Solar Industries India Ltd

About [ edit ]

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.

  • Market Cap 10,637 Cr.
  • Current Price 1,175
  • High / Low 1,350 / 772
  • Stock P/E 46.3
  • Book Value 153
  • Dividend Yield 0.51 %
  • ROCE 19.8 %
  • ROE 21.2 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 23.05%

Cons

  • Stock is trading at 7.71 times its book value
  • The company has delivered a poor sales growth of 11.88% over past five years.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
466 575 615 521 653 673 620 506 563 547 491 587
361 457 486 414 532 531 495 400 450 458 399 461
Operating Profit 104 118 128 107 121 142 125 107 113 90 92 126
OPM % 22% 21% 21% 21% 19% 21% 20% 21% 20% 16% 19% 21%
Other Income 3 4 8 4 3 -3 6 6 9 20 4 2
Interest 11 8 12 13 15 11 12 14 14 14 12 12
Depreciation 14 12 14 15 15 15 20 21 22 22 23 24
Profit before tax 83 101 110 83 95 113 99 78 87 73 61 92
Tax % 30% 33% 34% 34% 23% 34% 25% -12% 25% 27% 28% 27%
Net Profit 54 66 70 52 69 72 71 84 62 50 42 65
EPS in Rs 5.98 7.28 7.69 5.74 7.58 7.91 7.86 9.32 6.85 5.52 4.65 7.20
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
450 508 626 910 1,053 1,073 1,276 1,449 1,580 1,916 2,462 2,237 2,189
380 422 505 739 870 868 1,022 1,144 1,256 1,505 1,962 1,803 1,768
Operating Profit 70 86 121 171 183 205 254 304 324 412 500 434 421
OPM % 16% 17% 19% 19% 17% 19% 20% 21% 20% 21% 20% 19% 19%
Other Income 26 26 27 19 4 1 -2 13 13 12 11 41 35
Interest 23 13 13 24 18 20 18 20 27 33 50 55 52
Depreciation 6 8 8 13 17 22 31 33 39 51 59 85 91
Profit before tax 66 91 128 154 152 164 203 264 271 340 402 336 313
Tax % 33% 35% 35% 28% 17% 21% 23% 33% 28% 31% 31% 17%
Net Profit 44 59 76 101 116 118 147 164 187 221 262 267 219
EPS in Rs 12.85 13.09 16.29 18.08 20.61 24.37 28.91 29.55 24.22
Dividend Payout % 18% 21% 18% 17% 17% 0% 21% 25% 24% 25% 24% 20%
Compounded Sales Growth
10 Years:16%
5 Years:12%
3 Years:12%
TTM:-11%
Compounded Profit Growth
10 Years:17%
5 Years:11%
3 Years:13%
TTM:-27%
Stock Price CAGR
10 Years:26%
5 Years:13%
3 Years:1%
1 Year:-0%
Return on Equity
10 Years:23%
5 Years:23%
3 Years:23%
Last Year:21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
17 17 17 17 18 18 18 18 18 18 18 18
Reserves 204 248 299 387 555 643 758 787 910 1,066 1,220 1,362
Borrowings 72 108 162 296 372 484 371 398 501 518 603 708
160 167 183 198 163 207 243 309 292 387 411 393
Total Liabilities 453 540 661 899 1,108 1,352 1,389 1,512 1,722 1,988 2,253 2,481
116 115 199 288 372 491 585 703 777 923 1,043 1,209
CWIP 4 21 29 50 61 81 61 30 91 107 178 165
Investments 4 10 12 11 49 25 37 40 53 17 33 2
329 394 421 550 626 755 706 739 801 940 1,000 1,105
Total Assets 453 540 661 899 1,108 1,352 1,389 1,512 1,722 1,988 2,253 2,481

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
101 42 33 48 113 170 230 243 118 254 314 325
-29 -31 -100 -141 -155 -161 -149 -141 -170 -174 -254 -262
-71 10 40 92 72 31 -177 -92 53 -53 -52 -32
Net Cash Flow 1 21 -27 -1 29 41 -96 11 0 27 9 32

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 30% 31% 33% 31% 22% 19% 20% 24% 22% 24% 26% 20%
Debtor Days 84 64 55 56 54 63 55 68 74 69 59 60
Inventory Turnover 8.58 10.13 8.06 5.78 4.75 4.19 4.68 5.51 5.43 5.24 5.55 4.06

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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