MPS Pharmaa Ltd Management Discussions

Industry Structure and Development and Market Size

The Indian pharmaceutical industry has a large and diversified structure, comprising more than 3,000 pharmaceutical companies and around 10,500 manufacturing units. The industry includes generic medicines, branded formulations, APIs, vaccines, biosimilars, biologics, OTC medicines and contract research and manufacturing services. India is the third-largest pharmaceutical producer globally by volume and 11th by value, and is a major global supplier of affordable generic medicines and vaccines.

The industry has developed significantly over the years, supported by a strong manufacturing base, skilled manpower, increasing healthcare demand, pharmaceutical exports, government initiatives and growing investment in research and development. Indias pharmaceutical sector has also been gradually moving from a generic-focused model towards higher-value products such as complex generics, biosimilars, biologics and specialty medicines. Pharmaceutical exports reached about US$30.5 billion in FY 2025-26, reflecting Indias strong position in the global market.

India is the largest provider of generic drugs globally and is renowned for its affordable vaccines and high-quality medicines. Over the years, the Indian pharmaceutical industry has evolved into a vibrant sector, currently ranked third in pharmaceutical production by volume and 14th in terms of value. The industry has grown at a CAGR of 9.43% over the past nine years and contributes around 1.72% to Indias GDP.

Key segments of the industry include generic drugs, over-the-counter medications, bulk drugs, vaccines, biosimilars, biologics, and contract research and manufacturing. India has the highest number of pharmaceutical manufacturing facilities compliant with US FDA standards and hosts over 500 active pharmaceutical ingredient (API) producers, accounting for approximately 8% of the global API market.

As of May 2025, India supplies 55-60% of UNICEFs vaccines, meets 99% of WHOs DPT vaccine demand, and provides 52% of BCG and 45% of measles vaccines. The domestic pharmaceutical ecosystem comprises around 3,000 drug companies and roughly 10,500 manufacturing units, supported by a large pool of skilled scientists and engineers. Over 80% of antiretroviral drugs used globally to combat AIDS are supplied by Indian firms, reinforcing Indias reputation as the "pharmacy of the world."

Market Size

In terms of market size, the domestic pharmaceutical market is currently valued at approximately US$60 billion and is projected to reach around US$130 billion by 2030. The overall pharmaceutical sector recorded an annual turnover of approximately Rs 4.72 lakh crore, demonstrating its significant contribution to the Indian economy.

The Indian pharmaceutical market was valued at US$ 98.98 billion in FY23 and is projected to grow at a CAGR of 8%, reaching US$ 193.59 billion by FY32. India is also among the top 12 destinations for biotechnology globally and ranks third in Asia Pacific, holding 3-5% of the global biotechnology industry.

The countrys biosimilars market is estimated to grow at a CAGR of 22%, reaching US$ 12 billion by 2025, representing nearly 20% of Indias total pharmaceutical market. India is the third-largest producer of active pharmaceutical ingredients (APIs), contributing an 8% share of the global API industry. Over 500 different APIs are manufactured in India, which accounts for 57% of WHO-prequalified APIs. The government has set ambitious targets for the medical devices industry, aiming to expand its valuation from Rs. 1,02,564 crore (US$ 12 billion) in 2023-24 to Rs. 4,27,350 crore (US$ 50 billion) by 2030. Domestic pharmaceutical consumption in FY24 was valued at Rs. 2,01,372 crore (US$ 23.5 billion).

India is among the top 12 destinations for biotechnology worldwide and 3rd largest destination for biotechnology in Asia Pacific. The country holds 3-5% of the global biotechnology industry pie. In 2022, Indias bioeconomy was valued at US$ 137 billion and aims to achieve US$ 300 billion mark by 2030.

The pharmaceutical sector targets Rs. 11,08,380 crore (US$ 130 billion) by 2030, while biotechnology aims for Rs. 25,57,800 crore (US$ 300 billion) by the same year.

The current market size of the medical devices sector in India is estimated to be US$ 11 billion and its share in the global medical device market is estimated to be 1.5%. The government has set ambitious target to boost the medical devices industry in India, aiming to elevate it from its current US$ 11 billion valuation to US$ 50 billion by 2030.

Indian pharmaceutical companies hold a significant share in the prescription markets of the US and EU, with India hosting the largest number of FDA-approved manufacturing plants outside the US. Globally, India is a major supplier of generic medications,

providing 20% of the worldwide supply by volume and fulfilling around 60% of global vaccination demand.

Overall, the Indian pharmaceutical industry is expected to maintain a strong growth trajectory, driven by rising healthcare expenditure, increasing chronic diseases, expanding domestic consumption, export opportunities, technological advancement and increasing focus on innovation and biopharmaceuticals.

EXPORTS

Pharmaceutical is one of the top ten attractive sectors for foreign investment in India. The pharmaceutical exports from India ndias pharmaceutical exports recorded strong growth, rising 9.4% to Rs. 2.66 lakh crore (US$ 30.47 billion) in 2024-25, according to data released by the commerce ministry on February 21, 2026. This reflects Indias expanding global footprint as a key supplier of medicines, with exports reaching over 200 markets and a significant share going to regulated regions like the US and Europe. Building on this momentum, the industry is targeting double-digit export growth by 2026-27, supported by ongoing government-industry collaboration, improved market access, and trade engagements with major global partners.

Pharmaceutical is one of the top ten attractive sectors for foreign investment in India. The pharmaceutical exports from India reach more than 200 nations around the world, including highly regulated markets of the USA, West Europe, Japan, and Australia. India supplied around 45 tonnes and 400 million tablets of hydroxychloroquine to around 114 countries globally.

Indias pharmaceuticals exports stood at Rs. 2.74 lakh crore (US$ 31.11 billion) in FY26, compared to Rs. 2.59 lakh crore (US$ 30.38 billion) in FY25.Indias medical technology industry is poised to reach exports of up to US$ 20 billion (Rs. 1,69,000) by FY30, according to the CII.

India is the 12th largest exporter of medical goods in the world. Indian drugs are exported to more than 200 countries in the world, with US being the key market. Generic drugs account for 20% of the global export in terms of volume, making the country the largest provider of generic medicines globally. As of May 2025, India supplies 55-60% of UNICEFs vaccines, meets 99% of WHOs DPT vaccine demand, 52% of BCG vaccines and 45% of measles vaccines, while creating jobs across manufacturing and research.

The Board of Directors in its meeting held on 02-09-2025 has considered and approved the proposal to diversify into the business of manufacturing of Ayurvedic, Unani, and Homeopathic medicines, drugs, and Nutraceuticals aligning with market trends and consumer demand for natural healthcare solutions and appointed renowned Ayurvedacharya Mr. Kamal Joshi as Senior Consultant (Ayurveda and Alternate Therapy). Mr. Joshi has more than Two decades of rich experience in the field of production, sales, and marketing of Ayurvedic pharmaceuticals and traditional systems of medicines in Nepal and India.

It is envisaged that Mr. Joshis vast experience and expertise will significantly contribute to the Companys diversification and growth in the manufacturing and trading of Ayurvedic drugs and pharmaceuticals, herbal, Unani, nutraceuticals as well as Allopathic drugs.

The outlook for manufacturing Ayurvedic, Unani, Homeopathic medicines, and Nutraceuticals is highly positive, driven by increasing consumer demand for natural and holistic health solutions, government support, and growing global recognition of these traditional systems. The Ayush sector is experiencing significant market expansion, with strong growth projected due to a focus on quality, scientific validation, innovation, and increased export opportunities.

The Ayurveda market industry is expected to grow from USD 9.2 billion in 2023 to USD 26.16 billion by 2032, indicating a compound annual growth rate (CAGR) of 15.10% during the forecast period (2024-2032). Consumer demand for Ayurvedic medicines is driven by market drivers such as increasing awareness of the benefits, increasing awareness of the drawbacks of homeopathy, and increasing access and income. In addition, Ayurvedic product manufacturers can expand their market due to the growing awareness of natural ingredients in health and personal care products in developed countries, including the United States, Canada, Australia, Singapore, and Japan.

The size of the global Ayurveda market is USD 8.85 billion in 2023 and will grow to USD 32.83 billion by 2032, a compound annual growth rate of 15.68%. The market will grow from an estimated worth of USD 9.2 billion in 2023 to USD 26.16 billion by 2032, a compound annual growth rate of 15.10%. The growing awareness and recognition of Ayurvedic remedies as holistic solutions for healthcare issues are likely to accelerate their acceptance on the global level. Also, the increasing trend on the global level toward natural and holistic solutions for healthcare issues has boosted the recognition level of Ayurveda. Product offerings within this market also range from herbal extracts to consulting services for personalized wellness, addressing varying requirements related to health and wellness. Technology has emerged as a key factor in this expansion through ways and means whereby digital platforms offer virtual consultations, AI-powered recommendations, or online access to Ayurvedic products. One also comes across market innovations in the enduring visibility of herbal extracts, progress over Ayurvedic pharmaceuticals, and natural skincare and beauty products within Ayurvedic cosmetics. Ayurvedic nutraceuticals, occupying the gray area between nutrition

and medicine, are similarly gaining traction. The Ayurvedic approach of wholism extends very well to todays concerns, especially considering the growing incidence of non-communicable diseases around the world. The acceptance rates are also very high in this regard, which adds further to the impact. The application of artificial intelligence enhances the market potential of Ayurveda through proper trend predictions, personalized wellness plans, and excellent user experience. Business chambers use artificial intelligence in predictive analytics and also for product efficiency evaluation. These further spawn more novel solutions to related health issues. In short, Ayurveda is expected to continue growing on a promising curve backed by increasing interest worldwide, integration with more advanced technology, and evidence-based practices that generate a harmonizing atmosphere for the collaboration of traditional practitioners and modern science

INVESTMENTS AND RECENT DEVELOPMENTS

The Indian Pharmaceuticals industry plays a prominent role in the global pharmaceuticals industry. India ranks third worldwide for production by volume and 14^th by value.

In this regard the sector has seen a lot of investments and developments in the recent past.

• As per the Press Information Bureau release dated February 2, 2026, India is strengthening its pharmaceutical sector through the Biopharma SHAKTI initiative with an outlay of Rs. 10,000 crore (US$ 1.11 billion) over five years. The initiative focuses on boosting biologics and biosimilars manufacturing, expanding research and education via NIPER institutes, and developing over 1,000 clinical trial sites. These investments highlight Indias shift towards innovation-led growth and reinforce its position as a global biopharma hub.

• On October 28, 2025, Grant Thornton Bharat reported that of the Rs. 29,992 crore (US$ 3.5 billion) in deals recorded this quarter, private deals such as M&A and PE activity accounted for around Rs. 25,707 crore (US$ 3 billion) across 68 transactions in the third quarter.

• In Q1 2025, the Pharma & Healthcare Sector saw 71 deals worth Rs. 22,279 crore (US$ 2.6 Billion).

• Indian pharmaceutical companies are projected to achieve a revenue growth of 9-11% in FY25. This growth is expected to be fuelled by robust performances in key markets, including the United States, Europe, and emerging regions.

• Indias healthcare sector is projected to reach US$ 320 billion (Rs. 27,28,320 crore) by 2028, according to the latest report by Great Place to Work.

• The pharmaceutical sector targets Rs. 11,08,380 crore (US$ 130 billion) by 2030, while biotechnology aims for Rs. 25,57,800 crore (US$ 300 billion) by the same year.

• Japanese companies have been invited to invest in the Indian Pharmaceutical and Medical Device Industry. The cooperation between Pharmaceutical Traders Association and Japan Federation of Medical Devices Associations of the two countries can contribute to stabilize the global supply-chain especially of APIs and Medical Devices.

GOVERNMENT INITIATIVES

The Indian government promotes its pharmaceutical industry through key schemes like the Production Linked Incentive (PLI) Scheme for various pharmaceutical products and critical raw materials (KSMs/DIs/APIs), the Scheme for Promotion of Research and Innovation in Pharma MedTech Sector (PRIP), and the Scheme for Strengthening of Pharmaceuticals Industry (SPI) to upgrade labs and fund R&D. Other initiatives include developing Bulk Drug Parks to reduce costs, setting up National Institutes of Pharmaceutical Education and Research (NIPERs), and promoting exports and R&D through various schemes.

Key Government Initiatives

Some of the initiatives taken by the Government to promote the pharmaceutical sector in India are as follows:

• Published on February 14, 2026, the Biopharma SHAKTI initiative announced in the Union Budget aims to boost Indias pharmaceutical sector by promoting innovation-led growth. With a Rs. 10,000 crore (US$ 1.11 billion) fund, the scheme will support biologics, biosimilars, and R&D, alongside plans for a 1,000-site clinical trial network. The government is also reviewing support for late-stage (Phase III) trials, addressing funding gaps and strengthening Indias position as a global hub for advanced pharma innovation and manufacturing.

• On December 5, 2025, India announced a Rs. 60,000 crore (US$ 7 billion) API-push to boost domestic pharmaceutical manufacturing and cut import dependence.

• On November 15, 2025, Indian Pharmacopoeia Commission signed an MoU with Jharkhand State Pharmacy Council to strengthen pharmacovigilance, materiovigilance and safe-medication practices across Jharkhand.

• As of September 2025, India plans to boost pharmaceutical exports to Russia, the Netherlands and Brazil, leveraging its existing manufacturing capacity to grow into newer markets by about 20% while already counting the United States, the United Kingdom, Brazil, Netherlands and Russia among its key export destinations.

• Under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana, 16,912 Jan Aushadhi Kendras are operational as of June 30, 2025, with a target of 25,000 by March 2027, offering 2,110 medicines and 315 devices/consumables to promote affordable quality generic healthcare. Over the last 11 years, this scheme has saved citizens about Rs. 38,000 crore (US$ 4.43 billion), cutting household out-of-pocket health spending from 63% in FY15 to 39% in FY22.

• Ayushman Bharat Digital Mission (ABDM) has been launched with the aim to enable interoperability of health data within the health ecosystem and creating longitudinal electronic health records of every citizen. ABDM comprises key registries such as the Ayushman Bharat Health Account (ABHA), healthcare professional registry (HPR), health facility registry (HFR), and drug registry.

• As of March 2025, the National Biopharma Mission, with a Rs. 2,142 crore (US$ 250 million) budget co-funded by the World Bank, supports over 101 projects involving more than 150 organisations and 30 MSMEs, has helped establish 11 shared facilities (laboratory/testing/manufacturing), and generated over 1,000 jobs including 304 scientists and researchers.

• As of February 6, 2025, over 73.98 crore Ayushman Bharat Health Accounts (ABHA) have been created, 49.06 crore health records linked, 3.63 lakh health facilities registered, 5.64 lakh healthcare professionals onboarded, and 1.59 lakh facilities using ABDM-enabled software under the Ayushman Bharat Digital Mission.

• The government is boosting pharma and MedTech R&D under the Rs. 720.97 crore (US$ 82.5 million) PRIP scheme, establishing Centres of Excellence at NIPER and funding private-sector research on a milestone basis.

Factors Influencing Growth Of The Industry

The Indian pharmaceutical industry is one of the largest and fastest-growing pharmaceutical markets globally. Its growth is influenced by a combination of demographic, economic, technological, regulatory and healthcare-related factors.

1. Growing Healthcare Demand-

Increasing awareness about healthcare, preventive care and treatment options is driving demand for pharmaceutical products.

2. Large and Growing Population-

Indias large population, coupled with increasing life expectancy and changing disease patterns, creates a substantial and expanding market for medicines.

3. Rise in Chronic Diseases-

The increasing prevalence of lifestyle-related and chronic diseases such as diabetes, cardiovascular diseases, hypertension and cancer is generating sustained demand for medicines.

4. Expansion of Healthcare Infrastructure-

The development of hospitals, diagnostic centres, pharmacies and healthcare facilities, particularly in smaller cities and rural areas, is improving access to medicines.

5. Growth of Generic Medicines-

India has a strong position in the generic medicines market. The availability of cost-effective generic medicines supports both domestic consumption and exports.

6. Increasing Pharmaceutical Exports-

Indian pharmaceutical companies have established a strong presence in international markets, particularly in generic drugs, formulations, vaccines and active pharmaceutical ingredients (APIs).

7. Government Initiatives and Policies-

Government programmers aimed at improving healthcare access, promoting domestic manufacturing, strengthening the pharmaceutical supply chain and encouraging research and development are supporting industry growth.

8. Growth of Biotechnology and Research & Development-

Increasing investment in biotechnology, drug discovery, vaccines, biosimilars and advanced therapies is creating new opportunities for the industry.

9. Increasing Healthcare ExpenditureRising disposable incomes and increasing expenditure on healthcare are contributing to greater consumption of pharmaceutical and healthcare products.

10. Digitalization and E-Pharmacy-

The growth of online pharmacies, digital healthcare platforms, telemedicine and technology-enabled supply chains is improving accessibility and distribution of pharmaceutical products.

11. Contract Manufacturing and OutsourcingGrowing global demand for cost-efficient manufacturing has created opportunities for Indian companies in contract manufacturing, research services and pharmaceutical outsourcing.

12. Increasing Demand for Preventive Healthcare and Nutraceuticals-

Greater consumer awareness regarding immunity, nutrition, wellness and preventive healthcare is supporting growth in nutraceuticals, dietary supplements and other health-related products.

13. Strong Manufacturing Capabilities-

India possesses a well-developed pharmaceutical manufacturing base, including capabilities in APIs, formulations, vaccines and other pharmaceutical products, providing a competitive advantage in domestic and global markets.

14. Favorable Demographic and Economic Trends-

Urbanization, rising middle-class income, increasing health awareness and improved access to healthcare are expected to support long-term pharmaceutical consumption.

SWOT Analysis of the Industry

Indias pharmaceutical industry, a critical player in the global healthcare market, is poised for tremendous growth in the coming decades. With the market size projected to soar from US$ 50 billion to US$ 450 billion by 2047, the sectors expansion is underpinned by several factors, including strong government support, a burgeoning biotechnology sector, and an increase in healthcare demand. However, alongside these promising prospects, the industry also faces notable challenges and opportunities that will shape its future trajectory. Understanding the strengths, weaknesses, opportunities, and threats (SWOT) of Indias pharmaceutical industry provides valuable insights into its dynamic landscape.

Strengths of the Indian Pharma Sector:

Strong Manufacturing Base - India has a well-established pharmaceutical manufacturing ecosystem with capabilities in generic medicines, formulations, APIs, vaccines and other pharmaceutical products.

Global Presence - Indian pharmaceutical companies have a significant presence in international markets and are major suppliers of generic medicines.

Cost Competitiveness - Lower manufacturing and research costs compared with several developed markets provide Indian companies with a competitive advantage.

Skilled Workforce - India has a large pool of qualified professionals in pharmacy, biotechnology, chemistry, medicine and related fields.

Strong Generic Drug Capabilities - India is recognized globally for the production and supply of affordable generic medicines. Established Supply Chain - A broad network of manufacturers, distributors, wholesalers, pharmacies and healthcare providers supports the industry.

Weaknesses of the Indian Pharma Sector:

Dependence on Imported APIs - A significant portion of certain critical pharmaceutical raw materials and APIs is sourced from other countries, creating supply-chain vulnerabilities.

Limited Innovation in New Drug Discovery - Compared with major global pharmaceutical markets, Indian companies generally have lower levels of investment in innovative drug discovery and development.

Regulatory and Compliance Challenges - Companies operating in multiple domestic and international markets must comply with complex and frequently evolving regulatory requirements.

Quality and Manufacturing Concerns - Regulatory observations and quality-related issues at some manufacturing facilities can affect the reputation of the industry.

Fragmented Industry Structure - The presence of a large number of small and medium-sized pharmaceutical manufacturers can result in differences in operational efficiency, quality standards and technological capabilities.

Pricing Pressure - Price controls and intense competition, particularly in the generic medicines segment, can put pressure on profit margins.

Opportunities of the Indian Pharma Sector:

Growing Domestic Healthcare Market - Increasing healthcare awareness, rising incomes and improved access to healthcare are expected to increase pharmaceutical consumption.

Growth in Chronic Diseases - Increasing incidence of diabetes, cardiovascular diseases, hypertension and other chronic conditions is creating sustained demand for medicines.

Expansion of Pharmaceutical Exports - Increasing demand for affordable medicines in emerging and developed markets provides opportunities for Indian manufacturers.

Biosimilars and Biologics - Growing demand for biosimilars and biologic therapies provides opportunities for companies with strong R&D and manufacturing capabilities.

Nutraceuticals and Preventive Healthcare - Rising consumer interest in wellness, immunity, nutrition and preventive healthcare is creating opportunities in nutraceuticals and related products.

Digital Healthcare and E-Pharmacy - Digitalization, telemedicine and online pharmaceutical distribution can improve accessibility and create new distribution channels.

Contract Research and Manufacturing - Global pharmaceutical companies are increasingly outsourcing manufacturing and research activities, creating opportunities for Indian companies.

Government Support - Initiatives promoting domestic pharmaceutical manufacturing, API production, research and development and healthcare infrastructure can support further industry expansion.

Threats of the Indian Pharma Sector:

Intense Global Competition - Indian pharmaceutical companies face competition from manufacturers in China, the United States, Europe and other emerging markets.

Regulatory Changes - Changes in domestic and international drug regulations, approval requirements and quality standards may increase compliance costs.

Patent and Intellectual Property Risks - Patent disputes and intellectual property-related issues can affect the development, manufacturing and marketing of pharmaceutical products.

Raw Material Price Volatility - Fluctuations in the prices and availability of APIs, chemicals, packaging materials and other inputs can affect production costs.

Geopolitical and Supply-Chain Risks - International trade restrictions, geopolitical tensions and disruptions in global logistics can affect the availability of critical raw materials and access to export markets.

Currency Fluctuations - Since Indian pharmaceutical companies have substantial international exposure, exchange-rate movements can affect export revenues and profitability.

Increasing Regulatory Scrutiny - Greater scrutiny by international regulatory authorities may result in additional compliance costs, manufacturing restrictions or delays in product approvals.

Reputational Risk - Quality failures, product recalls or regulatory non-compliance by individual companies can adversely affect confidence in the broader Indian pharmaceutical sector.

Road Ahead

The Indian pharmaceutical industry is entering a new phase of growth. While India has traditionally been recognised as a global leader in generic medicines, vaccines and cost-effective pharmaceutical manufacturing, the future is expected to be increasingly driven by innovation, biopharmaceuticals, specialty medicines, advanced manufacturing and global market expansion. Industry estimates indicate continued growth, although geopolitical and trade-related risks remain important challenges.

The pharmaceutical industry in India is a significant part of the nations foreign trade and offers lucrative potential for investors. Millions of people around the world receive affordable and inexpensive generic medications from India, which also runs a sizable number of plants that adhere to Good Manufacturing Practices (GMP) standards set by the World Health Organization (WHO) and the United States Food and Drug Administration (USFDA). Among nations that produce pharmaceuticals, India has long held the top spot. Medicine spending in India is projected to grow 9-12% over the next five years, leading India to become one of the top 10 countries in terms of medicine spending. Going forward, better growth in domestic sales would also depend on the ability of companies to align their product portfolio towards chronic therapies for diseases such as such as cardiovascular, anti-diabetes, anti-depressants and anti-cancers, which are on the rise. The Indian Government has taken many steps to reduce costs and bring down healthcare expenses. The National Health Protection Scheme, which aims to offer universal healthcare, the ageing population, the rise in chronic diseases, and other government programmes, including the opening of pharmacies that offer inexpensive generic medications, should all contribute to boost the Indian pharmaceutical industry. Speedy introduction of generic drugs into the market has remained in focus and is expected to benefit the Indian pharmaceutical companies. In addition, the thrust on rural health programmers, lifesaving drugs and preventive vaccines also augurs well for the pharmaceutical companies.

Outlook

The outlook for the Indian pharmaceutical industry remains positive and promising, supported by growing domestic healthcare demand, increasing prevalence of chronic diseases, rising healthcare awareness and strong export opportunities. Indias established capabilities in generic medicines, vaccines and cost-effective manufacturing provide a strong foundation for future growth. Going forward, the industry is expected to focus increasingly on biosimilars, biologics, specialty medicines, complex generics, nutraceuticals, research and development, and technology-driven pharmaceutical solutions. Government initiatives promoting domestic manufacturing, innovation and self-reliance are also expected to strengthen the sector. Overall, the Indian pharmaceutical industry is well positioned for sustainable long-term growth and an enhanced role in the global healthcare market.

Companys Outlook

The Board of Directors in its meeting held on 02-09-2025 has considered and approved the proposal to diversify into the business of manufacturing of Ayurvedic, Unani, and Homeopathic medicines, drugs, and Nutraceuticals aligning with market trends and consumer demand for natural healthcare solutions and appointed renowned Ayurved acharya Mr. Kamal Joshi as Senior Consultant (Ayurveda and Alternate Therapy). Mr. Joshi has more than Two decades of rich experience in the field of production, sales, and marketing of Ayurvedic pharmaceuticals and traditional systems of medicines in Nepal and India.

It is envisaged that Mr. Joshis vast experience and expertise will significantly contribute to the Companys diversification and growth in the manufacturing and trading of Ayurvedic drugs and pharmaceuticals, herbal, Unani, nutraceuticals as well as Allopathic drugs.

The outlook for manufacturing Ayurvedic, Unani, Homeopathic medicines, and Nutraceuticals is highly positive, driven by increasing consumer demand for natural and holistic health solutions, government support, and growing global recognition of these traditional systems. The Ayush sector is experiencing significant market expansion, with strong growth projected due to a focus on quality, scientific validation, innovation, and increased export opportunities.

The Ayurveda market industry is expected to grow from USD 9.2 billion in 2023 to USD 26.16 billion by 2032, indicating a compound annual growth rate (CAGR) of 15.10% during the forecast period (2024-2032). Consumer demand for Ayurvedic medicines is driven by market drivers such as increasing awareness of the benefits, increasing awareness of the drawbacks of homeopathy, and increasing access and income. In addition, Ayurvedic product manufacturers can expand their market due to the growing awareness of natural ingredients in health and personal care products in developed countries, including the United States, Canada, Australia, Singapore, and Japan.

Segment Wise Performance

The Company is into single reportable segment only.

Internal Control System

The Company has laid down internal financial controls to be followed by the Company and such policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.

The Company has also laid down an adequate system for legal compliances. It has created appropriate structures with proper delegations of duties and responsibilities of employees at each level on enterprise basis which ensures the proper adherence and compliance of such systems.

Both the Internal Financial Control and Enterprise Legal Compliance System are subject to review by the Management in respect of their adequacy and operative effectiveness which in turn are also reviewed by the Internal Auditors, Statutory Auditors and Audit Committee. Finally, the Board of Directors of the Company also review and take note of them.

Human Resources

Human resource is considered as key to the future growth strategy of the Company and looks upon to focus its efforts to further align human resource policies and processes to meet its business needs. The Company aims to develop the potential of every individual associated with the Company as a part of its business goal. Respecting the experienced and mentoring the young talent has been the bedrock for the Companys growth.

Human resources are the principal drivers of change. They push the levers that take futuristic businesses to the next level of excellence and achievement.

Cautionary Statement

Investors are cautioned that this discussion contains statements that involve risks and uncertainties. Words like anticipate, believe, estimate intend, will, expect and other similar expressions are intended to identify "Forward Looking Statements". The company assumes no responsibility to amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events. Actual results could differ materially from those expressed or implied. Important factors that could make the difference to the Companys operations include cyclical demand and pricing in the Companys principal markets, changes in Government Regulations, tax regimes, economic developments within India and other incidental factors.

	For and on Behalf of the Boardof Directors of
	MPS Pharmaa Limited
	(Formerly Advik Laboratories Limited)
	Sd/-
	(Peeyush Kumar Aggarwal)
Date : 02nd September, 2026	Chairman
Place: New Delhi	DIN :00090423