Solar Industries India Ltd

Power to Advance the Nation's Progress

Solar has signed a Memorandum of Understanding with the Government of Maharashtra to establish an Anchor Mega Defence and Aerospace project in Nagpur. The proposed investment of H 12,700 Crores over the next ten years will enhance the Company's long-term manufacturing capabilities. Alongside this, Solar has received a H 6,084 Crores order from the Ministry of Defence for the supply of Pinaka Enhanced Range rockets and Area Denial Munitions, further strengthening its production scale and project pipeline.

It is with great pride and gratitude that I present to you the Annual Report for financial year 2024-25. This has been a year of significant milestones, bold transformation, and resilient growth for Solar Industries India Limited. As we reflect on our journey and look into the future, the chosen theme for this year · "Power to Propel the Future" · captures the very essence of our mission: to be a force that drives progress, empowers industries, strengthens national security, and commitment to sustainability.

In the past year, we have made purposeful strides across all verticals. From scaling our global footprint to executing high- value defence orders, our growth has not only been financial but also strategic. We continue to invest in R&D, innovation, and advanced manufacturing capabilities to meet the evolving needs of our diverse clientele in mining, infrastructure, and defence.

India's defence and explosives sector has entered a phase of accelerated growth, backed by policy reforms, increased capital allocation, and the strategic push for self-reliance. Against this backdrop, Solar has continued to strengthen its position through forward-looking investments and early capacity creation across key areas of national interest.

Our defence business has expanded significantly, now accounting for approximately one-fifth of the overall portfolio. This growth stems from strategic foresight, capacity expansion, and alignment with India's push for greater indigenous defence production and global competitiveness. We have consistently broadened our defence offerings, including advanced ammunition systems and energetic materials designed for strategic and tactical use. Our research initiatives, undertaken in collaboration with Defence Research and Development Organisation (DRDO), are focused on building scalable solutions that address the complete spectrum of the defence value chain.

Solar has signed a Memorandum of Understanding with the Government of Maharashtra to establish an Anchor Mega Defence and Aerospace project in Nagpur. The proposed investment of H 12,700 Crores over the next ten years will enhance the Company's long-term manufacturing capabilities. Alongside this, Solar has received a H 6,084 Crores order from the Ministry of Defence for the supply of Pinaka Enhanced Range rockets and Area Denial Munitions, further strengthening its production scale and project pipeline.

In line with emerging global standards, we introduced two environmentally conscious products during the year: a nondetonating green explosive and a green detonator designed to eliminate the use of lead. The green detonator enables flexible blast control, easier field connectivity, and improved safety. The non-detonating explosive has been engineered to meet performance requirements while significantly reducing environmental impact.

At Solar, our growth is built on an unwavering commitment to safety, quality, and reliability · principles that are deeply embedded in our operations, culture, and products. Whether it is the stringent protocols followed at our manufacturing plants, the adherence to global quality standards, or the flawless execution of complex defence orders, our focus remains steadfast.

This year, we had the exceptional honour of hosting the Hon'ble Prime Minister of India, Shri Narendra Modi Ji, at Solar Defence and Aerosapace Limited for the inauguration of our Loitering Munition Testing Range. His visit was a testament to our pivotal role in India's journey towards self-reliance in critical defence and industrial technologies. The Prime Minister's encouragement further reaffirmed our resolve to invest in innovation and support the national Atmanirbhar Bharat' vision.

The defence sector has emerged as a major growth factor for Solar Industries. Our ability to indigenously design, develop, and deliver world-class defence products places us at the forefront of India's defence modernization efforts.

At Solar, we believe that strong governance is the bedrock of sustainable success. Our Board of Directors, comprising seasoned professionals and independent experts ensure that all strategic decisions are taken with integrity, accountability, and transparency.

Our growth is guided by a deep sense of responsibility to the environment and society. We are actively pursuing sustainable practices across our operations · from energy- efficient manufacturing and renewable energy adoption to waste minimization, water conservation, and biodiversity enhancement

None of our achievements would be possible without our people. Our engineers, scientists, plant workers, R&D teams, and leadership · all contribute tirelessly to our shared vision. We have fostered a culture of innovation, inclusion, and performance, empowering every employee to take ownership and contribute meaningfully.

As we look into the future, Solar Industries is well-positioned to explore new frontiers · from next-generation defence technologies to international markets. Our investment in automation, AI-driven production systems, and digital transformation will further sharpen our competitive edge.

In closing, I want to thank all our stakeholders · employees, shareholders, customers, partners, regulatory bodies, and community members · for their continued trust and belief in our journey.

With the Power to Propel, we are committed to driving sustainable, inclusive, and innovative growth · for India, and for the world.