Solar Industries India Limited has submitted newspaper clippings to the National Stock Exchange of India Limited and BSE Limited regarding the notice for transfer of equity shares to the Investor Education and Protection Fund (IEPF). The clippings were published in Business Standard (All India Edition) and Loksatta (Nagpur Edition) on April 24, 2026. The submission was made pursuant to SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015.

IEPF Transfer Requirements

The company has informed shareholders that pursuant to Section 124(6) of the Companies Act, 2013 read with rule 6 of the Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016, shares in respect of which dividend has not been paid or claimed for seven consecutive years or more have to be transferred in the name of IEPF Authority.

Shareholder Communication

The company has communicated individually with concerned shareholders whose shares are liable to be transferred to IEPF Authority during the financial year 2025-26. Additionally, in terms of Rule 6(3) of the IEPF Rules, the statement containing full details of shareholders and shares due for transfer to IEPF Authority has been made available on the company's website at www.solargroup.com .

Deadline and Transfer Process

In case the company does not receive any communication from the concerned shareholders by July 24, 2026, the company shall transfer the dematerialised shares to IEPF Authority by way of corporate action by the due date as per procedure stipulated in the Rules. The company has clarified that it does not have any case of physical shares transfer to IEPF Authority.

Shareholders may note that both the unclaimed dividend and the shares transferred to IEPF Authority, including all benefits accruing on such shares, can be claimed back by them from IEPF Authority after following the procedure prescribed under the Rules.

Contact Information

Shareholders with queries may contact Mrs. Khushboo Pasari, Company Secretary & Compliance Officer of Solar Industries India Limited at Tel: 0712-6634567 and E-mail: investor.relations@solargroup.com . Alternatively, shareholders may contact the Registrar and Transfer Agents M/s. MUFG Intime India Private Limited at C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400083, Tel: (022) 49186000, E-mail: rtf.helpdesk@in.mpmfs.mufg.com .

Solar Industries India has received a maintained Buy rating from Goldman Sachs, with the investment bank setting a target price of ₹18,900 for the explosives manufacturer. The rating reflects positive market dynamics and strong fundamentals supporting the company's growth trajectory.

Key Price Drivers Supporting Rating

The investment bank's optimistic stance is primarily driven by significant cost increases in raw materials that are translating into higher explosives prices. The analysis highlights several critical factors supporting improved price realizations for the company.

Market Demand and Structural Growth

Goldman Sachs emphasizes the strong structural demand environment that Solar Industries India is positioned to benefit from. The mining and coal production sectors continue to drive robust demand for explosives, creating a favorable operating environment for the company.

The combination of rising input costs and strong end-user demand is expected to provide enhanced earnings visibility. This dual dynamic allows the company to pass through cost increases while maintaining strong volume growth from underlying sector demand.

Investment Outlook

The maintained Buy rating with ₹18,900 target price reflects Goldman Sachs' confidence in Solar Industries India's ability to navigate the current market environment effectively. The sharp increase in explosives prices, supported by both raw material cost inflation and robust demand fundamentals, positions the company for sustained performance improvement.

The structural demand from mining and coal production sectors provides a stable foundation for the company's operations, while the ability to realize higher prices due to industry-wide cost pressures supports margin expansion potential.