Yes, Solar commands a premium due to defence. That is why I am not using Solar’s entire business as reference which is valued at 56x EBITDA. Instead, I am stripping out the defence segment entirely. Solar’s Blasting Solutions segment should generate ~1,430 Cr in EBITDA in FY26. I am assigning 20x multiple to that to arrive at a valuation of 28,600 Cr. Even at 15x multiple, it’s valued at 21,450 Cr. Whereas Deepak Fertilizers current market cap for entire business is 15,697 Cr.
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