Dishman Carbogen Amcis Ltd Management Discussions

ECONOMIC REVIEW

Global Economy Overview

The global economy demonstrated resilience during 2026 despite heightened geopolitical tensions and supply chain disruptions arising from the Middle East conflict. Economic activity was supported by robust private consumption, resilient labor markets, accommodative financial conditions, and accelerating investments across technology and artificial intelligence (Al)-linked industries. According to the IMF, global growth is projected at 3.0% in 2026, moderating from 3.5% in 2025, before recovering to 3.4% in 2027. While elevated energy prices and geopolitical uncertainty continue to weigh on economic activity, the expanding global technology cycle and increased Al-driven investments are partly offsetting these headwinds.

Inflationary pressures remain elevated, primarily due to higher energy, food, and commodity prices. Global inflation is expected to increase from 4.1% in 2025 to 4.7% in 2026, before easing to 3.9% in 2027. Meanwhile, global trade volumes are forecast to moderate from 5.0% growth in 2025 to 3.5% in 2026, reflecting trade policy uncertainties, supply chain adjustments, and persistent geopolitical risks. Despite these challenges, emerging economies, particularly those benefiting from technology-led investments and strong domestic demand, continue to outperform developed markets.

GDP Growth - Performance of the major economies, 2026

Economy	2026E GDP Growth (%)	2027E GDP Growth (%)	Key Growth Drivers
Global Economy	3.0%	3.4%	Al-led investments, resilient consumption, easing supply chain disruptions
India	6.4%	6.7%	Strong domestic consumption, robust services sector, infrastructure spending
China	4.6%	4.1%	Manufacturing exports, public infrastructure investment, technology sector expansion
United States	2.3%	2.2%	Technology investments, fiscal support, resilient business spending
United Kingdom	1.0%	1.3%	Easing inflationary pressures and recovery in domestic demand
Emerging & Developing Economies	3.8%	4.5%	Domestic demand growth and industrial expansion

Outlook

Looking ahead, the global economy is expected to remain resilient despite ongoing geopolitical uncertainties, inflationary pressures, and evolving trade dynamics.

Growth is likely to be supported by continued technological advancements, rising Al-led investments, improving supply chain resilience, and steady consumer demand across major economies. Emerging markets, led by India and select Asian economies, are expected to remain key contributors to global economic expansion, while developed economies are anticipated to witness gradual improvement as inflationary pressures moderate and financial conditions stabilize.

However, risks from geopolitical tensions, commodity price volatility, trade fragmentation, and tighter financial conditions continue to warrant close monitoring. Nevertheless, increasing digital transformation, infrastructure investments, and structural reforms across regions are expected to provide long-term support to economic activity. Overall, the global economy is poised for a gradual recovery, with growth expected to strengthen in 2027, underpinned by technological innovation, improving productivity, and resilient domestic demand.

Source: IMF July 2026 Report

India Economic Overview

The Indian economy continued to demonstrate strong growth momentum during FY 2025-26, supported by robust domestic demand, sustained investment activity, and healthy performance across the manufacturing and services sectors.

As per the latest national accounts estimates, real GDP growth is projected at approximately 7.6%, compared to 7.1% in FY 2024-25, emphasising Indias position among the fastest-growing major economies globally. Nominal GDP also expanded steadily, reaching nearly ?345 lakh crore, reflecting a combination of real economic growth and moderate inflation.

The services sector remained the largest contributor to economic output, driven by continued expansion in trade, transportation, financial services, real estate, and communication activities.

The manufacturing and construction sectors emerged as key growth drivers, benefiting from increased industrial activity infrastructure development, and policy support. The agriculture and allied sectors continued to provide stability to the economy though growth remained relatively moderate compared to the secondary and tertiary sectors.

On the demand side, economic growth was driven by rising private consumption and strong investment activity both recording healthy growth and highlighting sustained consumer confidence and capital formation. Gross fixed capital formation remained robust, supported by public and private sector investments, while improving household savings strengthened the domestic resource base. External trade activity also showed gradual improvement, although higher imports reflected buoyant domestic demand and deeper integration with global markets.

Overall, the Indian economy remains well-positioned for sustained growth, supported by a strong domestic demand environment, increasing industrialisation, and continued infrastructure investments. Consistent economic expansion, improving sectoral diversification, and rising income levels reinforce the countrys long-term growth prospects, despite prevailing global economic uncertainties.

Outlook

The outlook for the Indian economy remains positive, strengthened by continued policy focus on infrastructure creation, manufacturing development, digital transformation, and ease of doing business initiatives. Private consumption and investment are expected to remain key drivers of economic activity, supported by favourable demographics, rapid urbanisation, and improving income levels. While external challenges, including global economic uncertainties, commodity price volatility, and geopolitical developments, may pose near-term risks, India remains well-positioned to sustain strong growth. Continued emphasis on productivity enhancement, employment generation, and macroeconomic stability is expected to support the countrys long-term growth trajectory and reinforce its role as a key contributor to global economic growth.

Source: MOSPL Feb 2026 Report

Source: Industry trends pharmaceuticals June 2026 Global Oncology Industry

The global oncology industry continues to demonstrate strong growth, driven by rising cancer incidence, ageing populations, increasing healthcare expenditure, greater awareness, and advancements in diagnostics and treatment modalities. Cancer remains one of the leading causes of morfalify worldwide, wifh fhe disease burden increasing across bofh developed and emerging economies. According to the WHO Global Status Report on Cancer 2026, approximately 20.6 million new cancer cases and 9.7 million cancer-related deaths were reported globally in 2024. Further, the number of annual cancer diagnoses is projected to increase to 35 million by 2050, representing a 66.7% increase over current levels, highlighting the growing need for innovative therapies, advanced diagnostics, and specialised oncology services.

The industry continues to benefit from growing investments in precision medicine, targeted therapies, immuno-oncology, antibody-drug conjugates (ADCs), cell & gene therapies, and biomarker-based diagnostics. Increasing adoption of personalised treatment approaches and technological advancements in molecular diagnostics are improving treatment outcomes and expanding opportunities across the oncology value chain. Furthermore, emerging economies are expected to drive a significant portion of future demand, supported by improving healthcare infrastructure, greater access to diagnostics, and increasing healthcare coverage.

Despite these positive developments, significant challenges remain. The World Health Organization estimates that nearly 38% of cancer cases are attributable to modifiable risk factors, including tobacco use, infections, alcohol consumption, obesity, and physical inactivity. In addition, disparities in access to diagnostics, treatment infrastructure, and specialized oncology care continue to impact patient outcomes, particularly in low- and middle-income countries. While survival rates for certain cancers exceed 85% in developed markets, outcomes remain substantially lower in many developing regions due to delayed diagnosis and limited access to treatment.

Looking ahead, the oncology sector is expected to remain one of the fastest-growing segments within the global pharmaceutical and healthcare industry. Increasing R&D investments, continued innovation in oncology therapeutics, and a growing global disease burden are expected to support longterm industry growth while reinforcing the strategic importance of oncology-focused pharmaceutical and CDMO companies.

Fig. 17. Estimated number of new cancer cases from 2024 to 2050, both sexes, by income level (a) and WHO region (b)

(A. Estimated number of new cases (in millions) by income level

	16.4% 1,632,033 cases V* *1 1 Lung	25.4% 2,434,087 cases
	15.6% 1,546,112 cases Prostate	10.5% 1,004,972 cases
	11.5% 1,138,656 cases Colorectum	9.4% 902,351 cases
	6.4% % 6,38,780 cases Stomach	7.5% 713,180 cases
	5.9% 5,86,676 cases 1 Liver	6.3% 604,196 cases
9,933,770 Total cases	44.2% A 4,391,513 cases Other Cancers	40 - 8% 390,5571 cases / Other Cancers	9,564,357 Total cases

Global Prescription Drug Sales

The global prescription drug market continues to expand, driven by increasing prevalence of chronic diseases, growing access to healthcare, an ageing population, rising innovation in specialty therapeutics, and a robust pipeline of novel medicines. Pharmaceutical spending remains heavily influenced by oncology, immunology, diabetes and obesity therapies, supported by continuous investments in biologies, precision medicine, antibody-drug conjugates (ADCs), cell & gene therapies, and peptide-based medicines. According to IQVIA, global medicine spending is expected to reach US$2.4 trillion by 2029, growing at a CAGR of 5-8% over 2024-2029. Global spending on medicines increased by 38% during the last five years and is forecast to expand by an additional 35% through 2029.

Innovation remains a key growth catalyst for the pharmaceutical industry. The past five years witnessed the launch of 394 novel active substances (NAS) globally compared to 254 launches during 2015-2019, reflecting a strong innovation cycle across oncology, immunology, metabolic diseases and rare disorders. The continued emergence of high-value specialty medicines is expected to drive prescription drug spending, particularly in developed markets where adoption of innovative therapies remains strong.

Therapeutically, oncology remains the largest contributor to global prescription drug spending, while obesity and diabetes therapies are among the fastest-growing segments. Immunology continues to be a major revenue driver despite increasing biosimilar penetration. The growing use of specialty medicines, coupled with increasing demand for complex active pharmaceutical ingredients (APIs), advanced intermediates and high-potency manufacturing capabilities, is creating significant opportunities for CRDMO and CDMO players globally.

For companies such as Dishman Carbogen, these industry trends are particularly relevant as pharmaceutical innovators increasingly seek strategic outsourcing partners capable of supporting complex molecule development, commercial manufacturing, high-potency chemistry and integrated drug development programs. Rising innovation intensity and growing specialty drug pipelines are expected to support longterm demand for outsourced development and manufacturing services across the pharmaceutical value chain.

Key Industry Statistics

Particulars	2024	2029F
Global Medicine Spending	~US$1.74 Trillion	US$2.38 Trillion
Global Market Growth	-	5-8% CAGR
Growth in Spending (2024-2029)	-	~35%
Novel Active Substances Launched (Last 5 Years)	394	Continued Growth
Key Growth Drivers	Oncology, Immunology, Diabetes, Obesity	Oncology, Obesity, Specialty Medicines

Global CDMO Industry

The global Contract Development and Manufacturing Organization (CDMO) industry is experiencing a strong growth trajectory, supported by increasing pharmaceutical outsourcing, rising drug development complexity, and growing demand for specialized manufacturing capabilities. The global healthcare CDMO market, valued at US $ 292 billion in 2025, is projected to reach approximately USD 626 billion by 2035, registering a healthy CAGR of 7.9% during 2026-2035. Pharmaceutical and biotechnology companies are increasingly partnering with CDMOs to access advanced technologies, optimise costs, accelerate product commercialisation, and improve operational flexibility. As the pharmaceutical industry shifts towards an asset-light model, outsourcing has become a strategic imperative rather than merely a cost-saving initiative.

A key driver of industry growth is the expanding global pharmaceutical pipeline, particularly across oncology, biologies, immunology, cell & gene therapies, and specialty medicines. These therapies require sophisticated manufacturing processes, specialised containment facilities, regulatory expertise, and scalable production infrastructure. Furthermore, the increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular disorders is driving demand for innovative drug formulations, biologies, and personalized therapies, creating significant opportunities for CDMOs with expertise in complex development and manufacturing services.

CDMOs are making substantial investments in high-tech facilities for biologies, high-potency APIs (HPAPIs), sterile injectables, antibody-drug conjugates (ADCs), and cell & gene therapy manufacturing. Long-term strategic partnerships between pharmaceutical companies and CDMOs are becoming increasingly common, as drug innovators seek end-to-end service providers capable of supporting development, clinical supply, scale-up, commercial manufacturing, packaging, and regulatory compliance under a single platform.

From a regional perspective, North America accounted for 40.6% of the global market in 2025, driven by strong pharmaceutical innovation, advanced manufacturing infrastructure, and high outsourcing penetration. Europe remains a key hub for biologies and specialty pharmaceutical manufacturing, while Asia-Pacific is expected to be the fastest-growing region, supported by cost advantages, expanding pharmaceutical production capabilities, skilled talent availability, and increasing investments in healthcare infrastructure. Looking ahead, growing demand for biologies, complex generics, injectable products, and next-generation therapies is expected to further strengthen the role of CDMOs as critical partners in the global pharmaceutical value chain, positioning the industry for sustained long-term growth.

HEALTHCARE CDMO MARKET SIZE 2025 TO 2035 (USD BILLION)

Indian Pharma Industry Overview

Indias pharmaceutical industry continued to strengthen its position as one of the most important contributors to global healthcare in FY26, supported by its large- scale manufacturing base, cost-efficient production capabilities, strong chemistry skills and robust generic formulations ecosystem. India ranks among the worlds leading pharmaceutical producers, with the industry being the third-largest globally by volume and among the leading suppliers of affordable medicines across regulated and semi-regulated markets. The sector is supported by more than 3,000 pharmaceutical companies and 10,500 manufacturing units, reflecting Indias depth in formulations, APIs, vaccines and specialty products.

The Indian pharmaceutical market is estimated at around US$ 60.3 billion in 2026, compared with US$ 57.6 billion in 2025, and is projected to reach nearly US$79.7 billion by 2031, growing at a CAGR of 5.7% during 2026-2031. Over tine longer term, the Indian pharma sector is expected to expand to nearly US$ 130 billion by 2030, driven by rising domestic healthcare consumption, increasing chronic disease burden, export opportunities, government policy support and movement towards higher-value products.

India continues to strengthen its position as a key global pharmaceutical export hub. Pharmaceutical exports reached approximately US$ 30.5 billion in FY25, while industry data indicates that exports have nearly doubled over the past decade, growing from US$ 15.44 billion in FY14 to US$ 31.11 billion in FY26. The United States remains the largest export market, contributing over 30% of Indias total pharmaceutical exports, while increasing demand from Europe, Africa, Latin America, the Middle East, and Southeast Asia continues to broaden the countrys global market presence and enhance export diversification.

For companies operating in contract development, manufacturing and specialty pharma value chains, Indias evolving pharmaceutical landscape offers attractive opportunities. The industry is gradually shifting from a volume-led generics model towards a more value-driven approach, with increasing focus on complex generics, specialty APIs, biosimilars, injectables, oncology, advanced intermediates and innovation-led global partnerships. This transition is especially relevant as global pharmaceutical companies seek reliable, cost-efficient and quality-compliant partners for drug development and manufacturing.

KEY GROWTH DRIVERS

1. Rising Domestic Healthcare Demand

Indias domestic pharmaceutical market continues to benefit from growing healthcare awareness, improved access to medicines, rising disposable incomes, expanding health insurance coverage, and a steadily increasing patient base. Demand for chronic therapies, including cardiac, anti-diabetic, gastrointestinal, respiratory, and CNS treatments, is witnessing strong growth, driven by changing lifestyles, urbanisation, and an ageing population. The Indian Pharmaceutical Market reported healthy single-digit growth during the year, with chronic therapy segments outpacing acute therapies, reflecting the sectors evolving demand profile.

2. Growing Chronic Disease Burden

Indias rising prevalence of chronic diseases such as diabetes, cardiovascular disorders, respiratory ailments, and cancer continues to be a key driver of long-term pharmaceutical demand. The increasing need for ongoing treatment, disease management, and advanced therapies is supporting sustained growth across these segments. Chronic therapies, particularly anti-diabetic, cardiovascular, and oncology, are expected to remain major contributors to the Indian pharmaceutical market over the coming years. Among these, oncology is emerging as one of the fastest-growing therapeutic areas, driven by improving diagnosis rates, greater adoption of biosimilars, and expanding access to treatment through government healthcare initiatives.

3. Strong Export Base and Global Generic Leadership

India continues to reinforce its position as the "Pharmacy of the World", driven by its strong capabilities in manufacturing affordable generic medicines and vaccines for global markets. The country supplies nearly 20% of the worlds generic medicines by volume and exports pharmaceutical products to over 190 countries, highlighting its significant global footprint.

While formulations and biologicals remain the largest contributors to pharmaceutical exports, India is steadily expanding its presence across APIs, biosimilars, vaccines, complex generics, and specialty pharmaceuticals, strengthening its role in the global healthcare value chain and creating new avenues for export-led growth.

4. Global Patent Expiry Opportunity

The upcoming wave of patent expiries across global pharmaceutical markets is expected to create significant growth opportunities for Indian drug manufacturers. With nearly US$ 250 billion worth of branded drugs projected to lose patent protection over the next five years, companies with strong R&D capabilities, regulatory expertise, complex product development skills, and scalable manufacturing platforms are well positioned to capitalize on this opportunity. This patent cliff is expected to drive increased demand for generics, complex generics, injectables, and biosimilars, enabling Indian pharmaceutical companies to expand their presence across regulated and emerging markets.

5. Government Policy Support and Manufacturing Push

The Indian pharmaceutical sector continues to benefit from strong policy support aimed at enhancing self-reliance, strengthening domestic manufacturing, and improving global competitiveness. Government initiatives such as the Production Linked Incentive (PLI) Scheme, API localization programs, bulk drug parks, and increased support for research and development are fostering capacity expansion, product diversification, and import substitution. With a dedicated outlay of ?15,000 crore under the PLI scheme, the government is encouraging investments in high-value pharmaceutical products and advanced manufacturing capabilities. Additionally, initiatives such as Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP), support for bulk drug manufacturing, and a growing focus on biopharmaceuticals and innovation-led healthcare are expected to further strengthen Indias position as a key player in the global pharmaceutical supply chain.

6. Shift Towards Complex and High-Value Products

Indian pharmaceutical companies are increasingly diversifying beyond conventional generics and focusing on complex, differentiated, and higher-margin product segments, including injectables, parenterals, oncology therapies, specialty APIs, complex formulations, and biosimilars. This strategic shift is driven by the need to enhance profitability, strengthen competitive positioning, and cater to evolving global healthcare demands. To support this transition, companies are investing in advanced manufacturing technologies, automation, digital quality systems, regulatory compliance, and innovation capabilities. The growing emphasis on complex products and global partnerships is expected to enable Indian pharmaceutical manufacturers to move up the value chain and capture larger opportunities in regulated and specialty markets.

EMERGING INDUSTRY TRENDS

1. Increasing Role of CDMO/CRDMO Models

The growing trend of outsourcing research, development, and manufacturing activities by global pharmaceutical companies is creating significant opportunities for the CDMO and CRDMO industry. Driven by the need to improve operational efficiency, optimize costs, and accelerate time- to-market, innovator companies are increasingly partnering with specialized service providers across the pharmaceutical value chain. India is well positioned to benefit from this shift, supported by its strong scientific talent pool, cost competitiveness, regulatory expertise, and established manufacturing capabilities. As global pharmaceutical outsourcing continues to rise, Indias CDMO/CRDMO sector is expected to witness robust growth, strengthening its role as a strategic partner for end-to-end drug development and manufacturing services.

2. Al, Automation and Digital Quality Systems

Artificial Intelligence (Al), automation, and digital technologies are increasingly transforming the pharmaceutical industry across drug discovery, clinical development, manufacturing, supply chain management, and quality assurance. Companies are progressively integrating Al-driven solutions to enhance R&D productivity, improve demand forecasting, streamline workflows, and optimize production efficiency. The growing adoption of advanced analytics, automation, and digital manufacturing platforms is enabling faster decision-making and greater operational agility. In India, pharmaceutical companies are leveraging digital technologies to strengthen quality management systems, regulatory compliance, documentation processes, and manufacturing efficiency, supporting higher productivity, improved product quality, and enhanced competitiveness in global markets.

3. Growth in Oncology, Biosimilars and Injectables

Oncology, biosimilars, and injectables are expected to remain among the fastest-growing segments of the pharmaceutical industry, driven by rising disease prevalence, increasing healthcare access, and growing adoption of advanced therapies. Oncology is projected to witness strong growth over the coming years, supported by higher diagnosis rates, improved treatment accessibility, and expanding use of targeted therapies and biosimilars. At the same time, demand for injectables and biologies is increasing faster than conventional dosage forms, reflecting the industrys shift toward complex and specialty treatments. This trend is driving investments in high- compliance manufacturing facilities, sterile production capabilities, and advanced development expertise, creating significant opportunities for companies with strong technical and regulatory capabilities.

4. Market Diversification Beyond the US

While the United States remains the largest market for Indian pharmaceutical exports, companies are increasingly expanding their presence across Europe,

Latin America, Africa, the Middle East, and Southeast Asia to diversify revenue streams and reduce dependence on any single geography. This strategic diversification is helping mitigate pricing pressures, regulatory risks, and market-specific challenges in mature markets. In addition, the growing focus on quality standards, regulatory compliance, and product portfolio expansion is enabling Indian pharmaceutical companies to strengthen their footprint across both regulated and emerging markets. As a result, export diversification is expected to remain a key driver of sustainable growth and resilience for the Indian pharmaceutical industry.

Potential Constraints Ahead

Despite favourable long-term growth prospects, the Indian pharmaceutical industry faces certain challenges. Pricing pressure in regulated markets, especially the US, continues to impact margins for generic players. Domestic price controls under essential medicines lists also create margin pressure in certain therapies. Mordor Intelligence identifies frequent retail price caps and NLEM revisions as a key restraint for the Indian market.

Regulatory compliance is another important area of focus, particularly as global regulators continue to tighten expectations around data integrity, quality systems, cGMP compliance and manufacturing standards. Companies will need to invest continuously in quality upgrades, digital systems, automation and compliance capabilities to remain competitive in regulated markets.

The industry also remains exposed to supply-chain risks, including dependence on imported raw materials and intermediates, particularly from China. While India is taking steps to localise API and key starting material manufacturing through policy support and PLI schemes, reducing import dependence will require sustained investments and execution over the medium term.

Industry Outlook

The outlook for the Indian pharmaceutical industry remains positive, supported by strong domestic demand, rising exports, government policy support, increasing chronic disease prevalence and growing global demand for affordable medicines. The sector is expected to gradually move up the value chain from plain generics towards complex generics, specialty products, biosimilars, injectables, APIs, advanced intermediates and contract development and manufacturing services.

The evolving industry environment offers opportunities to benefit from increased outsourcing by global pharma innovators, rising demand for specialised chemistry capabilities, complex intermediates, high-quality manufacturing and regulatory-compliant supply chains. As global pharmaceutical companies look to diversify suppliers and improve development efficiency, Indias position as a trusted pharma manufacturing and innovation partner is expected to strengthen further over the coming years.

Source:

?€? Mordor Intelligence - India Pharmaceuticals Market Size & Share Analysis, 2026-2031

?€? Express Pharma - Pharma Outlook 2026: Indias leap from "Worlds Pharmacy" to "Worlds Innovation Partner"

?€? IBEF - Indian Pharmaceuticals Industry Analysis Presentation, 2026

?€? Pharmexcil - Pharmaceutical exports and India pharma export data

?€? PIB / Government of India - Indias Pharmaceuticals in Global Healthcare, 2026

?€? KPMG - The Indian Pharma Sector Snapshot, Q2FY26

?€? IQVIA - Indian Pharmaceutical Market Quarterly Insights, Q2 2025

?€? ZS- Pharma Industry Outlook 2026

BUSINESS OVERVIEW

About Dishman Carbogen Amcis Limited

Dishman Carbogen Amcis Limited ("DCAL", "imdcal" or "the Company") is a well-known player in the Contract Development and Manufacturing Organization ("CDMO") sector. The Company is relied upon by major pharmaceutical innovators worldwide to deliver outstanding results that support healthier communities. DCAL is recognized for its top- tier manufacturing and R&D capabilities, offering integrated, high-value, and specialized CDMO solutions. Its services span the entire drug development process, from process R&D to late-stage clinical and commercial manufacturing, including the supply of Active Pharmaceutical Ingredients (APIs) and intermediates, which ensures superior outcomes for clients.

DCAL is a favored outsourcing partner with a presence across various continents and countries, including the United States, Switzerland, the UK, France, the Netherlands, China, Japan, and India. It serves clients in all major advanced markets, such as the US, Europe, and Asia. The Company possesses strong chemistry expertise and large-scale, versatile manufacturing capacities. It operates 10 manufacturing facilities globally, with locations in Europe, India, and China. These include four facilities in Switzerland, two in India, and one each in the UK, Netherlands, France, and China. Its HiPo facility in Bavla, India, is one of the largest in Asia, allowing the Company to capitalize on high margin opportunities in the oncology sector and other highly potent compounds.

Initially, DCAL focused on producing quaternary ammonium and phosphate compounds, but it quickly became one of the fastest growing companies in the Indian CDMO industry. The Company entered the CDMO market by securing a contract to develop and manufacture an Active Pharmaceutical Ingredient for an innovator. DCAL was one of the pioneers in India to successfully develop and commercially manufacture a new chemical entity. Over the past 17 years, the Company has expanded through acquisitions and greenfield projects, resulting in a rich talent pool and unmatched operational excellence.

DCAL Product Portfolio

Life Active Pharmaceutical ?„? Ingredients

^ High Potent APIs

^ Antibody Drug Conjugates

^ Sterile Injectables

^ Vitamin D Analogues

^ Lanolin-Related Products

^ Cholesterol

^ Phase Transfer Catalysts

^ Intermediates

^ Disinfectant Formulations

OUR BUSINESS VERTICALS

1. Contract Development and Manufacturing Organization (CDMO)

Our main business focus is on CDMO. We are a comprehensive CDMO provider with robust capabilities throughout the value chain. In our CDMO operations, we support drug innovators in developing and optimizing processes for new drug molecules at various stages of development. Once these innovative molecules receive approval, this segment scouts opportunities for large-scale commercial supply agreements. We offer comprehensive, high-value CDMO services, ranging from process research and development to late-stage clinical and commercial manufacturing. The CDMO segment accounts for 83% of our total revenue in FY26. With our extensive experience and advanced capabilities, we are well positioned to capitalize on strong growth and emerging opportunities in the global CDMO market.

CARBOGEN AMCIS specializes in providing a range of drug development and commercialization services to the pharmaceutical and biopharmaceutical sectors at every stage of drug development. Our comprehensive and customized services for Drug Substances (DS) and Drug Products (DP) offer innovative solutions to ensure timely and safe drug development. We conduct custom synthesis operations within the Dishman group, which includes two facilities in India, and within the CARBOGEN AMCIS group, which encompasses eight facilities: four in Switzerland, one each in France, the UK, China, and the Netherlands.

CARBOGEN AMCIS offers development and manufacturing services for both non-potent and highly potent drug substances (APIs) and drug products, utilizing advanced containment technologies. All facilities adhere to current Good Manufacturing Practices (cGMP) and are capable of producing materials for preclinical testing, clinical trials, and commercial use. Our manufacturing sites undergo regular inspections by the US Food and Drug Administration (FDA) and local regulatory bodies. The large-scale production capacities, up to 8,000 liters, allow for the efficient production of non-GMP intermediates, which can be further processed at the CARBOGEN AMCIS facilities in Switzerland.

Our facilities in Saint-Beauzire, France, are well-equipped for custom development and automated aseptic production of liquid and lyophilized drug products, featuring two production lines offering liquid and lyophilized sterile injectables and capable of handling Highly Potent products with OEB 4+ category. Our services also include formulation, process development, and scaling up for liquid and freeze-dried products.

We have completed numerous drug linker projects successfully. Since our first ADC project in 2005, interest in our ADC and bioconjugation capabilities has grown among customers, from small biotech firms to large pharmaceutical companies. We manage projects from payload/ warhead manufacturing to drug-linker synthesis, conjugation, and final drug product production inhouse. Our cleanroom suites are fully qualified for cGMP manufacturing dedicated to bio-conjugation, complemented by our advanced purification technologies and outstanding analytical, fill, and finish capabilities.

Dishman India serves as a global outsourcing partner for the pharmaceutical industry, providing a variety of development, scale-up, and manufacturing services.

The Company supports its clients by offering a range of development and manufacturing solutions at facilities in Europe and India. Dishman is dedicated to delivering highvalue solutions with technical excellence and aims to be a dependable partner, safeguarding its clients interests as if they were its own.

The Company provides specialized research and development services focused on creating processes that are scalable up to commercialization, whether through process research, development, or optimization. Dishman employs a team of highly skilled professionals who work in three continuous shifts at advanced R&D centers. The Company is committed to ensuring safe and efficient scale-up and problem-solving, resulting in robust and cost effective processes. Dishman also enforces strict intellectual property protection policies, treating its clients interests with the same care as its own.

2. Marketable Molecules

A. Speciality Chemicals

Dishman Specialty Chemicals manufactures and supplies high quality intermediates, fine chemicals, and various products for pharmaceutical, cosmetic and related industries. The Company had a long association with the manufacture and supply of Quaternary ammonium compounds (Quats) for use as phase transfer catalysts.

Our domain expertise in solids handling technology has helped us to expand our offerings to include ammonium and phosphonium high-purity solid Quats, Phosphoranes and Wittig reagents. These products find applications as phase transfer catalysts, personal care ingredients, fine chemicals, pharma intermediates and disinfectants. A number of our products are made under GMP manufacturing conditions at our Naroda facility in India. Furthermore, we maintain local stocks of select products in Europe and in the US.

We have significant expertise in providing tailor made solutions. We are well equipped to supply our customers with our quality products or provide them assistance on the next project with our world class manufacturing expertise, logistics and competitive pricing.

B. Vitamins and Analogues

Vitamin D plays a vital role in brain development, muscle function, maintaining a healthy respiratory and immune system, and optimal cardiac function. It also strengthens our bodies against illnesses such as diabetes, asthma, chronic pains, cancer, infections, multiple sclerosis, psoriasis, depression, etc. However, if there is a Vitamin D deficiency, then it leads to bone disorders such as rickets, osteomalacia and osteoporosis.

Vitamin D is present in inactive form in the human body and gets activated in the presence of sunlight to process the release of Calcifediol. This Calcifediol is then metabolised in the kidney to release Calcitriol which is further absorbed by the intestine, kidney and bones.

The bones mobilise the secretion of Calcium and Phosphate in the parathyroid gland to maintain the optimum balance of these elements which is a prerequisite for strong bones.

Functioning as the global outsourcing partner for other pharmaceutical companies; aiding them in development and scale-up production via its high potency supply of compounds; Dishman first realized the need of the hour with Vitamin D because of its elaborate research on its therapeutic uses that covers a wide range of medical conditions. Keeping wellness as our primary objective, we acquired Solvay Pharmaceuticals Veenendaal, Netherlands plant which focused on manufacturing cholesterol, serving as a precursor to vitamin D & its analogues.

As a multifaceted organisation with a high degree of groundwork, we established greener processes to manufacture in a budgeted environment.

Hence, we ensure the extraction of this cholesterol from sheep wool, making it a vegan source required to form a strong base for the formulations. Gradually, with a steadfast strategy, entrepreneurial spirit and a rising demand for the application of this raw material in various sectors: as a natural course towards the extension of existing and acquired business, we forayed into developing a wide spectrum of products for the pharmaceutical, nutraceutical and holistic animal nutrition verticals of Vitamin D3. This derivative, if taken in the right quantity, can cure the roots of many diseases, resulting in complete wellbeing.

In the pursuit of developing a world-wide circuit in the supply of Vitamins and its analogues, Dishman has completed the establishment of WHO cGMP compliant fully integrated manufacturing unit, at Bavla, based in Gujarat, India, which is also an ISO 9001:2015 certified. Its core lies in its CDMO model capabilities that umbrellas an entire gamut of services from production of raw materials to developing the final products as well as market the same. This has enabled us to be in the forefront with the capacity to manufacture 1,000 MT annually and simultaneously catering to specifically engineered requirements of our clients, all at one place.

C. Generic APIs and Disinfectants

Dishman plans to develop and manufacture niche generic APIs. The Company is working on development of certain generic molecules, which could have huge potential in terms of profitability. We are working towards capturing a larger market share of the profitable generic APIs such as imaging reagents where we have filed the Drug Master Filings or other regulatory filings. The Company will continue to file for such molecules in the future as well and strive to increase the proportion of these molecules in the marketable molecules business segment. Dishman India has a range of hand and body wash, sanitisers, and antiseptics, apart from its active pharmaceutical ingredients and form jlations businesses. We offer a range of antiseptics and disinfectants for application in healthcare and related industries. Our aim is to build a deep portfolio of next generation 1 innovative antiseptic and disinfectant formulations. Our product pipeline specialises in high quality, cost effective, proven antimicrobial products based on Chlorhexidine Gluconate (CHG) and Octenidine dihydrochloride (OCT). We shall provide specialist products for environmental decontamination based on hydrogen peroxide disinfectant.

OUR COMPETITIVE STRENGTHS

Capabilities Across the Entire CDMO Value Chain

Currently, the imdcal brand is recognized by international clients as a favoured global outsourcing partner, offering capabilities throughout the entire CDMO value chain. Its services span from process R&D and pilot supply to fullscale and commercial manufacturing, utilizing purposebuilt and dedicated facilities. The Groups facilities in India and China boast strong chemistry expertise, featuring a large, dedicated R&D operation running multiple shifts, as well as 25 dedicated production facilities for APIs and intermediates in both India and China, with dedicated API manufacturing capacities in these locations.

Our Presence along the Value Chain

1 Building Blocks

2 Commercialisation

3 Launch Stage

High Potency API Capability

DCAL has invested in world class capabilities to address the oncology and other highly potent compound therapy markets. Coupled with 20 years of HiPo API experience, the High Potency API business represents a significant opportunity for step change in the Groups topline and bottom-line growth. The Group has a strongly differentiated set of capabilities in the HiPo API arena with pre-clinical API, phase 1/ phase 2/phase 3 and commercial API and up to clinical Ph2 parenteral dosage form capabilities.

All these capabilities remain in house and underwritten by a consolidated project management capability to take customers from pre-clinical stages through to commercial manufacturing of APIs, right through to formulated products.

Antibody Drug Conjugates (ADC)

The company has been one of the earliest movers in the ADC space since it has been developing molecules with this technology since 2014. We have the capability to develop and manufacture linker, payload as well as conjugate with the antibodies. We have demonstrated strong technical capabilities with our strong scientist base in Switzerland with this technology basis which we were successful in developing an extremely complex ADC molecule for a large Japanese innovator. We have entered into co-investment agreements with this customer reinforcing our strong relationship with this customer. We are developing an ADC molecule for a large German innovator and offering end to end service right from developing the API in Switzerland to developing the finished formulation in the French facility.

Scientific Advancements

Successful drug development is a balance between speed, quality and costs. We aim to offer our customers a choice of state-of-the-art tools combined with qualified and experienced staff to best meet these often-changing priorities. CARBOGEN AMCIS has built up a portfolio of specialist services to give customers the highest degree of flexibility possible.

Chromatography

Chromatography often forms part of a fast route to producing initial quantities of material. We offer customised chromatography solutions for the separation and purification of APIs and intermediates, including highly active APIs and impurity isolation. Our dedicated group of chemists have more than 51 years experience in the group expertise in method development and scaleup in a variety of different chromatographic techniques, all in accordance with the current Good Manufacturing Practice (cGMP) environment.Cost-effective large scale chromatography

is also possible given the correct infrastructure. CARBOGEN AMCIS offers Flash Chromatography (Biotage), SMB and HPLC to effectively produce clinical trial quantities of APIs and commercial products.

Crystallization Services

Defining the best crystalline form of an Active Pharmaceutical Ingredient (API) is crucial in drug development, since it has a significant impact on its bioavailability and formulation properties. CARBOGEN AMCIS has established a service supporting our customers with crystallisation investigations including solubility tests, salt screening, and optimisation of the crystallisation process and the solid/liquid separation in the API isolation process. Polymorphism screening complements the service portfolio. We offer online monitoring of critical parameters such as particle size, turbidity, temperature, and pH value, as well as analytical services dedicated to solid phase characterisation including hot stage microscopy, differential scanning calorimetry, Dynamic Vapor Sorption (DVS) and x-ray powder diffraction.

World Class Manufacturing Facilities

Our state-of-the-art infrastructure includes process research and development (PR&D) laboratories and one laboratory dedicated to conjugation of small and large molecules and manufacturing capabilities. CARBOGEN AMCIS delivers leading process research services that support the drug development process. Early Active Pharmaceutical Ingredient (API) manufacture centres on the rapid synthesis of supplies necessary to perform both toxicology and early phase clinical trials. Typical batch sizes here range from 1 gram to 50 kg scale and are prepared as per the highest standard of current Good Manufacturing Practices (cGMP).

We internally optimize each site with all the equipment necessary to help clients project to become a success.

We provide unparalleled analytical support for research, development and commercial production of late stage intermediates and APIs, including pre-formulation studies to support drug product development. In addition to preformulation services, solid state and crystallisation services, and analytical support for physicochemical characterisation and method validation, CARBOGEN AMCIS offers a complete range of automated aseptic production of liquid and lyophilized sterile injectable drug products at our Saint- Beauzire site in France. Our specialty is the injectable space and the handling of complex compounds such as highly potent APIs, biological products and drug delivery.

This site is exclusively dedicated to the development and the cGMP manufacturing to the fast supply of bafches for clinical sfudies.

CARBOGEN AMCIS ufilises fhe Shanghai manufacturing facility for manufacturing the intermediates for the final API, which gets manufactured in the Swiss facility. This facility is also cGMP approved and the plan is to make it equipped to manufacture the final API as well, which would act as a good alternate manufacturing site for the APIs manufacturing. CARBOGEN AMCIS utilises its UK facility

as the one for manufacturing non-GMP intermediates and starting material, which again feeds into the Swiss facility for manufacturing the final API or gets shipped to the customer. The Companys facilities in India equips the Group with large- scale development and manufacturing capabilities, which ensures that the customer does not have to move outside the Dishman Group to get the large volume products developed and manufactured. Thus, the group acts like a one-stop shop for the development and manufacturing of APIs for all types of molecules. Moreover, the HiPo capabilities are unique to the group and differentiates it from its peers.

FINANCIAL OVERVIEW

BUSINESS HIGHLIGHTS (STANDALONE)		(? in Crores)
PARTICULARS	2025-26	2024-25
Income
Revenue from Operations	231.56	399.84
Other Income	84.52	32.98
Total Income	316.08	432.82
EBIDTA	5.32	71.79
Depreciation	(62.57)	(65.20)
(Loss)/Profit before interest and taxes	27.27	39.56
Interest and other finance charges	(86.52)	(70.40)
(Loss)/Profit before tax	(59.25)	(30.83)
Tax Expenses	20.85	20.96
(Loss)/Profit after tax	(38.40)	(9.87)
Cash Profit	24.17	55.33
BUSINESS HIGHLIGHTS (CONSOLIDATED)		(? in Crores)
PARTICULARS	2025-26	2024-25
Income
Revenue from Operations	2,931.90	2,711.50
Other Income	55.94	21.68
Total Income	2987.84	2,733.18
EBIDTA	565.63	468.94
Depreciation	(338.69)	(293.74)
(Loss)/Profit before interest and taxes	282.88	196.88
Interest and other finance charges	(174.18)	(159.46)
(Loss)/Profit before tax and exceptional Items	108.70	37.42
Exceptional Items	(3.80)	(18.11)
(Loss)/Profit before tax	104.90	19.31
Tax Expenses	(7.45)	(16.07)
(Loss)/Profit after tax	97.45	3.24
Cash Profit	436.14	296.98

?€? Net Revenue at ?2,931.90 crores in FY26 as compared to Rs. 2,711.50 crores in FY25 increase by 8.13% YOY.

?€? - CDMO revenue increased by 6.5% YOY due to higher development revenue mainly driven by late phase III molecules.

?€? Marketable Molecules revenue increased by 17.20% YOY mainly due to increase in Vitamin D analogues supplies.

?€? EBIDTA YOY increased by 20.62% due to higher development revenue from late Phase III molecules projects during the year and higher supplies of Vitamin D analogues revenue with also continued cost reduction measures.

Net Debt = Total Debt (Long Term+Short Term) excluding lease liabilities - Cash & Cash equivalent (including Other bank balances, Deposits and liguid investments).

Cash PAT = Profit/(Loss) after Tax + Depreciation

Break-up by business areas

The Break-Up Of Companys Revenue from Operafions Form The Product Areas Viz. "CDMO Segment" And "Other Segments" For The Last Five Years Is As Under:

Product area	2025-26	2024-25	2023-24	2022-23	2021-2022
CDMO	2,441.25	2,292.90	2,168.00	1,945.32	1,649.34
Marketable Molecules	490.65	418.60	447.80	467.60	491.35
Total Revenue from Operations	2,931.90	2,711.50	2,615.80	2,412.92	2,140.69

(PPE+ROU) at exchange rate of 01-04-2017

KEY FINANCIAL RATIOS

STANDALONE

1 Particulars	FY 2025-26	FY 2024-25 1
Debtors Turnover 1	1.34	2.23
Inventory Turnover 1	1.60	2.63
Operating Profit margin (%) 1	2.30%	17.95%
Net profit margin (%) 1	-16.58%	-2.47%
Interest Service Coverage Ratio	0.70	1.58
Current Ratio	0.79	1.04
Net Debt-Equity Ratio	0.15	0.14
Return on Net Worth (%) 1	-0.83%	-0.08%
Return on Capital Employed 1	0.70%	0.98%

1 The ratio are adversely impacted by the decrease in earnings

CONSOLIDATED
Particulars	FY 2025-26	FY 2024-25
Debtors Turnover	4.38	4.72
Inventory Turnover	3.06	3.04
Operating Profit margin (%)	19.29%	17.29%
Net profit margin (%) 1	3.32%	0.12%
Interest Service Coverage Ratio	3.43	3.12
Current Ratio	1.23	1.14
Net Debt-Equity Ratio	0.26	0.26
Return on Net Worth (%) 1	5.54%	0.55%
Return on Capital Employed 1	7.81%	5.96%

1 EBIDTA YOY increased by 20.62% due to higher development revenue from late Phase III molecules projects during the year and higher supplies of Vitamin D analogues revenue with also continued cost reduction measures.

INTERNAL CONTROL SYSTEMS

Your Company has a well-established framework of internal control and internal audit, appropriate to its size and the intricacy of its business, and taking into account the essential components of internal control as outlined in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting ("the Guidance Note") issued by the Institute of Chartered Accountants of India ("the ICAI"). Your Company possesses suitable internal control mechanisms for business processes regarding operational efficiency, financial reporting, compliance with applicable laws and regulations, among others, with the aim of safeguarding the Companys assets, ensuring that transactions are correctly recorded and authorized, and providing substantial assurance at reasonable cost, of the integrity, impartiality, and reliability of financial information. The Company continually enhances its internal control framework by incorporating better process controls, various audit trails, and utilizing external management assurance services whenever necessary.

The internal control system is bolstered by comprehensive internal audits, conducted by independent firms of chartered accountants in close collaboration with the finance and accounts department. The findings of the Audit Team are discussed internally as well as in audit committee meetings.

The Audit Committee of the Board of Directors reviews the adequacy and effectiveness of internal control mechanisms and proposes enhancements for their reinforcement.

The company has established a Control Department to ensure that appropriate controls are implemented and continuously reviewed and enhanced in line with evolving business requirements. Several automated controls, including workflow- based approvals and system-driven control limits, have been implemented to strengthen governance and support efficient day-to-day operations as well as long- and short-term business planning.

With the implementation of the S4 HANA platform, the company has established robust system controls to minimize deviations and exceptions, improve process standardization, and enhance decision-making. In addition, the company has implemented the Fund Management module to strengthen budgetary controls and upgraded QMS with workflow-driven process automation, enabling end-to-end quality management, reducing deviations, and ensuring secure data management.

Risk Management

Global operations and product development for regulated markets present substantial challenges and risks for the organization. If these risks are not identified and addressed promptly and effectively, they could negatively impact the achievement of the organizations overall objectives and its sustainability. An effective risk management framework enhances the organizations capability to proactively manage its risks and opportunities by determining a risk mitigation strategy and continuously monitoring its progress. Our Enterprise Risk Management (ERM) framework encompasses practices related to the identification, assessment, monitoring, and mitigation of various risks to key business objectives. Its purpose is to evaluate the magnitude of risks, both individually and collectively, to focus managements attention on the most critical threats and opportunities, and to lay the foundation for risk response. ERM at Dishman aims to minimize the adverse impact of risks on our key business objectives and enable the Company to effectively leverage market opportunities.

Our risk management framework is designed to ensure that risks are identified in a timely manner. By identifying and proactively addressing risks and opportunities, we protect and create value for our stakeholders, including owners, employees, customers, regulators, and society as a whole.

We have implemented an integrated risk management framework to identify, assess, prioritise, manage/mitigate, monitor, and communicate the risk across the Company. Senior management personnel are part of our risk management structure. Plant level committees headed by senior management personnel meet at regular intervals to identify various risks, assess, prioritise the risks. After due deliberation, appropriate strategies are made for managing/ mitigating the risks. The Company takes the help of independent professional firms to review the risk management structure and implementation of risk management policies. Audit Committee, on a quarterly basis, reviews the adequacy and effectiveness of the risk management strategies, implementation of risk management/mitigation policies.

Audit Committee advises the Board on matters of significant concerns for redressal. The risk registers are prepared, and action plans are in place for mitigation of risks.

Opportunities and Threats

The global pharmaceutical industry continues to witness increasing outsourcing of research, development, and manufacturing activities as innovator companies focus on their core competencies of drug discovery, clinical development, and commercialization. Growing demand for integrated CRDMO/CDMO services, increasing complexity of new drug modalities, and the need for cost-efficient and reliable manufacturing partners have created significant opportunities for Indian pharmaceutical companies with strong technical capabilities and regulatory compliance.

India continues to strengthen its position as a preferred global manufacturing destination due to its skilled scientific workforce, cost competitiveness, regulatory expertise, and improving manufacturing infrastructure. In addition, global efforts by pharmaceutical companies to diversify supply chains and reduce dependence on single-source manufacturing have further enhanced opportunities for Indian CRDMO players. The Company is well positioned to leverage these opportunities through its established manufacturing facilities, process development capabilities, regulatory track record, and long-standing relationships with global innovator and specialty pharmaceutical companies. The Companys continued investments in technology, digitalisation, operational excellence, sustainability initiatives, and capacity expansion are expected to strengthen its competitive position and support long-term growth. At the same time, the industry continues to face several challenges. Competition from domestic as well as international CRDMO players has intensified, leading to pricing pressure and increased expectations on quality, speed, and innovation. Customers increasingly expect end-to-end development and manufacturing capabilities, requiring continuous investment in advanced technologies, talent, and infrastructure. The business is also exposed to evolving global regulatory requirements, environmental and sustainability expectations, geopolitical uncertainties, supply chain disruptions, foreign exchange volatility, and fluctuations in raw material and energy costs. Additionally, delays in customer R&D programmes, clinical trial outcomes, or product commercialisation may impact project timelines and capacity utilisation.

The Company continues to mitigate these risks by strengthening customer partnerships, expanding its service offerings, investing in technology and digital capabilities, enhancing operational efficiency through lean manufacturing and continuous improvement initiatives, maintaining a strong quality and compliance culture, and diversifying its product portfolio, customer base, and geographic presence. These initiatives position the Company to capitalize on emerging opportunities while effectively managing evolving business risks.

INFORMATION TECHNOLOGY:

At Dishman Group, we are continuously driving the harmonization of business systems and digital platforms across all our subsidiaries. This strategic initiative is focused on creating a standardized technology landscape that enhances operational efficiency, strengthens collaboration, and enables consistent business processes across the organization.

Key initiatives under this transformation include:

Enterprise Resource Planning (ERP)

We are upgrading our core ERP platform to the latest SAP S/4HANA version while simultaneously progressing with SAP implementation across one of our subsidiaries. This initiative is a significant step toward establishing SAP as the common ERP platform across the Group, enabling standardized business processes, improved operational efficiency, enhanced global reporting, and seamless financial consolidation.

Human Resource Management System (HRMS)

We are advancing our global HRMS platform, SAP SuccessFactors, by expanding its capabilities with additional modules such as Compensation Management. At the same time, we are rolling out existing modules, including Performance & Goal Management, across the remaining geographies to ensure a consistent and unified employee experience worldwide.

Artificial Intelligence (Al)

We are actively evaluating and implementing Artificial Intelligence technologies across the Group to identify opportunities for improving operational efficiency, enhancing productivity, and enabling data-driven decision-making. As part of this journey, we remain committed to maintaining the highest standards of data privacy, cybersecurity, and regulatory compliance.

Customer Relationship Management (CRM)

We are implementing a global CRM platform to standardize customer engagement processes across the organization. This initiative will enable a centralized approach to customer relationship management, improve the efficiency of sales and pre-sales activities, enhance collaboration across business units, and provide greater visibility and traceability throughout the customer lifecycle.

Our Vision

Our vision is to establish standardized digital platforms across the entire Dishman Group, creating a unified technology ecosystem that supports sustainable growth and operational excellence.

A harmonized technology landscape delivers multiple strategic benefits, including reduced licensing, implementation, and support costs, while promoting knowledge sharing, best-practice adoption, and cross-functional collaboration across all entities. Most importantly, it empowers leadership with timely, accurate, and consistent data, enabling faster, better-informed decisions through integrated systems and a single source of truth.

HUMAN RESOURCES

During the year, the Company strengthened its Human Resources function through digital transformation, enhanced governance, talent development and employee engagement initiatives. The Recruitment and Onboarding Modules of SAP SuccessFactors were further streamlined, and the transition to face-recognition attendance systems integrated with SuccessFactors was initiated to improve operational efficiency and employee experience.

The Company continued to reinforce its compliance framework through initiatives aligned with the Digital Personal Data Protection (DPDP) Act, 2023, while ensuring adherence to CGAM standards and GDPR requirements. Focus was placed on strengthening data privacy awareness, security controls and responsible data management practices.

The Company remained committed to upholding its Human Rights Policy, Code of Conduct, and Diversity, Equity & Inclusion (DE&I) principles, promoting a respectful, ethical and inclusive workplace. Employee engagement programmes covering health and wellness, knowledge sharing, communication campaigns and leadership connect initiatives were conducted across locations. In line with its commitment to inclusion, the Company celebrated festivals and cultural events representing the diverse religious and cultural backgrounds of its workforce.

The Company also strengthened its talent pipeline through collaborations with premier institutions such as NIPER and NTs, supporting research, innovation and internship opportunities.

As on 31 March 2026, the Company had a workforce strength of934 employees in India. Industrial relations remained cordial and harmonious across all locations throughout the year.

CAUTIONARY STATEMENT

This document contains statements about expected future events, financial and operating results of Dishman Carbogen Amcis Limited, which are forward-looking. By their nature, forward looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the assumptions, predictions, and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to in the managements discussion and analysis of Dishman Carbogen Amcis Limiteds Annual Report, FY2026.