Past 10 year's financial track record analysis by Moneyworks4me indicates that Solar Industries India Ltd is a good quality company.
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.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Solar Industries India Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 21.3% | 25.7% | 25.9% | 24.2% | 30.4% | 24% | 21.4% | 25.8% | 33.9% | 34.2% | - |
| Value Creation Index ⓘ | 0.5 | 0.9 | 0.9 | 0.8 | 1.3 | 0.8 | 0.6 | 1.3 | 2.0 | 2.0 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 1,015 | 1,016 | 1,137 | 1,273 | 1,663 | 1,512 | 1,584 | 2,528 | 4,162 | 3,718 | 3,854 |
| Sales YoY Gr. | - | 0.2% | 11.9% | 12% | 30.6% | -9.1% | 4.8% | 59.6% | 64.6% | -10.7% | - |
| Adj EPS ⓘ | 11.9 | 11.6 | 14.7 | 14.4 | 21.9 | 22.4 | 22 | 28.2 | 48.2 | 66 | 76.2 |
| YoY Gr. | - | -2.8% | 26.6% | -1.8% | 51.8% | 2.4% | -2.1% | 28.6% | 70.9% | 36.8% | - |
| BVPS (₹) ⓘ | 57.9 | 60.6 | 72.8 | 83.9 | 97.8 | 112.9 | 127.8 | 150.9 | 195.3 | 259.3 | 292.9 |
| Adj Net Profit ⓘ | 108 | 105 | 133 | 131 | 198 | 203 | 199 | 255 | 436 | 597 | 689 |
| Cash Flow from Ops. ⓘ | 150 | 174 | 70.2 | 213 | 210 | 195 | 148 | 294 | 133 | 770 | - |
| Debt/CF from Ops. ⓘ | 1 | 1 | 3.5 | 0.7 | 0.8 | 0.7 | 0.9 | 0.5 | 3.2 | 0.4 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 15.5% | 17.5% | 32.9% | -10.7% | ||||
| Adj EPS ⓘ | 20.9% | 24.7% | 44.3% | 36.8% | ||||
| BVPSⓘ | 18.1% | 21.5% | 26.6% | 32.8% | ||||
| Share Price | 34.7% | 58% | 55.5% | 68.9% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 22 | 19.6 | 22 | 18.4 | 24.1 | 21.3 | 18.2 | 20.3 | 27.9 | 29 | 27.6 |
| Op. Profit Mgn % ⓘ | 15.3 | 18 | 19.2 | 17.9 | 19.2 | 17.4 | 18.3 | 14.3 | 15 | 22.7 | 24.2 |
| Net Profit Mgn % ⓘ | 10.6 | 10.3 | 11.7 | 10.3 | 11.9 | 13.4 | 12.5 | 10.1 | 10.5 | 16.1 | 17.9 |
| Debt to Equity ⓘ | 0.3 | 0.3 | 0.4 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 |
| Working Cap Days ⓘ | 137 | 141 | 143 | 151 | 129 | 146 | 152 | 130 | 117 | 150 | 69 |
| Cash Conv. Cycle ⓘ | 45 | 33 | 43 | 53 | 37 | 42 | 52 | 49 | 48 | 68 | 34 |
Return on Equity has increased versus last 3 years average to 27.60%
Sales growth is growing at healthy rate in last 3 years 32.88%
Net Profit is growing at healthy rate in last 3 years 44.30%
Sales growth is not so good in last 4 quarters at -4.90%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 76.2 | 111.7 |
| TTM Sales (₹ Cr.) | 3,854 | 6,450 |
| BVPS (₹.) ⓘ | 292.9 | 419.3 |
| Reserves (₹ Cr.) ⓘ | 2,632 | 3,776 |
| P/BV ⓘ | 35.99 | 25.14 |
| PE ⓘ | 138.38 | 94.39 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 5910.00 / 13300.00 |
| All Time Low / High (₹) | 18.81 / 13300.00 |
| Market Cap (₹ Cr.) | 95,398 |
| Equity (₹ Cr.) | 18.1 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 58.7 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.55 | 0.55 | 0.55 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,015 | 1,016 | 1,137 | 1,273 | 1,663 | 1,512 | 1,584 | 2,528 | 4,162 | 3,718 |
| Operating Expenses ⓘ | 859 | 834 | 920 | 1,046 | 1,350 | 1,248 | 1,312 | 2,169 | 3,541 | 2,883 |
| Manufacturing Costs | 78 | 40 | 47 | 57 | 80 | 85 | 83 | 110 | 142 | 149 |
| Material Costs | 625 | 700 | 753 | 822 | 1,076 | 960 | 1,023 | 1,782 | 3,005 | 2,301 |
| Employee Cost | 40 | 43 | 54 | 69 | 82 | 85 | 89 | 111 | 135 | 165 |
| Other Costs ⓘ | 117 | 51 | 66 | 99 | 112 | 118 | 117 | 165 | 259 | 268 |
| Operating Profit ⓘ | 155 | 182 | 217 | 227 | 313 | 263 | 272 | 360 | 621 | 835 |
| Operating Profit Margin (%) | 15.3% | 17.9% | 19.1% | 17.8% | 18.8% | 17.4% | 17.2% | 14.2% | 14.9% | 22.5% |
| Other Income ⓘ | 20 | 16 | 13 | 19 | 21 | 35 | 26 | 52 | 63 | 58 |
| Interest ⓘ | 7 | 8 | 14 | 14 | 12 | 12 | 7 | 9 | 28 | 30 |
| Depreciation ⓘ | 18 | 18 | 19 | 26 | 29 | 34 | 38 | 49 | 57 | 63 |
| Exceptional Items ⓘ | -10 | 0 | 0 | 0 | -6 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 140 | 173 | 197 | 205 | 287 | 252 | 253 | 353 | 600 | 800 |
| Tax ⓘ | 32 | 64 | 65 | 71 | 96 | 39 | 64 | 92 | 155 | 204 |
| Profit After Tax | 108 | 109 | 133 | 134 | 191 | 213 | 189 | 262 | 445 | 596 |
| PAT Margin (%) | 10.6% | 10.7% | 11.7% | 10.5% | 11.5% | 14.1% | 11.9% | 10.3% | 10.7% | 16.0% |
| Adjusted EPS (₹) | 11.9 | 12.0 | 14.7 | 14.8 | 21.2 | 23.6 | 20.9 | 28.9 | 49.2 | 65.9 |
| Dividend Payout Ratio (%) | 29% | 37% | 34% | 40% | 33% | 25% | 29% | 26% | 16% | 13% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 524 | 548 | 659 | 759 | 885 | 1,021 | 1,157 | 1,366 | 1,767 | 2,346 |
| Share Capital ⓘ | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| Reserves ⓘ | 506 | 530 | 641 | 741 | 867 | 1,003 | 1,139 | 1,347 | 1,749 | 2,328 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 139 | 153 | 177 | 96 | 82 | 102 | 95 | 119 | 325 | 193 |
| Long Term Debt | 78 | 97 | 80 | 75 | 37 | 63 | 75 | 119 | 182 | 193 |
| Short Term Debt | 60 | 57 | 97 | 21 | 45 | 39 | 20 | 0 | 142 | 0 |
| Trade Payables | 39 | 78 | 37 | 59 | 86 | 106 | 187 | 335 | 394 | 333 |
| Others Liabilities ⓘ | 92 | 120 | 177 | 186 | 239 | 155 | 162 | 190 | 283 | 362 |
| Total Liabilities ⓘ | 793 | 900 | 1,050 | 1,101 | 1,292 | 1,384 | 1,600 | 2,009 | 2,769 | 3,235 |
Fixed Assets | ||||||||||
| Gross Block | 371 | 452 | 434 | 477 | 554 | 662 | 711 | 902 | 1,026 | 1,111 |
| Accumulated Depreciation | 84 | 101 | 31 | 57 | 84 | 117 | 153 | 196 | 246 | 299 |
| Net Fixed Assetsⓘ | 288 | 351 | 403 | 420 | 470 | 545 | 558 | 706 | 779 | 811 |
| CWIP ⓘ | 20 | 12 | 16 | 35 | 74 | 32 | 130 | 41 | 78 | 219 |
| Investmentsⓘ | 59 | 66 | 103 | 66 | 92 | 130 | 129 | 146 | 226 | 667 |
| Inventories | 46 | 69 | 78 | 91 | 94 | 100 | 143 | 274 | 460 | 264 |
| Trade Receivables | 116 | 132 | 178 | 158 | 185 | 206 | 295 | 298 | 539 | 605 |
| Cash Equivalents | 19 | 6 | 10 | 10 | 27 | 65 | 48 | 25 | 61 | 65 |
| Others Assetsⓘ | 245 | 262 | 263 | 322 | 349 | 306 | 299 | 519 | 625 | 603 |
| Total Assets ⓘ | 793 | 900 | 1,050 | 1,101 | 1,292 | 1,384 | 1,600 | 2,009 | 2,769 | 3,235 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 150 | 174 | 70 | 213 | 210 | 195 | 148 | 294 | 133 | 770 |
| PBT ⓘ | 140 | 173 | 197 | 205 | 287 | 252 | 253 | 353 | 600 | 800 |
| Adjustment ⓘ | 16 | 17 | 26 | 32 | 53 | 26 | 41 | 16 | 33 | 63 |
| Changes in Working Capital ⓘ | 19 | 16 | -105 | 35 | -44 | -18 | -82 | -2 | -361 | 93 |
| Tax Paid ⓘ | -25 | -32 | -48 | -59 | -87 | -65 | -64 | -73 | -140 | -187 |
| Cash Flow From Investing Activity ⓘ | -53 | -109 | -100 | -78 | -129 | -10 | -99 | -280 | -271 | -548 |
| Capex | -37 | -73 | -79 | -65 | -114 | -73 | -127 | -129 | -166 | -236 |
| Net Investments | 11 | 6 | -31 | 35 | -26 | 36 | 1 | -17 | -47 | -186 |
| Others ⓘ | -27 | -43 | 10 | -48 | 11 | 27 | 26 | -135 | -57 | -126 |
| Cash Flow From Financing Activityⓘ | -118 | -65 | 36 | -139 | -65 | -142 | -66 | -36 | 173 | -217 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 39 | 18 | 28 | -16 | -11 | -43 | 16 | 49 | 124 | 34 |
| Interest Paid ⓘ | -7 | -8 | -11 | -14 | -12 | -16 | -9 | -10 | -24 | -35 |
| Dividend Paid ⓘ | -31 | -69 | -18 | -27 | -65 | -76 | -54 | -54 | -68 | -72 |
| Others ⓘ | -119 | -7 | 37 | -81 | 23 | -7 | -19 | -21 | 141 | -144 |
| Net Cash Flow ⓘ | -21 | 0 | 6 | -4 | 16 | 43 | -18 | -22 | 35 | 5 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 22.04 | 20.31 | 21.97 | 18.94 | 23.29 | 22.39 | 17.36 | 20.74 | 28.43 | 28.99 |
| ROCE (%) | 21.27 | 25.72 | 25.91 | 24.19 | 30.43 | 23.98 | 21.35 | 25.83 | 33.85 | 34.23 |
| Asset Turnover Ratio | 1.38 | 1.33 | 1.29 | 1.22 | 1.42 | 1.16 | 1.08 | 1.42 | 1.77 | 1.25 |
| PAT to CFO Conversion(x) | 1.39 | 1.6 | 0.53 | 1.59 | 1.1 | 0.92 | 0.78 | 1.12 | 0.3 | 1.29 | Working Capital Days |
| Receivable Days | 42 | 40 | 45 | 47 | 37 | 46 | 56 | 42 | 36 | 56 |
| Inventory Days | 19 | 19 | 21 | 23 | 20 | 23 | 27 | 30 | 32 | 35 |
| Payable Days | 22 | 30 | 28 | 21 | 25 | 35 | 41 | 27 | 23 | 28 |
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
Milestones
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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