Solar Industries Q1 profit jumps 93% to Rs 653 crore; Nuvama raises target price to Rs 23,435
Solar Industries reported a 93% year-on-year rise in Q1 net profit to Rs 653 crore, beating the Bloomberg Consensus estimate of Rs 519 crore. Revenue increased 71% to Rs 3,670 crore, ahead of the Rs 2,995 crore estimate. EBITDA climbed 82% to Rs 1,024 crore and margin widened 290 basis points to 27.7%, pointing to stronger operating leverage across segments. After the results, Nuvama lifted its target price to Rs 23,435 from Rs 20,000, implying over 15% upside, and kept a buy rating.