ICICI Securities has given Hold recommendation for Solar Industries with a target price of Rs. 2850 in its research report issued on Apr 08, 2022

ICICI Securities research report on Solar Industries

Solar Industries (SOIL) surprised with an investment (undisclosed amount) in an unarmed aerial solutions (UAS) company ZMotion Autonomous (ZM) incorporated in CY18. This is the second announced start-up investment by SOIL after a strategic stake (Rs175mn) into Skyroot – a space start-up helping ISRO with propulsion systems (SOIL incidentally also received ToT on 7th Apr’22 (propellant casting for Dual Pulse propulsion system). The rationale for the strategic investment has been shown as “will strengthen SOIL’s initiative to introduce weaponised unmanned aerial vehicle (UAVs) for offensive and counter drone system for defensive roles”. ZM will become an associate company after the investment (45% stake by Mar’25; 25.11% upfront acquisition, rest through investment in CCPS).


We hosted Mr. Ankit Mehta, CEO and cofounder of Ideaforge to discuss the developing UAV space in India. We are sharing some of the key takeaways in this report. This in our view, sufficiently addresses, the scope and opportunity of investment in the domain. Maintain HOLD on SOIL.

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