ICICI Direct has given Hold recommendation for Solar Industries with a target price of Rs. 2900 in its research report issued on May 04, 2022

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 2900, valuing the business at 40x FY24E earnings.

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