Buy Solar Industries India; target of Rs 4620: Hem Securities

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26 Aug, 2025 12:21

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Hem Securities report on Solar Industries India

In Q2F23, the consolidated revenue grew up by 99% at Rs 1,567 crores versus Rs 788 crores. Explosives revenue was up by 90%. Realization of explosives has increased by almost 73%, that is Rs 70,900 versus Rs 40,874 during Q3FY23. Initiating Systems revenue increased by 50%. However Coal India’s contribution of revenue stood at 13% compared to 15% whereas revenues increased by 67% year-on-year to Rs 198 crores from Rs 118 crores. PBT has increased by massive 144% from Rs 104 crores to Rs 254 crores & PAT has increased by 152% from Rs 75 crores to INR Rs crores in Q3FY23.

Outlook

Hence, we recommend BUY on stock with price target of Rs 4620 ( up 15%) in medium term.

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Solar Industries India - 09 -12-2022 - hem