Name: Latest research reports of Solar Industries India Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Solar Industries India Ltd.
Rating: 5
Author: ICICI Securities Limited

Volatility bottoming out; Pinaka order awaited

Buy: Solar Industries India Ltd.

ICICI Securities Limited

Solar Industries’ (SOIL) Q1FY24 EBITDA was up 14% YoY (down 9.6% QoQ) at INR3.2bn. Key points: 1) Explosives segment realisation declined, tracking ammonium nitrate prices; 2) explosives volume was up 12.6% YoY, lower than the guidance of 15-20% mainly due to impact of unseasonal rains on housing and infra segment; 3) defence revenue rose 148% YoY to a record INR 1.5bn.