Solar Industries (SLIN.BO): Participation in INR 300bn drones project would open up another possible defense revenue vector; reiterate Buy

Research evidence excerpt

Solar Industries (SLIN.BO): Participation in INR 300bn drones project would open up another possible defense revenue vector; reiterate Buy

risons between companies in different sectors and markets.

Disclosures

The rating(s) for Solar Industries is/are relative to the other companies in its/their coverage universe: Astra Microwave, Azad Engineering, Bharat

Dynamics, Bharat Electronics, Data Patterns, Hindustan Aeronautics, JSW Steel, Jindal Steel Ltd., NMDC Limited, PTC Industries, Shyam Metalics and

Energy Ltd, Solar Industries, Tata Steel

Company-specific regulatory disclosures

The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, “Goldman Sachs”) and companies covered

by Goldman Sachs Global Investment Research and referred to in this research.

There are no company-specific disclosures for: Solar Industries (Rs16,895.85)

Distribution of ratings/investment banking relationships

Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 50% 34% 16% 65% 60% 45%

As of April 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,074 equity securities. Goldman Sachs assigns stocks as

Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the

purposes of the above disclosure required by the FINRA Rules. See ‘Ratings, Coverage universe and related definitions’ below. The Investment Banking

Relationships chart reflects the percentage of subject companies within each rating category for whom Goldman Sachs has provided investment

banking services within the previous twelve months.

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