Financials Solar Industries India Limited Bombay S.E.

Equities

532725

INE343H01029

Commodity Chemicals

Market Closed - Bombay S.E. Other stock markets 11:00:54 28/06/2024 BST			5-day change	1st Jan Change
10,017 ^INR	+1.87%		-0.11%	+48.95%

05-17	Transcript : Solar Industries India Limited, Q4 2024 Earnings Call, May 17, 2024
05-16	Solar Industries India Limited Reports Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2024	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	82,726	116,067	253,055	343,184	794,661	906,783	-
Enterprise Value (EV) ¹	82,726	116,067	253,055	343,184	794,661	906,783	906,783
P/E ratio	30.9 x	42 x	57.3 x	45.3 x	95.1 x	73.7 x	55 x
Yield	0.66%	0.47%	0.27%	0.21%	-	0.09%	0.11%
Capitalization / Revenue	3.7 x	4.61 x	6.41 x	4.96 x	13.1 x	11.4 x	9.2 x
EV / Revenue	3.7 x	4.61 x	6.41 x	4.96 x	13.1 x	11.4 x	9.2 x
EV / EBITDA	19 x	22.6 x	33.9 x	26.6 x	58 x	47.1 x	36.2 x
EV / FCF	98.8 x	127 x	2,443 x	193 x	-	239 x	102 x
FCF Yield	1.01%	0.79%	0.04%	0.52%	-	0.42%	0.98%
Price to Book	5.99 x	7.35 x	13.2 x	13.1 x	-	20.4 x	15.1 x
Nbr of stocks (in thousands)	90,490	90,490	90,490	90,490	90,490	90,490	-
Reference price ²	914.2	1,283	2,796	3,792	8,782	10,021	10,021
Announcement Date	31/07/20	27/05/21	04/05/22	03/05/23	16/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	22,373	25,156	39,476	69,225	60,695	79,740	98,537
EBITDA ¹	4,343	5,146	7,473	12,889	13,692	19,245	25,055
EBIT ¹	3,498	4,211	6,380	11,607	12,258	17,280	22,506
Operating Margin	15.63%	16.74%	16.16%	16.77%	20.2%	21.67%	22.84%
Earnings before Tax (EBT) ¹	3,358	3,971	6,074	11,016	11,613	16,936	21,870
Net income ¹	2,674	2,764	4,413	7,572	8,359	12,523	16,789
Net margin	11.95%	10.99%	11.18%	10.94%	13.77%	15.7%	17.04%
EPS ²	29.55	30.54	48.77	83.68	92.38	135.9	182.4
Free Cash Flow ¹	836.9	917.2	103.6	1,774	-	3,796	8,865
FCF margin	3.74%	3.65%	0.26%	2.56%	-	4.76%	9%
FCF Conversion (EBITDA)	19.27%	17.82%	1.39%	13.76%	-	19.72%	35.38%
FCF Conversion (Net income)	31.29%	33.19%	2.35%	23.42%	-	30.31%	52.8%
Dividend per Share ²	6.000	6.000	7.500	8.000	-	9.250	11.38
Announcement Date	31/07/20	27/05/21	04/05/22	03/05/23	16/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	10,179	13,168	16,156	15,666	18,118	19,285	16,822	13,475	14,291	16,107
EBITDA ¹	1,780	2,628	2,830	2,990	3,495	3,575	3,313	3,362	3,562	3,537
EBIT	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	2,994	3,020	2,724	2,845	2,989	-
Net income ¹	-	-	-	-	2,046	2,061	1,974	2,001	2,033	2,350
Net margin	-	-	-	-	11.29%	10.69%	11.74%	14.85%	14.23%	14.59%
EPS	-	-	-	-	22.61	22.78	21.82	22.12	22.47	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	29/01/22	04/05/22	25/07/22	04/11/22	25/01/23	03/05/23	03/08/23	02/11/23	07/02/24	16/05/24

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	837	917	104	1,774	-	3,796	8,865
ROE (net income / shareholders' equity)	20.4%	18.7%	25.3%	33.5%	-	32%	32%
ROA (Net income/ Total Assets)	11.1%	-	-	-	-	-	-
Assets ¹	24,072	-	-	-	-	-	-
Book Value Per Share ²	152.0	175.0	212.0	288.0	-	492.0	664.0
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	2,411	2,650	2,874	4,791	-	7,900	8,150
Capex / Sales	10.78%	10.53%	7.28%	6.92%	-	9.91%	8.27%
Announcement Date	31/07/20	27/05/21	04/05/22	03/05/23	16/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Solar Industries India Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10,021 INR

Average target price

9,746 INR

Spread / Average Target

-2.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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