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ICICI Securities Report
Solar Industries India Ltd. has posted its highest-ever quarterly Ebitda, Ebitda margin and defence revenue in Q1 FY25. Key points:
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Ebitda rose 39% YoY at Rs 4.5 billion despite a mere 1% YoY uptick in realisation;
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defence revenue was Rs 2.04 billion, up 34% YoY; and
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other expenses declined 18% YoY (21% QoQ) due to change in revenue mix among segments and softening of inflationary environment in key overseas markets.
Going ahead, management expects to comfortably meet the defence revenue guidance of Rs 15 billion for FY25 and Ebitda margin will stay higher than 23%.
We believe defence segment is likely to be the key earnings driver owing to upcoming orders and new products.
We maintain 'Buy' on Solar Industries with an unchanged target price of Rs 13,250 based on 65 times FY26E earning per share.
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