04-Nov-2026 08:23:30
SOLARINDSGeneral news
GS on Solar Ind : Buy, TP Rs 26550
Q2 ahead of estimates across all key parameters. Growth was led by the Defense and International businesses, with revenues increasing 98% and 57% YoY, respectively. Commercial Explosives revenue increased 61% YoY but declined 29% QoQ, with sequential moderation in India business largely reflecting seasonality This came against a volatile Ammonium Nitrate (AN) pricing environment, with the AN index up 14.6% YoY but down 25% QoQ. Despite sharp sequential correction in AN prices, SOIL managed commodity cycle well, with limited impact on profitability.
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