Interim report
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November 03, 2026 To, To, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex Floor no.25, PJ Towers Bandra (E) Dalal Street Mumbai - 400 051 Mumbai – 400 001 Trading Symbol: “SOLARINDS” Scrip Code: 532725 Through NEAPS Through BSE Listing Center Subject: Outcome of the Board Meeting dated November 03, 2026. Dear Sir/Madam, With reference to the captioned subject and pursuant to the Regulation 30, Regulation 33 and 52 read with para A of part A of Schedule III of the SEBI (Listing Obligations & Disclosure Requirements) 2015, (as amended from time to time), we hereby inform the Exchange that the Board of Directors of the Company at their meeting held on Tuesday, November 03, 2026 at 12:45 p.m. at "Solar" House, 14, Kachimet, Amravati Road, Nagpur - 440023 has inter alia considered and approved the following:- 1. The Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026 along with Limited Review Report. 2. Based on the Audit Committee’s recommendation, the Board of Directors, at its meeting held on November 03, 2026, has approved the appointment of M/s Price Waterhouse Chartered Accountants LLP, Chartered Accountants (ICAI Firm Registration No. 012754N/N500016), in place of the retiring Statutory Auditor, M/s SRBC & Co. LLP, Chartered Accountants (ICAI Firm Registration No:. 324982E/E300003) and the re-appointment of M/s Gandhi Rathi & Co., Chartered Accountants (Firm Registration No. 103031W), as joint Statutory Auditors of the Company for a five-year term, from the conclusion of the 32 nd Annual General Meeting (AGM), to be held in 2027, until the conclusion of the 37th AGM, to be held in 2032 subject to Shareholders’ approval. The meeting of the Board Directors of the Company commenced at 12:45 p.m. and concluded at 01:30 p.m. This is for your information and records. Kindly acknowledge receipt of the same. Yours truly, For Solar Industries India Limited Khushboo Pasari Company Secretary & Compliance Officer
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November 03, 2026 To, To, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex Floor no.25, PJ Towers Bandra (E) Dalal Street Mumbai - 400 051 Mumbai – 400 001 Trading Symbol: “SOLARINDS” Scrip Code: 532725 Through NEAPS Through BSE Listing Center Sub: Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended on September 30, 2026. Dear Sir/Madam, In continuation of our letter dated October 27, 2026 and pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended on September 30, 2026 duly approved by the Board of Directors of the Company at their meeting held on Tuesday, November 03, 2026 at Registered Office of the Company situated at “Solar” House, 14, Kachimet, Amravati Road, Nagpur - 440 023. The meeting of the Board of Directors of the Company commenced at 12:45 p.m. and concluded at 01:30 p.m. We have also enclosed a copy of the Limited Review Report of the Statutory Auditors on the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended on September 30, 2026. This is for your information and records. Kindly acknowledge receipt of the same. Yours truly, For Solar Industries India Limited Khushboo Pasari Company Secretary & Compliance Officer
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50L/\R5 StAlEtlftt OF UI{AUD|IEO CONEOUDAIEO Fll{AllCUL REEULIS FOR TllE OU RTER AND llAlF Yl^R EI{DID aEPTEtrtBlR lO,2024. PartculaB .) b) Rctwc tom Opdtdm OMh6m. 3,3r8.e2 15.37 3,668.20 a3) 2,O822 20.t8 7,t6?.12 23.C9 1,23667 5t.{,1 0,83?.74 r27.08 .) b) c) d) ., 0 !) Cod ol Mrtldlli cruld h idlmdcl ol Ftirh.d Good!, Wort-lrProor.s rnd Sioct.!FT.!& Enplofoo B?n.fib €rp.M Fimm C6b rnd Amorli4libn crp.m t6{x.73 177.55 (r06. m.21 t5.36 E7.95 6t0.fl t7E6.76 roa.80 255.E0 41.20 7E.f1 540.23 e3c.r0 1Z2.tl tta.70 30,E9 60.62 31E.95 3.39t.49 282.35 52 t.El 96.E2 187.69 t,r 11.00 I,t5t.1! 24.61 (65.4r 370.{9 5E.32 r t6.60 83e.6t 36E.6E (177 tl,l.9E 133.07 260.87 .23 Totll2ttar52tr7131t,t20.xr,.:to.at332t.0tr,too.z ' Not affpsbad ld ttE auaabr for Sohr hdqtri.. tdL LhrlH Pl6 | tLgpnt lLl-r ildmLr 01, lzt ildl.t l{urvd Hu.{lng Dlr*$r e CEO oN - 00tc4slE Solar lndustries lndia Limited E Regd. Office: "Solar" Housg 14 Kachimet, Amravati Road, Nagpur - 44OO23, Maharashtra, INDIA CIN : 174999MH1995P1CO85878 e solar@solargroup.com @ www.solargroup.com s} +917126634567 1457A Y{r.rd.d Hrf y..r.idad Quru f,tdrd rff-t26sr-0t.202c sfi.msfi5ts0.0r20rtto,0tt02r UilodiH Unfldii.dt mrdit dUmudHArdlbd t Mudibd t2lrttlat{tttsl ttl a70,.E 87t.la (0.E8) 070rt 213.70 0.2€ 12.25 2$6.2. z,3ra.l5 0.27 4*8,22 606.05 0.03 r6.85 t7/ral tn,u (0,36) aff.at 225.21 3.70 (.57) tol.7l E.75 0lt.{t ltt.lt 23:'.55 I 1.5,1 12..36 021 5.{5 iatt.62 1$.{ (0.0{) a!t.32 458.76 3.70 0.e7 I,tl0.tt EJO r,TtaJl t,7tt.lt t.tSara al0,0aaat.ttt6t.4t'r,t.ta.fif11.0f 320.25 (E.n) (72.?3) 0.23 13.13 (t.t4 r07.00 (r.$l 3,t.63 (5.821 279.10 o.21' 126.25 (10.2C) (99.?3) 2.38 27.00 (2.r51 13.r3 (t.14 1t.tt e.nl I tt.ttlol.00 il,a.a42att.'.et20t.49 41c.61aa'tt)tet.oant?.u rJ.a.ttaalz. 5,1t5.e2 0.r6 ,t.?3 r6.35 t.!E 0.Eo 0.09 3.0:t t.52 z2.t0x r8.85% 0.2rt 0.00 063.67 30.40 63.t3 2C2a 769.40 5E.04 7t.lt ft,rt '16.10 t3n.65 58.08 1.903.57 134.07 'll1.!i lt.3e 18.10 6"250.t0 6,277.N 0.23 5.15 20.10 2.06 0.t6 0.r3 5.06 17.00 21.107r 't7.65% 0.{0 0.00 ?&.oil 7{.9E I a I g 7 t t l1 1Z tt P.offl bdoF 6Mn ot Profft, (ldrl ol -rcLt . (il|}, Eropllqrl il.m rd Tu (1 - 2l lsh.r. ot Profi / llo!) ot reoialoB (ml) Profit ffin Erapiiill ibD rd ld (! + 4l ErcgplbNlliaft Poft HoF Td (6 + al Td E e.io 6) Cwd T.r b) Adit!&nst ot br.oLlir! to .dLr pdiod c) O.t trcdlrr l{.4 Pro{t lbr tr pdod ( t . t I Olh.r Cdpfrtf.iv. hm O 6) lt m.0[t$ilnolb..6cl.sI!6d toProfit d Loc b) lMmo Tu r.l.lilo to il.m. th.t vd ml b! r.d.{i6!d to Proff d L@ lr) .) n m thrt lvl b. r.&-lfcd b Prolt d Lq b) klm6 Tu J.l.&[ to ltomr 0[t wl b. r.drsillod to Poff q Lo$ Tot l Olh.t Cmprdsd[ hcdm (lJ* ot T.rl Tdl Omprds.hf IrM bt n F.lod I a 1 10 t .) Oimtr ot th. Comparry b) Ns- cqlfoFro ltoro.b Odr.r CdPfLilhr lffi lfdhfibh b a) OtrrFE of thr Company b) NF otrtrolrE hbrd ldl Cmpd|l.nrlv. llw dt.ibulrbL to .) OMr6 ol b. CofipaF, b) llqts c6lro*te hrGfr g.mlE D.r th.F {FFvrtu ot ?2l) !) 8dc b) Di4.d Pdd{.p Eqldty Sh.r. C.pltll ' F!c. Vd{r. ot I 2,/- P.r shrr. ots Eqdty.rdJdig Rmtrtm Rw Nel Woltl FEadhg R.tdnod E8n*lo) O.bt Eqrf, tudo Ht S.rMd'ColrtrCr R.lio <scd S.ntc. coJdlf! Rrto Crert R.lio cfi.it utbaty RrEo Toi.l Ml! to Tobl Arsb T.rda Racchrna Tumo6/ lwrnory ll,lm/ Opd.tE tld0h (9() Nd Profi MlrlNo (%) LdC Tm Ocbl !o WdklD C.pbl grd Dobfr to Ac.ant R66lvrblo Rrlb' 7,073.3! 0.22 7.00 t7.5t 2.01 0.58 0.r3 r,3tt 3.E7 m.07% 10.17% 0.41 0.00 417.V2 33.m 1 89.3e 11.72) 606.3€ 28.30 at.ti tt.lt 18.10 6,950.70 0.6 833 n.E7 2.ll 0.5t 0.r5 1.82 4.0t 25.7196 1E.t7% 0.40 0.00 E52.55 't 3.E2 18.t1 E.Oa 869.36 21,t6 12.11 12.11 r8.r0 5,1 15.92 0.r0 4.t0 t7.92 t,Et 0.80 0.0s 1.10 3.91 23.58!A t7.38X 0.2E 0.m v1.s7 16.4E a6 e3 1r.02 39r.90 21.n tt.l2 6.12 tE.t0 t,410.57 4E.8,1 1,175.71 50.16 7.€?3.35 0.22 7.?3 20.25 2.01 0.56 0.13 3.1t 7.C2 23.90* r0.32tt 0.at 0.00 2c6.17 3.32 1a0.!0 r40.t0 r6 t0 Power to Propel
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SoL/\Fl E Explan.tory Norcs to Unaudlted Consol'rdated Financlal R€3ults for the Quarter and Half Year ended S€ptember 30, 2026 1 The Unaudited Consolidated Flnancial Results for the quarter and half year ended September 30,2026 of SOLAR INDUSTRIES INDIA LIMITED (the "Group") have been reviewed and recommended by the Audit Commlttee and subsequently approved by the Eoard of Directors at their respective meetings held on November 03, 2026. The Statutory Audltors of the Group have carried out a limited revlew of the aforesaid results. 2 These resulB have been prepared in accordance with the lndian Accounting Standard (referred to as "lnd AS") prescribed under Section 133 of the Companies Act 2013 read with Companies (lndian Accounting Standards) Rules, 2015 as amended from time to time. 3 The Group has ldentified 'Explosives its accessories and related servlces', as its only reportable segment as deflned under lnd AS 108 - Operatlng Segments. Accordlngly, no separate segment information has been provided. 4 During the half year ended September lO, 2026, the Ultimate Holding Company has partlally redeemed 584 unsecured, rated, llsted, senior, redeemable, non- convertible debentures (NCDs) having face value of { 1,00,000/- each amounting to I 5.83 crore and made an lnterest payment amountinS to { 0.36 crore at a coupon rate of 7.06% per annum. As on September 30, 2026, the aggregate amount of outstandin8 amount of NCD is { 5.83 crore. 5 During the quarter and half year ended September 30, 2026, the Ultimate Holding Company has fully repaid Commercial Paper amounting to I 75.00 crore, which was lssued ln favour of Kotak Mahlndra Bank Limlted. 6 The Group has applied lnd AS 29 - 'Accounting of Hyperinflationary economies' on its step-down subsidiarles in Turkey. ln preparin8 the consolldated financlal results for the quarter and half year ended on September 30,2026, the non-monetary assets, liabilities, owner's equity and stat€ment of profit and loss of the aforesald subsldiarles have been restated to the current measuring unit as on the r€portinS date by applying consumer price index of the respective economy. The net lmpact of restatement in rerpect of the aforesaid subsldiaries under lnd AS 29 of { 18.37 crore and I 43.70 crore has been debited tq other expenses in the consolidated flnancial results for the quarter and half year ended September 30, 2026 and impact till March 31, 2026 of ( 22.27 crote has been credited in the openlng retained earnings as at April 01, 2026. 7 During the quarter ended September 30, 2026, Solar SA lnvestments Proprletary Limited (the 'Acquirer'), a wholty owned step-down subsidlary of the Company, and Solar Overseas Mauritius Limited, a wholly owned subsidiary of the Company, entered into definltlve transaction agreements with Omnia Holdlngs Llmited, South Africa, in connection with the proposed acquisition of Omnia for an aggregate cash consideration of approximately USD 1,35 bllllgn. Completion of the proposed acquisition ls subJect to receipt of applicable regulatory approvals and fulfilment of custornary conditions precedent. 8 Formulae for the computatlon of ratios are given in 'Annexure A'. 9 As per Regulatlon 46(2) ot the SEBI (Listing Oblitations & Disclosure Requirements) Regulations, 2015, Results are available on Company's website- www.solargroup,com. For Solar lndustrles lndls tlmhed Pl.cs I Nagpur Date: November 03, 2026 Power to Propel Manlsh Nusal ManrSlng Dlrectot & CEO DrN - 00164388 solar lndustries lndia Limited I Regd. Office: "Solar" House, 14 Kachimet, Amravati Road, Nagpur - 44OO23, Maharashtra, INDIA CIN : 174999MH1995P1CO85878 B solar@solargroup.com @ www.solargroup.com
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Pritlculsl! Ar rt 30.09.2026 Un!udlled Ar !t 31.03.2020 Auditod ASSETS A Non-cumnt aa3ct8 (a) Prdp€rty, Plant and Equiprnent (b) Cspttal Workjn-Progress (c) Goodwlll (d) Olhor lntangibl€ a6s6ts (e) lntangible asset3 under developmenl (f) Right-ot-useassels (g) FinhncielA3tots (i) lnvoslmonts (ii) Loans (lii) Olhor Financ'ral As8ots (h) lnveslrnents accounled using equity method (i) Delsrod Tax Asssts (n6t) 0) CunentTaxAs6ot6(nel) (k) other non-cufrenl assels Sub Total Non4ursnt Artot (A) B Curunt riaets (a) lnvontoriss (b) Financiel Assets (i) Trada Recaivables (il) cssh 8nd cash Equivalents (iii) Bank balances other than cash & cash equivalents (iv) Loan8 (v) Oth6r Flnanclal Ass€is (c) Other Curent Arsetg Sub Totsl Curront Assob (Bl Totrl- A3!ot3 (A+Bl II EQUIW AND LIABILITIES A Equity (a) Equity Shara Capil,al (b) Otior Equity Equity rtirlbutrblo to shrroholdols (c) No;conlrollinglnterosi Sub Totrl Equlty (A) B Lhbllltle! (a) Finandel Liabilltles (i) Eonowings (ll) Less€ Llabllltlss (b) Dofened Tax Liabilities (nel) (c) Othor non-s.lrent liabilit€s (d) Provisions Sub Totll Non.Curront Llrbllltlor curreill utrottntoe (a) FinancielLlabilitle6 (i) Bono\,vin0s (ii) Accoptsricrs (ili) Trado Payabl66 (iv) Leas€ LlEbiljuos (v) Other Financial Liabillu€g (b) cuq€nt tax lhblliths (not) (c) Othsr Curent Liabilites (d) Provisions Sub Totll Cunont Ll!bllltle! and Proylslon! sub Totrl Liabiliilo3 (8) Totll Equity lnd Lllblllu.s (A+B) 4,O55.22 964.06 177.41 67.76 55.25 86.93 480.98 35.73 280.63 .15.43 184.39 50.82 801.69 3,715.77 691.84 't70.52 58.72 38.9S 61.22 145.69 35.37 ?66.20 37.00 185.79 31.55 442.38 7.0s3.305.88t.04 2,259.09 2,340.48 509.37 18.42 8.35 222.74 710.87 1,741.88 1,857.E8 469.44 114.70 3.59 137.55 712.46 6.069.!2 13,102.02 6,037.48 10.9t8.60 18.10 7,055.25 18.10 8,259.10 7.673.3t6,277,2O 312.91271.70 7.9E6.266,648.90 't,013.02 59.09 327.80 749.92 2.59 820.36 38.18 271.54 757.75 2.85 2.161.E21,920.71 691.63 385.99 931.32 23.92 215.71 57.19 862.92 55.E6 647.r18 285.23 631.74 18.00 131.41 21.55 073.67 39.81 3,024.lit 6,170.38 .ts.t82.82 2,W.85 +360.00 10.018.50 UNAUDITED CON|OLIDATED BALANCE SHEET A8 AT SEPTEMEER TO, 2O2O soLARS For Solrr lndurtrlo3 lndl! Llmlted Plrce: Nrgpur Orto: Novembcr 03, 2028 u"".liil'3?J"",li! ".o DIN - 0010/fi!88 Solar lndustries India Limited I Regd. Office: "Solar" Housg 14 Kachimet Amravati Road, s solar@solargroup.com Nagpur - 44Oo23, MaharashtrA INDIA @ unrrniv.solargroup.com ctN:174999MH1995PLCO85878 s +9171266345671457A Power to Propel
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SoLAR 5' uNAuDtrED coNso[toarto stnteurtr oF cAsH Ft ows FoRTHT PERtoD cNDED SEPTEMB€R 10, 2026 Noto : Tho above statsmenl of calh flow ha$ bson prspar€d under lh€ "lndirscl Mslhod" as Eot oul in lnd AS 7, "Staiemont ol Cash Flows" For solsr lndustrler lndl| umltod Phcr: l{rgpur Ort!: Novsmb€r 03, 2026 Msnlsh Nowd Manatht Dhrctor & CEO orN - 0016438E Solar Industries lndia Limited I Regd. office: "Solar" House, 14 Kachimet Amravati Road, Nagpur - 44OO23, Maharashtra, INDIA CIN : 174999MH1995P1CO85878 e solar@solargroup.com @ www.solargroup.com s} +9171266345'67 14574 Prrtlcuh6 Halfyerr Gndrd s€pt€mber 30, 2026 Un.udltcd Hall yaar cndad S€pbmbar 30, 2025 Unaudlt€d Crsh flows lrom opcntlnt rctlvltl.s Profit before share of Proflt / (Loss) of !ssociatei (nct), Exceptional lt€ms end Tax Adjustments to rcconcllc profit b€for€ tax to net cash flows: O€preciation andemortisation expense Net (gain) /loss on disposal of property, plant and equipment Net (gain)/loss on iinanciel ssst3 measurcd rt tair vrlue through proflt or lo$ Loss relating to HoldinS company's subsidiaries operating in hypcrintlationary economy Profit on sale ol {inancial asgcts carri.d at fair valu. through profit or loss Dividrnd and int€rest lncomc Provlslon lor /(reyers.l) of lnventory lmpairm?nt {galn)/loss on Rnancial assot Finance costs Bad debts writt?n otf Provi3ion for sunqry Advances giv€n {net) Effect of exchange ratr ch!nge Opsretlng profit before worklnt opltel change3 WorklnS clphal.dlustmrnts : (lncrease)/oecreese ln trade recclvables (lncrease)/O€crease ln lnv€ntories lncr€rs/(Drcrcssc) in tndc pay!bles (lncrcascl /Orcrea* ln othcr assets lncree$ /(Dccrcasc) in other liabilitics Crsh lcnGratcd ftom opcrrtlons Llss : lncome laxrs paid Nat cash flowr from opcrltln! sctlvlllss Clsh flo$rs from lnvcstlnt acllvltlas Purchrs of property, plant and equipment, including capltal work in progress and capital advances Prceeds from sale of property, plent and equipment Lo.ns (givenl to/ repaid by others-current/non-curent Prceods from sale / (Purchase) ol non-curr?nt investments Proceeds from sale / (Purchasl of current inveetments (lnvestm€nt)/Redemption in fi xGd d€posits Divldend and lnterest income rcceived Nct crsh fiorr uicd In lnyc3tlnl rctlvltlca Crsh fiours from fin.ncln8 lctlvltlcr Prcecds from non-current borrcwings Repaymant of non.current borrowlnts Proeeds from/ (Repaymcnt) of current borrowings (net) Payment tow!rds Lear€ Li8bilities Peyment ot lnter;st Plymrnt of Dividqnd to Non Controlling lnterest Paym.nt of Dlvid.nd t{ct crsh f,ows fiom/lu3ed ln} fln.nclnt sctlvltl.j Erchan3c dllfcrencc arhlnt on conya'3lon dcbhcd to foraltn €urrcncy trrn3latlon rG3cnle ilGt lott on rccount ol Holdln! Comprny's iubrldh.lGi opcrltlnt ln hyp.rlnfrrtlonlry .conomy t{€t lnc.crsr/(d&rcJrcl ln crsh and carh Gqulvrlrnts Add:Cash and cesl equivElents at the beginning of the ycar r,r&.55 157.59 {0.82) 43.70 13.221 (10,52) 0.25 67.62 95.62 2.50 5.88 3.43 971.16 116.60 0.11 {o.8s) 36.50 (17.24) (23.41) (o.68) 6.97 58.32 o.70 0.17 t4.91 2,153.681,163.26 (s58.77) (s17.48) 408.30 (8s.7e) (47.12) (161.47) (383.68) (48.e2) (270.4s) 73.27 t,tsz,82371.95 444.54276.O9 908.2895.86 (887.81) 9.55 (s.20) (1.00) 3.22 0.20 7.90 (763.291 33.71 (1.ss) 429.06 6.8s 11.00 (r73,14112l&,.22 402.06 (164.s41 (s.871 (11.70) (e3.s1) (12.881 (e!r.52) 47.3L (200.62) 35.13 (7.37) (70.s7) (4.e0) (91,02) 14,04 12.18 1292.041 98.tt 12r.43)l1r.8t 39.93 469.M l396,sol 590.43 Crrh rnd crsh cqulvllonts st rnd ottha perlod509.3t193.llt Power to Propel
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5oLAR 5= Anngxure A of rutlos Ere rs tollou,s: ' lntsr6gt expenses includes interesl on borrowing and other finance charges, including interest capitalised for th€ period. Solar lndustries lndia Limited I Regd. Office: "Solar" House, 14 Kachimet, Amravati Road, Nagpur - 44OO23, Maharashtra, INDIA CIN : 174999MH1995P1CO85878 e solar@solargroup.com @ www.solargroup.com s +91712663456714s7A Sr.RrtlosFormulac alDebt Servlce CoveraBe RatioEarninqs before lnterest', Tax and Exceotional ltems+Depreclatlon and Amortitation exoenses lnterest Expense' + Principal Repayments made during the petiod for long term loans b)lnterest Service coverate RatloEarnlnrs before lnterest*. Tax and Exceotional ltems+Depleciation and Amortlsation exoense lnterest Expensest c)Dobt Equity RatloTotal Debt Total Equity d)Current RatioCurrent Assets Current Liabllities e)Long term debt to working capital Non Current Borrowines (lncludins Current Maturities of Non-Current Borrowints) (ExcludinB Current Maturities of Non-Current Borrowings) Current Assets Less Current Liabilities 0Bad debti to account receivable ratio8ad Debts Average Trade Recelvables r) Current liability ratio Total tiabilities Total Current [iabilities h)fotal debts to total assetsTotal Debt Total Assets i)Trade receivable turnoverValue of Sales & Services Average Trade Receivables i)lnventory turnover Cost of Goods Sold {Cost of Material Consumed +Purchases of Stock-ln-Trade+ Chanses in lnventory + Manufacturim Expensesl AveraSe lnventorles of Flnished Goods, Stock-in-Process and qt6.k-ln-T.ad. k)Operatidt mardn (%)Earninqs before lnterest. Tax and Exceotlonal ltems less Other hcome Revenue from Operations rlNet profit margln (%lProfit After Tax (after erceotional items! Revenuefrom Operations Power to Propel
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Gandhi Rathi & Co. Chartered Accountants Plot No. 20, 602, Vignesh Square, Opposite Dinanath School, Dhantoli, Nagpur – 440 012 S R B C & CO LLP Chartered Accountants 12th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai–400 028, India Registered Office: 22 Camac Street Block ‘B’, 3rd Floor, Kolkata-700016 LLP Identity number: AAB-4318 Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Solar Industries India Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Solar Industries India Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates and a joint operation for the quarter ended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026 (the “Statement”) attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). 2. The Holding Company’s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Holding Company’s Board of Directors . Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the following entities as detailed in Annexure 1. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing
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Gandhi Rathi & Co. S R B C & CO LLP Chartered Accountants Chartered Accountants Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: 1 subsidiary, whose unaudited interim financial results include total assets of Rs. 492.66 crore as at September 30, 2026, total revenues of Rs. 128.53 crore and Rs. 321.17 crore, total net loss after tax of Rs. 1.58 crore and total net profit after tax of Rs. 16.32 crore, total comprehensive loss of Rs. 1.67 crore and total comprehensive income of Rs. 16.23 crore, for the quarter ended September 30, 2026 and the period ended on that date respectively, and net cash inflows of Rs. 7.02 crore for the period from April 01, 2026 to September 30, 2026, as considered in the Statement which have been reviewed by one of the joint auditors. 18 subsidiaries, whose unaudited interim financial results include total assets of Rs. 6,642.01 crore as at September 30, 2026, total revenues of Rs. 1,839.33 crore and Rs. 3,415.34 crore, total net profit after tax of Rs. 143.95 crore and Rs. 250.27 crore, total comprehensive income of Rs. 57.89 crore and Rs. 164.51 crore, for the quarter ended September 30, 2026 and the period ended on that date respectively, and net cash inflows of Rs. 82.55 crore for the period from April 01, 2026 to September 30, 2026, as considered in the Statement which have been reviewed by their respective independent auditors. 1 joint operation, whose unaudited interim financial results include total assets of Rs. 63.79 crore as at September 30, 2026, total revenues of Rs. 10.09 crore and Rs. 21.37 crore, total net loss after tax of Rs. 0.74 crore and Rs. 0.62 crore, total comprehensive loss of Rs. 0.74 crore and Rs. 0.62 crore, for the quarter ended September 30, 2026 and for the period ended on that date respectively, and net cash outflows of Rs. 2.35 crore for the period ended April 01, 2026 to September 30, 2026, as considered in the Statement which has been reviewed by its respective independent auditor. The independent auditor’s reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries and joint operation is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above. 7. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of: 17 subsidiaries, whose interim financial results and other financial information reflect total assets of Rs. 1,683.47 crore as at September 30, 2026, and total revenues of Rs. 10.99 crore and Rs. 23.63 crore, total net profit after tax of Rs. 13.03 crore and Rs. 9.68 crore, total comprehensive income of Rs. 13.03 crore and Rs. 9.68 crore, for the quarter ended September 30, 2026, and the period ended on that date respectively and net cash inflows of Rs. 12.77 crore for the period from April 01, 2026 to September 30, 2026. 3 associates, whose interim financial results includes the Group’s share of net loss of Rs. 0.35 crore and net profit of Rs. 8.40 crore and Group’s share of total comprehensive loss of Rs. 0.35 crore and total comprehensive income of Rs. 8.40 crore for the quarter ended September 30, 2026 and for the period ended on that date respectively. The unaudited interim financial results and other unaudited financial information of these subsidiaries and associates have not been reviewed by their auditors and have been approved and
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Gandhi Rathi & Co. S R B C & CO LLP Chartered Accountants Chartered Accountants furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries and associates, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group. 8. Our conclusion on the Statement in respect of matters stated in para 6 and 7 is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results certified by the Management. For Gandhi Rathi & Co. For S R B C & CO LLP Chartered Accountants Chartered Accountants ICAI Firm Reg. number: 103031W ICAI Firm Reg. number: 324982E/E300003 per C.N. Rathi per Hemal Shah Partner Partner Membership No.: 39895 Membership No.: 110829 UDIN: 26039895UTADCQ2879 UDIN: 26110829QHURWN4382 Place: Nagpur Place: Mumbai Date: November 03, 2026 Date: November 03, 2026
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Gandhi Rathi & Co. S R B C & CO LLP Chartered Accountants Chartered Accountants Annexure- 1 List of entities: Sr. No. Name of the Company/LLP 1 Solar Industries India Limited^ 2 Solar Defence and Aerospace Limited 3 Emul Tek Private Limited 4 Solar Defence Limited 5 Solar Defence Systems Limited 6 Solar Avionics Limited 7 Solar Explochem Limited 8 Solar Aerospace Limited 9 Solar Overseas Mauritius Limited 10 Solar Mining Services Pty Limited* 11 Solar Nigachem Limited * 12 Solar Patlayici Maddeler Sanayi Ve Ticaret Anonim Sirketi* 13 Solar Explochem Zambia Limited* 14 Solar Overseas Netherlands Cooperative U.A* 15 Solar Overseas Singapore Pte Limited* 16 Solar Industries Africa Limited* 17 Solar Mining Services Pty Limited * 18 Solar Overseas Netherlands B.V. * 19 Solar Nitro Chemicals Limited* 20 P.T. Solar Mining Services* including joint operation 21 Solar Nitro Ghana Limited* 22 Solar Madencilik Hizmetleri A.S* 23 Solar Nitro Zimbabwe Private Limited* 24 Solar Venture Company Limited* 25 Solar Mining Services Cote d’Ivorie Limited SARL* 26 Solar Mining Services Burkina Faso SARL* 27 Solar Mining Services Albania* 28 Solar Nitro Kazakhstan Ltd* 29 Solar Nitro SARL* 30 Power Blast LLP* 31 Solar Nitro (SL) Ltd.* 32 Problast BS (Pty) Ltd* 33 Maxigear (Pty) Ltd* 34 Frag Shared Services (Pty) Ltd* 35 Procapture (Pty) Ltd* 36 Problast BBBEE Investment Co. (Pty) Ltd* 37 Solar Explochem Proprietary Limited* incorporated w.e.f. September 29, 2026 38 Solar SA Investments Proprietary Ltd* incorporated w.e.f. July 07, 2026 39 Zmotions Autonomous Systems Private Limited# 40 Ortiz Investment Pty Ltd*# 41 Solar United Company Limited*# ^ Holding Company * held through subsidiary / step down subsidiary # Associate
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PriicuhI R€vanu6 frcm Opalations ln@mt .) Tohl i) b) c) o r) f) s) inwntorio!inolFinish6d Goods,Woil-in-PrcCrcs! Bonrfd! Erptnlt 8nd FoMording Chorg!! rr and Amortjstion Expoolo Con!uffid ot gtock-in.Tndo soLAR 5 sTATEMENT OF UMUDITED STANDAONE FINANCIAL REAULTS FOR THE OUARTER AiID HAtf YEAR EITDED SEPTEIIBER III' 2O2O' STANDALONE Qurtar.nd.dthf y.lr.ndcdYxr ffdad 30.09.2029t0.08.202630.09.20269t.09.2028!0.09.2025$.0s.2023 Unrqdit dun.udlt dumudibdUnrudii.dUnrudit dAudibd (rl{2tItt(.1(51(01 'No'l snnuslird lorlhc quotlsr Pl!c. | ilrgput Mubhf{tml MrntlnS DlECts g CEO DrN - 00r643E8 Solar lndustries India Limited I Regd. Office: "Solar" House, 14 Kachimet Amravati Road, Nagpur - 44OO23, Maharashtra, INDIA CIN : 174999MH1995P1CO85878 s solar@solargroup.com 0 www.solargroup.com q +917126,634s6714s7A 'l,4,15.63 17.10 r,850.32 29.83 1,125.22 56.68 3,r01.05 17.23 2,t12.37 86.25 s,576,88 207.24 1,'l9l Gl1,680.16t,'tll.Eo3,ttg.tt?,591.0e5,ttt.,t0 2,553.07 ,109.19 293.65 26.O2 99.71 iU4.54 416.52 117.75 67.5? 6.26 21.73 102.15 84.31 r.029.03 39.r7 170.04 15.82 57.1,1 176.39 215.14 1,159.08 21,1.05 136.2,4 13.00 i|7.86 179.11 't80.89 721.21 23.'12 8tt.54 8.04 29.09 1'1,0.91 113.5.1131 904.82 16.05 84.50 0.88 28.05 61.i|5 9fi.30 911.30 227.13 528 Eto.E2 890.t2 188.02 8.33 1,640.8E 1,840.E8 102.0€ 0.44 16-/t5 1,2.U 1t2.Oa r'18.91 175 31 6,,1! 3t5.at 76.07 4|16 1Zt,2q 420.2c 108.52 053 1,221-fO 97t,0851a.tf 320.2136t.3t2J4.96 2e.20 (1.21't 4.89 (1.23) 't3.40 (1.81) 0.59 (0.15) 328.U ({8.43) (3.71) 0.94 t3.40 (1.84) '1.15 (0.29) 328.84 ({8.13} (3.71) 0.94 12122E.35 I 2.0027t.tt 2A2,41(2.E0) 5Za.!9I,ZtO.3t ttt.ttza.ttt5t,20 001.c2 3.503.36 0-(x 10.82 53.61 2.51 0.a8 0.03 3.05 18.96 21.54% 20.48% 0.10 0.00 53.Et 5t.85 18.10 tt5.0l l3t.0t 18.10 4,208.72 4,2?s.82 0.03 13.55 65.06 2.21 0.70 0.03 0.01 ,10.35 26.lAV. 2t.90qt 0.12 0.00 4,582.10 0.07 't8.83 73.46 2.59 0.66 0.05 l.5t 9.15 27.7204 21.U% 0.16 39.t0 38.80 18.'t0 3,503.36 0.0,1 't0.09 52.39 2,51 0.68 0.03 1.27 7.81 23.57o/o 20.6E96 0.r0 0.00 26.06 26.08 r8.10 5,085..19 0.05 17.21 60.52 2.65 0.69 0.03 3.23 11.27 27.109\ 2r.88% 0.13 0.00 74.9t 74.00 18.10 5,085.49 0.05 15.77 50.30 2.45 0.69 0.03 t.38 5.75 2't.0N% 22.15% 0.'t3 0.00 s5.39 35.38 18.10 I 5 I I t t t0 1l It 21 E4ansr Cumnl fsx Adiualrnmi bf trx rshilng lo €erllff poriod Oe{amd TFr Prctittorql psrlod ( 6 - I ) Oth.r Oomprllrn.lF lnco{i. (i) r) ltdnr lhrt will not b. r*j.rtlnod to Prclit tr LotE b) lnm! Tsx Glsting to lloms lietwill not b€ aclassifiad to Pmlit d Lor! (ii) 8) ll.mr ihel will br rcla$ifild lo Prctil q Lot. b) lncoms Tu rolstno lo hemt lhel will bo r.d!$ificd to Proftt LoEE Tot l Othai Comprchenrls lncom (lhl ol Trrl Totl Gomfnhrnrivc lncoln| lorth. p.tlod ( 7 + I ) Equity Shm Cepilsl . Fa@ Valuc ol f Z- P.r ShaE t -2) b) c) l&r PDfil Margin (%) Ercopli,oml ltrm b.lonTu(l+'ll D.bt Equitt Rrtlo Scfli@ Coy.mgr Ratlo Dlblr to Tolol AlEal8 Rocaivrblb Tumovor' Ooblt b Alount Rr€ivabb Rrtlo' Tam Dlbt to Worllng Capitsl par shln (trs v.lw ol ? 2 ,-) 8s!ic (in l) Olulld (in t) Srflicc Covtrrgc Ralio Rstlo Lirttlily Ratio Tumovor' M8lgif (%) Power to Propel
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5OL.AR 5' Expl.natory Notss to the unaudlted st ndalone Fln.nclsl Results for the quarter and Half Year ended Septembcr 30, 2026 1 The Unaudtted Standalone Ftnanctal Results for the quarter and half year ended September 30, 2026 of SOTAR INDUSTRIES INDIA LIMITED (the "Company") have been revlewed and recomlnended by the Audit Commtttee and subsequently approved by the Board of Dlrectors at their respectlve meetint held on November 03, 2026, The Company confirms that tts statutory auditors have carrled out llmlted revlew of the aforesaid results for the quarter and half year ended September 3Q 2026' 2 These results have been prepared in accordance with the lndlan Accounting Standard (referred to as "lnd A5") prescrlbed under Sectlon 133 of the Companles Act 2013 read with Companles (lndlan Accountlng Standards) Rules, 2015 as amended from time to time. 3 The Company has tdintifled 'Explosives, its accessorles and related servlces', as lts only reportable segment as deflned under lnd AS 108 - operatlng Segments. Accordingly, no separate segment lnformation has been provided. 4 During the half year ended September 30, 2026, the Company has partlally redeempd 584 unsecured, rated, llsted, senior, redeemable, non-convertible debentures (NCDs) havint face value of I 1,00,0(X/- each amountint to I 5.&l crore and made an lnterest payment amountlnS to ( 0.36 crore at a coupon rate of 7'O6% per annum' As on September 30, 2026, the aggregate amount of outstanding amount of NCD is ( 5.83 crore. 5 During the quaner ar;rQ half year ended September 30, 2026, the Company has fully repaid Commerclal Paper amountlng to I 75.m crore, which was issued ln favour of Kotak Mahlndra Bank Llmlted. 6 Formulae for the computatlon of ratlos are tiven ln Annexure A. 7 As per Regulatlon 46t2) of the SEBt (Listlng Obllgations & Dlsclosure Requirementsl iegulatlons, 2015, Results are avallable on Company's website-www'solargroup.com. For Solsr lndustrl€s lndla Linlted Place: Nc3pur Datq: Novemberol )02f Manlsh Nuwrl Mansglng Dlr€stot & CEO olN - 00164388 Solal lndustr:es lndia Limited I Regd. Office: "Solar" House, 14 KachimetAmravati Roa4 Nagpur - 44OO23, MaharashtrA INDIA clN : L74999MH1995P1CO85878 B solar@solargroup.com @ www.soiargroup.com Power to Propel
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SoLAR 5' UNAUOITED STANDALONE BALANCE SHEET AS AT SEPTEiIBER 30, 2028 rmounts ln I C.oras, unless otherwlsc For Solar lndustrl€s lndla Umlt€d Phc€ : Nlgpur Manlsh Nuwel Manrtlnt Dlrector & CEO DrN - 00164388 DrtG : tlovcmbcr 0t, 2025 Solar lndustries lndia Limited I Regd. office: "Solar" House, 14 Kachimet, Amravati Road, Nagpur - 44oO23, Maharashtra, INDIA CIN : 174999MH1995PLCO85878 s solar@solargroup.com @ www.solargroup.com (q +917126,6,345,67/'457A Pertlculers As at 30.09.2028 Unaudltod A3 at 31.03.2028 Audltod I ASSETS A Non-cunrntessots (a) Prop6rty, Plant and Equlpmont (b) Cspital Work-in-Progrsss (c) lnlangible assols (d) hlangible ass€ls under developm€nl (e) Rlght-of-uso a$ets (D Flnanclal Asselg (i) lnvestm€ntg (ii) Loans (iii) Oth6r Financial A6sots (g) Olh6r nortscunenl asscls Sub Tot l Non-CurEnt A!3oa (A) B Curentessets (e) lnvsdorios (b) Fihancial Assets 0) Trad€ Rec€lvables (il) Cash and Cash Equlvalenls (iii) Bank bslances olhcr than cash & cash equlvalenle (iY) Loans (v) Olher Financial Assets (c) Oth€rcunentAssols sub Total cunsnt A83rt! (Bl Tot.l- A!3oA (A+Bl II EQUIW AND LIABILITIES A Equlty (a) Equity Sharo Capital (b) Olhcr Equity Egulty attrlbutablo to sheroholdor! (A) B Llrbllltlcs (a) Finencial Liabilltleg (D Bonowings (ii) Loaso LiabilitieE (b) Oobfl€d Tex Llabilities (not) (c) Oth€f Non Cufi€nl Liabilities Sub Totrl Non-current Llebllltlcs Cunont Ll.bllltlo| (e) Financiol Liabilitios (i) Bonowings (ll) L€ase Liabilltiog (iii) Acccptanc€s (lv) Trade Psyebles a. lolal outslandlng dues to mlcro ontorprls€8 anct small sntorprlses b. total outstandinO ducs to clrditors oiher thsn micro enlcrpris€s and small enterprises (v) o{her Financlal Liabililloe (b) Other Curront Llabilille8 (c) Provisions (d) Cunenllax liabllilles (nat) 3ub Total Cunlnl Llabllltloi.nd provl.lonr 9ub Total Llrbllltle3 (B) TotNl Equlty and Lhbllltlct (A+B) 1,411.23 172.10 '15.89 0.43 e.35 1,201.27 767.85 136.44 116.79 1 ,361.38 111.20 8.48 5.90 7.42 866.97 944.59 120.41 60.91 3,830.953,617.26 608.82 826.23 139.58 3.48 953.15 90.46 175.78 405.28 984.79 250.36 3.4 7s.86 105.22 186.78 2.t97.142.O1',t-73 8,828.€9.528.09 18.'10 5,067.39 18.10 4,208.72 5.0E5.494.224.42 160.00 3.31 202.77 1 19.70 78.75 4.20 152.01 1 58.r6 4aD,7E393.12 70.83 2.84 385.99 35.57 202.59 49.40 265.24 13_52 31.18 1,057.18 1 62.92 2.93 285.23 38.49 162.68 51.62 278.06 8.49 20.63 909.06 ,t.302.17 6.628.rt36,628.98 Power to Propel
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Partlculnt tklt Y..r ddd scptrmb.t r0, 2026 Unaudltad Hllt YGar ad.d Scptmb.f 30,10:llt Unrudl!.d Ct3h fioryr ftonr oparllhl attlvltlat Prollt befors tax Adluitme nts to ro@nclle drcft beforc t r to n€t qsh llM: Drpr€d8llff rnd arcr{lntlon cxpense NetSain on dirposrl of pop.rty, pl.nt.nd.quiprent Prollt on rl€ of lnwstqEnts a,aild .l fal. wluc lhrou8h p.ofh or b$ lnlcre5l lmme Flnrn@ @3t lmpalrmenl (8.1n)/|o$ on rcn drent rscls Prdlslon on flmnalal r3sgtt 8ad dobts trttten ofl' Prdision lot adwnes tiven Eff€ct ol lxchonge rate chsnge Ogr'alq Fofl bdorcsorttllt C'pltel chrn36 Urortln8 c.pllrt adlunmaft : (lrc.ss*l/D*case ln tnde.€elvebles (lMre8sc)/Dtrro.r ln lnv€ntorles lrcrcas/(Decrers) ln lrade pryables (lnqease)/Deceee ln oth€r assts lncrsas/ (O€cresro) lh other llsbllttl€s cuh ammtrd fren op&.tlonr l€ss : ln@me iaxet prld N.t c.rh frd! ftom op.dlnS rllvltla crdr iffi ftffi lnvsilnS .dlvhht Purcha€ of propsrty, plsnl end €qulpment, lncludlE €pltrlwo.k lD proSr.rs.nd €plt.l advams Prmod3 from sal6/dlsord of prop€rty, plant and equlpmont t€n tlvon to relatod portlos Len re@ered frcm r€htad partht lnvortmont h subrldhry Pr@€dsfrom lPurch6so)/ ralo ol currcnt lnvostmnts {nei} (lnvestnsnl)/Rqdemptlon ln lked deposltsSre.ter th.n 3 months (rct) lnlerort lnom r.6lvcd ild t..h fiffi (urdl ln ln$tln3 .ctMtlc c.ah fioe3 ftom inrnclnS .dh,tlar Pl@cdr frcm long lerm bor.owlngs Nepryrcnt of long tcrT borowlus Pr@edr frcm/ (Rrbayment o0 lhort term borrowln$ (not) Psym€ft ttr dt l-rltc Llabllltl€t lntorolt pald Olvldend p.ld N.t cdriowl lur.dl ln fidmdq ftlhltir| Nat dactarra ln atlr and darh aqulvrlants Add:{ssh rnd €sh Gqulvrhnts.t the b€Slnnlng oftft€ |€rr Crah rnd o3h .quhnhntr d dd of th. parlod 91130 57.t4 (0.44) (2A7'' (s9.s8) 15.82 6.54 0.19 0.00 0.:t4 25.80 6m.u 1r.86 (1.03) (2.18) 17,371 (37.s7) r3.m 1.08 o.22 121.241 9t+6a680.t9 tts.2l (203.54) 145.46 (1.es) (53.1s) 15.52 174.721 (r74.21) (u6.20) 71.81 956,/rtrlO:L89 216.88149.21 t39.552ltt.68 2.47 (0.03) 58.43 (195.53) 0.51 (1,332.s4) 635.85 (230.32) 10.64 (1s8.10) . 65.00 (65.641 84,06 (0.05) 18.18 l*t0.lLllrat rA 130.00 (40.83) (13e) (7.5s1 (ss.52) (s5.s4) 16.06 (1.221 (24.48) (90.s0) tl9-ll159.Cal (110.78) 250.36 l:l9.sa (178.24) r92.92 l'L6t 5oL^AR 5 UNAUD|IED STA'IDAIOflI CAS}I FIOW STATEMEIIT FOR IHE H^If YEAR EI{DED SEPIEMBER 30, 1026 (all .mountl tn tt Crotct, unls othrlwlrc rtslcdl 'Amdnt ls b$ th.n 0.01 Nolo : Th€ rbov€ strtomenl of cash flow har bcGn p.dpared undor th. "lndiroct MGthod" as st out ln lnd AS 7, "Strtement ofCash flw!" Pll6: Nrtput D.E i n@mbcro3,2026 ManlCr Nuwal Msnstlnt Dlrrclor & C€o DtN -@164388 Solar lndustries lndia Limited I Regd. Office: "Solar" House, 14 KachimetAmravati Roa4 Nagpur - 44OO23, Maharashtra, INDIA CIN : L74999MH1995P1CO85878 e solar@solargroup.com @ www.solargroup.com s} +9171266545,67 1457A Power to Propel
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SOL^AR 5 Annoxur€ A Formulas for r lnterest expenses include interest on borrowing and other finance chartes, lncludlng interest capltalised for the period, Solar lndustries lndia Limited g Regd. office: "Solar" House, 14 Kachimet, Amravati Road, Nagpur - 44OO23, Maharashtra, INDIA CIN : 174999MH1995P1CO85878 s solar@solargroup,com @ www.solargroup.com s +9171266845€714s7A Sr.RrtlosFormulae a)Debt Service coverage RatioEarninrs before lnterest', Tax and ExceDtional ltems+DeDreciatlon and Amortisation exoense lnterest Expense! + Principal Repayments made durint the period for long term loans b)Interest Service coverage RatioEarninls before lnterest', Tax and Exceotional ltems+Deoteciation and Amortlsation exDense lnterest Expenses' c)Debt Equity RatioTotal Debt Total EquiW d)Current Ratio Current Llabilities Current Assets elLong term debt to workinB capital Non current Eorrowinrs (lncludinr current Maturities of Non-current Borrowinrsl (Excluding Current Maturlties of Non-Current Borrowings) Current Assets Less Current [iabilities 0Bad debts to Account receivable ratioBad Debts Avera8e Trade Receivables r)Current liabillty ratioTotal Current Liabilities Total Llabilltles h)Iotal debts to total assets Total Assets Total Debt r)Trade receivable turnoverValue of Sales & SeMces Avera8e Trade Receivables i)lnventory turnover Cost of Goods Sold (Cost of Material Consumed +PurchaSes of Stock{n-Trade+ Chanqes ln lnventorv + Manufacturins Exoenses) AveraSe lnventorles of Finished Goods, Stock-ln-Process and Stock-in-Trade k)Operating margin (%)Earninrs before lnterest, Tax and Exceotional ltems less Other lncome Revenue from Operations r)Net profft margln (%)Profit After Tax (after exceptional itemsl Revenue from Operations Power to Propel
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Gandhi Rathi & Co. Chartered Accountants Plot No. 20, 602, Vignesh Square, Opposite Dinanath School, Dhantoli, Nagpur – 440 012 S R B C & CO LLP Chartered Accountants 12th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai–400 028, India Registered Office: 22 Camac Street Block ‘B’, 3rd Floor, Kolkata-700016 LLP Identity number: AAB-4318 Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Solar Industries India Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of Solar Industries India Limited (the “Company”) for the quarter ended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026 (the “Statement”) attached herewith, being submitted by the Company, pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). 2. The Company’s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 (‘the Act’) as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Company’s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Act, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Gandhi Rathi & Co. For S R B C & CO LLP Chartered Accountants Chartered Accountants ICAI Firm Reg. number: 103031W ICAI Firm Reg. number: 324982E/E300003 per C.N. Rathi per Hemal Shah Partner Partner Membership No.: 39895 Membership No.: 110829 UDIN: 26039895GZZDQS7198 UDIN: 26110829CMLFDS1514 Place: Nagpur Place: Mumbai Date: November 03, 2026 Date: November 03, 2026