ICICI Direct's research report on Solar Industries
Solar Industries (SIL) is the largest manufacturer of industrial explosives and explosive initiating systems in India. It has a capacity of ~300,000 MT/year. It holds reasonable market share in India of ~28% It also leads the exports share from India, which is around 70% in industrial explosive and initiating system It exports to 55 countries in the world and has recently expanded its manufacturing base to many African Countries
We maintain our HOLD rating on the stock We value the stock at Rs 2520, valuing the business at 35x FY24E earnings.
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