Jubilant Pharmova Ltd Directors Report

To the Members,

Your Directors are pleased to present their Report and Audited Standalone and Consolidated Financial Statements for the

Financial Year (FY) ended March 31, 2026.

1. OVERVIEW

Jubilant Pharmova Limited ("Jubilant Pharmova"/ "Company") is an integrated global pharmaceutical company engaged in Radiopharma, Allergy Immunotherapy, Contract Development and Manufacturing of sterile injectable, Contract Research Development and Manufacturing, Generics and Proprietary Novel Drugs businesses. With a network of 45 radiopharmacies in the USA, the Radiopharma business is engaged in manufacturing and supply of radiopharmaceutical products and services. Allergy Immunotherapy business is involved in the manufacturing and supply of allergic extracts and venom products in the USA and in some other markets such as Canada, Europe and Australia. Contract Development and Manufacturing of sterile injectables, with facilities in Spokane, USA, and Montreal, Canada, delivers end-to-end manufacturing solutions, including sterile fill-and-finish injectables (liquid and lyophilized), comprehensive ophthalmic products (liquids, ointments and creams) and ampoules. Contract Research Development and Manufacturing business provides end-to-end drug discovery and development services to the pharmaceutical and biotech industries through three world class research centres (two in India and one in France) and a US FDA approved, Active Pharmaceutical Ingredients manufacturing facility in Nanjangud, Karnataka. The Generics business focuses on development, manufacturing and distribution of Solid Dosage Formulations through multiple manufacturing facilities including the facility at Roorkee that cater to all the regulated market including USA, Europe and other geographies. Proprietary Novel Drugs is an innovative biopharmaceutical business developing breakthrough therapies in the area of oncology and auto-immune disorders. Jubilant Pharmova has a team of around 5,500 multicultural people across the globe. The Company is well recognised as a Partner of Choice by leading pharmaceutical companies globally. For more information, please visit: www.jubilantpharmova.com.

2. RESULTS OF OPERATIONS AND STATE OF COMPANYS AFFAIRS & FINANCIALS

(Rs. in Millions)

Particulars	Standalone		Consolidated
	Year ended	Year ended	Year ended	Year ended
	March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025
Continuing Operations:
Total Revenue from Operations	2,635	2,314	82,796	72,345
Total Operating Expenditure	2,147	1,907	70,198	60,608
EBITDA (before Other Income)	488	407	12,598	11,737
Other Income	24	202	660	568
EBITDA	512	609	13,258	12,305
Depreciation, Amortisation and Impairment	60	66	4,404	3,686
Expense
Finance Costs	73	129	2,118	2,403
Exceptional Items	87	-	592	(3,595)
Share of loss of an associate	-	-	(3)	(5)
Profit before Tax	292	414	6,141	9,806
Tax expenses	93	192	2,166	1,443
Profit for the year from continuing operations	199	222	3,975	8,363
EPS (for continuing operations)	1.25	1.40	-	-
Discontinued Operations:
Profit/(loss) from discontinued operations	43	(38)	-	-
Tax credit of discontinued operations	(390)	(8)	-	-
Profit/(loss) after tax of discontinued operations	433	(30)	-	-
Reported Net Profit After Tax	632	192	3,975	8,363

 

Particulars	Standalone		Consolidated
	Year ended	Year ended	Year ended	Year ended
	March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025
Attributable to:
Owners of the Company	632	192	3,985	8,394
Non-Controlling Interests	-	-	(10)	(31)
Other Comprehensive (loss)/income	(9)	(3)	5,458	850
Total Comprehensive Income for the year	623	189	9,433	9,213
Retained Earnings brought forward from previous	10,185	10,756	53,018	45,397
year
Profit for the year (attributable to owners of the	632	192	3,985	8,394
Company)
Re-measurement of defined benefit obligations	(5)	(3)	(1)	(21)
Dividend	(796)	(796)	(796)	(796)
Adjustment on account of consolidation of ESOP	-	-	4	5
Trust
Stock options/awards vested	-	-	19	2
Exercise of stock options	58	36	58	36
Stock options/awards forfeited/lapsed/cancelled	1	-	8	1
Change in non-controlling interest pursuant to	-	-	(220)	-
conversion of debt into equity of subsidiary
Retained Earnings to be carried forward	10,075	10,185	56,075	53,018
Basic EPS (for continuing and discontinued	3.97	1.21	25.15	52.99
operations)

(i) Standalone Financials

Revenue from Operations

In the FY 2026, on a standalone basis, the Company recorded total revenue from operations of Rs. 2,635 million as compared to Rs.2,314 million in the FY 2025.

EBITDA

For the year ended March 31, 2026, Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at Rs. 512 million as compared toRs. 609 million in the FY 2025.

Reported Net Profit after Tax and EPS

Reported Net Profit after Tax was Rs. 632 million in the FY 2026. Basic Earnings per Share (EPS) stood at Rs. 3.97 per equity share of Rs. 1 each.

(ii) Consolidated Financials

The Consolidated Financial Statements, prepared in accordance with the provisions of the Companies

Act, 2013, (the Act), the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations) and Indian Accounting Standards (Ind-AS) as per the Companies (Indian Accounting

Standards) Rules, 2015 notified under Section 133 of the Act, form part of the Annual Report.

Performance Review

During the FY 2026, the Company reported revenue from operations of Rs.82,796 million, as compared to Rs.72,345 million in the previous FY, reflecting robust growth across key business segments.

The segment-wise revenue performance is summarised below:

The Companys revenue growth during FY 2026 was broad-based across its key businesses. Radiopharma remained the largest contributor with revenue of

Rs.36,901 million, followed by CDMO Sterile Injectables at Rs.17,548 million and CRDMO at Rs.12,174 million. The Allergy Immunotherapy and Generics businesses reported revenues of Rs.7,853 million and Rs.7,735 million, respectively, reflecting steady underlying demand and operational strength. The Proprietary Novel Drugs business continued to focus on advancing its innovation pipeline and long-term value creation initiatives.

The Company reported EBITDA of Rs.13,258 million for the year, as compared to Rs.12,305 million in the previous FY.

The Company reported a Profit After Tax of Rs.3,975 million for the year, as compared to Rs.8,363 million in the previous FY. Basic earnings per share (EPS) stood at Rs.25.15 per equity share of face value Rs.1 each.

3. DIVIDEND

The Board is pleased to recommend a dividend of 500% (Rs.5 per equity share of face value Rs.1 each) for the financial year ended March 31, 2026, aggregating to Rs.796.41 million. The proposed dividend underscores the Companys commitment to delivering sustainable returns to its shareholders, while maintaining a prudent and balanced approach to capital allocation.

The dividend is subject to the approval of the Members at the ensuing Annual General Meeting ("AGM"). Upon approval, it will be electronically paid to those Members whose names appear in the Register of Members as on the record date, i.e., Friday, July 24, 2026.

Pursuant to the provisions of the Income Tax Act, 2025 read with rules made thereunder, dividend is taxable in the hands of Members, and the Company will deduct tax at source (TDS) at the applicable prescribed rates at the time of payment.

In accordance with Regulation 43A of the Listing Regulations, the Companys Dividend Distribution Policy is available on its website: https://www. jubilantpharmova.com/investors/corporate-governance/policies-and-codes/dividend-distribution-policy.

TRANSFER TO GENERAL RESERVE

The Board of your Company does not propose to transfer any amount to the reserves.

4. TRANSFER OF ACTIVE PHARMA- CEUTICAL INGREDIENTS BUSINESS (API)

During the year under review, pursuant to the approval of the Members obtained through postal ballot (results declared on July 24, 2025), the Company completed the transfer of its Active Pharmaceutical Ingredients (API) business undertaking, located at 56 Industrial Area, Nanjangud, Mysuru, Karnataka-571302 to Jubilant Biosys Limited, a wholly owned subsidiary of the Company, on a going concern basis by way of a slump sale.

The transfer has been affected dated June 12, 2025 in terms of the Business Transfer Agreement ("BTA") executed between the Company and Jubilant Biosys Limited, and includes all assets, liabilities, contracts, employees, licenses, and obligations pertaining to the said undertaking. The transaction was consummated with effect from September 01, 2025 ("Effective Date").

The consideration for the aforesaid transfer, aggregating to Rs.5,956 Million, has been discharged by Jubilant Biosys Limited through the issuance and allotment of 5,15,59,030 fully paid-up Optionally Convertible Redeemable Non-Cumulative Preference Shares of face value Rs.10 each, issued at a premium of Rs.90 per share to the Company. In addition, an amount of upto Rs.800 Million has been paid in cash in terms of the BTA and applicable regulatory provisions.

This strategic reorganization is aligned with the Companys objective of integrating its API business with the Contract Research and Development capabilities of Jubilant Biosys Limited, thereby establishing a unified Contract Research, Development and Manufacturing Organisation (CRDMO) platform. The integration is expected to drive operational synergies, enhance focus, and support long-term value creation for all stakeholders.

5. CAPITAL STRUCTURE

(a) Share Capital

There were no changes in the authorised, subscribed, or paid-up share capital of the Company during the year under review. As on March 31, 2026, the paid-up equity share capital of the Company stood at Rs.159.28 million, comprising 159,281,139 equity shares of face value Rs.1 each.

(b) Employees Stock Option Plan and General Employee Benefits Scheme

The Company continues to invest in its human capital through structured equity-based incentive programmes aimed at enhancing employee engagement, aligning employee interests with long-term shareholder value, and supporting sustainable growth.

During the year under review, 123,066 stock options were granted. Each stock option entitles the holder to acquire one equity share of face value Rs.1 each at an exercise price determined at the time of grant.

The Company operates the Jubilant General Employee Benefits Scheme 2019 ("JGEBS 2019"), which is in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI

ESOP Regulations"). There were no changes to the scheme during the year.

The disclosures as required under the SEBI ESOP

Regulations, in respect of JGEBS 2019 and Plan 2018, are available on the Companys website at: https://www.jubilantpharmova.com/Uploads/ image/2973imguf_esop_disclosure2026.pdf

(c) Debentures

In FY 2020 21, the Company issued secured, redeemable, unlisted Non-Convertible Debentures ("NCDs") aggregating to Rs.950 million. As on April 1, 2025, Rs.700 million remained outstanding for a period of five (5) years. During FY 2026, 200 secured, redeemable, unlisted non-convertible debentures of face value of Rs.10,00,000 per debenture aggregating to Rs.200 million were redeemed. As on March 31, 2026, Rs.500 million was outstanding and due to mature on January 13, 2031.

6. SUBSIDIARIES AND ASSOCIATES INCLUDING ITS PERFORMANCE AND FINANCIAL POSITION

With a global network of 38 subsidiaries as on March 31, 2026, Jubilant Pharmova continues to uphold a robust subsidiary governance framework that ensures consistent oversight, accountability, and alignment with the Groups strategic priorities. During the year, the Group further strengthened its international footprint through an investment of CAD 30,000 (approximately Rs.2 million) by Jubilant Generics Limited in Jubilant Pharmaceuticals Inc., Canada, which consequently became a step-down wholly owned subsidiary of the Company.

The Companys principal subsidiaries play a significant role in advancing the Groups strategic priorities and global business operations. Brief particulars of these key subsidiaries are presented below:

(i) Jubilant Pharma Limited (Singapore)

Jubilant Pharma Limited (Jubilant Pharma) is a wholly owned subsidiary of the Company. Jubilant Pharma holds the global pharmaceutical business of the

Company through its subsidiaries in the US, Canada, Europe, India and rest of the world. These subsidiaries of Jubilant Pharma are engaged in manufacturing, marketing and distribution of various pharmaceutical products and services including APIs, oral dosage forms (tablets and capsules), contract manufacturing of sterile injectables including vaccines, ointment, creams and liquids, allergy therapy products and radiopharmaceutical products. Jubilant Pharma through its wholly owned subsidiary operates the second largest Radiopharmacy network in the US. Total income of the company during the FY 2026 was Rs.462 million as compared to Rs.459 million during FY 2025.

(ii) Jubilant Generics Limited

Jubilant Generics Limited (JGL) is a step-down wholly-owned subsidiary of the Company through Jubilant

Pharma. JGL has been engaged in the business of development, manufacturing, distribution, sales and marketing of Dosage (formulations) Forms at its plant at Roorkee and / or CMOs, including in licensing, out-licensing, collaboration with CROs to ensure a robust product pipeline that caters to over 50 countries and has expanded its market presence through strategic partnerships, fostering sustainable business growth.

JGL also has India Branded Pharmaceuticals ("IBP") business which caters to dosage formulations under its own brand name to the Indian market in different therapeutic areas including chronic specialties like

Cardiology and Diabetes and multi-specialty. The dosage formulations manufacturing facility at Roorkee, Uttarakhand with 5 acres of infrastructure, is inspected by global regulatory agencies such as US FDA, Japan PMDA, UK MHRA, Australia TGA, WHO and Brazil ANVISA. This facility primarily manufactures immediate and modified release oral solid dosage forms (Tablets, Capsules and Powder for Suspension) with capabilities on complex processes like fluid bed pellet coating, MUPS (Multi Unit Pellet System) and extended release drug delivery technology based on matrix formulations and functional coatings.

In addition to manufacturing and supplies of finished formulations to the US market, JGLs non-US finished formulations business is focussed on various markets in Europe, UK, Japan, Canada, Australia, Middle East as well as various countries in the emerging markets.

JGL also caters to the selected overseas markets under its own brand name. JGLs major therapy areas includes Cardiovascular, CNS and Gastrointestinal products. The business derives benefit of lowering cost and managing risks from sourcing APIs from both sources (a) vertical integration and in-house APIs from the Company and (b) qualifying alternate suppliers for key APIs with an objective to de-risk our API source. Your Solid Dosage Formulation facility at Roorkee, India which manufactures and distributes finished solid dosage pharmaceutical products was inspected by the

US FDA in January 2024. The site was inspected by TGA agencies during the previous fiscal year. These inspections resulted in no critical observations. The site has already received EU compliant certificate.

Total income of JGL during the FY 2026 was Rs.4,155 million as compared to Rs.3,492 million during the FY 2025.

(iii) Jubilant Cadista Pharmaceuticals Inc. (USA)

Jubilant Cadista Pharmaceuticals Inc. ("Jubilant Cadista"), a wholly owned subsidiary of Jubilant Pharma Holdings Inc., is engaged in the development and marketing of solid oral dosage formulations in the United States. The company leverages a network of Contract Manufacturing Organisations (CMOs) to support its manufacturing requirements and ensure efficient market delivery.

The business caters to a broad customer base, including leading wholesalers, retail chains, and pharmacies, with a focus on key therapeutic segments such as cardiovascular (CVS), central nervous system (CNS), anti-allergics, and steroids.

Jubilant Cadista continued to execute its strategic transformation agenda during the year, successfully adapting its business model to the evolving dynamics of the U.S. generics market. The transition to a CMO-led operating framework, coupled with a disciplined portfolio optimization strategy, has enhanced operational flexibility, strengthened capital efficiency, and improved the quality of earnings. Backed by a robust commercial platform and a diversified sourcing network spanning Group manufacturing facilities, strategic CMO relationships, and in-licensed products, the company remains well positioned to capitalize on market opportunities. The strategic realignment has contributed to an improving margin profile, while continued portfolio expansion through targeted in-licensing initiatives is expected to support sustainable growth and long-term value creation. During FY 2026, Jubilant Cadista recorded a total income of Rs.3,864 million, registering a year-on-year growth of approximately 8% over the previous FY.

(iv) Jubilant Pharmaceuticals Inc., Canada

During the year under review, Jubilant Generics Limited invested CAD 30,000 (approximately Rs.2 million) in Jubilant Pharmaceuticals Inc., Canada, establishing a strategic platform for expanding the Groups branded generics business in Canada. This initiative reinforces Jubilants international growth strategy, strengthens its presence in a key pharmaceutical market, and is expected to contribute to future revenue growth and long-term value creation.

(v) Jubilant HollisterStier LLC (USA & Canada)

Jubilant HollisterStier LLC (JHS), a wholly owned subsidiary of Jubilant Pharma Holdings Inc., having two Business streams:

Contract Manufacturing Business

Jubilant HollisterStier LLC ("JHS") is a leading global Contract Manufacturing Organisation (CMO) with operations in Spokane, Washington, USA. The Company is a key player in sterile fill-finish and lyophilisation services, delivering high-quality, regulatory-compliant solutions to pharmaceutical innovators worldwide.

JHS facilities are approved by leading global regulatory authorities, including the US FDA, Health Canada, ANVISA (Brazil), PMDA (Japan), and MHRA (UK), among others. Products manufactured at these facilities are supplied to over 140 countries, reflecting the Companys strong global footprint and established reputation for quality and compliance.

The Spokane facility has consistently received Good Manufacturing Practice (GMP) compliant ratings from regulatory authorities and is subject to regular audits by global clients, underscoring its robust quality systems, operational excellence, and reliability.

The Company is currently undertaking a strategic expansion project with an estimated investment of approximately USD 350 million to significantly enhance and nearly double its injectable manufacturing capacity. This expansion is supported by a cooperative agreement of USD 149.6 million with the Biomedical Advanced Research and Development Authority (BARDA), a division of the U.S. Department of Health and Human Services. This initiative is expected to strengthen JHSs positioning to capitalise on the growing global demand for high-quality injectable manufacturing, particularly in the post-pandemic landscape.

Allergy Immunotherapy Business

JHS also holds a leadership position in the Allergy Immunotherapy segment, offering portfolio of allergenic extracts and diagnostic devices under the trusted HollisterStier brand, which carries a legacy of over 100 years. The business serves key markets across the United States, Canada, Europe, and Australia, and is the sole producer and supplier of venom immunotherapy in North America.

To address growing demand, the Company has augmented its lyophilisation capacity and continues to invest in expanding its Allergy Immunotherapy manufacturing capabilities. Strategic initiatives are underway to further expand market access across

Europe, the Middle East & Africa (MEA), and Asia-Pacific (APAC) regions, with a focus on specialised venom-based therapies.

JHS delivered a robust financial performance during FY 2026, with total income rising to Rs.25,434 million, reflecting a year-on-year growth of approximately 48% over Rs.17,155 million in the previous FY.

(vi) Jubilant DraxImage Inc. (Canada)

Jubilant DraxImage Inc. (Canada) a wholly owned subsidiary of Jubilant Pharma Limited, is a market leader in North Americas radiopharmaceutical space with a strong foundation in specialty pharma. Headquartered in Montreal, Canada, the Company operates a US FDA and Health Canada approved manufacturing facility, serving hospital-based nuclear medicine professionals and commercial Radiopharmacies across the US and

Canada. With a team of highly skilled professionals and a robust R&D infrastructure, Jubilant Radiopharma specialises in cardiology, oncology, neurology, and therapeutics for neuroendocrine and thyroid diseases. The business operates 45 radio-pharmacies including 3 FDA approved PET manufacturing sites across 21 US states, delivering approximately 3 million patient doses annually, and directly serving over 1,800 hospitals and clinics.

Key innovations include:

The Company continues to advance innovation and strengthen its specialty portfolio through the following key initiatives:

RUBY-FILLR: A cutting-edge PET myocardial perfusion imaging technology, approved across multiple global markets and now deployable in mobile settings, enhancing access to advanced cardiac diagnostics, particularly in underserved regions.

I-131-MIBG Clinical Trials: Ongoing support for two pivotal clinical trials targeting high-risk neuroblastoma, reinforcing the Companys commitment to advancing therapies in paediatric oncology.

The Montreal manufacturing site received Good Manufacturing Practice (GMP) compliant ratings from both the US FDA in 2024 and Health Canada in 2025, underscoring its strong regulatory track record and operational excellence.

During FY 2026, the business reported total income of Rs.38,204 million, up approximately 8% from Rs.35,303 million in the previous FY.

(vii) Jubilant Pharma UK Limited

Jubilant Pharma UK Limited, a wholly owned subsidiary of Jubilant Pharma (Singapore), is engaged in the marketing and supply of generic dosage formulations in the United Kingdom. During the FY 2026, the

Company reported a total income of Rs.920 million, as compared to Rs.985 million in the previous FY.

Jubilant Pharma NV & Affiliates (Belgium)

These entities act as strategic holding and operational vehicles for the Companys European business.

(viii) Jubilant Pharmaceuticals NV

Engaged in licensing and regulatory services for generic dosage formulations.

(ix) Jubilant Pharma NV

A wholly owned subsidiary of the Company through

Jubilant Generics Limited and Jubilant Pharma, this entity holds 99.81% equity stake in Jubilant

Pharmaceuticals NV and 99.50% in PSI Supply NV, with the balance shares held by Jubilant Pharma.

(x) PSI Supply NV

A step-down wholly owned subsidiary, with 99.50% shareholding held by Jubilant Pharma NV and the balance by Jubilant Pharma. The Company is engaged in the supply of generic dosage formulations across

European and UK markets. The company continued its growth trajectory during FY 2026, reporting total income of Rs.238 million, an increase of approximately 20% compared to Rs.198 million in FY 2025. The performance underscores the businesss growing market presence and operational momentum.

(xi) Jubilant Biosys Limited

Jubilant Biosys Limited is a leading Contract Research, Development, and Manufacturing Organisation (CRDMO), providing integrated drug discovery and development services to global pharmaceutical and biotechnology companies along with supply of Active

Pharmaceutical Ingredients ("API").

Its key service offerings include:

Medicinal Chemistry, In-vitro and In-vivo Biology, Structural Biology, DMPK, and Toxicology services under Full-Time Equivalent (FTE) and Fee-for-Service (FFS) models;

Integrated drug discovery programs through collaborative partnerships;

Synthetic organic chemistry, process R&D, scale-up, and GMP manufacturing;

Development and supply of API across multiple therapeutic categories, including CNS, cardiovascular, anti-infective, and anti-diabetic segments.

Through these capabilities, Jubilant Biosys operates as a fully integrated end-to-end CRDMO partner.

During the FY 2026, the Company reported a total income of Rs.12,607.20 million, representing a growth of approximately 9% over Rs.11,594.86 million in the previous FY. The figures for both periods include the full-year contribution of the API business, providing a like-for-like basis for comparison.

(xii) Jubilant Biosys France SAS (France)

Jubilant Biosys France SAS, incorporated during FY 2025, enhances the Groups capabilities in advanced biologics research through its specialized ADC and mAb discovery platform. During FY 2026, the company reported total income of Rs.11.00 million, reflecting stable operations while laying the foundation for future growth in the high-value biologics segment.

(xiii) Drug Discovery and Development Solutions Limited (Singapore)

Drug Discovery and Development Solutions Limited, incorporated in Singapore, is a wholly owned subsidiary of the Company. The principal activity of the Company is investment holding.

During FY 2026, the Company reported a total income of Rs.101.90 million, as compared to Rs.601.13 million in FY 2025.

(xiv) Jubilant Therapeutics Inc. (USA)

Jubilant Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing precision oral therapies with an enhanced therapeutic index to address unmet medical needs in oncology and autoimmune diseases for genetically defined patient populations.

The Companys advanced structure-based drug discovery platform, TIBEO (Therapeutic Index and Brain Exposure Optimisation), has been validated through strategic collaborations. Its pipeline includes:

A first-in-class CoREST inhibitor (JBI-802), currently in Phase I/II clinical trials across multiple tumour types;

A brain-penetrant PRMT5 modulator (JBI-778), currently undergoing Phase I clinical trials in advanced cancers;

Additional programmes, including brain-penetrant and gut-restricted PD-L1 inhibitors, and PAD4 inhibitors for oncology and inflammatory indications.

During FY 2026, key milestones included continued progress in the clinical development of JBI-802 and JBI-778.

The Company reported a total income of Rs.1.08 million during FY 2026, as compared to Rs.2.63 million in the previous FY.

Other subsidiaries are mentioned below:

(xv) Jubilant Pharma Holdings Inc., USA (xvi) Jubilant Pharma Australia Pty. Limited (xvii)Jubilant Innovation (USA) Inc. (xviii) Jubilant HollisterStier Inc., USA (xix) Jubilant First Trust Healthcare Limited (xx) Jubilant DraxImage Limited

(xxi) Jubilant DraxImage (USA) Inc. (xxii)Jubilant Discovery Services LLC, USA (xxiii) Jubilant Clinsys Inc., USA

(xxiv) Jubilant Clinsys Limited

(xxv) Jubilant Therapeutics India Limited (xxvi) Jubilant Business Services Limited (xxvii) Jubilant Pharma SA Pty. Limited (xxviii) Jubilant Episcribe LLC, USA (xxix) Jubilant Epicore LLC, USA (xxx) Jubilant Prodel LLC, USA (xxxi) Jubilant Epipad LLC, USA (xxxii) Draxis Pharma LLC, USA (xxxiii) Draximage (UK) Limited (xxxiv) TrialStat Solutions Inc., Canada (xxxv) Jubilant Pharma ME FZ-LLC, Dubai (xxxvi) Jubilant Draximage Radiopharmacies Inc., USA (xxxvii) Jubilant Biosys Innovative Research Services Pte. Limited, Singapore (xxxviii) 1359773 B.C. Unlimited Liability Company, Canada

Pursuant to the Listing Regulations, the Companys Policy on Determination of Material Subsidiaries is available on its website at: https://www.jubilantpharmova.com/ investors/corporate-governance/policies-and-codes/ policy-for-determining-material-subsidiaries.

As on March 31, 2026, your Company has following material Subsidiary companies.

a) Jubilant Pharma Holdings Inc. b) Jubilant Draximage Inc. c) Jubilant HollisterStier LLC

Associate Company i) SPV Laborato ries Private Limited - The Company holds 25.21% shareholding in SPV

Laboratories Private Limited. ii) O2 Renewable Energy XVI Private Limited

Pursuant to the transfer of the Companys API business, as referred to in paragraph 4 of this Report, the Companys investment in O2 Renewable Energy Private Limited was also transferred to Jubilant Biosys Limited. Consequently, O2 Renewable Energy Private

Limited ceased to be an associate company of the Company.

The performance and financial position of the subsidiaries and associates is given in Form AOC-1 attached to the Financial Statements for the year ended March 31, 2026. There has been no material change in business of subsidiaries.

In line with Jubilant Pharmovas commitment to transparency and investor accessibility, audited financial subsidiary are available on the Companys website at https://www.jubilantpharmova.com/investors/ financials/subsidiaries-accounts

7. STRATEGIC PARTNERSHIPS

Jubilant HollisterStier General Partnership (Canada)

Jubilant HollisterStier General Partnership is a Canada-based strategic alliance, jointly owned by subsidiaries of Jubilant Pharmova, along with Jubilant HollisterStier Inc., Draxis Pharma LLC, and 1359773 B.C. Unlimited Liability Company. The partnership represents a key pillar of the Companys global CDMO platform, offering specialised contract manufacturing services for sterile products, including liquid and lyophilised injectables, ophthalmic solutions, and sterile ointments.

The manufacturing facility located in Montreal is compliant with Good Manufacturing Practices (GMP) as per Health Canada and caters to global pharmaceutical markets. Following a re-inspection by the US FDA in 2024, the site was classified under Official Action Indicated (OAI) status. The business has initiated comprehensive remediation measures and is targeting resolution of the OAI status by FY2027, reflecting its continued commitment to regulatory compliance and quality excellence.

To further strengthen its sterile manufacturing capabilities, the partnership has initiated a modernisation and capacity expansion project with an estimated investment of approximately CAD 145 million, aimed at significantly enhancing and potentially doubling its sterile production capacity. This strategic investment is supported, in part, by:

CAD 23.8 million from the Government of Canada under the Strategic Innovation Fund (SIF); and

CAD 25 million from the Province of Quebec.

These initiatives further reinforce Jubilant Pharmovas positioning as a trusted global CDMO partner, well-placed to address the evolving requirements of the pharmaceutical industry.

8. STATUTORY AUDITORS

Pursuant to Section 139 of the Act, M/s Walker Chandiok & Co LLP, Chartered Accountants (ICAI

Registration No. 001076N/N500013), continue as the Statutory Auditors of the Company and shall hold office up to the conclusion of the 50 th Annual General Meeting ("AGM"). The Auditors have confirmed their eligibility to continue in office in accordance with the applicable provisions of the Act and attended the AGM held on August 29, 2025.

The Statutory Auditors statementsandrelateddisclosuresforeach have issued unmodified audit opinions on the standalone and consolidated financial statements of the Company for FY 2026. The Auditors Reports do not contain any qualification, reservation, adverse remark, disclaimer, or emphasis of matter.

9. COST AUDIT

In compliance with the provisions of Section 148(1) of the Act, with the rules made thereunder, the Company has maintained the prescribed cost records for the FY ended March 31, 2026. However, the Company is not required to have its cost records audited in terms of the applicable provisions of the Act.

10. SECRETARIAL AUDIT AND COMPLIANCE ASSURANCE

The Members at the 47th AGM held on August 29, 2025, had appointed M/s Sanjay Grover & Associates, Company Secretaries (Firm Registration No. P2001DE052900), a peer-reviewed firm, as the

Secretarial Auditor of the Company in accordance with the provisions of Section 204 of the Act read with rules made thereunder for a term of five (5) consecutive FYs commencing April 1, 2025.

The Secretarial Audit Report in Form MR-3 for the FY ended March 31, 2026, is annexed to this Report as Annexure 1. The said report confirms compliance with the applicable provisions of the Act and the Listing

Regulations and does not contain any qualification, reservation, adverse remark, or disclaimer, reflecting the Companys strong governance framework and adherence to regulatory requirements.

In addition, the Company has obtained an Annual Secretarial Compliance Report for the FY 2026 from M/s Sanjay Grover & Associates, which confirms compliance with the applicable provisions of the Listing

Regulations and the circulars issued thereunder. The same shall be filed with the Stock Exchanges within the prescribed timelines.

11. REPORTING OF FRAUDS BY AUDITORS

During the year under review, no instances of fraud were reported by the Statutory Auditors or the

Secretarial Auditor under Section 143(12) of the Act. This reinforces the robustness of the Companys internal control framework and its commitment to high standards of ethics and integrity.

12. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

Jubilant Pharmova is governed by a highly experienced and diverse Board, committed to upholding the highest standards of corporate governance, strategic oversight, and shareholder value creation. The Board plays a pivotal role in shaping the Companys long-term vision, overseeing risk management, capital allocation and ensuring regulatory compliance across global operations.

As of March 31, 2026, the Board comprises 10 Directors, including:

Two (2) Executive Directors including one (1) Managing Director and one (1) Joint Managing Director;

Eight (8) Non-Executive Directors, out of whom six (6) are Independent Directors including one (1) Woman Independent Director and two (2) Non-Executive Non-Independent Directors.

The Chairperson of the Board is a Non-Executive Non-Independent Director, ensuring a clear separation of governance and management roles. The Boards composition is fully in compliant with Regulation 17 of the Listing Regulations and the applicable provisions of the Act.

During the year under review, the Non-Executive

Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses, if any.

Changes in Board Composition and Key Managerial Personnel

Mr. Arvind Chokhany, Group Chief Financial Whole-Time Director (DIN: 06668147) resigned from the Board with effect from the closing business hours of September 30, 2025. Further, Dr. Ramakrishnan Arul, Whole-Time Director (DIN: 08236356) resigned from the Board pursuant to transfer of API Business of the Company to a Wholly-Owned Subsidiary, Jubilant Biosys Limited with effect from the closing business hours of August 31, 2025. The Board placed on record its appreciation for the contributions made by them during their association with the Board.

Pursuant to the recommendation of the Nomination,

Remuneration and Compensation Committee and the Audit Committee, the Board at its meeting held on September 23, 2025, appointed Mr. Arun Kumar Sharma as Chief Financial Officer of the Company effect from October 01, 2025.

In the opinion of the Board, all independent Directors are persons of high repute, integrity and possess the relevant expertise and experience in the respective fields. They fulfil the conditions specified under the Act, read with Rules thereunder and the Listing Regulations.

None of the Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any other statutory authority.

As on March 31, 2026, the Key Managerial Personnel ("KMP") of the Company comprised Mr. Priyavrat Bhartia, Managing Director; Mr. Arjun Shanker Bhartia, Joint Managing Director; Mr. Arun Kumar Sharma, Chief Financial Officer; and Mr. Naresh Kapoor, Company Secretary.

Subsequent to the close of the financial year, Mr. Arun Kumar Sharma relinquished his office as Chief Financial Officer business hours of May 22, 2026. The Board places on record its appreciation for the valuable contributions made by him during his tenure. The Board on the basis of recommendation of the Nomination, Remuneration &

Compensation Committee and the Audit Committee at its meeting held on May 22, 2026 appointed Mr. Ashish Omprakash Mukkirwar as Chief Financial Officer with effect from May 23, 2026, in accordance with Section 203 of the Companies Act, 2013.

13. RETIREMENT BY ROTATION AND RE-APPOINTMENT

In accordance with the provisions of the Act read with the Articles of Association of the Company, Mr. Hari Shanker Bhartia (DIN: 00010499) and Mr. Arjun Shanker Bhartia (DIN: 03019690) retire by rotation and at the ensuing AGM and, being eligible, have offered themselves for re-appointment.

Brief profiles and other requisite details of Mr. Hari Shanker Bhartia and Mr. Arjun Shanker Bhartia, as required under the Act and the Listing Regulations, are provided in the Annexure to the Notice of the AGM.

14. MEETINGS OF THE BOARD

During the year under review, six (6) meetings of the Board of Directors of the Company were held on May 16, 2025, June 12, 2025, July 29, 2025, September 23, 2025, October 31, 2025, and February 06, 2026. The necessary quorum was present for all the meetings. The maximum interval between any two meetings did not exceed 120 days.

For details of meetings of the Board and attendance of the Directors, please refer to the Corporate Governance Report, which forms part of this report.

15. SEPARATE MEETING OF INDEPENDENT DIRECTORS

Pursuant to Schedule IV to the Act and Listing Regulations, one meeting of Independent Directors was held during the year i.e. on March 20, 2026, without the attendance of non-independent Directors.

16. COMPOSITION OF AUDIT COMMITTEE

As at March 31, 2026, the Audit Committee comprises Mr. Vivek Mehra (Chairperson), Mr. Sushil Kumar Roongta, Mr. Arun Seth, and Ms. Shivpriya Nanda.

Detailed information on the composition of the Audit

Committee, its meetings, attendance of members, and terms of reference is provided in the Corporate

Governance Report, which forms an integral part of this Report. During the year under review, all recommendations made by the Audit Committee were duly accepted by the Board of Directors of the Company witheffectfromthe close of the Company.

17. DECLARATION BY INDEPENDENT DIRECTORS

The Company has, inter alia, received the requisite declarations from all Independent Directors confirming that:

- they meet the criteria of independence as prescribed under the provisions of the Act, read with the rules made thereunder, and the Listing Regulations. There has been no change in the circumstances affecting their status as Independent Directors of the Company; they have complied with the Code for Independent Directors as prescribed under Schedule IV to the Act; and

- they have registered themselves with the

Independent Directors Database maintained by the Indian Institute of Corporate Affairs.

In the opinion of the Board, the Independent Directors of the Company possess the requisite qualifications, integrity, expertise, and experience, and demonstrate high standards of professional conduct. They remain independent of the management and bring objective judgment in the discharge of their duties, free from any external influence.

The details of the key skills, expertise, and core competencies of the Board, including those of the Independent Directors, are provided in the Corporate Governance Report forming part of this Annual Report.

18. APPOINTMENT AND REMUNERATION POLICY

The Company has in place an Appointment and

Remuneration Policy in accordance with the provisions of Section 178 of the Act and Regulation 19 read with Part D of Schedule II of the Listing Regulations. The Policy lays down the framework and criteria for the selection, appointment, and evaluation of Directors, including assessment of their qualifications, experience, independence, and overall suitability. It also governs the appointment and remuneration of Key Managerial Personnel ("KMP") and Senior Management Personnel, ensuring alignment with the Companys strategic objectives and adherence to principles of fairness and transparency.

The salient features of the Policy, along with other relevant details, are disclosed in the Corporate Governance Report forming part of this Annual Report. The Policy is also available on the Companys website at:

www.jubilantpharmova.com/investors/corporate-governance/policies-and-codes/appointment-and-remuneration-policy.

There were no changes to the Policy during the year under review.

The Company affirms Directors, KMP, Senior Management Personnel, and other employees is in accordance with the said Policy.

19. ANNUAL PERFORMANCE EVALUATION OF THE BOARD

The Annual Performance Evaluation of the Directors (including Chairman), Committees and the Board as a whole was carried out in compliance with the requirement of Section 178 of the Act and Regulation 17, 19 and 25 of the Listing Regulations. The criteria, manner of evaluation and actions taken on the outcome of the previous years evaluation are provided in the Corporate Governance Report

20. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act and based on the representations received from the management, your Directors hereby confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards have been followed, along with proper explanations relating to material departures, if any;

(ii) the Directors have selected appropriate accounting policies and applied them consistently, and have made judgements and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at March 31, 2026, and of the profit of the Company for the FY ended on that date;

ANNUAL REPORT 2025-26 125

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the

Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) the Directors have prepared the annual accounts on a going concern basis; (v) the Directors have laid down internal financial controls to be followed by the Company, and such internal financial controls are adequate and operating effectively. Further, based on the established framework of internal financial controls, including controls over financial reporting and compliance systems, the work performed by internal, statutory and secretarial auditors, and the reviews undertaken by the management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Companys internal financial controls were adequate and operating effectively during the FY 2026; and

(vi) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws, and such systems are adequate and operating effectively.

21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Information relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo required to be disclosed pursuant to Section 134 of the Act read with the Companies (Accounts) Rules, 2014 is given as Annexure-2 and forms part of this Report.

22. EMPLOYEES

The particulars of Directors and employees, as required under Section 197(12) of the Act read with the Companies (Appointment and Remuneration of

Managerial Personnel) Rules, 2014, are set out in Annexure 3 forming part of this Report.

The statement containing particulars of employees under Section 197 of the Act, read with Rule 5(2) and Rule 5(3) of the aforesaid Rules, is provided in a separate annexure forming part of this Boards Report. However, in terms of Section 136 of the Act, the Annual

Report is being circulated to the Members excluding the said annexure.

The aforesaid Annexure is available for inspection by the Members at the Registered Office during business hours on all working days (Monday to

Friday) between 11:00 a.m. (IST) and 5:00 p.m. (IST).

Any Member interested in obtaining a copy of the same may write to the Company Secretary or send a request via email at: investors@jubl.com.

23. HUMAN RESOURCES

At Jubilant Pharmova, our people philosophy is anchored in an Employee First culture, guided by our core values of Caring, Sharing, and Growing. As the organisation evolves in an increasingly AI-enabled environment, the Human Resources function continues to play a pivotal role in building a resilient, future-ready workforce aligned with the Companys long-term strategic objectives. We remain committed to actively listening to our employees and responding with agility in a dynamic and evolving business landscape.

In line with this commitment, the Company is strengthening the foundations of a modern, digitally enabled HR ecosystem designed to deliver a consistent and high-quality employee experience at scale. Our continued association with Great Place to Work (GPTW) reflects our sustained focus on fostering a high-trust culture, with employee feedback serving as a key input in reinforcing organisational strengths and shaping future priorities.

AI-Enabled HR as a Strategic Enabler

The ongoing transformation of our HR digital landscape marks a strategic shift towards an integrated and insight-driven people function. A robust Human Resource Management System (HRMS) forms the backbone of this transformation, enabling standardisation, transparency, and enhanced governance across the employee lifecycle. The integration of AI-led tools is progressively enhancing decision-making, data accessibility, and managerial effectiveness, thereby driving agility and accountability across the organisation.

Preparing for an AI-Enabled Future

As part of our broader digital transformation journey, the Company is laying the groundwork for responsible adoption of AI within HR processes. The focus remains on strengthening core systems, improving data readiness, and identifying meaningful use cases where AI can deliver tangible value. While adoption is at a nascent stage, the approach is calibrated to ensure that technology augments rather than replaces the Companys strong people-centric ethos.

Workforce Orchestration in a Hybrid the Company Environment With evolving work models, workforce orchestration has emerged as a key strategic priority. The future workforce is expected to comprise a blend of human talent and AI-enabled digital capabilities working in tandem. The HR function is focused on building frameworks, governance mechanisms, and organisational capabilities to effectively manage this hybrid workforce ensuring clarity, ethical deployment, productivity, and sustainable performance.

Talent Pipeline and Inclusive Culture

Building a robust and diverse talent pipeline remains central to the Companys people strategy. Structured succession planning and leadership development initiatives ensure continuity and resilience in critical roles. Diversity, equity, and inclusion continue to be integral to the organisational culture, supported by targeted programmes that promote equitable opportunities. Focused initiatives to enhance womens participation, leadership exposure, and mentoring continue to strengthen inclusivity across the organisation.

Developing Leaders for Tomorrow

Recognising that people are the Companys most valuable asset, leadership development remains a strategic priority. Through the Jubilant Centre for Learning, the Company continues to invest in structured capability-building initiatives, job enrichment, and global talent mobility, aimed at developing leaders equipped to navigate complexity and drive future growth.

Building a High-Performance Culture

The Company continues to foster a high-performance culture that recognises and rewards excellence, accountability, and collaboration. Its performance management and recognition frameworks are aligned with a pay-for-performance philosophy, complemented by continuous feedback mechanisms. Initiatives such as the Applause programme and the Chairmans

Annual Awards recognise individual and team achievements, reinforcing a culture of engagement and shared purpose.

Regulatory Compliance and Policy Alignment

The Company remains committed to ensuring that its human resource policies and practices are fully compliant with applicable labour laws and regulatory requirements. It actively monitors legislative developments and proactively aligns its policies, systems, and processes with evolving statutory and regulatory frameworks, ensuring adherence to the guidelines notified by the Government of India from time to time.

24. POLICY FOR PREVENTION OF SEXUAL HARASSMENT

The Company is committed to providing a safe, secure, and inclusive workplace, free from all forms of sexual harassment. In furtherance of this commitment, the Company has implemented a comprehensive

Prevention of Sexual Harassment (POSH) Policy and conducts periodic training and awareness programmes for employees, including sessions facilitated by external subject matter experts.

An Internal Complaints Committee ("ICC") has been duly constituted in accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act"). As on March 31, 2026, the Committee comprises six (6) members, including one external member from an NGO, as prescribed under the POSH

Act. The Company adheres to the highest standards of confidentiality and ensures that all complaints, if any, are addressed with utmost sensitivity, discretion, and in compliance with applicable legal and data protection requirements.

The Company continues to promote a respectful and inclusive workplace culture through regular workshops, awareness initiatives, and refresher training programmes across all levels of the organisation.

Summary of complaints received and disposed off during the FY stated below:-

Particulars	Details
Number of complaints of sexual	Nil
harassment pending at the beginning of
the year
Number of complaints of sexual	Nil
harassment received in the year
Number of complaints disposed off during	NA
the year
Number of cases pending for more than	NA
ninety days

25. MATERNITY BENEFITS

The Company affirms its continued compliance with the provisions of the Maternity Benefit Act, 1961, as applicable, and the rules made thereunder, as amended from time to time. Adequate policies, systems, and processes are in place to ensure the effective implementation of maternity benefits. These include, inter alia, provision of paid maternity leave, protection of employment during the maternity period, and other related statutory entitlements for eligible employees.

The Company remains committed to fostering a supportive and inclusive workplace environment and continues to ensure full adherence to all statutory obligations relating to maternity benefits.

26. RISK MANAGEMENT AND INTERNAL CONTROL SYSTEMS

Pursuant to Regulation 21 of the Listing Regulations, the Company has constituted a Risk Management

Committee of the Board. As at March 31, 2026, the Committee comprises eight (8) members, including six (6) Non- Executive Independent Directors and two (2) Executive Directors. During the FY 2025 26, the Committee met twice, on May 15, 2025, and December 3, 2025, and the gap between the two (2) meetings did not exceed 210 days. The Committee is responsible for monitoring and overseeing the implementation of the Companys risk management policy, including evaluating the adequacy and effectiveness of risk management systems.

The Company has established a robust and comprehensive risk management framework, enabling systematic identification, assessment, and mitigation of key internal and external risks. Structured processes and well-defined guidelines are supported by strong oversight mechanisms at the Board and senior management levels.

The senior management team plays a critical role in fostering a risk-aware culture by defining and communicating corporate values, clearly assigning risk mitigation responsibilities, and ensuring appropriate delegation of authority. The Company has also put in place procedures to periodically apprise the Board of risk assessment and risk mitigation measures.

Further, the Company operates a comprehensive internal audit framework and a well-embedded Enterprise Risk Management (ERM) process, which facilitates early identification of risks and enables timely and effective mitigation actions. The organisations strong emphasis on ethical conduct and integrity further strengthens its overall risk management architecture.

Internal Financial Controls

The Company has in place a robust and transparent system of internal financial controls, aligned with the requirements of the Act. These controls are periodically reviewed and assessed through a structured framework, which includes:

Annual testing of control effectiveness;

Continuous internal audit reviews; and

Periodic self-assessments through the i-Assurance platform.

Based on these evaluations and supported by the reviews undertaken by the Audit Committee and the management, the Board affirms that the internal financial controls of the Company were adequate and operated effectively throughout the FY 2025 26.

The framework for Internal Financial Controls, as mandated under the Act, requires certification by the Chief Executive Officer and Chief Financial and places responsibility on the Board of Directors to ensure the adequacy and effectiveness of such controls. In addition, the Statutory Auditors are required to provide an independent opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting. Further details in this regard are provided in the Management

Discussion and Analysis Report, forming part of this Annual Report.

27. VIGIL MECHANISM

The Company has adopted Vigil Mechanism and the same has been disclosed in the Corporate

Governance Report and forms part of the Report. The Whistle Blower Policy has been posted on the Companys website at https://www.jubilantpharmova. com/investors/corporate-governance/policies-and-codes/whistle-blower-policy.

Further, the Whistle Blower Policy provides for adequate safeguards against victimisation of Director(s) or

Employee(s) and provides for direct access to the chairperson of the audit committee in appropriate or exceptional cases. During the FY, no such complaints were received.

28. CORPORATE SOCIAL RESPONSIBILITY

Pursuant to the provisions of Section 135 of the Act, the Company has constituted a Sustainability and

Corporate Social Responsibility (CSR) committee. As on March 31, 2026, the Committee comprises seven (7) Directors out of which five (5) are Non-Executive Independent Directors and two (2) are Executive Directors.

Corporate Social Responsibility (CSR) is an integral part of Jubilants corporate philosophy and is implemented in compliance with the provisions of

Section 135 read with Schedule VII of the Act. The Companys CSR initiatives are strategically aligned with the United Nations Sustainable Development Goals (SDGs).

The Companys CSR programmes are implemented through the Jubilant Bhartia Foundation (JBF), established in 2007 as the not for profit arm of the Jubilant Bhartia Group. JBF undertakes structured

CSR interventions across key focus areas such as

Healthcare, Education, and Livelihoods through a Public Private People Partnership (4P) approach, with the objective of creating sustainable impact and enhancing the quality of life of communities around the Companys operational locations.

During FY 2026, JBF continued its focus on inclusive and progressive social development through multi-stakeholder partnerships that emphasize knowledge sharing, experiential learning, and the development of an entrepreneurial ecosystem. The Foundations efforts remained directed towards improving the overall wellbeing of communities in the vicinity of the Companys manufacturing units. Further details of the CSR Policy and initiatives are available on the website of the Jubilant Bhartia Foundation: www.jubilantbhartiafoundation.com.

Brief Details of CSR Activities

During the year under review, the Company, through the Jubilant Bhartia Foundation (JBF), undertook structured CSR programmes focused on healthcare, education, livelihoods, women empowerment, agriculture, and social entrepreneurship, benefiting communities around its manufacturing locations.

a. Arogya Affordable & Preventive Healthcare

- Provision of basic and preventive healthcare services through mobile medical dispensaries

- Coverage of villages around the Jubilant plant at

Nanjangud (Mysuru), Karnataka

Approximately 1.9 lakh population reached through the Jubicare healthcare initiative

b. Muskaan Strengthening Rural Education

Benefiting over 6,700 students and teachers in rural government schools

- School digitisation through initiatives such as

Edulab & ALFA Programme, enabling access to digital learning tools

"Khushiyon Ki Pathshala", promoting values and 21^st century skills through playbased and experiential learning

c. Nayee Disha Sustainable Livelihoods & Women Empowerment

Focused on promoting self employment and enhancing income opportunities for rural youth, women, and farmers:

- Skill Development Centres at four locations offering vocational training in multiple trades

JubiFarm, promoting modern and sustainable farming practices and income diversification

Samriddhi Women Entrepreneurship Initiative, including a Uniform Stitching Centre empowering women through tailoringbased enterprises

d. BHARAT IMPACT Social Entrepreneurship

Incubation of 36 social entrepreneurs through BHARAT IMPACT Jubilant Bhartia Centre for Social Entrepreneurship

Focus on incubation, education, and research to nurture and scale highimpact social enterprises

The CSR Committee periodically reviews the progress and implementation of CSR initiatives and ensures effective utilization of CSR funds in accordance with the approved CSR Policy.

During the financial year ended March 31, 2026, the

Company spent over two percent of the average net profits of the Company during the three (3) immediately preceding financial year i.e. Rs.10.6 Million on its CSR activities. The CSR initiatives undertaken by the Company, along with other details including contents of the CSR Policy, form part of the annual report on CSR activities for FY 2026, which is annexed as

Annexure 4.

29. TRANSFER OF SHARES / UNPAID AND UNCLAIMED DIVIDEND AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

In accordance with the provisions of the Act, and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules"), as amended from time to time, the Company is required to transfer to the Investor Education and Protection Fund ("IEPF"):

- the dividend amounts remaining unpaid or unclaimed for a period of seven (7) years; and

the equity shares in respect of which dividend has remained unpaid or unclaimed for seven (7) consecutive years or more.

In compliance with the provisions of the Act and the IEPF Rules, the Company transferred 61,259 equity shares to the demat account of the IEPF Authority and unpaid/unclaimed dividend aggregating to 1.34 crore to the IEPF.

The Company, through periodic communications, actively encourages shareholders to claim their unpaid or unclaimed dividends and shares liable for transfer to the IEPF. In compliance with the IEPF Rules, the

Company issues notices in newspapers and sends individual communications to the shareholders concerned whose shares are due for transfer, thereby facilitating them to claim their rightful entitlements. As part of its proactive approach, the Company has also dispatched advance intimations on March 30,

2026, to such shareholders whose dividends have remained unclaimed for seven consecutive years and whose shares are liable for transfer to the IEPF during the FY 2027. Details of the unclaimed dividends transferred to the IEPF Authority are disclosed in the Corporate Governance Report, forming part of this Annual Report. As on March 31, 2026, there were no amounts due for transfer to the Investor Education and

Protection Fund

Mr. Naresh Kapoor, Company Secretary, serves as the Nodal Officer of the Company. During the FY 2026, Ms. Saloni Agarwal was appointed as the Deputy Nodal Officer, in accordance with the applicable regulatory requirements.

30. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR)

In compliance with Regulation 34(2)(f) of the Listing Regulations, read with SEBI Master Circular HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026, the Company has prepared its Business Responsibility and Sustainability Report (BRSR), which forms an integral part of this Annual Report.

In line with the enhanced disclosure requirements mandated by SEBI, the Company has, for the current year, obtained reasonable assurance on the BRSR

Core disclosures from an independent third-party assurance provider, strengthening the credibility, transparency, and reliability of its sustainability reporting framework.

Sustainability Reporting

Sustainability remains integral to Jubilant Pharmovas business strategy and long-term value creation approach. The Company continues to strengthen its environmental, social and governance (ESG) framework in line with evolving stakeholder expectations and global sustainability standards. A comprehensive Sustainability Report, prepared in accordance with the Global Reporting Initiative (GRI) Standards and subject to independent assurance, is published separately.

FY 2026 Highlights and Strategic Advancements

- Strengthened sustainable procurement practices through the rollout of a comprehensive Supplier Sustainability Policy and supplier engagement framework, including sustainability assessments and capacity-building initiatives.

Established a refreshed set of long-term sustainability goals targeted for FY 2029, focused on key Environmental, Health and Safety (EHS) priorities and aligned with the Companys broader ESG strategy.

130 ANNUAL REPORT 2025-26

- Continued deployment of the digital compliance management platform, Conformity, to enhance governance, transparency and compliance monitoring.

Participated in leading global sustainability and ESG benchmarking assessments, including S&P Global, EcoVadis and CDP.

Recognised by NSE Sustainability Ratings & Analytics Limited in the Leader category with an ESG score of 72/100 in April 2026.

Certified as a Great Place to WorkR 2026 for Jubilant Pharmova (India) and Jubilant Radiopharmacies (USA), reflecting the Companys continued focus on employee experience and workplace excellence.

Increased the share of renewable energy in overall purchased power, supporting the Companys decarbonisation and energy transition objectives.

Implemented an integrated Environmental, Health and Safety (EHS) Management System to strengthen risk management, operational resilience, workforce safety and sustainable business practices.

31. OTHER DISCLOSURES

i. Extracts of Annual Return: Pursuant to the provisions of Section 134(3)(a) of the Act, the Annual Return for the FY 2026 has been uploaded on the Companys website and can be accessed at https://www.jubilantpharmova.com/investors/ financials/annual-return. Annual return shall be filed with authorities within prescribed timelines.

ii. Public Deposits: The Company has not accepted any deposits from the public during the year.

iii. Loans, Guarantees and Investments: Pursuant to Section 186 of the Act, and Schedule V of Listing Regulations, as amended from time to time, details of loans, securities and investments along with the purpose for which the loan or security is proposed to be utilized by the recipient have been disclosed in Note nos. 5 and 6 to the Standalone Financial Statements, as applicable. The Company has not provided any guarantee.

iv. Particulars of Contracts or Arrangements with the Related Parties: The Company has adopted a comprehensive policy on Related Party

Transactions ("RPTs"), which lays down a robust framework for identification, review, approval, and monitoring of such transactions. All RPTs are subject to prior review and approval of the Audit Committee, and omnibus approvals are obtained for transactions that are repetitive in nature, in accordance with applicable regulatory provisions.

During the FY 2025 26, all RPTs entered by the

Company were in the ordinary course of business and on an arms length basis. No material RPTs, as defined under the Companys Policy on Materiality of Related Party Transactions and Dealing with Related Party Transactions, were entered into during the year. Accordingly, the disclosure of RPTs in Form AOC-2, as required under Section 134(3)(h) of the Act, is not applicable.

Further, the Company has ensured compliance with the enhanced regulatory framework and applicable industry standards governing RPTs, including adherence to the requirements prescribed for obtaining approvals from the Audit

Committee. In this regard, the Company has duly placed, before the Audit Committee, the requisite certifications from the Chief Executive and Chief Financial Officer, proposed transactions are in the ordinary course of business and on an arms length basis, along with necessary supporting documentation.

Details of related party transactions are disclosed in Note No. 34 to the Standalone Financial Statements. In compliance with Regulation 23(9) of the Listing Regulations, the Company has also submitted half-yearly disclosures of related party transactions with the Stock Exchanges.

During the year, the Policy on Related Party Transactions of the Company was amended to align with the amendments in SEBI Listing Regulations The said Policy is hosted on the Companys website and can be accessed at: https://www.jubilantpharmova.com/investors/ corporate-governance/policies-and-codes/ policy-on-rpts

v. Change in Nature of Business: Refer paragraph

4 of this report.

vi. Material Changes in Financial Position: No material changes or commitments have occurred after close of the FY 2026 till the date of this Report, which affects the financial position of the Company.

vii. Orders passed by Courts/ Regulators: No significant or material orders were passed by the regulators or courts or tribunals impacting the going concern status of the Company or its future operations.

viii. Secretarial Standards : The Company has complied with the Secretarial Standard - 1 and Secretarial Standard - 2 issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors and General Meetings.

ix. No disclosure or reporting is required in respect of issue of equity shares with differential voting rights as to dividend, voting or otherwise as the same is not applicable.

x. Neither the Managing Director nor the Whole-time Director(s) of the Company received any remuneration or commission from any of its subsidiaries.

xi. No application hasbeenfiled against the company under the Insolvency and Bankruptcy Code, 2016. Hence, the requirement to disclose the details of the application made or any proceeding pending under the said Code during the year along with their status as at the end of the FY 2026 is not applicable.

xii. The requirement to disclose the details of the confirming that the difference between the amount of the valuation done at the time of one-time settlement and the valuation done while taking a loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

xiii. Corporate Governance

The Company remains committed to upholding the highest standards of corporate governance and continues to adopt and adhere to globally recognised governance practices, with a strong focus on transparency, accountability, and ethical conduct.

In accordance with Regulation 34 of the Listing Regulations, a detailed Corporate Governance

Report is annexed as Annexure 5 and forms an integral part of this Boards Report. A certificate from Mr. Rupinder Singh Bhatia, Practising Company Secretary (C.P. No. 2514), confirming compliance with the conditions of Corporate

Governance as stipulated under Clause E of Schedule V to the Listing Regulations, is annexed to the Corporate Governance Report.

The Board Members and Senior Management Personnel have affirmed compliance with the Companys Code of Conduct for Directors and Senior Management for the FY ended March 31, 2026. A certificate to this effect, duly signed by the Managing Director, forms part of the Corporate Governance Report.

Further, the requisite certificate from the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), inter alia confirming the accuracy of the financial statements and the adequacy and effectiveness of internal control systems, is also annexed to the Corporate Governance Report.

32. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report on the operations of the Company as provided under Regulation 34 of the Listing Regulations has been given separately and forms part of this Report.

33. ACKNOWLEDGEMENTS

Your Directors place on record their sincere appreciation for the continued support, co-operation, and assistance received from the Central and State Government authorities.

The Directors also express their gratitude to the shareholders, debenture holders, financial institutions, banks and other lenders, debenture trustee, customers, vendors, and all business associates for their trust and confidence in the Company and its management. The Company looks forward to their continued support in the future.

The Board further wishes to acknowledge and appreciate the dedication, commitment, and contribution of the Companys employees at all levels, whose sustained efforts have been instrumental to the Companys performance and remain a key pillar of its strength. The Company looks forward to their continued engagement and support in driving future growth.