SOLARINDS · Chemicals
Solar Industries India Ltd. reported revenue of ₹1,611 cr for January to March 2024, — on the year and +12.7% on the quarter.
Operating profit (EBITDA) was ₹354 cr, a margin of 22.0%, — on the year and −287 bps on the quarter.
Net profit was ₹243 cr, — on the year and +9.5% on the quarter, with earnings per share of ₹25.98.
Early-stage defence and space businesses are lumpy and order-driven; one contract can make or break a quarter. The quarterly statements do not carry the order book and contract milestones; those come with the filing read.
On earnings per share of ₹92.39 over the last four quarters, the stock at ₹19,988.00 trades at 216.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,429 cr | ₹1,611 cr | ₹1,685 cr | ₹1,716 cr | ₹1,973 cr | ₹2,167 cr | ₹2,154 cr | ₹2,082 cr | ₹2,548 cr | ₹3,053 cr | ₹3,668 cr | ₹3,519 cr |
| YoY | — | — | +0% | +27% | +38% | +35% | +28% | +21% | +29% | +41% | +70% | +69% |
| EBITDA margin | 24.8% | 22.0% | 26.6% | 25.9% | 26.7% | 24.8% | 24.8% | 28.6% | 27.8% | 27.1% | 17.8% | 28.0% |
| Other income, % of PBT | 4% | 7% | 6% | 9% | 2% | 2% | 6% | 5% | 4% | 6% | 2% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 21% | 26% | 25% | 26% | 25% | 27% | 26% | 27% | 27% | 27% | 26% |
| Net profit | ₹222 cr | ₹243 cr | ₹301 cr | ₹304 cr | ₹338 cr | ₹346 cr | ₹353 cr | ₹362 cr | ₹467 cr | ₹556 cr | ₹666 cr | ₹647 cr |
| YoY | — | — | +49% | +45% | +52% | +42% | +17% | +19% | +38% | +61% | +89% | +79% |
| Core profit YoY | — | — | +45% | +34% | +56% | +60% | +18% | +26% | +36% | +56% | +97% | +85% |
| EPS | ₹22.47 | ₹25.98 | ₹31.66 | ₹31.59 | ₹34.80 | ₹35.61 | ₹37.43 | ₹3.86 | ₹49.31 | ₹60.52 | ₹7.21 | ₹6.82 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Solar Industries India Ltd. reported revenue of ₹1,611 cr (— on the year) and net profit of ₹243 cr (— on the year) for January to March 2024.
None of the 2 checks that could run raised a question.
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