Solar Industries’ shares slid 4% on Wednesday, falling to ₹18,480 after a 14% plunge the day before.
DAM Capital keeps a buy rating, citing a ₹22,000 target that represents a 14.3% upside from today’s close. Of the 19 analysts covering the stock, 15 are buy, 3 hold and 1 sell.
The company’s acquisition of South Africa‑based Omnia Holdings for ₹12,951 crore values the deal at 7.9x EV/EBITDA and is expected to close by mid‑2027. CEO Manish Nuval told CNBC‑TV18 the transaction will be funded through internal accruals and long‑term debt, with no equity dilution.
For FY28, management guided revenue of ₹31,500‑₹32,000 crore, EBITDA of ₹6,800‑₹7,000 crore, EBIT of ₹6,200 crore and profit before tax over ₹5,000 crore. This guidance sits above the market consensus of ₹30,800 crore revenue and ₹6,400 crore EBITDA.
Despite the two‑day decline, the stock remains up more than 50% year‑to‑date, and DAM Capital hints at a rebound once the Omnia integration completes. The next earnings call is scheduled for October 15, where investors will scrutinise the impact of the acquisition and the performance of the agriculture and chemicals segments.