Solar Industries India Ltd - Stock Valuation and Financial Performance

BSE: 532725 | NSE: SOLARINDS | Chemicals | Mid Cap

Solar Industries Share Price

8,993.50 11.60 0.13%
as on 18-May'24 12:02

DeciZen - make an informed investing decision on Solar Industries

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Solar Industries India stock performance -

mw4me loader
P/E Ratio (SA):
136.30
Market Cap:
81,277.3 Cr.
52-wk low:
3,457
52-wk high:
9,429.1

Is Solar Industries India Ltd an attractive stock to invest in?

1. Is Solar Industries India Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Solar Industries India Ltd is a good quality company.

2. Is Solar Industries India Ltd undervalued or overvalued?

The key valuation ratios of Solar Industries India Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Solar Industries India Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Solar Industries India Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Solar Industries:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Solar Industries India Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 16.5%16.3%15.7%17.5%15.6%21.1%19.2%16.7%18.7%24.6%-
Value Creation
Index
0.20.20.20.30.20.60.40.20.71.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 9041,0151,0161,1371,2731,6631,5121,5842,5284,1623,718
Sales YoY Gr.-12.3%0.2%11.9%12%30.6%-9.1%4.8%59.6%64.6%-
Adj EPS 11.111.911.614.714.622.122.52228.348.465.9
YoY Gr.-7.6%-2.8%26.6%-0.8%51.3%2%-2.2%28.4%71.2%-
BVPS (₹) 50.457.960.672.883.997.8112.9127.8150.9195.3259.3
Adj Net
Profit
100108105133132200204199256438596
Cash Flow from Ops. 82.115017470.2213210195148294133-
Debt/CF from Ops. 3.1113.50.70.80.70.90.53.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 18.5%26.7%40.2%64.6%
Adj EPS 17.8%27.1%29.1%71.2%
BVPS16.3%18.4%20.1%29.4%
Share Price 43.2% 52.9% 93.5% 139.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
23.62219.62218.624.321.418.320.327.929
Op. Profit
Mgn %
16.215.31819.217.919.217.418.314.31522.5
Net Profit
Mgn %
11.110.610.311.710.41213.512.610.110.516
Debt to
Equity
0.60.30.30.40.20.20.10.10.10.20.1
Working Cap
Days
14713714114315112914615213011763
Cash Conv.
Cycle
5745334353374252494837

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 29.00%

Sales growth is growing at healthy rate in last 3 years 40.16%

Net Profit is growing at healthy rate in last 3 years 29.07%

Sales growth is not so good in last 4 quarters at -9.76%

Latest Financials - Solar Industries India Ltd.

Standalone Consolidated
TTM EPS (₹) 65.9 92.4
TTM Sales (₹ Cr.) 3,718 6,070
BVPS (₹.) 259.3 365.3
Reserves (₹ Cr.) 2,328 3,288
P/BV 34.64 24.59
PE 136.30 97.23
From the Market
52 Week Low / High (₹) 3456.95 / 9429.10
All Time Low / High (₹) 18.81 / 9429.10
Market Cap (₹ Cr.) 81,277
Equity (₹ Cr.) 18.1
Face Value (₹) 2
Industry PE 50.6

Management X-Ray of Solar Industries:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.55
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Solar Industries

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales9041,0151,0161,1371,2731,6631,5121,5842,5284,162
Operating Expenses 7818598349201,0461,3501,2481,3122,1693,541
Manufacturing Costs7278404757808583110142
Material Costs5056257007538221,0769601,0231,7823,005
Employee Cost 3940435469828589111135
Other Costs 166117516699112118117165259
Operating Profit 123155182217227313263272360621
Operating Profit Margin (%) 13.6%15.3%17.9%19.1%17.8%18.8%17.4%17.2%14.2%14.9%
Other Income 17201613192135265263
Interest 1478141412127928
Depreciation 13181819262934384957
Exceptional Items -10-10000-60000
Profit Before Tax 103140173197205287252253353600
Tax 193264657196396492155
Profit After Tax 84108109133134191213189262445
PAT Margin (%) 9.3%10.6%10.7%11.7%10.5%11.5%14.1%11.9%10.3%10.7%
Adjusted EPS (₹)9.311.912.014.714.821.223.620.928.949.2
Dividend Payout Ratio (%)26%29%37%34%40%33%25%29%26%16%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 4565245486597598851,0211,1571,3661,767
Share Capital 18181818181818181818
Reserves 4375065306417418671,0031,1391,3471,749
Minority Interest0000000000
Debt231139153177968210295119325
Long Term Debt5278978075376375119182
Short Term Debt178605797214539200142
Trade Payables373978375986106187335394
Others Liabilities 9892120177186239155162190283
Total Liabilities 8217939001,0501,1011,2921,3841,6002,0092,769

Fixed Assets

Gross Block3353714524344775546627119021,026
Accumulated Depreciation6084101315784117153196246
Net Fixed Assets275288351403420470545558706779
CWIP 82012163574321304178
Investments 6959661036692130129146226
Inventories714669789194100143274460
Trade Receivables140116132178158185206295298539
Cash Equivalents 4019610102765482561
Others Assets218245262263322349306299519625
Total Assets 8217939001,0501,1011,2921,3841,6002,0092,769

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 8215017470213210195148294133
PBT 103140173197205287252253353600
Adjustment 27161726325326411633
Changes in Working Capital -321916-10535-44-18-82-2-361
Tax Paid -15-25-32-48-59-87-65-64-73-140
Cash Flow From Investing Activity -39-53-109-100-78-129-10-99-280-271
Capex -54-37-73-79-65-114-73-127-129-166
Net Investments -1116-3135-26361-17-47
Others 15-27-4310-48112726-135-57
Cash Flow From Financing Activity -13-118-6536-139-65-142-66-36173
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 27391828-16-11-431649124
Interest Paid -14-7-8-11-14-12-16-9-10-24
Dividend Paid -9-31-69-18-27-65-76-54-54-68
Others -16-119-737-8123-7-19-21141
Net Cash Flow 30-2106-41643-18-2235
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)19.722.0420.3121.9718.9423.2922.3917.3620.7428.43
ROCE (%)17.5321.2725.7225.9124.1930.4323.9821.3525.8333.85
Asset Turnover Ratio1.291.381.331.291.221.421.161.081.421.77
PAT to CFO Conversion(x)0.981.391.60.531.591.10.920.781.120.3
Working Capital Days
Receivable Days45424045473746564236
Inventory Days25191921232023273032
Payable Days19223028212535412723

Solar Industries India Ltd Stock News

Solar Industries India Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Solar Industries on 18-May-2024 12:02 is ₹8,993.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 18-May-2024 12:02 the market cap of Solar Industries stood at ₹81,277.3.
The latest P/E ratio of Solar Industries as of 18-May-2024 12:02 is 136.3.
The latest P/B ratio of Solar Industries as of 18-May-2024 12:02 is 34.64.
The 52-week high of Solar Industries is ₹9,429.1 and the 52-week low is ₹3,457.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Solar Industries is ₹3,718 ( Cr.) .

About Solar Industries India Ltd

Solar Explosives, a Solar group company was incorporated on February 24, 1995 by Satyanarayan Nuwal, Nandlal Nuwal and Kailashchandra Nuwal. The journey of “Solar” Group started in the year 1984 when a proprietary firm Solar Explosives was formed by Satyanarayan Nuwal for trading in Explosives. In this year one of the, then largest Indian Explosive manufacturing company awarded its first consignment agency to Solar Explosives. The name of Solar Explosives Limited got changed to Solar Industries India Limited and the trading symbol of the company on NSE was changed from SOLAREX to SOLARINDS with effect from April 13, 2009.

Solar Group has evolved from a single site manufacturing company in 1995 to a globally recognised Industrial Explosives manufacturer today. With extensive experience, expertise and potential founded on years of experience in the Industrial Explosives segment, the company has entered into Defence and setup one of the world’s most integrated facilities for Ammunition.

Its innovation edge is rooted in a strategic blend of talented manpower and technological prowess. The company bank on its rich experience to create sustainable value and intend to accelerate towards excellence at an impressive pace. The company employ a comprehensive suite of robust best practice policies, and are committed to the safety, health, and wellbeing of people, communities and the environment.

Business area of the company

The company is one of the largest domestic manufacturer and supplier of bulk and cartridge explosives, detonators, detonating cords, and components.

Products

  • Industrial Explosives
  • Defence

Milestones

  • 1983: Commenced explosives trading business
  • 1996: Started production of Detonators
  • 1998: Added Detonating Cord, Cast Booster and PETN to product portfolio
  • 2000: Commenced production of Packaged Explosives after being incorporated in 1995
  • 2001: Commenced production of Bulk Explosives
  • 2006: Listed shares on Bombay Stock Exchange and National Stock Exchange
  • 2006: Commenced Exports
  • 2007: Extended India presence by setting up new bulk plants
  • 2009: Emerged as India’s largest explosives manufacturer
  • 2009: Set up manufacturing units at Zambia and Nigeria
  • 2010: Ventured into Defence Segment for manufacturing HMX and Propellants
  • 2011-12: Set up manufacturing unit at Turkey
  • 2013: Commenced manufacturing of 3-layer shock tubes.
  • 2013: Started commercial production of Electronic Detonators
  • 2013: Introduced underground Bulk Explosives
  • 2015: Started supplying HMX and HMX Compounds
  • 2016: Set up facilities to manufacture Warhead Filling, Pyros, Ignitors, Propellants for Pinaka Mark-II
  • 2017: Operationalised plant in South Africa. Started getting Bulk Defence Order
  • 2018: Started Export of Defence Products
  • 2018: Received TOT for mass production of Crucial Solid Propellant Booster of BrahMos missiles
  • 2019: Defence turnover stood at Rs 170.20 crore for FY 18-19
  • 2020: Celebrating 25 Years of excellence in the field of Explosives
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