This multi-beagger stock still has more upside, the brokerage raised its target price.

New Delhi. Solar Industries, a stock that has delivered 145-billion-dollar returns in a year, is still thriving. Intraday, the stock rose five percent today to touch a new 52-week high of Rs 9,499. Investor enthusiasm for the stock is high after its stellar fourth-quarter results. The brokerage is also confident that this multi-bagger share will generate more revenue. This is the reason why brokerage firm Navama has raised its target price on shares of Solar Industries. At 3 pm, the share was trading at Rs 9375, up 4.44 per cent on the NSE.

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Solar Industries’ net profit rose 10 percent to Rs 243 crore in the quarter ended March, from Rs 221 crore in the same quarter last year. However, the company’s sales declined by 16 percent on a year-on-year basis to Rs 1,611 crore from Rs 1,929 crore a year ago. Solar Industries’ defense segment recorded robust growth of 75% year-on-year and the firm’s management is confident of a 3-fold increase in defense revenue in FY25. Gross margin increased by 1024 bps to 48.5% due to lower raw material costs.

Navama increased the target price.
Navama Institutional Equities has maintained its ‘hold call’ on shares of Solar Industries. But, the brokerage raised its target price to Rs 9,254 per share from Rs 7,056 per share. This means that the stock is likely to gain around 4.2% from the previous closing price.

Gave 145% profit in one year.
Shares of Solar Industries have given investors a return of 145% in one year. The stock has gained 38% so far in the year 2024. In the last six months, investors have earned 35% profit from this share, while the price of this multi-beagger share has increased by 10% in one month.

73% shares of the promoters
The current market capitalization of Solar Industries is ₹ 84,010.97 crore. The promoters’ share in the company is 73%. Domestic institutional investors hold 14.52 percent and foreign institutional investors hold 6.1 percent stake in Solar Industries. The company has achieved a good profit growth of 27.80% in the last 3 years. Similarly, the company’s revenue growth during this period has been 40.16%.

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