Solar Industries India Ltd (SIIL), the market leader in industrial explosives and largest Indian exporter, is poised to sustain its fast paced growth on the back of its leadership position with a well diversified product portfolio, overseas expansion, entry into the defence sector, helped by strong client relationships with low cost realization. SIIL holds a ~22% market share of the domestic industrial explosives and a ~55% of market share in international industrial explosive. Coal India is the largest client of SIIL and contributed ~24% of revenue in Q1FY16, even as SIIL diversifies its customer base, increasing its footprint in the industry. We estimate consolidated revenue to grow at ~17% CAGR over FY16-18E, resulting in...