Did any body attended AGM
Solar Industries has intimated NSE about the execution of List of Family Settlement(LFS?). Can anyone throw some light on the details and what it means for the company:
Thanks!
Brothers had been fighting among themselves for some time now. I live in Nagpur which is where the company is based out of.
Brothers don’t go along that well is a local knowledge. This is basically a settlement to divide shareholding between themselves.
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- Net Debt has reduced from 910 cr in FY23 to 698 cr in Q1 FY24.
- WC days have also reduced from 95 to 72.
- Order book status is currently 2678 cr. Defence order book out of which is 1054 crores.
- Defence revenue reached a new high at INR 155 crores, with a growth of 142% YoY. Defence revenue expected to exceed INR 700 crores annually.
- EBITDA margins increase was supported by defence sales.
- Expectation of higher prices in the second half of the year for raw materials. This might affect margins in H2FY24. Need to check.
- Plans to increase global manufacturing presence from 8 to 12 countries. Expansion plans in Indonesia and Australia to contribute to volume growth. Expectation of breakeven in South Africa and profitability in Australia in FY24.
- Future Outlook: Expected annualized volume growth expected to be 15-20%. Margins should be maintained around 20-22%. Improvement in housing and infrastructure demand is expected from Q3 onwards. Capex plans of INR 750 crores for the year, funded by cash generation from operations.
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In just around four months the price seems to have almost doubled from around 3500 to 6875, PE is close to 80 now. Is there any particular reason for this significant price rise in such a short time?
All defense stocks are booming, like Avantel, HBL Powe
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STILL THERE SHOULD BE SOME SOLID REASON behind this upward in one week. ANY BIG investor buying or some Orders? I couldn’t find anything. do you Sir.?
The price rise is due their announcement that PINAKA deal has cleared the testing finally and EOI will be issued, setting Solar to supply continuing rounds of inititin systems for their requirement fo Defence forces. so they must have re-rated for estimated continuing income for 10 years or so. Plus CIL requirement are steadily rising, and i gues this will eventually take SIL to around 10 K p/s
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Thanks. But this I thought was already priced in to an extent.
I was really hoping there was more than what meets the eye :). Wanted to double my position when it was around 3500, unfortunately it was a fleeting window, may never get another good chance.
Apart from the defence story which is very well known, another reason I will stay invested in Solar for long term is Skyroot. Skyroot aspires to be SpaceX, currently they are very far out in comparison in terms of size as well as capability. SpaceX is probably around five times bigger than reliance today. Among Indian startups in general and space startups in particular, if one were to rank competitiveness, Skyroot will be among the top ones. Their capability will only increase and given their track record and the kind of help these startups are getting from ISRO and the space community in general Skyroot is probably one of the most promising startups in the country today.
Editing out my original message which has the error of calculating based on Solar having 25+ percent stake in Skyroot: As it stands today, thanks to @Akshada_Deo, Solar’s stake in Skyroot is around 5 percent and Skyroot’s valuation is around 1300Cr. With Skyroot’s success, a decade out, this will only turn out to be a successful investment for Solar apart from the synergies that exist.
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Can you please share some source about this 31% stake , I tried to dig in but seemed they invested some amount in Skyroot with condition that they will offtake solid fuel from Subsidiary of Solar.
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In Sep 2022, the Company raised a INR 403.0Cr. Series B round at a valuation of INR 1303.0Cr, diluting 30.9%. Waverly Pte Ltd led the round with an investment of INR 380.0Cr, resulting in a post-round stake of 29.16%. New investors - LNM India Internet Ventures invested 23.0Cr , resulting in post-round stake of 1.8%.
| Post round cap table: | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Name | Pre-round holding % | Post-round holding % | Investment in Current Round | Post Round Cumulative Investment | Unrealized Return | Cumulative Realised Returns |
Return Multiple | Shares Bought/Allocated | Shares Sold | Post Round Total # Shares |
| Founder | 38.6% | 26.7% | - | - | 347.3Cr | - | - | - | 100,000 | |
| Pawan Kumar Chandana | 25.9% | 17.9% | - | - | 232.7Cr | - | - | - | - | 67,000 |
| Naga Bharath Daka | 12.7% | 8.8% | - | - | 114.6Cr | - | - | - | - | 33,000 |
| Angel | 15.5% | 10.7% | - | 12.9Cr | 139.6Cr | - | - | - | 40,198 | |
| Mukesh Bansal | 15.2% | 10.5% | - | 12.3Cr | 137.0Cr | - | 11.1x | - | - | 39,446 |
| Guraja Raja Sekhar | 0.1% | 0.1% | - | 30.0L | 1.3Cr | - | 4.2x | - | - | 365 |
| Venkat Aravind Dasyam | 0.1% | <0.1% | - | 25.0L | 1.1Cr | - | 4.2x | - | - | 304 |
| Priyanka Metla | <0.1% | <0.1% | - | 7.5L | 28.8L | - | 3.8x | - | - | 83 |
| Fund | 8.0% | 36.4% | 403.0Cr | 437.7Cr | 474.9Cr | - | - | 116,044 | - | 136,734 |
| GIC | - | 29.2% | 380.0Cr | 380.0Cr | 380.0Cr | - | - | 109,421 | - | 109,421 |
| LNM India Internet Ventures | - | 1.8% | 23.0Cr | 23.0Cr | 23.0Cr | - | - | 6,623 | - | 6,623 |
| Crimson | 4.8% | 3.3% | - | 13.0Cr | 43.4Cr | - | 3.3x | - | - | 12,489 |
| WorldQuant Ventures | 0.9% | 0.7% | - | 2.2Cr | 8.5Cr | - | 3.8x | - | - | 2,449 |
| Sherpalo Ventures | 0.6% | 0.4% | - | 7.4Cr | 5.7Cr | - | 0.8x | - | - | 1,627 |
| WAMI Capital | 0.6% | 0.4% | - | 7.4Cr | 5.7Cr | - | 0.8x | - | - | 1,627 |
| Graph Ventures | 0.5% | 0.3% | - | 1.1Cr | 4.2Cr | - | 3.8x | - | - | 1,213 |
| Vevek Venture Investments | 0.3% | 0.2% | - | 3.0Cr | 2.3Cr | - | 0.8x | - | - | 659 |
| Sutton Capital Partners | 0.1% | <0.1% | - | 29.2L | 1.1Cr | - | 3.8x | - | - | 322 |
| Vedanshu | 0.1% | <0.1% | - | 25.0L | 1.1Cr | - | 4.2x | - | - | 304 |
| Enterprise | 32.0% | 22.1% | - | 75.9Cr | 288.4Cr | - | - | - | 83,043 | |
| DigiTele Networks | 24.0% | 16.6% | - | 51.0Cr | 215.7Cr | - | 4.2x | - | - | 62,111 |
| Solar Group | 7.5% | 5.2% | - | 17.5Cr | 67.0Cr | - | 3.8x | - | - | 19,305 |
| AKSS Holdings LLC | 0.6% | 0.4% | - | 7.4Cr | 5.7Cr | - | 0.8x | - | - | 1,627 |
| ESOP Pool | 5.9% | 4.1% | - | - | 52.9Cr | - | - | - | 15,223 | |
| Esop Pool | 5.9% | 4.1% | - | - | 52.9Cr | - | - | - | - | 15,223 |
| Total | 100% | 100% | 403.0Cr | 526.5Cr | 1303.0Cr | 116,044 | 375,198 |
This is latest funding details for the company
| SNo. | Investor Type | Investor Name | Investor Domain | Type | Is Lead Investor | Funding Date | Round Name | Funding Amount (USD) | Company Name |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FUND | Temasek | temasek.com.sg | COMPANY | Yes | Oct 30, 2023 | Series B | 27,500,000 | Skyroot |
| 2 | FUND | AUM Ventures | aumvc.com | COMPANY | No | Nov 22, 2022 | Series B | Undisclosed | Skyroot |
| 3 | CORPORATE_INVESTOR | GIC | gic.com.sg | COMPANY | Yes | Aug 29, 2022 | Series B | 51,000,000 | Skyroot |
| 4 | ANGEL | Mukesh Bansal | PEOPLE | No | Aug 29, 2022 | Series B | 51,000,000 | Skyroot | |
| 5 | ANGEL | Anil Chalamalasetty | PEOPLE | No | Aug 29, 2022 | Series B | 51,000,000 | Skyroot | |
| 6 | ANGEL | Mahesh Kolli | PEOPLE | No | Aug 29, 2022 | Series B | 51,000,000 | Skyroot | |
| 7 | FUND | Sherpalo Ventures | sherpalo.com | COMPANY | No | Aug 29, 2022 | Series B | 51,000,000 | Skyroot |
| 8 | CORPORATE_INVESTOR | Solar Group | solargroup.com | COMPANY | No | Aug 29, 2022 | Series B | 51,000,000 | Skyroot |
| 9 | ANGEL | Neeraj Arora | PEOPLE | No | Aug 29, 2022 | Series B | 51,000,000 | Skyroot | |
| 10 | FUND | WAMI Capital | wamicapital.com | COMPANY | No | Aug 29, 2022 | Series B | 51,000,000 | Skyroot |
| 11 | FUND | LNM India Internet Ventures | lnmindiainternetventures.vdtrxn | COMPANY | No | Aug 29, 2022 | Series B | 51,000,000 | Skyroot |
| 12 | FUND | Sherpalo Ventures | sherpalo.com | COMPANY | Yes | Jan 27, 2022 | Series B | 4,500,000 | Skyroot |
| 13 | FUND | WAMI Capital | wamicapital.com | COMPANY | No | Jan 27, 2022 | Series B | 4,500,000 | Skyroot |
| 14 | ANGEL | Neeraj Arora | PEOPLE | No | Jan 27, 2022 | Series B | 4,500,000 | Skyroot | |
| 15 | ANGEL | Amit Singhal | PEOPLE | No | Jan 27, 2022 | Series B | 4,500,000 | Skyroot | |
| 16 | CORPORATE_INVESTOR | Crimson | crimsonholdings.com | COMPANY | No | Jan 27, 2022 | Series B | 4,500,000 | Skyroot |
| 17 | FUND | Vevek Venture Investments | vevekventureinvestments.vdtrxn | COMPANY | No | Jan 27, 2022 | Series B | 4,500,000 | Skyroot |
| 18 | FUND | AKSS Holdings | akssholdings.vdtrxn | COMPANY | No | Jan 27, 2022 | Series B | 4,500,000 | Skyroot |
| 19 | CORPORATE_INVESTOR | Haldiram Foods International | haldirams.com | COMPANY | No | Jan 27, 2022 | Series B | 4,500,000 | Skyroot |
| 20 | ANGEL | Anil Chalamalasetty | PEOPLE | Yes | May 20, 2021 | Series A | 14,970,560 | Skyroot | |
| 21 | ANGEL | Mahesh Kolli | PEOPLE | Yes | May 20, 2021 | Series A | 14,970,560 | Skyroot | |
| 22 | ANGEL | Neeraj Arora | PEOPLE | No | May 20, 2021 | Series A | 14,970,560 | Skyroot | |
| 23 | ANGEL | Mukesh Bansal | PEOPLE | No | May 20, 2021 | Series A | 14,970,560 | Skyroot | |
| 24 | FUND | WorldQuant Ventures | worldquantventures.com | COMPANY | No | May 20, 2021 | Series A | 14,970,560 | Skyroot |
| 25 | FUND | Sutton Capital | sutton.fund | COMPANY | No | May 20, 2021 | Series A | 14,970,560 | Skyroot |
| 26 | CORPORATE_INVESTOR | Vedanshu | vedanshugroup.com | COMPANY | No | May 20, 2021 | Series A | 14,970,560 | Skyroot |
| 27 | FUND | Graph Ventures | graphventures.com | COMPANY | No | May 20, 2021 | Series A | 14,970,560 | Skyroot |
| 28 | CORPORATE_INVESTOR | Crimson | crimsonholdings.com | COMPANY | No | May 20, 2021 | Series A | 14,970,560 | Skyroot |
| 29 | CORPORATE_INVESTOR | DigiTele Networks | digitelenetworks.com | COMPANY | No | May 20, 2021 | Series A | 14,970,560 | Skyroot |
| 30 | CORPORATE_INVESTOR | Solar Group | solargroup.com | COMPANY | No | May 20, 2021 | Series A | 14,970,560 | Skyroot |
| 31 | ANGEL | Priyanka Metla | PEOPLE | No | May 20, 2021 | Series A | 14,970,560 | Skyroot | |
| 32 | CORPORATE_INVESTOR | Vedanshu | vedanshugroup.com | COMPANY | No | Jun 15, 2020 | Seed | 369,340 | Skyroot |
| 33 | ANGEL | Guraja Raja Sekhar | PEOPLE | No | Jun 15, 2020 | Seed | 369,340 | Skyroot | |
| 34 | ANGEL | Venkat Aravind Dasyam | PEOPLE | No | Jun 15, 2020 | Seed | 369,340 | Skyroot | |
| 35 | ANGEL | Mukesh Bansal | PEOPLE | Yes | Jun 15, 2020 | Seed | 369,340 | Skyroot | |
| 36 | ANGEL | Mukesh Bansal | PEOPLE | Yes | Jul 23, 2018 | Angel | 1,497,590 | Skyroot |
Source: Tracxn
Disclosure: invested from lower levels
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https://twitter.com/IndianTechGuide/status/1735189356829393189
Defence Ministry has approved a ₹2,800 crore proposal for buying around 6,400 rockets for Pinaka multi-barrel rocket launcher systems.
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Maharashtra: Nine people died in blast at Solar Explosive company in Nagpur | Mint (livemint.com) - unfortunate incident. Although license to manufacture these goods in highly regulated industry is a moat, risks and liabilities are also very high. Best practices must be followed which can increase costs but must be followed to avoid these kinds of incidents in future.
The building which was used to manufacture “cast booster” bore the brunt of the blast. Cast booster is used in explosives used in coal mining.
Concerning news - A similar incident took place in August 2023 where one worker died. Just thinking, about whether this series of mishaps is just a coincidence or caused by poor safety measures/protocols.
Disclosure - Invested since lower levels.
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Stock has run up quite a bit since Feb, the stock did not really participate much in the recent mid/small-cap drubbing but is making new highs now. I dont see any major news apart from from some defence orders. Why would a close to 100 PE justify and is this sustainable?
the Pinaka defense requirement are massive. right across the border which is thousands on km needs these batteries, just this product alone can go into annual couple of thousand crores