Mono Pharmacare Ltd Management Discussions

Industry Structure and Development

The Indian pharmaceutical and chemical sectors continue to play an important role in the country s economy and healthcare ecosystem. India has emerged as a significant global hub for pharmaceutical products and chemicals, supported by a large domestic market, increasing healthcare expenditure, expanding distribution networks and growing demand for affordable medicines and related products. The pharmaceutical distribution and trading industry continues to benefit from increasing healthcare awareness, expansion of healthcare facilities, rising demand for medicines and wider penetration of pharmaceutical products across urban as well as semi-urban and rural markets. The growth of organised distribution channels, improved logistics infrastructure, digitalisation and technology-enabled inventory management has further contributed to the development of the sector. During FY 2025-26, the pharmaceutical trading and distribution sector continued to witness steady demand. The industry also remained competitive, with businesses focusing on product availability, efficient supply-chain management, pricing, timely delivery and customer relationships. The increasing adoption of digital systems and improved logistics is expected to further enhance efficiency in the distribution ecosystem. Looking ahead to FY 2026-27, the outlook for the pharmaceutical trading and distribution sector remains positive. Increasing healthcare expenditure, expansion of healthcare infrastructure, growing demand for pharmaceutical products and continued development of organised distribution networks are expected to provide opportunities for companies engaged in trading and distribution activities.

Financial Performance

The Company s overall operational performance during the financial year ended March 31,

2026 remained satisfactory. During FY 2025-26, the Company recorded a total turnover of

9,291.59 Lakhs and Profit After Tax of 35.30 Lakhs. The net worth of the Company as at March 31, 2026 stood at 17,66,85,640.

During the previous financial year ended March 31, 2025, the Company recorded a total turnover of 8,264.08 Lakhs and Profit Before Tax of 377.32 Lakhs.

The Company s business primarily comprises trading and distribution activities. The

Company continues to focus on maintaining adequate product availability, strengthening its customer and supplier relationships, improving inventory management and enhancing operational efficiency. During FY 2026-27, the Company intends to focus on expanding its business operations, strengthening its distribution network, improving inventory turnover, controlling operating costs and exploring new business opportunities to achieve sustainable growth.

Opportunities, Threats, Risks and Concerns

As a trading and distribution company, the Company operates in a competitive business environment and is exposed to various opportunities and risks. The key opportunities available to the Company include increasing demand for pharmaceutical products, expansion of healthcare infrastructure, growth in organised pharmaceutical distribution, development of new markets, strengthening of supplier relationships and adoption of technology for inventory and supply-chain management. The Company also faces risks arising from intense competition, pricing pressures, fluctuations in product prices, changes in demand, availability of products, credit risks, inventory management, supply-chain disruptions and changes in applicable laws and regulations. Changes in government policies, taxation, pharmaceutical regulations and trade-related policies may also affect the Company s operations.

The Company continuously monitors these factors and takes appropriate measures to mitigate the associated risks. The management remains focused on maintaining an efficient supply chain, prudent inventory management, effective cost control, compliance with applicable laws and maintaining strong relationships with customers and suppliers.

Internal Control Systems and their Adequacy

The Company has established internal control systems and procedures commensurate with the size, nature and scale of its trading and distribution operations. These controls are designed to provide reasonable assurance regarding the safeguarding of assets, accuracy of accounting records, prevention and detection of errors and frauds, and reliability of financial and operational information.

The key elements of the Company s internal control framework include:

1. Clearly defined organisational structure, roles, responsibilities and authority;

2. Appropriate policies and procedures for financial reporting and accounting;

3. Proper authorisation and approval mechanisms for business transactions;

4. Controls over purchases, sales, inventory and receivables;

5. Periodic monitoring of inventory levels and receivable positions;

6. Management information systems for timely and reliable reporting;

7. Periodic review of financial and operational performance;

8. Compliance monitoring with applicable statutory and regulatory requirements; and

9. Periodic review of business risks and implementation of appropriate mitigating measures. The Company periodically reviews its internal control systems and procedures and takes corrective measures wherever considered necessary to ensure effective control over its trading and distribution activities.

Human Resource / Industrial Relations

Human resources remain an important component of the Company s operations and growth.

The Company seeks to maintain a professional, healthy and cordial working environment and encourages employees to contribute towards the achievement of organisational objectives.

During FY 2025-26, relations between the management and employees remained cordial and harmonious. The employees continued to support the Company s day-to-day trading and distribution activities. The Company will continue to focus on employee development, training, productivity and retention of competent personnel in order to support its business objectives during FY 2026-27.

Business Outlook

The outlook for the pharmaceutical trading and distribution sector remains positive for FY 2026-27, supported by increasing healthcare expenditure, rising demand for pharmaceutical products, expansion of healthcare facilities and growing penetration of organised distribution channels. As a trading company, the Company will focus on strengthening its supplier and customer base, ensuring timely availability and delivery of products, improving inventory management, enhancing working capital efficiency and expanding its presence in existing as well as potential markets. The Company will also continue to leverage technology for better inventory monitoring, order management, customer servicing and operational efficiency. The management believes that a strong distribution network, prudent financial management and effective customer and supplier relationships will remain key factors for sustainable growth. At the same time, the Company will remain vigilant regarding competition, pricing pressure, regulatory developments, changes in market demand and supply-chain disruptions and will take appropriate measures to manage these challenges.

Cautionary Statement

Statements in this Management Discussion and Analysis and Directors Report describing the Company s objectives, plans, strategies, expectations, projections, estimates and other forward-looking statements may constitute forward-looking statements within the meaning of applicable laws and regulations. Such statements are based on certain assumptions and expectations concerning future events and are subject to various risks, uncertainties and other factors. Actual results, performance or achievements may differ materially from those expressed or implied in such statements due to changes in economic conditions, market demand, competition, government policies, regulatory requirements, product prices, supply-chain conditions and other factors. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as may be required under applicable laws and regulations.

ANNEXURE F

CFO CERTIFICATION

To,

The Board of Directors, MONO PHARMACARE LIMITED AHMEDABAD.

Compliance Certificate as required under Regulation 17(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

We hereby certify that:

i. We have reviewed the financial statements and the cash flow statement of the

Financial Year 2025-26 and that to the best of our knowledge and belief.

a. these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;

b . these statements together present a true and fair view of the Companys affairs and are in compliance with existing accounting standards, applicable laws and regulations.

ii. There are, to the best of our knowledge and belief, no transactions entered into by the

Company during the year which are fraudulent, illegal or violated of the Companys code of conduct.

iii. We accept responsibility for establishing and maintaining internal controls and that we have evaluated the effectiveness of the internal control systems of the Company and we hereby disclose to the Auditors and the Audit Committee that there have been no inefficiencies in the design or operation of internal controls, prevailing in the company.

iv. We hereby certify that: a . There have been no significant changes in internal control during the year. b . There have been no significant changes in accounting policies during the year and c . No instances of fraud were observed in the Company by the management or an employee having a significant role in the companys internal control system.

GENERAL SHAREHOLDER INFORMATION

FOURTH ANNUAL GENERAL MEETING: Date:30 th September, 2026 Time: 11.00 A.M.

Venue: 1A, Krinkal Appartment, Opp. Mahalaxmi Temple, Paldi, Ahmedabad, Gujarat, India, 380007

Listing Of Equity Shares on Stock Exchanges:

National Stock Exchange Limited, Mumbai-SME SEGMENT (NSE Emerge), Exchange Plaza, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai-400051, Maharashtra.

Annual listing fees for the year 2026-2027 have been paid to the National Stock Exchange Limited.

Stock Code:

National Stock Exchange Limited (NSE EMERGE): MONOPHARMA Demat ISIN Number in NSDL & CDSL for Equity Shares: INE0OIP01012

Means of Communication:

The Company regularly intimates half yearly un-audited as well as yearly audited financial results to the Stock Exchanges, immediately after the same are taken on record by the Board. These results are normally published to NSE SME PLATFORM (NSE EMERGE) as well on the website of the company.

Annual General Meetings:

F.Y.	LOCATION			DATE
2022-23	1A, Krinkal	Appartment	Opp.	26/08/2023
	Mahalaxmi	Temple,	Paldi,
	Ahmedabad,	Gujarat,	India,
	380007
2023-24	1A, Krinkal	Appartment	Opp.	30/09/2024
	Mahalaxmi	Temple,	Paldi,
	Ahmedabad,	Gujarat,	India,
	380007
2024-25	1A, Krinkal	Appartment	Opp.	29/09/2025
	Mahalaxmi	Temple,	Paldi,
	Ahmedabad,	Gujarat,	India,
	380007

Investors Complaints Details:

Quarter-wise Summary of Investors Complaints received and resolved to the satisfaction of the shareholders during the financial year 2025-2026: N.A., and for quarter ended on 30 th June, 2026: Nil

Share Transfer / Demat System:

Our R & T Agent, Bigshare Services Private Limited, Mumbai is undertaking all the shares related work. To expedite the process of share transfer, transmission, split, consolidation, re-materialization and de-materialization etc. of securities of the Company, the Board of

Directors has delegated the power of approving the same to the Company s R & T Agent under the supervision and control of the Compliance Officer, who are placing a summary statement of transfer / transmission etc. of securities of the Company at the meeting of the Board.

Share lodged for transfer at the R & T Agents address are normally processed and approved within 15 days from the date of its receipt, subject to the documents been valid and complete in all respect. The investors / shareholders grievances are also taken-up by our R & T Agent.

De- Materialization of Shares and Liquidity:

The Company s Shares are in compulsory Demat mode and all the shares i.e. 100% Equity shares of the company are held in dematerialized Form.

Outstanding GDR/DR/Warrants or any Convertible Instruments - NOT APPLICABLE. Distribution Schedule and Shareholding Pattern as on 31 st March, 2026: Distribution Schedule:

SHAREHOLDING OF NOMINAL(RS.)	No. of Shareholders	% of Total	Shares Amount (RS)	% of Total
1 to 5000	7	1.3011	9000	0.0051
5001 -10000	5	0.9294	26500	0.0150
10001- 20000	171	31.7844	3410790	1.9304
30001- 40000	204	37.9182	8160000	4.6184
50001 -100000	77	14.3123	5960000	3.3732
100001 - 99999999999	74	13.7546	159119350	90.0579
TOTAL	538	100.00	176685640	100

Shareholding Pattern:

	As on 31 st March, 2026
Sr. No. Category	Nos. of Shares held	% of holding
1. Promoters	10022339	56.72
2. Mutual Fund & UTI	-	-
3. Bank, Financial Institutions (FIs), Insurance Companies	-	-
4. Foreign Institutional Investors (FIIs)	-	-
5. Private Bodies Corporate	1292000	7.31
6. Indian Public	6230225	35.26
7. Clearing Member	88000	0.50
8. Others (Non Resident Indians & HUF)	36000	0.20
TOTAL	17668564	100.00

Address for correspondence:

a)	Investor	Correspondence	for	Bigshare Services Private Limited
	transfer/de-materialization of shares			E-2/3, Ansa Industrial Estate, Sakivihar
	and any	other query relating	to the	Road, Saki Naka, Andheri (E), Mumbai-400
	shares of the Company.			072.
				Tel: 022-6263 8200
				Fax: 022-6263 8299
				Email: info@bigshareonline.com
b)	Any other query and Annual Report			Secretarial Department
				1A, Krinkal Appartment Opp. Mahalaxmi
				Temple, Paldi, Ahmedabad, Gujarat, India,
				380007
				E-mail: cs@monopharmacareltd.com