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Alpha | Photo voltaic Industries India Ltd.

Photo voltaic Industries India Ltd. – Explosive Inventory

Established in 1995, Photo voltaic Industries India Ltd. (SIL) is the biggest producer of commercial explosives and explosive initiating techniques in India and has the world’s largest manufacturing facility for packaged explosives. The corporate has greater than 25 years of excellence within the discipline of Explosives.

With a licensed explosives capability of over 300,000 MT/annum, the corporate has ~28% market share in India. Photo voltaic, with a 70% market share in exports from India, exports to 65 nations world wide with 34 manufacturing services worldwide.

Financial Explosives, a 100% subsidiary, manufactures detonators. Other than India, the corporate has a worldwide manufacturing presence in 6 nations specifically Nigeria, Zambia, South Africa, Turkey, Ghana, and Australia.


SIL has been one of many constant compounders within the Indian explosives’ basket. Its earnings grew at 16% CAGR throughout FY12-22 and the momentum is predicted to proceed given the sturdy inherent progress catalysts of the enterprise moat, management place, rising alternatives in defence sector, geographical growth & greater margin profile. We advocate a BUY ranking within the inventory with the goal value (TP) of Rs.3160, 50x FY24E EPS. 

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