Analysts/Institutional Investor Meet/Con. Call Updates

November 06, 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: Transcription of Conference Call with reference to the Unaudited Financial Results for the quarter and half year ended on September 30, 2026, with the Management of the Company. Dear Sir/Madam, Further to our letter dated October 28, 2026, we are forwarding herewith a copy of Transcription of Conference Call hosted by Motilal Oswal Financial Services Limited, on Wednesday, November 04, 2026, at 11.00 a.m. IST to discuss the Unaudited Financial Results of the Company for the quarter and half year ended on September 30, 2026, with the Management of the Company. Kindly take the same on record and acknowledge. Thanking you. Yours truly, For Solar Industries India Limited Khushboo Pasari Company Secretary & Compliance Officer “Solar Industries India Limited Q2 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. MANISH NUWAL – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – SOLAR INDUSTRIES INDIA LIMITED MR. SURESH MENON – EXECUTIVE DIRECTOR – SOLAR INDUSTRIES INDIA LIMITED MR. MILIND DESHMUKH – EXECUTIVE DIRECTOR – SOLAR INDUSTRIES INDIA LIMITED MR. MONEESH AGRAWAL – JOINT CHIEF FINANCIAL OFFICER – SOLAR INDUSTRIES INDIA LIMITED MRS. SHALINEE MANDHANA – JOINT CHIEF FINANCIAL OFFICER – SOLAR INDUSTRIES INDIA LIMITED MODERATOR: MS. TEENA VIRMANI – MOTILAL OSWAL FINANCIAL SERVICES Page 1 of 11 Solar Industries India Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Solar Industries India Limited Q2 FY27 Earnings Conference Call, hosted by Motilal Oswal Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Teena Virmani from Motilal Oswal Financial Services. Thank you, and over to you, ma'am. Teena Virmani: Thank you, Neerav. Good morning, everyone. On behalf of Motilal Oswal Financial Services, we welcome you all for Solar Industries Q2 FY27 results conference call. We would like to thank the management for giving us an opportunity to host the call. And from the management side, we have with us Mr. Manish Nuwal, Managing Director and CEO; Mr. Suresh Menon, Executive Director; Mr. Milind Deshmukh, Executive Director; Mr. Moneesh Agrawal, Joint CFO; and Mrs. Shalinee Mandhana, Joint CFO. Without taking much time, I hand it over to Mrs. Shalinee Mandhana for the opening remarks, and then we will open the floor for Q&A. Over to you, ma'am. Shalinee Mandhana: Thank you, Teena. A very good morning to all our dear stakeholders and well-wishers. I would like to welcome you all to the Solar Industries second quarter and half year conference call of financial year 2027. This call's recording, including the transcript, will be available on the site. To begin with, I'd like to remind that during this call, we might make projections or other forward-looking statements regarding future events and about the future financial performance. Please remember that such statements are only predictions. Actual events or results may differ materially, and our website will be updated with all the relevant information. Now I would request Solar Industries' Managing Director and CEO, Mr. Manish Nuwal, for his opening remarks on the company's performance, followed by Q&A. Manish Nuwal: A very good morning to all our valued stakeholders. We are pleased to report another quarter of strong and broad-based performance. Consolidated revenue was INR3,519 crores for the quarter and INR7,187 crores for the first half, representing year-on-year growth of 69% and 70%, respectively. Quarterly EBITDA was INR1,021 crores with a margin of 29.02%, and profit after tax was INR650 crores. For the first half, EBITDA and profit after tax were INR2,045 crores and INR1,316 crores, respectively. Performance was supported by contribution from domestic market, international business and defense. The results reflect the resilience of our business model, disciplined execution and the benefits of our strategic investments. Page 2 of 11 Solar Industries India Limited November 04, 2026 On the domestic explosive front, our business has delivered a healthy performance during the quarter, supported by demand from the mining and infrastructure sector, stronger customer engagement and expanded manufacturing footprint and technical services capabilities, which is enabling us to serve our customers efficiently and participate in India's long-term mining and infrastructure growth. Although this quarter is a monsoon period, but our company has delivered a super performance from domestic market. Our international explosive business maintained its momentum, supported by deeper customer relationship, improved market penetration and sustained demand across key operating geographies. Our integrated portfolio of explosives, initiating systems and technical services supports our position as a long-term partner to global mining customers. We remain focused on scaling our international operations through acquisitions and greenfield expansions. As far as defense is concerned, this business from defense has grown, supported by execution of the existing order book and an expanding product portfolio, which are being indigenously developed, and opportunities in domestic and international markets. Our capabilities across the ammunition value chain, the order pipeline, execution of key programs and ongoing customer engagement, support our confidence in our long-term prospects. We are likely to get large orders from international and Indian defense sectors, which includes Guided Pinaka rockets in the near future. On outlook for the company's second half performance. If we look at the company's first half performance together with momentum across domestic, international and defense, it has reinforced our confidence in its growth trajectory. Based on results, what we achieved, the strength of the order book and the opportunity available for us, we expect to surpass our stated annual guidance, which we have given at the start of the financial year FY27. Our expanding manufacturing footprint, disciplined capital allocation, technology-led product development, and broader presence in domestic and international markets, provides a foundation for sustainable growth. We will remain focused on operational excellence, timely execution, prudent growth and the creation of long-term value for our stakeholders. Now I hand it over to Shalinee to take you through the financials. Thank you. Shalinee Mandhana: Thank you, sir. The numbers for the quarter and half year are as follows. The consolidated revenue for the quarter is INR3,519 crores versus INR2,082 crores, and for the half year stands at INR7,187 crores versus INR4,237 crores. Similarly, the EBITDA for the quarter stands at INR1,021 crores versus INR582 crores, and for the half year at INR2,045 crores versus INR1,146 crores. The consolidated PBT for the quarter is INR877 crores versus INR490 crores. And for the half year, it is INR1,789 crores versus INR970 crores. The consolidated PAT for the quarter is INR650 crores versus INR361 crores, and for the half year, it's INR1,316 crores versus INR714 crores. The percentages of the sectors in the customer basket on quarter-on-quarter basis are as follows. Domestic explosives stands at 29% from -- stands at 27% from 29%. International Page 3 of 11 Solar Industries India Limited November 04, 2026 explosives to 43% from 46%, and defense revenue has increased to 29% [Showing first 8,000 characters — download PDF for full document]