% 21% 18% 17% 17% 0% 21% 25% 24% 25% 24%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:18.53%
5 Years:18.06%
3 Years:19.33%
TTM:19.51%
Compounded Profit Growth
10 Years:19.62%
5 Years:16.10%
3 Years:17.70%
TTM:11.83%
Stock Price CAGR
10 Years:30.19%
5 Years:17.44%
3 Years:17.54%
1 Year:9.01%
Return on Equity
10 Years:22.50%
5 Years:21.66%
3 Years:21.97%
Last Year:22.80%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
17 17 17 17 17 18 18 18 18 18 18 18
Reserves 168 204 248 299 387 555 643 758 787 910 1,066 1,220
Borrowings 111 72 108 162 296 372 484 371 398 501 518 603
31 160 167 183 198 163 207 243 325 322 422 468
Total Liabilities 328 453 540 661 899 1,108 1,352 1,389 1,528 1,752 2,024 2,310
93 116 115 199 288 372 491 585 703 777 923 1,043
CWIP 4 4 21 29 50 61 81 61 30 91 107 178
Investments 5 4 10 12 11 49 25 37 40 53 17 33
226 329 394 421 550 626 755 706 755 831 976 1,057
Total Assets 328 453 540 661 899 1,108 1,352 1,389 1,528 1,752 2,024 2,310

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
7 101 42 33 48 113 170 230 243 118 254 258
-19 -29 -31 -100 -141 -155 -161 -149 -141 -170 -174 -198
-4 -71 10 40 92 72 31 -177 -92 53 -53 -52
Net Cash Flow -16 1 21 -27 -1 29 41 -96 11 0 27 9

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 23% 30% 31% 33% 31% 22% 19% 20% 24% 22% 24% 26%
Debtor Days 71 84 64 55 56 54 63 55 68 74 69 59
Inventory Turnover 7.96 12.74 15.50 12.89 9.69 7.95 7.43 8.03 8.92 9.27 9.27 9.56