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Solar Industries India / Equity Bottom-Up

<p>Background: Established in 1995, Solar Industries is the largest manufacturer of industrial explosives and explosive initiating systems in India and has the world's largest manufacturing facility for packaged explosives. With a licensed explosives capacity of over 290,000 MT/annum, the company has ~28% market share in India. Solar, with a 70% market share in exports from India, exports to 51 countries around the world. Economic Explosives, a 100% subsidiary, manufactures detonators. In recent years it has expanded its manufacturing base to Nigeria, Zambia, South Africa, Turkey, Ghana and Australia.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Background: Established in 1995, Solar Industries is the largest manufacturer of industrial explosives and explosive initiating systems in India and has the world's largest manufacturing facility for packaged explosives. With a licensed explosives capacity of over 290,000 MT/annum, the company has ~28% market share in India. Solar, with a 70% market share in exports from India, exports to 51 countries around the world. Economic Explosives, a 100% subsidiary, manufactures detonators. In recent years it has expanded its manufacturing base to Nigeria, Zambia, South Africa, Turkey, Ghana and Australia.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>Explosives volume rose 13% whereas realisations jumped 25%. As a result, overall explosives segment revenue leaped 42% YoY to Rs 418 crore. Accessories segment registered an improvement of 52% YoY to Rs 111 crore. Defence segment revenue came in at Rs 19.54 crore, down 26% YoY. The segment struggled as there were some disruptions with respect to new order processing and execution of existing ones owing to Covid-19.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Explosives volume rose 13% whereas realisations jumped 25%. As a result, overall explosives segment revenue leaped 42% YoY to Rs 418 crore. Accessories segment registered an improvement of 52% YoY to Rs 111 crore. Defence segment revenue came in at Rs 19.54 crore, down 26% YoY. The segment struggled as there were some disruptions with respect to new order processing and execution of existing ones owing to Covid-19.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SOLARINDS: Explosives volume rose 13% whereas realisations jumped 25%

India

Solar Industries India Limited manufactures and supplies explosives and explosives accessories. The company's products include bulk, cartridge, detonators, detonating cords Pentaerythritol Tetranitrate ("PETN"), and cast boosters.

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Solar Industries India (SOIL IN)

EARNINGS UPDATE-SOLAR INDUSTRIES 4QFY21

Background: Established in 1995, Solar Industries is the largest manufacturer of industrial explosives and explosive initiating systems in India...

Chola Wealth Direct

SOLARINDS: Explosives volume rose 13% whereas realisations jumped 25%

Explosives volume rose 13% whereas realisations jumped 25%. As a result, overall explosives segment revenue leaped 42% YoY to Rs 418 crore....

ICICI Securities Limited

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